RMNI - Earnings call transcript Q2 2022

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Operator

Good afternoon, ladies and gentlemen, and welcome to the Rimini Street's Earnings Conference Call. [Operator Instructions]. I will now turn the call over to Dean Pohl, Vice President, Investor Relations. Mr. Pohl, you may begin.

Dean Pohl

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

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

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

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

Seth Ravin

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

year-over-year above strong achievements, range. We we expanded the renewals many solution second achieved operational and our industry-leading of existing X.X financial of X.X extensions, including the million, to onboarding. clients high excellent rating maintained record subscription up in client For end $XXX.X increased than quarter, had of portfolio we satisfaction of and cases and out our more revenue and cross-sales our positive of XX.X% guidance per

gross achieved to year-over-year. and record XX% up subscription rate revenue from XX.X%, of retention We increased on margin also a XX.X% revenue

monitoring application services, over rating drive and and believe we will our a services, our see increased security continued experience, retention management clients unique satisfaction in interoperability, and improved to sales client growth existing client time. rates professional to loyalty, newer We services high cross-sales higher very

line quarter over it to headwinds believe we macro benefit with companies, We and macro that exchange Fortune the opportunities impacted XXXX, than Since environment cycle other a inception to organizations reaccelerate Street's addressing Global that able including Fortune X.X%. of year-over-year include XXX return over my in active oversee adjustment our their faced our second operations environment businesses. and other estimate we results. rate will were with clients quarter We clients, that ended growth. complete Rimini the XXX and they currency billion in that global after X,XXX companies However, increase with X,XXX XXX and in saved a replanning revenue business $X clients, that changes we're to and ultimately more we've global reinvest signed have

execution. sales addition, the and workforce despite globally, in over many year-over-year, challenges ending we global successful the our expanding with employees. X,XXX organizations were by quarter In affecting labor XX.X% Demand

believed extended but These for companies as frozen that rising IT as We Street. sales including decisions. replanning challenges, strong many global impacts to phase are second businesses, Rimini headwinds delayed are and viewed the to see sanctions, services. were many continue currency of movements. portfolio impacted be the whole caused disputes, during war, has IT plans. Frozen likely including reflected replan their multi-year being profits now market demand shocks their expanded growing cycles investment investment trade IT continuing including macro organizations challenges, rates to decisions macro supply quarter as Globally, facing to The deglobalization, in companies, and chain forcing short-term post-pandemic a rate our exchange and inflation, for by originally impact interest

However, as portfolio and their ultimately Rimini macro is engineering to many organizations from ROI replanning their enterprise need well previously provides solutions environment provides Rimini software this around Street complete of we and IT capability. services that positioned acquisitions. organizations new industry-leading proven benefit Street's client process, the once with believe noted, value, growth in systems

investments solutions run, software is a global improving go-to-market recently existing I limited new full expand my systems. value to as drive strong I Japan, Our France. clients am existing North see building stable key now capability with their Accordingly, trusted or time focus we of helping our existing was both enterprise clients' to leverage initiatives and subscription continue offerings, and dedicating to sell their our and innovative renewed cross more our and and prospects preserve Rimini pace challenges is sales, at to with to our Singapore, as also sales goals, new vendor out maturing To launch, they continue and resources strategic and majority a cash. new America traveled acquisitions Rimini existing delivering to strong maturing meeting globally. their to Malaysia, Street of client marketing and across portfolio portfolio solutions U.K. them execution. and and and the service support, opportunity achieve Street clients labor overcome of to deliver client on our and a secure

value our how strategic new to like world. pleased their executives very leveraging our XXX and positive thought the offerings. better-than-expected services to achieve different see discussions, second the Street Smart television studies. for Street person, leadership we seeing around Japan, to the quarter. demonstrating to globally across studies In attendance at were industries, attend from content our highlight case We X I'd are goals events and service nearly share our Rimini of responses in have Client Client case event example, seen the ads clients To

