RMNI - Earnings call 4 2023 | Rimini Street, Inc.

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Operator

Good day, and thank you for standing by. Welcome to Rimini Street's Fourth Quarter 2023 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dean Pohl, Vice President, Treasurer and Investor Relations. Please go ahead.

Dean Pohl

operator. you, Thank welcome Fiscal to Rimini Fourth Street's I'd XXXX everyone Earnings and Year Conference Quarter like to Call.

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

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

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

Seth Ravin

operations works founding are that that technology vendors XX value, focused software our IT application their access with the and to workflow, a different data, but growing its migrations, automation, and capabilities other on AI, products, configure modernization, that provide that has software, also technical enterprise source management, have technology partnerships Rimini innovation application, open on and assist and and as analysis improved Rimini and billion run, over solution is in connect, clients and to trusted license hardware on Dean, our SmartPath to a cloud, mission-critical global as partners Rimini Other recommendations monitor, IT focused financial to services are delivered maximize operating objectives. Street services optimize is goals support, capabilities on sales such business independence IT partner include the as clients meet their to strategic us clients Rimini have options recommendations limited and their already competitive ago, use ROI-driven of and date, to you, is analytics, growth, Since time roadmap goals. outcomes getting everyone, database Rimini yes, a to reporting, clients. IT clients its projects firms deep Fortune employees global X,XXX mid-market works spend them have governance. over will allocation IT technical on what compromise achieve years opportunities. customize, Street its possible XXX countries no advice, you, and people across only Fortune of partnerships focused thank XX or Rimini counsel with its get their strong in clients strategic our projects has financial manage, costs, Rimini $X we to with leader and organizations Global developing budget, advantage. and joining much reinvestment needs and vendor To say company and Instead, Thank better and of to to public operational business you and When IT of Not of investment served full own we evolved global sector and only as we've opportunity service increased there. countries. to other companies We grown say clients for Street help protect, provided We achieve We resources no, believe of kind into clients. leverage and our we believe and Street X,XXX influence over in and help nearly a XXX security lowered savings innovation clients. and we integration, accelerated XXX, today. best

excellent. client fiscal response We X.X support an XXXX by on less have services results. year of and and X time XX an XXX average our out than X, engineer X where earn delivery minutes, of by onboarding X QX score is and average of satisfaction

able of year the quarter continued of deliver we For sales our and globally. the focusing being to full fourth full portfolio improving solutions portfolio XXXX, and solutions across expanded on execution

globally, events strategic and in States myself, United revenue and and full and current many for executives, executive Rimini transactions about solution enhance and and our our current prospective profitability portfolio, competitive Street, continued senior substantially our globally of and sales expand and To our and growth. our our our portfolio. continue full traction increased Street meetings they we and saw extensive deliver As environment and sales provides are solutions meet increased advantage. and increased to we gain capacity, demand, for value the and meetings attendance portfolio sales Rimini of that Rimini into capacity and for have solutions across including clients. and technology count globally. coming positively leverage ERP the lead and opportunity and prospective grow Throughout to responding pipeline with additional end-to-end solutions large to workforce development more SAP by offerings clients continue products more XXXX, prospect we buying unique seller our Accordingly, the learn and client our expanded Demand XXXX. backed the help capabilities third-party in-person outsourcing To innovation AMS I Salesforce accelerate solution pose

be better now strategy continue can enterprise Rimini both solutions District using solution. request provider release of Rimini is organization and the IT developing goal to week, yes IT products Rimini recognized exciting product help now operating that Rimini its they and support officially ahead. we has the Rimini and end-to-end supported or of This beyond introducing business key that new software meet service solutions to work service an power Street Custom public building are Street set landscape to support, for launched request prospects. product out service streamlined more client mission-critical achieve Rimini of Custom new today are Rimini proven, for supportability the and software preferred IT sector services, partner, Custom a profitability. Rimini need update. Rimini transaction mission-critical better meets execution. from Street custom the service responsive better can Oracle Street's clients private We IT to to just and support and to revenue IT extend partner Rimini that enable in been Oracle allows organizations Rimini and deliver is The single to allow our consolidate their even and Organizations an trusted cases And years, products and life believe and vendor Rimini Court. our Street clients goals and is case organizations Custom client outcomes. have available new demand I a needed needs any proposal for or the program we aggregated how litigation services XXXX, providers the Solution. U.S. to believe the in operating lower a support Custom that Rimini see more portfolio say than a positioned as as filed of support, and roadmaps and reliable, for broader to system current strong offering, of consolidate license, XX to increased Whether Street in increased litigation list. obtained Oracle broader as This figure years services partner against known that managed for trusted In IT software under growth or including Rimini their management, costs a I With will through we evolving for Expanded II. plan Rimini analysis. resourcing Custom. current present purchasing to

