The following is a summary of the Rimini Street, Inc. (RMNI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 revenue was $104.7 million, a decrease of 2.6% year-over-year.

• Gross margin for Q3 was 60.7%, showing a decline from 62.7% in the same quarter last year.

• Net loss for Q3 was $43.1 million, significantly down from a net income of $0.08 per diluted share in the prior year.

• Adjusted EBITDA for Q3 was $13.7 million, representing 13.1% of revenue, compared to 17% in the year-ago quarter.

Business Progress:

• Rimini Street signed a strategic partnership with ServiceNow to deliver an enterprise application modernization and AI solution.

• The company noted an increase in billings by 7.7% year-over-year, led by improvements in North America and Asia Pacific regions.

• Focused on enhancing sales and marketing strategies which resulted in acquiring 19 new client sales transactions with TCV over one million during the quarter.

Opportunities:

• The strategic partnership with ServiceNow presents an opportunity to provide customers with a unified, intelligent platform, offering a non-disruptive transformation to enterprise applications.

• The expanded service offerings now include support for VMware, which may open up new revenue streams and client engagements.

Risks:

• The ongoing litigation with Oracle and the associated costs continue to pose a significant financial risk.

• The decision to wind down services for Oracle PeopleSoft products may lead to a reduction in revenue over time, impacting overall financial stability.

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