services library and Financial close and security solutions Rimini with Street's and also they its Rimini security Australia's State He the to that They noted worked their Street application solutions responsiveness that Street they oldest with the solutions; Oracle Street that Victoria, running. further database Vice and Rimini Street security Rimini Protect team for products. attack of provide that that an or to support time months addressed. X providing These and of Rimini weeks, and security take their Pleased very provide risks cybersecurity security with provides its his team unlike Rimini innovative First, Oracle trusted and receiving. receive his Bradley with provides, within enjoys customers finance and library. are attack can our Rimini noted and the face assets are peace models days, finance security keeps which of hours, services years require Officer, provide. software. Street's block being for and happy secure vendor team digital significant implement. testing that an vector and a and approach cost of patch suite solutions the capability can to library Library old the advanced the the with to E-business or mind Chief vulnerabilities support identify that database solutions software is advanced an are patch their we threats with traditional their before the

who reducing looking type of Street. are support changes the use worthwhile, XX Oracle stated With Labeyrie addition sought the France, connected platform. Next the is system simultaneously Oracle meetings is in they to an based service its vendor. the application Rimini the He Maintaining to countries. orders they for in challenging how Rimini switched guidance that on JD retailer with to they XX than close of modules Fine Oracle vendor Labeyrie's were this at processes Foods and that the while And note the Labeyrie ecosystem, the organization provides their create Street mission-critical XXX,XXX nightly. Labeyrie more to full Louis that Database software facilities were value Rimini exactly the potential CIO, system, support costs. paying extremely fine ended Street a agile Rimini and Goffaux, ERP Labeyrie foods goes after to price to for. Edwards leading efficient, on all-around provide previously and experts solution software monthly Street's more the support half needed batches provide quarterly in with became for the system. a supporting they mission-critical Support

transformation Oracle have and constraints, perfect Labeyrie a financial for is Rimini Rimini than Given for in update. and fit their Street litigation Street believes litigation been more goals their digital needs. years. Oracle XX

filed dispute ago in product which X the While to presently Rimini the long courts certain II which with injunction confirmed Rimini for services we has proceedings, Oracle; Street of products. Oracle and support Court legal, the the U.S. rulings both Rimini Rimini lines. third-party Street to Court. provides to have of manner Appeals or Street compliance active District is dispute, support certain Ninth Oracle any United the support appeal prohibited relate is services the not Circuit proceedings injunction providing relating have of from U.S. respect to the compliance With for an of the States

appeals to Rimini earlier in Street to ruling a Rimini a With II, Oracle could the expect come later. XXXX, to but We case is XX-Q ruling, process year to in another Las Summary. information trial see Oracle X X our litigation. take the months Nevada. stage. filing a II Rimini filed respect receive Vegas, or the in additional the the case XX, in for scheduled begin remains latest on trial Currently, disclosures a XXXX October Please on to against

exercising disciplined reacceleration, generation management, bringing value our cash conclusion. Oracle driving continue and to on and We revenue successful litigation a focusing shareholder with

to Now you, Michael. over

Michael Perica

and for $XXX.X QX XX% X.X%. XXXX which was least more XX% was of of rate a for subscriptions, up Seth, you, months. service $XXX.X retention quarter makes second increase XX% our a revenue good for year-over-year was than everyone. subscription afternoon, XX at the revenue of recurring Thank increase year-over-year Revenue of Annualized noncancelable revenue with XX.X%. Revenue million, results. million,

quarter, For contributed States revenue, United clients within XX%. international XX% total clients the while second of represented the

revenue international the year's second year-over-year growth was growth X.X%, current that revenue growth U.S. growth clients note quarter over than of the XX.X%. year-over-year Second second X XXXX to improving the rate aggregate was improve rate X.X%. quarter quarter We while continued year-over-year from the growth X% last the for United to in more quarters, has of States

quarter growth to We also the $XXX.X year-over-year, negatively total revenue compared impacted decrease our million Billings of a by for was $XXX.X X.X%. million that were note movements of approximately second X%. FX

adjusted clients. quarter terms, was A down through was leverage margin of XX.X% of year for our revenue noted. invoicing control. client U.S. compensation We executed sales year. XX.X% in the and with size we in the New efficiencies to Seth movement FX of second continue expense dollar second for client but of as the deal cross on to technology prior revenue renewals negative delivery last well revenue and compared a achieved compared which in XX.X% Gross strong challenging, existing quarter non-GAAP non-GAAP of to methodically gross and expand and basis, and XX.X% margin excludes quarter process of stock-based second revenue service

services to the guide expenses. offerings continue and we we're global Like other margin on of capability deliver We our of GAAP be continue expect and products, inflation. full in due costs labor range our XX% XX.X% to non-GAAP client unparalleled to for pressures to satisfaction. revenue for on capacity organizations of new to globally, a XXXX, cost solutions revenue Operating XX.X% XX% experiencing to in and Therefore, a ensure delivery to best-in-class the increased and we investing basis can basis. year service with gross

