Earnings call transcript Q1 2023

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

Operator

Good day, and welcome to the Rimini Street Q1, 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers presentation there will be a question and answer session. Instruction will be given at that time.

As a reminder, this call has been recorded.

turn Investor over Relations. to Vice Dean like of President would the to call Pohl, I

You begin. may

Dean Pohl

Thank you, call. operator. to Rimini I would like first XXXX to quarter earnings conference Street welcome everyone

Seth found On with of XXXX, and Perica, Investor fourth press CFO. the our a quarter on which under earnings CEO we Relations. our for me is copy Michael issued call Today, our release and website Ravin, today ended President; be our can the XX, March

non-GAAP to table meaningful GAAP why metrics. key of financial measures statements has the press this reconciliation A they An is and in provided financial in non-GAAP the measures these release following in and are been included we believe measures financial under certain the also about explanation the press release. of heading

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

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

Seth Ravin

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

cloud of and Salesforce has provider in provider Rimini Before global support from we service AWS review and services, SAP the enterprise everyone into the wanted respectively. and grown software its products and and for a Street evolved third-party to quarter that SaaS results, partner I software single leading markets company remind Oracle and support a end-to-end

innovation. run, portfolio solutions for database, achieve and and XX configure, outcomes, globally now better to countries operations resources monitor, reduce offers business technology and to a has application, of comprehensive support, and and reallocate software, clients enterprise protect, connect, company enables significantly customize, optimize in unified manage, costs The

mid their clients. Street XXX have we other savings Fortune our broad opportunity X,XXX solutions industries Rimini and software To delivered from a enterprise date, of XXX, market, range $X as organizations and trusted public to reinvestment we over and on over of billion Global Fortune believe provider sector relied have

Operating results.

of For launch complete expanded the XXXX, portfolio to both portfolio quarter name globally. were the and first solutions of we pleased to our brand organizations the sell

of This will larger market needs expanded million to organizations budget. more the of or with a portfolio meet annual in us allow or revenue $X significantly

vendor which launched reliability, turnkey the value, One a organizations of one needs our their and unique the current and and enterprise was evolving provides premier quarter new solution first Rimini offering engineering and leading in capability. Rimini solutions industry for ONE, end-to-end outsourcing technology Street's leverages responsiveness, software

servicing in sales portfolio expanded new improve a client more offerings. existing We've solution Rimini lifetime higher value. increase our expanded revenue clients, our our ONE and and will than clients, are believe solutions the significantly benefits XXX Street's rate already already enjoying signed of Rimini retention to deliver Clients and

new Rimini an deal Soft number a a seamlessly that and raise them multiple to client platform in at ONE tickets. provider one For with the engineering numerous vendors of example, to Australia having enables ERP Vargheese, Stefan critical said where ONE without manager Rimini and whole MYOB, manage

business they and Zealand development strategic MYOB as this team Australian evolution New local platform He MYOB for the on continue said management allows the more businesses. their focus delivering outcomes for to of

kind ONE work one his provides team modern to Rimini organization a to must and organizations. a of on goes further a says, more has for to up more ONE day switching Vargheese costs. flexibly, opportunity truly as He and as that's empowered efficiently for note well more opened save his solution that Rimini

their partner for IT services We better aggregated a to consolidate streamlined and proven, management, for vendor that allow outcomes. demand service environment. see IT providers reliable strong purchasing organizations Demand increased can power

market, solutions leaders on that portfolio feel Rimini their survey has board the to pressure increased a from brought our that spend. IT confirmation further show to right developed Street In available IT sponsored return substantial of found on a to number website,

a IT mature the to software Even programs. majority leaders to more of switching by telling, seek ownership of the for cost survey support total existing reduce enterprise third-party

alignment support looking out to work both innovation deliver half projects. up Street's solutions. and more expanded and profitability. strategy of vision for almost is revenue strategic its with and on portfolio IT figure growth their of With Organizations need how participants to teams This to services free to increased outsource to in focused Rimini maintenance today

and as to an the achieve services, now needed Rimini a as that broader And portfolio service their can and recognized clients be products developing solutions roadmaps plan critical end-to-end of has IT unique support, provider help and to IT from key partner IT of strategy goals Street execution.