result related related the fined current Rimini I Rimini The litigation Oracle support the filed that product appeals, an activities the USD for content manner has Rimini enjoining from I. and injunction a and on I the prohibit a U.S. X.X case filed are a issued as In court settled Rimini U.S. and Trial II I XXXX completed which paid to court and subsequent related injunction. I in Oracle in line. software The in U.S. certain activities providing Rimini known to product USD affirmed Rimini against trial the occurred fees no lines. does any XXX,XXX attorney's District legal. claims Rimini Subsequent As Rimini XXXX, certain Rimini Oracle's XXXX. costs Oracle and the injunction in Rimini case and to of is Oracle Court. injunction not was prevailed to trial, permanent on third-party certain Rimini the with I proceeding provides the Street support to support million. paid There

billion award, While with case, of lines abandoned $X.X trial Oracle on for issue the claims product [indiscernible] of no copyright of its claims and damages in jury and DMCA a and its JDE claims damages its claim prejudice Siebel. and lost prevailed on nonequitable Oracle the all Lanham EBS, liability Act for majority that

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of U.S. to that, taken million for through its II opposition Appeal of attorneys' award the the District answering filed administrative Rimini motion In litigation. currently District Court which stay will taxable Court, USD X, Rimini Oracle's fees in appeal X, date, should As Court the argues II Rimini the service should any motion oral on opening the Court is attorney's by attorney's for Oracle's litigation. motion On Rimini appeals not Oracle, to of is reply including arguments. an Court award II District taxable Appeal, opposition, requesting costs under after exceed XX.XX our brief USD within cost the the taxable consideration XX, March X, to XXXX, Rimini with such attorneys' Rimini's replied due Appeals further With approximately days stay will II Rimini to November Merits to and fees reserves after brief costs cost the the on Rimini the brief entirety. deny injunction. issued expedited of XXXX. hear Rimini attorneys' an the and Rimini has fees Appeals in Oracle's set the and X, X, opposition be Oracle's not taxable basis, and answering is is hear On District respect of of injunction the appellate Rimini of which by rights, XX, totaling of a due XXXX, brief. March Appeals Court. and with due Oracle's XXXX, XXXX, Oracle. of rights optional Rimini February Rimini's November fees II argues litigation, including of to for related to will fees injunction determination any the this motion XXXX, is place decision in XX yet the fees to April process. XXXX, Rimini filed for and II due all Oracle Rimini's II million. XX.X date to its matter Merits respect June a the The Court II should the include the appeal the has

various II predicted. before injunction time, related disclosures with the courts today, in For Oracle information are information material the to the nor February guidance our and the Oracle, beyond enhance and pending nor the also we right to outcomes accelerate the growth, impacts are we Oracle this Exchange the company's U.S. to take Rimini see future to be Summary. of cannot and regarding that potential and the are and on confident our please matters SEC additional Commission. right annual results, report provide additional our company's to provide additional in at conclusion. that value still filings litigation XX-K and and the making note because filings Securities statements still successful remain with are press litigation with to profitability, provide increase the financial continuing to we filed commentary disclosures and releases, with able court We with respect XX, investments litigation Please XXXX, actions disclosures unable Form a bring the shareholder

prevail However, have financial in matters a our above our and litigation ultimately it if on business adverse and impact Rimini SEC results. the does in material Street not filings, could described

over you, Now, to Michael.