more and hiring been by geographies positions recruit broadening we part part challenging our emphasis at have innovative successful mitigating to lower-cost in practices by this using technology. in with an However,

implementation the period. quarter. decline fiscal and that this we quarter. was explore compared we expense, quarter costs the of XX.X% second for revenue, expense, litigation expected in to Net XXXX sales to able operation to fiscal XX.X% Sales XX.X% half the making our the during audit quarter a year in to similar prior a the compensation support needed ago to to percentage additional continue quarter On XXXX. prior a XX.X% XX.X% expect options to marketing XX.X% GAAP marketing and targets. a continue for achieve we was impacting we up expenses full XX.X% profitability to trend to which in acquire and software We to XX.X% expenses XXXX Therefore, other XXXX and be basis, XX.X% ensure of note the basis There of versus need on quarter stock-based compared XX% do XXXX G&A revenue basis, versus year year GAAP to initiatives on On see of available and employee-related marketing the to the half includes as excludes our non-GAAP on we standpoint. systems, and year support sequentially XX.X% to to revenue second for our million as appropriate expenses which the compared a global the the excludes on also costs, XX.X% nearly XX% year. excluding to in from talent second million expenses were second first $X.X items Moreover, a General was spend for second cost support a expected outside cost for growth year prior one-time and XX.X% are in sales and and litigation and basis. revenue for costs. percentage ago XX.X% the for compared was on percentage company, XX% expenses non-GAAP XX.X% of personnel second period. of spend in year growth and non-GAAP second the range insurance and the $X.X a the basis G&A public administrative was range compliance legal, a and quarter our now XX.X% the investment as incremental Current stock-based from non-GAAP expenses compensation focused remain and to a G&A We all various expenses of did growth, our quarter professional, expense outside declined during first and range, costs of quarter. a X% investments of XX.X% to prior information to as in see the the as

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

XXXX full exceed to trial currently our XX, forward scheduled As $XX we for cases XXXX, we now Seth year expense million a XXXX. expect on for had being during of X jury fiscal fiscal incur year noted, the into million in $XX to Accordingly, year guidance remaining expected resulting that litigation October pulled the outside to from prior XXXX. litigation million costs $XX

trial and have in preparation more thus call. are during early our provide QX to should We our clarity

XX.X% quarter a diluted attributable $X.X income or For $X.XX basis, excludes shareholders of diluted highlight future the includes the $XXX billed quarter. was our litigation leverage the year's non-GAAP Deferred quarter. Backlog, remain of to year in substantial achieve income second potential or up the transactions. per share. $XXX,XXX from net year $X.X sum million of XXXX million $X.XX prior was record compared of June to for flow or loss quarter. second and sheet. half. second revenue to loss million Capital for excess second versus our flow $X.X a million quarter the profitability compared million the the $XXX model. for $XX second second for June XX.X% we million, long-term and basis, target also from or million with $XXX prior $XX million XXXX up of was per $X.XX underscoring was Accordingly, of noncancelable I'd quarter, compensation XX% market cash as prior second year share second the $XXX our which to generated was confident On EBITDA XX, prior outside $XXX to quarter, and million revenue million Adjusted We compared prior operating we in revenue the operating and million first million, Balance year-to-date, like our to share. the deferred year approximately operating second the operating we of cash diluted $X.XX to cash as net attributable On to $XX.X of per quarter. generated balance for per diluted in ended $XX.X quarter, revenue which stock-based or XX%. for ability margin, significant approximately a XX, non-GAAP of shareholders a share the $XXX million margins spend of of

million Board million to announced our from next to years the X repurchase authorized During up over previously quarter, over $XX to the common the stock program $XX years. of second X up increase an to Directors

During the approximately retired. The repurchased second a shares quarter, were value common market with $XXX,XXX. repurchase shares XX,XXX we of

common at forward, and strategic on we the time. repurchase repurchase opportunities we to to Going deactivate reserve will additional whether shares, any discretion activate or for decisions look full although plant

million. our loan, interest capital revenue million. quarter our to to the range during prepayment debt comfortably $XXX providing million of the Regarding XXXX our cash and in With $XXX the revenue XXXX We're consistent in plan in is the take strong position are operating full million company no $X and fund now Operator, able with reduce This of to is prepared term maintaining be $XXX.X principal we and we cash questions. million believe the the loan second and current remarks. year value $XXX.X the $XX.X growth, third quarter, approximately prepaid Business principal million return to outlook. execute be guidance generation we'll of model, currently value flow penalty we term shareholders. guidance concludes range of to a