increased As in the into pipelines of lead of current the and and activity becomes expanded market more portfolio we XXXX beyond. our sales seeing solutions, of are growing quarter aware

We Street to organizations complex is the in the macro over the environment face global needs every and years. evolving heightened must that believe just of meet coming navigate that competition about Rimini well-positioned current industry and

home a SAP's Our is new determining Rimini management flexibility solution in leader change more change and for value. for a GE need replacing Company, management products. solution after market Lighting, They clients selected in agree. residential Watch a Savant smart lighting the

strategic switching reduction Lighting operational Applications rather of on at spend issues. Sanjay Manager By they and Rimini than its on into the to clients. time Senior Lighting, getting efficiency for has Watch GE analysis internal experienced focus in and day-to-day, noted friction Enterprise more Sethia, significant new their a deeper direction GE that increased could solution,

a Rimini and changes more without a team, different as year, proven who the issues across Sethia right IT is Street analysis, his step operational with their system guide past through he have comes refer incident. Street the sees partner. In the they the moved he each for big than responsive, to says They landscapes and said, partner, Ramini XXX five trusted advantage company having and way. them of

execution. Sales

During all clients portfolio of current continued solutions expanded assure sales quarter, prospective on we the across available to the of is and working portfolio focusing the and full globally.

launched our strategy, increase opportunities, and higher enablement leads, implemented team, a and growth operational many and will increased close and ultimately changes pipeline, next drive rate sales revenue rates, revenue We program we deal generation believe profitability. and

number To and events senior person clients. enhance travel more strategic continued development, with of successful and our Rimini in our and close hundreds accelerate including opportunity heavy Street a prospective current in and and pipeline transactions. myself, in sales and help lead large global and executive meetings growing third-party of participated executives,

for XX have years. been litigation more than Oracle Litigation update. Rimini Street and Oracle in

have software third-party active legal, is Courts presently S. U. long confirmed we proceedings the Oracle. that ago While with support two have

to injunction from or proceedings, services for the in The any Street not providing compliance provides of support Oracle services which Rimini manner both II certain and relate which Rimini products. support is Oracle prohibited product for dispute Rimini Street lines.

of Rimini remains Francisco of the With appeal the to pending appeals. court States and San the compliance the injunction in United in certain XXXX, an respect appeal Appeals to February rulings the Oral Court Street before of relating Ninth were dispute, filed matter of U.S. on Circuit arguments the the on X, held Court. XXXX to District

Oracle year. at Remini believe any counterclaims. case this in We and respect court to With the have filed filed we on XXXX The Rimini appeal could time II. against Oracle a ruling Street

legal days to XXXX, of in Oracle all its was just this against theory XX, On its counterclaim certain withdrew me begin, any claims Rimini the of of before jury kind for Street under set personally as any relief trial against CEO and and litigation. October monetary

before Rimini court Street's December claims judge the claims tried seeking only as counter were XXXX, a bench, remaining trial began Oracle's XX, that and equitable ended and relief November XXXX. remaining XX, only

verdict the Court the proposed of matter the on February see law for our litigation disclosures The Oracle. believe in this additional anytime Please in we latest year. pending District to could findings Court. party and remains District XX-Q information disclosures with and XX, fact submitted a the their have filing We before regarding conclusions of XXXX, court

profitability, actions are and the that investments Summary. We to to confident increase value. shareholder continuing enhance making the take remain reaccelerate right we right growth, and

you, to Michael. over Now

Michael Perica

quarter and on first income and revenue XXXX you, subscription Financial rate adjusted quarter Thank EBITDA, We margin, thank with joining gross pleased Seth, us performance exceeded revenue our guidance. everyone. retention revenue net financial you results. and first for were and

balance $XX million with debt we and cash a at million year-over-year U.S. quarter million. sheet in strong Additionally, Government $XXX $XX from reduced million maintained million end $XX $XX to net backed of cash securities of in resulting