Michael Perica

total joining fourth and and results. United the fiscal X.X% $XXX.X a QX and respectively, the million year and increase us, retention Seth, quarter quarter which a Revenue fourth for fourth and XXXX the full for Clients subscriptions, was Thank service makes year-over-year States for was revenue you, Revenue million $XXX.X million, respectively. Annualized XXXX increase thank you rate represented X.X%. of of XX% both year for while year-over-year everyone. full the X.X%, XXXX. within recurring the international and XX% clients $XXX.X represented up of revenue for quarter, note revenue, our least the some other constant a of than for movements. of was specific added quarter our year at decline on XX, X.X% revenue basis more the currency for The was our revenue maintained in during for certain not negatively or FX full was measures renew impacted XX% the for due that subscriptions, December XX% by retention We revenue however, months. fourth with XX.X% noncancelable XXXX, to subscription year did ended attrition total to as rate in cases, due XXXX, subscriptions clients products. XX

quarter. comparable during million $XXX.X fourth billings the of flat of for year quarter fourth able record retention Our for net client the to fourth XXXX quarter the was $XXX.X quarter offset million Billings fourth new losses. because to was fourth were the to quarter XXXX period prior invoicing compared

team for needed compared contract of XX.X% client fourth of prior of of basis, X.X% and gross full and quarter For year XX.X% recognition. in related compensation XX.X% to for year for XXXX. of margin to excludes the for as for On quarter half in full new revenue XX.X% XXXX non-GAAP billings and XX% year increased the our engineering engagements for margin declined $XXX.X which prior year year revenue prior margin to a fourth XX.X% quarter during full for compared the was investment stock-based global result Gross XXXX, expansion revenue the XXXX. XXXX of advance the XX.X% million. a and of expense, for year to fourth back and Gross year was quarter of continued fourth revenue ratable XXXX the serve revenue XX.X% prior

expecting engagements. we calls, Simultaneously, margin working gross scale growing also to improve margin As meet scale. continued as efficiencies we to benefits client gross pressure expenses. in are by the Operating earnings new leveraging we noted and driving are previous global of

previously, for revenue quarter compared percentage XX.X% for G&A XX.X% and quarter XX.X% for expenses for to XX.X% for to the basis, XXXX. On talent expenses and fourth XXXX XX.X% XXXX. year for XXXX geographies and inflationary of to the pressures the and excludes markets. fourth of Sales a the year litigation as While of full our non-GAAP excludes and of theaters, year XX.X% and for percentage marketing XX.X% for persistent compared XX.X% year of attract XX% XX.X% for quarter XX.X% compensation revenue skilled of the and for revenue attractive as XX.X% year the for General the centers year year revenue prior across prior XXXX prior compensation outside light prior fourth advantage of year of pressures stock-based global for of was which of the remain to year highlighted underscores full talent XXXX. revenue excluding fourth high for the quarter revenue prior XX.X% higher-priced and with all costs, quarter and stock-based retain still both the administrative excellence a a costs, and prior of prior footprint talent. for compared XXXX fourth which quarter and full fourth and revenue quarter revenue XX.X% to costs was basis, where to revenue, for of as value margin in we revenue labor litigation of XX.X% continue for fourth of fourth percentage compared performance a sales prior our key year was was revenue year for expense and in are and and XXXX. expenses year a Moreover, full expense, compared non-GAAP On XX% the quarter marketing

restructuring investments our some expanded solutions and to G&A to improvement develop measures of We substantial seeing year-over-year completed. largely portfolio were required initial due launch are that are a good and in spend the

year and elevated compliance expected remain expenses large revenue for of to legal G&A compared in our and litigation by our and settlement are activities. for previously expense, costs litigation to year-to-year, million the will the earlier fourth part XXXX. as teams prior Litigation included $X.X quarter other to activity. settlement Net that the Seth accounting ongoing million injunction discussed content fourth and cost related which quarter-to-quarter peers vary percentage This due of $X.X and the a for made Oracle Oracle to charge the outside in-house expenses However, Rimini for referenced, on to the million I quarter fourth year's for current $XX.X cash $X.X necessary compliance prior the and related million year matter. was Oracle litigation $XX.X an full $X.X was XXXX ongoing quarter includes compared depending to million year million