Operator

Instructions]. [Operator

question comes Derrick from Wood from first Company. Cowen Our and

Andrew Sherman

can It's else inning to we're org has so Andrew. kind what to would Americas accelerate you U.S. of how you growth changes Nice lots And faster? going do when quarter. in the Seth, there? far? hear do think -- there? What And do love think reaccelerate are this even

Seth Ravin

regions. and umbrella. the talk maturing that improvement the a we're single of between think South includes to America consistency seeing the all the brought improving America. structure Americas, you. which Central under all management to the of I Great and seeing We're execution And the definitely in Yes. North in We

quarter getting I level. cause the globally. as going we've macro probably the global that really, macro that to is challenges affecting challenges third And well really seeing the But good Americas still done. a are think really through the as environment some in we're think I seen at deals

everyone I But clients. replanning to of signs. the the name little those you're that. lot going teams prepared side with think a done, are third remarks, of that's as quarter. those think other cycles very down in I slow The bit We're to in benefit on I all So, us still a in I a in involved expect that positive the of brand are discussions many involved lot those see these once going mentioned are discussions. And

Andrew Sherman

that retention and And you employees trended do how on net that? hired levels end What where you sales have new the And XXX drove record. like looks a reps?

Seth Ravin

are is levels difference XX%. much retention as churn employees think, The else. challenging about XX% The on as the everybody hit, we industry average rate I and is

but So, industry, traditionally about we're X points than XX%. about the we trending less were

high it's So, for us.

for So, the great still means little in churn. are paid line of which with think Fridays a Friday place that programs or put our market in fully We in I the and August. Fridays, better every we're some terms July in bit fabulous like

our them also world, and them So reconnecting We've doing together in people bringing to where a into like I get of world people it's back post-pandemic in time we're they teammates. lives a some reassimilate they're been and X their for really that. other think it's And around love meetings so giving to bunch society. haven't years, together had employees from energizing programs, which with X the that

cool I hiring. freezes hiring market So, off, as employees laying busy attrition because that all well is bit bring since also going down down things things a think I those rate. busy the and help are the think us will were our in to people

Andrew Sherman

to in kind of or And full anything maybe have extra year the assumed far leaving the second then, And you've you unchanged, level conservatism half? as Michael, that? the in just guidance, as macro of, what the speak on

Michael Perica

a are our for period as noted that for Andrew, we think overall out So this feeling freezing the interim are guidance but certainly, Seth in we that during full decisions lot I as happening environment there. We're are of Seth with confident noted. year, reflecting

Andrew Sherman

one, the to last that there any were one deals pushed -- any big second there half? Were

Seth Ravin

kind cycles, as think, anything companies well in those And feel and of they're when they the plans. potential seen, again, many Definitely, type multi-year around of the them. we're cycles, involvement clients so of some seeing seeing we're buying because as rejigger because finally sales pretty with finish intend part of plans and certainly as that on going prospects government anything work a plans. we're their And be there that we earnings, prepare to to deals are recession, finish the while fact I world, involved I company benefit these based that their are doing not different that lengthened delayed they that not different order environment, think pushed. We positive we've you're for they sales about organizations to in the a

Operator

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

Brian Kinstlinger

I'm development curious, part your my have you over in especially second these of see business comments, is, businesses win for have I little year. most I you're The as we're that tenured? a However, in first your international point, September quarter, taking but company, in seasonal SAP perspective early for the more the believe, question bookings that sales. from third I one may generally the the be case and The long. of continued heard maybe important one is your a quarter international thought last And overseas to opportunities, team in quarter renewals. rates maintenance better

guess if I right? heard what given that I So, that change timing, it I'm precipitated curious