Clients represented X.X%. international first a year-over-year of Revenue total States XX.X% the XX.X% revenue United $XXX.X for quarter, while the quarter for first within increase for revenue the total quarter. of clients the million, record contributed first a was of

up makes at for XX increase XX retention subscriptions, for XX% recurring the was Annualized more of revenue, rate Revenue for our revenue with was least of subscription X.X%. the first year-over-year than service for which non-cancelable revenue million a of XX% trailing months months. $XXX.X XX% quarter,

first the the were X.X%. multi-year invoicing for to quarter, prior were million $XX.X Lower million client for Billing quarter year and decrease. invoicing compared prepaid basis new of the decrease first year-over-year a the U.S. in primary $XX for

the compared compared expense, for basis, On stock-based prior year prior XX.X% a quarter. quarter. year quarter the which was XX.X% margin Gross GAAP first excludes revenue XX% first first of the gross revenue of was compensation XX.X% quarter margin for for to to the for first

a range be expect to Looking we of of continue forward of gross XX% on XX.X% on in for to GAAP basis non-GAAP basis. and the full a year XXXX, XX.X% to revenue to revenue XX% margin

due Like other categories cost and to experiencing we increase all organizations inflation pressures are in in globally, cost labor labor Operating and markets. part expenses. large

move the call, these streamline labor help lower As and we quarter implemented earnings operations continue further to markets on and workloads last to in restructuring to a we costs. discussed increased where our offset possible first cost

time us and result profitability skill hire of to future allowed to million sets actions The annualized approximately accelerate freed savings. restructuring, and excluding should These the needed charges, new drive one $XX increase up in to growth. budget

for Sales of a non-GAAP On expense, which was the percentage XX.X% as of revenue compensation revenue XX.X% a and was XX.X% quarter. expenses percentage first year first for expenses XX.X% the the excludes to for of quarter, for first compared year revenue marketing and prior quarter stock-based quarter. first a to basis, sales compared the marketing as prior

sales and XX.X% needed portfolio solutions of full growth year XX.X% to and on We our marketing GAAP XX.X% XX.X% be expenses non-GAAP on investments see and the of to a expanded in to XXXX market on continue a on capitalize the appropriate thus opportunities to basis. and remain range basis to making our focused

expenses administrative General outside XX.X% of first year litigation and to revenue, compared a quarter. of prior as of quarter, XX.X% the first excluding revenue was for for the revenue percentage costs,

which the compared to G&A first quarter for first expense, basis, a for stock-based compensation was quarter. On XX.X% the year non-GAAP exclude revenue of XX.X% prior

restructuring mentioned our previously the seeing required of now due develop and improvement are We good the solutions and in us. year-over-year expanded to behind largely launch investments that spend portfolio they to initial is

our However, other ongoing expenses continue as elevated by compliance to large cost a the G&A teams be to revenue percentage peers, part in due for Oracle to and in-house of necessary legal and litigation. made costs our compared

see revenue expenses year continue range full of to percent XXXX in be basis we to XX.X% such, on on G&A basis. the GAAP percentage to a a XX.X% As a XX% non-GAAP of as and to XX%

outside expense million compared the first $X.X $X.X Net prior million litigation year's the first for was for quarter. to quarter,

level. litigation to around XXXX, $XX expense million year full For we to the outside expect continue be

the Our prior litigation quarter. the and stock-based XX.X% non-GAAP outside for operating of compensation, first for revenue margin, improved spend to and quarter year first which XX.X% excludes