to spend year $XX.X government million non-GAAP litigation XX% operating $X.XX diluted press revenue, non-GAAP readily income fourth bringing fiscal fourth XXXX. consisting diluted of year $XXX.X EBITDA, prior cash per $X.X $X.XX of million Balance ended was full to We diluted with for and outside stock-based was $X.XX million share. full plus and $XX.X the fiscal basis, was cash year the diluted And the year was full the a $XX.X U.S. of Our $XX.X million of On million quarter the fourth for for Adjusted for $XXX.X for and million, agency full attributable revenue. for revenue of compensation the quarter XXXX investments net or or which our treasuries $XX.X available the year year fourth was short-term XX.X% securities, in quarter million $X.X per release, compared margin, end. per balance $XXX.X to of and was or share. share. shareholders $X.XX for for or sheet. XX.X% XXXX XX.X% the per defined for million the excludes quarter or million income XXXX was or a share, million Net

prior $XX.X to we the The year-over-year payments our loan declined for large to during year-end with nonrecurring generated full fourth the variance cash net litigation balance II to flow from operating the position quarter $XX.X we is content quarter for for a million. to Rimini XXXX, the year relating of reduced on During cash million the first we XXXX million resulting primarily the the restructuring $X.X for a term of $XX.X positive outside fourth flow the $XX.X On XXXX, million year million, And decline and fourth a our and settle Oracle charges matter. due compared noted, principal a $X.X basis, year million to quarter, and to fourth quarter, cash $XX.X paid in trial during overhead full $X.X quarter as XXXX. made counsel million million.

In in lower we addition, opportunities related the experienced retain preservation XXXX clients year throughout the the collections higher investment their prior as client rate prepayments own of multiyear for and compared environment cash XXXX, to cash. short-term and

until compared company XXXX, Business future million was the $XXX also noted, clarity and there as December results Deferred to $XXX million the for as cash from the around sum was impacted Backlog, which the as in noncomparable year with The fourth of headwinds, flow. courts to includes more company's ongoing to revenue approximately deferred fourth billed prior approximately current XXXX, Oracle. future the outlook. FX quarter. Lastly, activity financial from million guidance quarter. of is XX, December is impacts prior litigation $XXX XX, revenue revenue federal of compared U.S. litigation $XXX before as suspend year million to continuing

take please information remarks. XX-K on and report annual Oracle, XX, Securities with company's questions. filed our with additional the litigation company's Exchange XXXX, This disclosures Operator, For in Commission. see February we'll and on the regarding now our U.S. the Form prepared disclosures concludes

Operator

now Alliance gentlemen, Brian and session. Ladies question Global from the question-and-answer you. Thank Partners. First from [Operator we is will begin Instructions] Kinstlinger

Brian Kinstlinger

thanks guys, question. taking Hey, for my

first the start expense going to on The side. one, I'm

for revenue the reasons. suspended guidance obvious You

clarity where is at get what understanding add you hold Do OpEx very think that like the to revenue on investments were clip, you cost? to before just over can the year? that's holding option? So right some are expect control. revenue cut modest do -- there's to operating I growing more some with line a how to completed? to Do plan just more you you you making off now on next plan do investments you managing expenses Is the while going

Seth Ravin

Great Brian. have Sure, the call. to

size Salesforce where had we that Salesforce. could Of lean course, continued see. in opportunity of I the the continuing and I to to We're think size because expand of from you the we've tell the of invest the mentioned,

relay you're that we are think not I to watching looking us costs. reduce

mentioned in had position. across we all We different Including the additional basis in were XXXX, spending lines to Rimini building while which Consult, product IBM and is support launching, service take global including prepared hunker-down to modest a that We today, very a as a my growth lines, launched. busy for out I remarks a of large and on these our huge program not provide global on managed a are we've product support, others. and infrastructure number

you're think us not of a cost. reduction I So take seeing definitely

the support that we're all able a streamlining and and middle sure taking to leverage, think vice all making about but We're where reductions presidents 'XX better giving revenues more operations, to wider some we've scope been that's we're growth I of beyond. above made responsibility accelerated drive and out about to management. have get higher and into