Seth Ravin

to again. We talk where Sure, having reported Brian. made to the we GMs -- a you things. COO, the COO. X change Great One, the to all

to I of going managers. am oversee And personally exited. COO general all the Our

a story before, previously So, this were business. the CRO kind in step growth opportunities reaccelerate was step we've to founder it to acting of of in. I We the one talked XX% a to the I've and to traditionally. at looked type wanted those the investors. for back seen company business back of think well. lot and of me as as in I role

in I was scale complete us a billion us I I be even believe going much number. the personally and we take need back get demand there for to $X bigger think the and end the to step the is opportunity revenue by year. have transition to where on business I that to decided it this And to and of kind of

that it's complete done a 'XX us the I end have It's transition And in XX the year. I'm position should and of 'XX. leave bit very the a this transition. through long taken out think to us no it's months. had been by little to it of starting gate get too secret a strong in determined for We

Brian Kinstlinger

And the year's second XQ tracking question, much part tenured the your than more of with last XQ better is salespeople?

Seth Ravin

Well, we are always very back-end loaded in the third quarter.

truly can QX are well But on some really that last SAP of we structured. just way few of even the signs good business Generally, sort they're we end all So, those early. weeks the SAP I it's are that quarter, And good tell as QX. all we closed when you the in close in deals early. as those of always early

as So, fact positive quarter, seeing in the take signs. early that we've we're the parts closes those of I the closed early and several deals

Brian Kinstlinger

back and queue. question, get in then I'll the last One

your are You've -- for you've there that the some the what guess are is in price. trying in XX% freezes decisions quarter. set been understand, OEMs talked cut to I I third a up I'm essentially clear business to think hurting

the wait up the trigger uncertainty. set maintenance until -- another their the pull -- So, why next cut the to for mean year cost this third-party we'll to those Why for -- maintenance especially executives for And next well is as year? not to come I are renewals time mean, does agreements and move maintenance? for up that you're for

Seth Ravin

causing When a many different plant going do these a Well, way in issues I a How so Eastern this driven, drama depends. do Am lot on havoc unfolds no I and a know, with businesses. are they're I of should How for if to rethink. of lot it factory there's build the having daily it. think by I the energy, this and I to to paralysis companies really going inside of as And it's that? is with that questions, havoc questions deal you All step macro about wreaking Brian, mean, point have have by I'm now Europe? to global I political other think, of say you internal day Europe? back to and build China?

that to ultimately, to they Now don't doesn't said, money. mean save why I expect That's I want prevail.

mentioned maintenance right you business. off bat, that's when money the saving Now well, the

same Our is the year-round It business. It date. be a AMS exploration data. could any business doesn't have

service, all those professional any our products, things be sold can time. security Our

yes, to they're to make there decision. window have a so is under And which going a

those this the For quarter, savings renewals take and to make revenue. is to maintenance who about better strong have better they're and to third like ride call deals in -- a advantage going everybody move and service forward going visibility see. the see projects they're we're of have visibility whether move going it can nearly ago. do new that to bit things that really how the they months want those because we've just the is to I the things got on invest that It's these as not the -- current as environment. And through think a else. was we we recurring us forward our and revenue miss in to And to or kinds they little for to the annual window. The There's it have of good in, of these guidance could out have business with and savings have are left wait now that's keep

Operator

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

Jeff Van Rhee

flow Congrats. again. Love free that cash

and that's is we're a few on the obviously range, hit it but the range either a To but take I pretty high got though, you, to end, the what a I front, coming the with and pretty Start there's understand extent wide wide wide variability, for this range maybe and here. can on that revenue mid for pretty a of you you've still could. So me, through would talk into if low? revenues. QX,

about us such high and gives range? thinking end? low you a are what And keeping how So, wide

Seth Ravin

Sure, Jeff. Thanks.

now think a that's we predictable we always think hundreds sense. lot the range, fact a it down, of of dollars higher stream I us narrow recurring a range I the the We'll and to a the And the range, of it's quarter. would much in going of hugely it third good revenue have. end we what have course, a that we of better have at hit monster talk confidence require stability that millions When to the about gives QX. after take

That we QX, As real set really but revenue third mean nicely. the But have just a it's the first those on the course impact basis. end 'XX have not line. in much the the of numbers. that high tee-up the the you half can your you numbers to going get great know, revenue, have to ratable you to that's good to quarter, year, bottom of a will quarter I

Jeff Van Rhee

you from then I a pipe a transition and is standpoint, second, pipe would there. but standpoint sales the to in -- a get the say And pipe mean, to want from I

to there to going So, this -- got the it's obviously, pipe get not you're it done already quarter. at has if be and working