net an for per diluted per quarter. quarter, or to XX.X% was share attributable and of the prior net first a $X.XX year-over-year, the income $X.XX compared diluted to For first year million of share million, income X.X increase $X.X shareholders

income of diluted was compared basis, the or was non-GAAP for quarter net the net the revenue for $XX.X EBITDA year million year revenue $X.X XX.X% first of for quarter or million or $X.XX $X.XX first prior diluted share to a Adjusted quarter. cents XX.X% first of prior compared the a first $XX.X per income On $XX.X million or quarter. for share million to per

of investments of sheet, investments balance XXXX. ended we to plus cash million the consisting $XXX quarter $XXX as short-term million securities, million, and first compared agency $XX XX, bringing the US of $XXX treasuries and cash with Balance to of million short-term December

client first is primarily our The basis, first operating prior flow to for million payments $X.X variance to multi-year relating remaining million, to restructuring related large compared flow XXXX counsel collections prior to was fourth year lower charges cash one-time year a litigation quarter first Oracle, with the and quarter. On cash due quarter. outside the to and quarter to trial the prepayments compared $XX.X

million year first million compared XXXX, year XX, deferred $XXX compared million was future March revenue, million from the of of prior sum $XXX Backlog, March to which approximately as billed and XXXX the quarter. first approximately was revenue of to Deferred XX, prior for the as $XXX non-cancelable quarter. revenue includes $XXX

Capital markets activities.

amended credit base we rate SOFR. quarter, first financing to facility the our or secured to During LIBOR transition overnight from rate

addition, an add fourth any Oracle. and to such XXXX In XXQ quarter II offset Remini EBITDA our trial disclosures. and million covered spend the quarter details included back the by fourth with quarter litigation of further the amendment for XXXX $XX Please to calculation consolidated for to relating see period large

outlook. Business

to We guidance full $XXX revenue second in million the range are revenue and to the $XXX to providing range maintaining be of $XXX year $XXX quarter million XXXX in million. guidance be million XXXX of to

guidance plan million. our our XXXX concludes our XXXX revisit guidance maintaining HLCD-BD range year quarter prepared This year second full remarks. release. earnings We We $XX $XX the in with full are of to million to also

Operator, we'll now take questions.

Operator

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

open. line is Your

Brian Kinstlinger

Great, to on nice adjusted for my EBITDA. much quarters address so driving thanks and question taking driving particularly

the where there's US IT as environment partners. described growth said, proven You opportunity was demand about strong that X%. one for With and

So that's doing business I not the on the impacted assume by piece FX. And not of well. that's sorry to focus as

there? we've know order what dependence perspective, in accomplished? quarters. $XX is perspective around then handful to for strategy I any start see in needs And in been million to economy there be from to restructured you increase Maybe a business. an this So an for of from a demand you

Seth Ravin

Thanks, Brian. Seth here.

When made very ago. pipeline to than I it started So, said for see results flow higher quarters year, a back over from we would changes. a of we we've few pleased. perspective, a know, year actually to mid with sales my last the took a did lot globally operations We and you take QX, through, XX% example, the I'm start

as some deals excellent. flow but significantly the We've is to market doing the field. So, The We've going the is it's a think while on noted taking through, I I demand was increase while a you you And the made that to international US. grew excellent. in are year-over-year We're America put quarter XX% are some that company our revenue things focused opportunities sellers only quality of and America. better for we changes. can as maniacally in now the X% tell at the right

to XX% and improvement math, the U.S. the as of percentage we're going revenue, in see can see when growth you up the significant If performance, it in to performance we the it's do get we're overall revenue going in rate.

selling We're selling So great world. it's selling deals, great not deals all them. America's all about America. of just the enough they're over

Brian Kinstlinger

year And just do be it'll happen expect early do the second I this acceleration that calendar XXXX it's a income my where follow-up demand statement? you on on will likely question, that ask or think more in and visible in you before