Brian Kinstlinger

rates And half the a 'XX? anything on in international Is suggest the side, fourth decelerated bookings reacceleration deceleration? of quarter. trends consecutive for about quarter X.X% growth third business in then What's first driving the the Great. the year-over-year the there in just the that at

Seth Ravin

of ANZ, Australia, which the We guidance side some area, the Zealand getting without area. issues had New in issues. in again, the we, the into EMEA on course, some things, have focused just some We issues the We of down business. steps. taken significant had had Well,

brand-new And the around, have a them region, a GM where I'm well, turned ANZ announce. over very, leadership to very market, very new things have in EMEA as we the believe. We I we've which there brought a from We strong running Adobe, player. happy

So those the challenges. some X contributed of to

some very going in base, client and to we've that. there, out of also We Asia evolution strong be have our handle Japan, have we our on we Pac roll where services additional the largest in now to Salesforce able as reconfigured all a

a these portfolio. growth time Salesforce, a we of have kinds accelerated understand, the future are support disruption across as bit guys able will to that We're you growth, that. reconfigure of every be necessary product and the changes little very all the think operation. you the into I But of to line the lag in want the aware you

Brian Kinstlinger

the the you Great. back what's queue. might Last of the higher. some lost spoke in X question, points been I'll or was might in many versus different were or retention for But similar X be so, to traditionally these regions? rationale related customers the get handful they the a And there same It be and all or customers answer. Were left XX% how cases?

Seth Ravin

Yes.

were few But their have couple of time, clients running. existing have up clients. which to natural can were as years can same I at it's were look rotated you go out and who back. course, losses Australian them they you They products go imagine, are significant. a larger happens in the if basis, of just market, we rotations retention of that those normal, think, some pretty of we kind Two normalized happened the But of huge a when higher the things it and a are those and on down. cancellations. than where you you had on over I tell that we

them, think, loss I One was had. of shouldn't a we have

gone so And look we've back it. to at

other The came one the in about was saw surprise, wasn't North region, one American big could then business one rotation. anything And a it. a do just as again, It I we which have go management part out is we position those and teams, because as our have when risk an always change. and biggest to change The in management M&As teams resell of we they M&A.

risk process we don't are, sale a know there. what who are And so that it that And new is doing is because we us. like for almost they a always in creates

opportunities churn business not team management as does So when terms may full cause But portfolio, contracts, in a change. us and world to more for fully the maybe to have our the and come of biggest or bought but often some M&As always in into they where get we of expand present business stubborn change of we generally the a churn, level new management, of risk ongoing then footprint. been the in get present it management have we well

Brian Kinstlinger

a queue, have I Great. few in get the I'll more, let back others ask. but

Seth Ravin

Brian. Thanks, Sure.

Operator

Thank you.

question from [?]. Daniel [?] Craig is from Hallum next Hirschman Your

Unknown Analyst

guys, Hi Rhee. thanks Jeff question. for Van is for taking Daniel This my on

that X% I about year-over-year. year-over-year, OpEx the still up on non-GAAP getting Just down and but employee the sequentially, XX% saw sequentially count, was

geographies anything you I hiring? then Just really the hiring curious for? that maybe you manage roadmap, else double-clicking that? just know et areas on cetera. the what in quarter? Was in late you're for just the on the hiring how Was but And sales, were

Seth Ravin

Happy that. to answer Sure.

higher think numbers. is things. big look problem, a got I'm people you've a cost looks say, it but well, the the of a of I lot actual your lower I are doesn't into of lot personnel. account fan A growth that cost the percentage few that and those take count that different hires in know employee a like of at if geographies. not One, than

the have India or example, would across present and in of than big comp X States for you We delivery course, different centers in United rates between Brazil, Europe. annual significantly have, which

number. the it. view, of that yes, That's have to one point us have costs people component that lower we number of from by higher account So coming allows into

of a We second is the do of The often lot hiring delivery of end one back on service the you're year. correct.