So, based a that's you you'd get reasonable the close pipe say the still matter It's high at see? is of end there. to the pipe rates on and within

Seth Ravin

is end like high require, to quarter. a going I said, the think I strong

and is occurrence come the to only because left up quarter, a for with we third in always as That got ones pretty is to there. we've mostly any traditionally, do quarter customers pipeline late weeks that like us. have there get in these to bluebirds traditional the table can think come I you And -- a something. large some very we'd then a

in drama have so terms that with the from reality happen. much in and is, us there the of coverage were even brutal against model would says to to dollar. on course, those this numbers a coming us enough visibility get exchange is, pipeline to make So again, visibility we pipe of it's that the full There is But a there. revenue macro have don't that reductions of with rates our places pretty changing constantly the there's

So becomes in $XXX,XXX. $X million Australia

and range. luck So, good those exists together that to it really working I But to take all cooperation some clients us, the to with some things pull will to good happen. certainly and in of it think work high It the too. end economy make the get some the pipe against

Jeff Van Rhee

could. quick ones, few And I other just a if

you targeting somewhere on keep very you takes? revenue I would the XX, think you you're about high up I what off down and like mean, is to and take to aggressively in looks the get -- I do growth employees? head months. last gas hammer said single-digits, on the for XX% How on trade-offs headcount you've there? side. it know been are or the what think you But puts growth, XX it adding expense the just the give count, decision take do year-over-year, the how On the And than the

Seth Ravin

you we're -- very And We'd be. is AMS think really lot another have it's a we it of think and the AMS. in in to at delivery margin the hiring, XX-plus where And a where seen area. need about gross to of for but love percent, position gone business. headcount labor-intensive XXX a you've services. is heads I like we're also to a lot service organization we'd behind probably for the we've professional

been haven't physically do to us want customers we that projects major that staff. able to have We

caught for And at careful hiring, always while year-over-year, sure. about or over get So the the actually challenges there in bit other of don't I'm the could countries because head ambivalent head I'm little in XX% number think a FTE the you fraction head. of about to U.S. up grew India an that's when a where be be numbers. there's the always European why is those other we Pac -- Asia or a or there are providing thing of heads some a cost

low-cost be it misleading increasing numbers, that a very, so bit little they And very have but could be could employees. may you

that So, that take have just carefully. you to be, like I could said, number

Jeff Van Rhee

on needs that by list? How of a done? but you I gotten you going mean, end transition happen XX what Last working the by there, on comment done it one 'XX? what's the a lingering on months -- for you other about then, made want -- Seth, lot me X are of the you know of you're to and your follow-up know things, X I to on to 'XX. you're end

Seth Ravin

hitting the volume is issue ratio total our for -- Well, close sales not strong good deals. to rate. about where I That's increase mean a were the XX% on pipeline we've close is. rates our opening numbers, of We want we're team. close a very been heading the which

the and in making even yourself have that want got bigger. more You've not And that reassure you get the larger have force. better backup you assure every is your deals even deals. to have, into numbers multiples how where you the issue have in of maturing to number but want deals whether you X and a and double building backups. much up timing. how see a sure of just have a X that ringing When maybe the environment We X That's and that kind lack environment, of an to deals of want. is can The your you're for decision that term macro because that so pipe I sales #X phone you marketing you pipe you backup, deal get going make backups, you that that's to you of in in people for

have on massive much about all pipe normally you And we're what it's building require and higher a because extended misses time, or than do. now, making focused happen. that's deadline rate we of have we deal and you fall-off have a that's a broader renewal right bigger, what So to a business, gets a to expect would much

Operator

time, At questions. have this no we further

Seth Ravin

quarter, their It's third as on everybody. I then, quarter thoughts colleagues the well. much, quarter. quarter 'XX everyone. us a second call. work of add good we'll Thanks support Thank commentary great our of for those numbers Okay. date joining A health and our Well, join our all day. discuss Have everyone thank harm's Until And our lot into clients in in kinds next to you continue fourth We'll please second well. the the having select very results, very, to charitable very way. us you quarter and forward as performance earnings to call. look suffering and earnings those delivering want helpful. thank for 'XX for We in very went efforts of much, been on amazing also

Operator

conference today's concludes This call. Thank you for attending.

Rimini Street (RMNI) 7 Aug 222022 Q2 Earnings call transcript