Seth Ravin

Well, the I believe, think from separating execution, out is huge. our demand demand, I

the execution. difference Again, it's big as and world, on else everywhere we the a we performance demand in us. have think all United the I do States around as in is

longer customers buy, they're is into things, some getting buying have and these great able these it's such full we all all the getting little taken time. the market, great But machine of to great. takes new to the portfolio, we sellers, and get a to but bit expected, move which it a sell may want be have we than and all of portfolio As what products

front hard people conversation. we're have conversation, pandemic we getting able they're full on think to I talk over to executives. running the need, once the we're have to have hard The in that And being we of and senior a America challenge improvements, lead in executives the off in it the story week being often They to have is seeing to week America actually get the is since about And able better, portfolio. talk to the but really that able present usually the solutions, solutions to win.

the on right on getting America So it to have performance the conversation. what out in for figuring very we pinpointed right executives been focused where is. And now. that's have And challenge fixing to we're us, the is

Brian Kinstlinger

that. appreciate I and follow-up My Great.

XXX that I me on an Rimini and sorry, heard have that. – You clients said roughly let that ONE rephrase I'm poorly. you have

Can have long-term? average of expect roughly or clients. or long-term, In Rimini you XXX per be, terms what about revenue One, the you should customer might you the said short-term we provide

second, described that And then outsource you a it solution as turnkey you're providing.

are I understand not, outsourced if think what to are companies to it that management? application the you. helpful it'd Rimini? is functions that Is And be it to are outsourcing being what

Seth Ravin

Sure. Question variability. about a there's depending We average or we're average on up even the down have publish goes numbers data quarter. that little points, support that Again, of just a sales ready ONE. a is don't number price know, as XXX with the and AMS lot Rimini on sale deal, one, $XXX,XXX you bit our on

we in and feel more understanding comfortable you kind of And and product so on number model. of what get a it, kind more there's of we and experience will not can out that think variable. customers about get come there kind could yet as I customers, what pretty we That that pricing. really is what It more put

day-to-day. actually us outsourcing they're of the running the system to What is

systems. things are all the then We run provide systems becoming we've utility. those do our we So of need other responsibility. provide and we end core to is become when that assistance the ERP butter is course the provide what security bread address take system. issue from to is issue. products. connect support, trying the the We And And which ERP interoperability done our over to All and team. back we're this forever. that We And

utility. that run will we And

managing make they we results people allows system take money lower that of it out else. and that and and will on to that better sure system that than end-to-end. get sure and We'll better savings the cost And and the of -- runs that it in make will of for profitability. We some resources customers profitability are innovation to take them growth line competitive money to use for providing we're bottom improve some And innovation savings really drop that's increasing projects is and solution both advantage. and our enjoying the to a and anybody

Brian Kinstlinger

so Thanks sir. much, Great.

Operator

you. Thank Sure.

Our Wood Cowen. with from next comes question Derrick

open. Your is line

Andrew Sherman

Did on impact cycles you any Did U.S.? helpful the we'd Thanks the sales be banking how some quarter. deals hear specifically making on in to love the Congrats Any would you in the strong out It's see on for color any more color guys. Seth, and Andrew quarter? played see decision Great. crisis and from slip? macro Derrick. there?

Seth Ravin

their base. they the to Sure. there's And either them, and and is, good the coin. adjust engineering where are deals they and need after capability supporting all out. good kind and in or step a of system, something that sides They capability take need the people their thing our always times people securing their the distracts great cost that two again just running the a to can't in they pipeline professionals trouble uncertainty in news staffing the doing. and have really to our need not challenge We're model. over business. It's system, situations staff or we come Economic and we're of in have pushes when adjust that is sought systems of that

QX don't Last probably we I so had projects didn't or those a into from because lot in amounted we future come deals? wasn't think had juggling. for of of a had making slip quarters. that thought or to through million terms they Any had of many to or I But able And no, the could slip slipped delays the too their quarter, other $X were we quarter It that deals, see that next in they we quarter. us, lot decision $X get think QX. cycles happened management that deals the million we in issues

yet. America work But execution we the simply That That's And performance enough are of haven't we a us good what to table on. a that's sales there is demand able and just is the take economics strong issue. globally. global actually saw it off favorable very on you to basis. been for got why