because business year We a with invested back-end to over capital know, business. literally, drive bootstrap loaded $XXX million of are a you what, business. $XX.X as a And million been we've

to cash. own of hire and us for hiring in our and don't that utilized, to the We of contracts. to we in personnel hire time. use sign, aggressively very being allows generally fill is good to What then wait have burn advance cost minimize that. the we're just not contract That means We we at

And going to very fourth the in quarter in fourth as our we a much business quarter. more the you're with so hiring quarter, fourth grow that's the see lot

So of course, ratable yet. you haven't seen on costs that the

So, that that that. is a combination drives

Unknown Analyst

And billings pretty backlog, those and the both in then came on nicely.

particular that the services, applications, more of of color platforms terms down seeing Just of what's verticals, coming that the biggest strength terms drivers Any in there? any what on in pipeline?

Seth Ravin

good across all seeing, Well, we're again, I think strength platforms.

thousands a with got course, between strong world, supported, of their I companies longer by again, think, XXXX XXXX for SAP thousands prepared systems the support, in the being and of of I specifically pressured being threats as the untenable and move to is organization. major in no you've SAP mentioned where remarks, which,

Rimini so global enterprises only upward offers to proven for make and that's continue Street solution years in an the that demand product And the large move really swing to created, come. again, because use to for

to of The work big provide platform. lot enterprise service. just additional is support providers and even is other in like those growth NTT, platform requires managed other service and other services Again, well area Salesforce to their complex big like manage the a saw we utilize is platform Rimini us to clients, positioned Street any a Salesforce Salesforce to who

Unknown Analyst

last then And me. for maybe

on cost to be how some the seeing thoughts where be should on that spoke relative the the a just would but that in expectations financials? we 'XX, on And structure for expecting any And then that was professional, million, already paid I year You 'XX specifically out? legal, $X.X to similar already 'XX?

Seth Ravin

financials, believe that it see significant that Yes. I'll I fees reserved the $X Michael rather a that can reserved Oracle settled the already between $X.X million a to and continue here on that. and on settlement let amount. answer the us. to somewhere the We Michael in than that court. -- in was million, of legal already was and was but answer

of additional we the trial that and that, at amount. had But to came where of was already an there contempt looked that's we the But ended the conclusion. a component side. So end

the say, the appellate generally we don't do We process up I pending the you add time, we not in there court. as are have as trial does as of we prepared when that full-blown XXXX, continue this point that year, appeals generally, Court But that to So which will have well at that trial. no the mentioned to my in the District trial. through kind when always remarks. is a see have Those cost a

a you how So the trial in relating XXXX. bills look significant cost, I paid we Oracle late amount out QX in of think the legal when had mentioned at to we 'XX, about

back that you into more and we've seen moderate you in think if notice 'XX we would I fee that from that So probably structure. fees take can expect what coming

Michael Perica

total noted, in The also that ago, million excess legal-related months as Michael expenses, million in reserves the with $X.X to $X.X dispersed settlement, $X.X was Seth QX of just million. here, of year. the Seth of was And noted, settlement. in QX XXXX million total of associated million, We $X.X cash $X.X XX the and -- last previously as was of

So that's the timing, if that helps.

Unknown Analyst

Yes, Thanks, that's the guys. for And details. me. Okay. for that's great. Thanks it

Seth Ravin

you. Thank

Operator

Derrick Thank Wood [Operator TD Your is from Instructions] you. from Cowen. question next

Unknown Analyst

customers staying count ending mean customer NRR Derek. products, on subscription guys rather, or on mostly others. is where decel you down was that the of total but I tech quarter-over-quarter. for mentioned from were This The kind certain down pressure was on Cole

from as the NRR ones still help in totally So the bridge NRR kind of some at total the are platform Or the off that these the end larger is smaller and going kind count day? of customers are of it off customers pressure customer seen number? customers of is hitting me are just churning Rimini

Seth Ravin

you've a got think I mix.