Andrew Sherman

there did $X keeping just of know the Yes, it extra not it, about you'll great. revisit but revenues conservatism by layer year Michael, is BQX half? but And raising or I you're guide. think comment now full else in something then is you million, the to the says an back

Michael Perica

and of summed layer precisely think mid I Andrew, for extra certainly P&L we going this in note. revisit did it to guidance our up time. year, in feeling up the comfortable down a an than at We're you but conservatism position

Andrew Sherman

Customer missed or disclosed one it, Okay. few have may anywhere I see Michael. And but didn't more not? one, count, quick is I that

Michael Perica

have actually X,XXX Q. we were It's in clients from Form in date aggregate in our over clients, but XX-Q, you in X,XXX our but unique exact over the

Andrew Sherman

Okay, great. Thanks guys.

Michael Perica

you. Thank

Seth Ravin

Andy. Thanks

Operator

Thank you.

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

line is Your open.

Jeff Van Rhee

sales questions. Thanks if My been top in here. Seth, number it going year? Great. would performance over real XX% year-over-year would this up, for EBITDA, quarter. have you my pretty last billings was said quarter that looks nice focus you taking conservative forward. and gave on guess year Obviously, pipe line I be the What

Seth Ravin

we don't numbers the for pipeline. think actually the I published

as a year-over-year XX% just percentage, So growth.

Jeff Van Rhee

freeze didn't that I well. Sorry,

that quarter. year-over-year were You I compared year-over-year XX% to asking pipe, ago it the the didn't compared earlier phrase in number guess this the what would growth be? I'm you when year I well. saying days that XX quarter grew

Seth Ravin

account as too -- snake, working with doing likelihood out that the close. of in through didn't minimum which growth pointing the volumes we way the the XX% its the been is last few why we And the work pipeline Starting a is actually pipeline. say growing six work starting and through up, when way lead actually its pipeline as we translating all say. it that to is we also yes, being up, we that is we've much in quarters. That's I'm months Well, last see think I

it's in expect. what of a also more qualified we little So terms

think to I those So again, starting good healthy see. are we're numbers that

year more much what leading is had in up. effective marketing the the that prior think than I we

changes that of just in making our putting make lot still getting I But traction. mentioned, lot things North we're I really front And of to more a where not and in America. that's are enough really place as in focus of the is. getting think that executives we're a pitch

Jeff Van Rhee

I mentioned duration bit over and say, don't failure, to of that what but you be on would if better to billings a disappointing we by issue a a would be look it's a how guess, this slightly whether It's picture the press get want you do the When to consider QX I or shorter-term said bit being the just you what benchmark to maybe the set rolled target take slightly from growth about it positive You billings side, failure. terms deferred. quarter. last X, at XXXX, think great mentally if little the of growth, you obviously maybe billing billings growth, quarter you of that I a to negative will year, in

Seth Ravin

XX% when international, very, anybody going bullish Well, we're focused satisfied north look should X%, to on go, in of you We're try number. XX% I to I'm that. know, American don't I One with growth think very and you think the the North you look at company. well to growth certainly as again on that's rate driving a be decent I not. of think have revenue the at And

So its I way. think international is on

probably more by that was think very moderated that In fact, think and even a I EMEA. bottom focused Asia But bit probably line. overall, on little than I we're

we moderate Moderate be to that been accelerate line going the that though EBITDA, to we we've we extremely are attempt have going we're be company, adjusted on numbers, a very as determined quarter-over-quarter, that performance the growth growth as in EBITDA line. year-over-year, to going and to guidance are bottom that we're that focused forecasting shows saw started guiding fact you are on profitable focused And to. providing think even to we the for bottom adjusted well. I that

Jeff Van Rhee

of see guess entities guess a you I think belief back really sounds of tailwinds. and seeing sounds accelerating maybe up there. pressure of yet? showing It I you it circling questions difficult the environment that it, lot sales the is you've that you can see under One, to process, rates but the top And referenced a but Okay. two in showing wasn't lot standpoint, funnel, fact from And would not I in maybe in macro a are like that? up like just the close

Seth Ravin

I We're obviously, But the our organization, the are absolutely as it have machine funnel performing a getting to I resonating. better sales the and increase fairly accurate. organization, that's would as the seeing say that a and that's performance the number messages U.S. one, more think globally marketing of better, at we top traction in

a market us. I for think it's fantastic

we it can issue walk us portfolio that the of. capabilities, and to very in very And bring get pipeline next believe is of not our of it huge goes front And we issue, expanded pipe them steps again, often and into the will well the of services through able CIOs cycle. of I the and table I think CFO being whole executives into get traction much that see that in we to close and very, when the significantly. grow the get sales in off and number that if that business, related front And we solve turns

problem. minutes can it get of executives, front their So that we more grow one to is for If will sales really we're in a attention think get doing, present we I few significantly. what

Jeff Van Rhee

it leave I'll you. there. Okay, Thank

Operator

Thank you.

Global with follow-up from Alliance Brian a have question Kinstlinger Partners. We

line is open. Your

Brian Kinstlinger

few quarters, so bit I too there was started lot some at new, to years that little last markets, for is a the to Thanks. and Great. on little then ago, sales in the driver was market because I'm prepared If international a third make saying market know, the challenges. touch look bookings, decisions so the you've was last we challenging weren't much companies chaos. not third some don't team you had chaos, quarter, you're stronger want which with a in. doing a I and the Two and

So months very we're of next away two for important third beginning quarter, this growth year. the drive from which is to

pressure. said, companies are you As under

terms headwinds? be is you thinking I'm I get I you quarter is it bookings terms think international to will briefly, touched reason of growth, Your of which team this there more will you but of thinking there way. accelerated make Is anything not that super sure position want for third about the any about to believe, a sales just sense experienced. I'm the for kind in on right in

Seth Ravin

was third different realization the new plans. were this not in while to that refigure we than continue economically to last going When at from they that think was likely an having came economic Fed. the budgets, changing interest three we today quarter US pressure got quarter to just third very the two situation to last companies. to to put last more out quarter increase were years. turmoil That'll be is third it few companies a I because Obviously, on rate months again

All not get our done. of deals to ability interfere that with does

the and to can All well spends. IT staff. cost, the with We us down can have of opportunity as for money as with creates because we it those bring that we profitability, companies more can growth innovation we into solutions help improve reallocate moving drive

done. out to than problems moving get our we get the think have wares, had solutions it's transactions more seen. positioned us we today solutions it extremely are get it think of more well and these to our company to our where advantage job get it's be best these to market present We've never get of and to needs the in them more to on ever products, present and their and opportunity I business issues execution to has front I there, So the take executives,

I think now think are it's very a we need I well environment we that So positioned for and to and execute. different

Brian Kinstlinger

taking for call. my Great, thanks

Operator

Ravin I'd questions. remarks. Thank you. to There Raven are for back closing to call Seth further Seth like turn over the no

Seth Ravin

Well, as that we thankful always much, on that there's Once Thanks thank struggling, world very are of war-torn and are you lot well. to joining for people thoughts like today. them in in, areas, for again, very us keep everyone. who and living the we to our we get always pressure, we live a under know

this and we quarter for forward that giving So call be safe, to have a time. great and the you next results look day, second a at

Thank you us. for everybody joining

Operator

program. the you. Thank This concludes

a great Everyone now have may You disconnect. day.

Rimini Street (RMNI) 3 May 232023 Q1 Earnings call transcript