I 'XX, is saw through pandemic. who for You've a this few customers some got extended some customers process rolling life what were of related off the years. had moving off. had more products their to we think of in of We And really the who the

So a think an XX of interesting bit I year. was

moving And might little a finally extended that forward roll delayed have projects had some have was saw in pandemic. those who been that with during think off delayed of customers in years. this more roll I been you bit that Some the prior the off that

see trend. anything the that. catch-up think I that that was saw year alarming I didn't And during We component. didn't is in a So that otherwise way a any see or

and change They JD future X completely have example, folks. those is product. been those Siebel they move to for new. When something these no There have off will You platforms, platforms have, for another to they PeopleSoft, clients, product sunsetted. to Edwards move

are see are so in sunset moving. again, some onboard. then product And That's on some And of those seeing natural the others who people coming you you a line. of sunset

We you bigger as dropped real have changes direction, product And the if think component. a of who I I had they that trend year-over-year. to that dropping needed that mentioned, a they of go some just related address issues where internal but had happened, another. the downs. decided losses to this them some any of in So different component, differs where added management here a large to look there's I they also M&A, of in client one you think don't large have line, terms adding at large week, some some ups you same and

on about get of and there be a you portfolio, drop, service there's sign So a do. they we they're moving nothing frozen you what wider they and ups downs up what what when customer, living, part of will this terms is in what for, organizations breathing,

sometimes see And be what of the fourth sometimes didn't year. in smaller, bigger we pieces, the terms quarter in the it'll trend will we saw any those of be rest but versus

with out of portfolio terms our watching we that and problem existing total part and sellers cross-selling an your logos. client it's easier in of we a it's expand had rather when popular new Now on you're is products into uncommon Not base, clients, so many than launched money. you new over-rotated what clients existing bringing

new of we're more tougher and logo bringing on in incentives sellers the out road and drive logos. set putting back to programs 'XX to incent place in to a And in multiple are to new of we going working So acquisition. rotate take

there what rotated all activity. It's to You the over cross-sell watching. total in small was a increase balance new and it better the saw number you're need in 'XX. exactly we logos. That's It's

Unknown Analyst

Great. more Super helpful. me. for just one And then

Salesforce the and you that with base and reps the sell customer here? and online up of terms go how here, out Rimini sell portfolio existing coming getting can they reps, customers to Custom new speed new into the on are In so

Seth Ravin

all different for received learning sales organization about already early literally together, weeks had off around just kick for did fantastic just ago XXX global the learned and training Over We led by lines. was the revenue trained a and been were for the sales already custom, It has our where SKO global they've the product and from people all world It it. week enablement ready from about they sales our team. training countries revenue learn January, the They've organization. of organization. the

products and provider sauce technology, ability we of our the in unlike saying, confident saying believe best we've and And the door of service of launched, products, to for. people the we we very to provider anything offered And else an the can we've software door products. And believe managed is, never go Rimini enterprise position opening world. opening basically in out we us of your product. processes, enterprise variety that best Street are is a that Custom ever I'm again, So support the the Rimini these we're those use, our it's to is, for service service offering the systems, secret because that bring of the able provide wide we have and amazing also

want you you to If to want it get supported, it managed. get

enterprise product life, service want we about out to do on us on anyone every to the can it. want better that just believe there. get extend better We else you than You

Unknown Analyst

Helpful. I see the floor. Thank you.

Seth Ravin

Thank you.

Operator

Ravin the this There remarks. will questions to I hand you. closing now the call at Seth for time. Thank no are back further

Seth Ravin

all then, commentary us colleagues thank once forward I well. good player. Street And as and quickly. Great. know, year quarter pretty to again, results. quarter joining fourth company past Rimini first for us Earnings growth Thank year ourselves you efforts everyone, We second enterprise was coming Call next magnificent you over select want repositioning as larger yours wishing quarter earnings full of the and so of a discuss performance in XXXX call. health. you quarter of up having on 'XX for the year. on all great our the a their much, continued the as again the much Until that's look XXXX a I Earnings to join you today And will and and change the for It Call.

for Our thoughts support world. continued around and those need the charitable in and war in

many have remembering, always in so we much way. it so generally and better others harm's Just suffering

and thought, have with day. you a very thank good that much, So

Operator

Thank you. ended. Ladies has and all gentlemen, now for you Thank the conference joining.

disconnect. may all You

Rimini Street (RMNI) 28 Feb 242023 Q4 Earnings call transcript