Rimini Street Inc (RMNI) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Rimini Street Q4, 2024 earnings conference call.

女士們、先生們，下午好，歡迎參加 Rimini Street 2024 年第四季財報電話會議。

(operator instruction)

（操作員指令）

I would now like to turn the conference over to Dean Pohl VP, Treasurer and Investor Relations.

現在，我想將會議交給副總裁、財務主管和投資者關係部門 Dean Pohl。

Thank you, operator.

謝謝您，接線生。

I'd like to welcome everyone to Rimini Street 4th quarter in fiscal year 2024, earnings conference call.

歡迎大家參加 Rimini Street 2024 財年第四季財報電話會議。

On the call with me today is Seth Ravin, our CEO and President, and Michael L. Perica, our CFO.

今天與我一起通話的有我們的執行長兼總裁 Seth Ravin 和我們的財務長 Michael L. Perica。

Today we issued our earnings press release for the fourth quarter and fiscal year ended December 31, 2024, a copy of which can be found on our website under investor relations.

今天，我們發布了截至 2024 年 12 月 31 日的第四季度和財政年度的收益新聞稿，您可以在我們網站的投資者關係下找到該新聞稿的副本。

A reconciliation of GAAP to non-gap financial measures has been provided in the table following the financial statements in the press release.

新聞稿中財務報表後面的表格提供了 GAAP 與非差距財務指標的對帳表。

An explanation of these measures and why we believe they are meaningful is also included in the press release under the heading about non-gap financial measures and certain key metrics.

新聞稿中關於非缺口財務指標和某些關鍵指標的標題下也包含了對這些指標的解釋以及我們認為它們有意義的原因。

As a reminder, today's discussion will include forward-looking statements that reflect our current outlook.

提醒一下，今天的討論將包括反映我們當前展望的前瞻性陳述。

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today.

這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與今天的陳述有重大差異。

We encourage you to review our most recent SEC filings, including our form 10K files today for a discussion of risks that may affect our future results or stock price.

我們鼓勵您查看我們最近的 SEC 文件，包括我們今天的 10K 表格文件，以討論可能影響我們未來業績或股價的風險。

Now, before taking questions, we'll begin with prepared remarks.

現在，在回答問題之前，我們先發表準備好的發言。

With that, I'd like to turn the call over to Seth.

說完這些，我想把電話轉給塞思。

Thank you, Dean, and thank you everyone.

謝謝你，Dean，也謝謝大家。

For joining us today.

感謝你們今天加入我們。

Today, more than 2000 Rimini Street employees in 21 countries help clients support and optimize their current enterprise software portfolio and transform their business to achieve significant IT operating cost savings, improve profitability, enhance competitive advantage, and accelerate growth.

如今，Rimini Street 遍布 21 個國家的 2,000 多名員工致力於幫助客戶支援和優化其現有的企業軟體產品組合併實現業務轉型，從而大幅節省 IT 營運成本、提高盈利能力、增強競爭優勢並加速成長。

Our clients have already realized billions of US dollars in operational savings.

我們的客戶已經實現了數十億美元的營運節省。

Clients leverage our unique proven Rimini smart path methodology to achieve better business outcomes such as more comprehensive, hyper responsive software support and the ability to fund flexible infrastructure, AI, workflow, automation, and other innovation investments without the need for additional IT budget.

客戶利用我們獨特、成熟的 Rimini 智慧路徑方法來實現更好的業務成果，例如更全面、響應速度更快的軟體支持，以及無需額外 IT 預算即可資助靈活的基礎設施、AI、工作流程、自動化和其他創新投資的能力。

We are the leading global third-party support provider for Oracle, SAP, and VMware software, and we run, manage, support, customize, configure, connect, protect, monitor, optimize, and transform enterprise application database and technology software landscapes.

我們是 Oracle、SAP 和 VMware 軟體的全球領先第三方支援供應商，我們運行、管理、支援、客製化、配置、連接、保護、監控、最佳化和轉換企業應用程式資料庫和技術軟體環境。

The company has signed and successfully delivered on thousands of contracts with Fortune Global 100, Fortune 500, midmarket, public sector, and government organizations who select Remini Street as their trusted, proven, and mission critical enterprise software solutions provider.

該公司已與財富全球 100 強、財富 500 強、中型市場、公共部門和政府組織簽署並成功交付了數千份合同，這些組織選擇 Remini Street 作為其值得信賴、成熟可靠且關鍵任務的企業軟體解決方案提供商。

4th quarter results.

第四季業績。

We achieved positive momentum in billings, new clients, and client renewals during the 4th quarter.

我們在第四季度的帳單、新客戶和客戶續約方面取得了積極的勢頭。

Sales included a mix of our products, services, and solutions, including the continued sales acceleration of our new support for VMware across a broad set of industries and geographies.

銷售涵蓋我們的產品、服務和解決方案，其中包括我們在廣泛行業和地區對 VMware 的新支援的持續銷售加速。

We also achieved improved new logo acquisition sales, including major brands, and delivered 22 new client sales transactions in the quarter with TCV over $1 million.

我們還實現了包括主要品牌在內的新標誌收購銷售的提升，並在本季度實現了 22 筆新客戶銷售交易，TCV 超過 100 萬美元。

We believe our focus on offering the right solutions, organizing around the right go to market strategy, and maturing global sales and marketing execution was reflected in the 7.1% year over year improvement in quarterly billings.

我們相信，我們專注於提供正確的解決方案、圍繞正確的市場策略進行組織、以及完善全球銷售和行銷執行，這反映在季度帳單同比增長 7.1% 上。

The billing's improvement included solid results for both ARR contract renewals and extensions and project-based professional services.

帳單的改善包括 ARR 合約續約和延期以及基於專案的專業服務的穩健結果。

The building's improvement was led by Latam, EMEA, and Asia Pacific regions.

該建築的改進由拉丁美洲地區、歐洲、中東和非洲地區以及亞太地區主導。

With respect to global service delivery, we achieved a support client case satisfaction average rating over 4.9 out of 5.0, where 5.0 is excellent.

在全球服務交付方面，我們的支援客戶案例滿意度平均評分超過了 4.9（滿分為 5.0），其中 5.0 為優秀。

We continue to see strong client satisfaction and a broad interest in purchasing additional products, services, and solutions from Remini Street beyond our core industry leading support offering.

我們繼續看到客戶高度滿意，並且廣泛有興趣從 Remini Street 購買我們核心的行業領先支援產品以外的其他產品、服務和解決方案。

Growth drivers in the 4th quarter, we continue to make investments and improvements to our business that we believe will provide additional growth drivers and positively impact future financial and operating results.

第四季的成長動力，我們繼續對業務進行投資和改進，我們相信這將提供額外的成長動力並對未來的財務和經營業績產生積極影響。

For example, We have implemented the new go to market strategy in the Americas, adopting the Hunter Farmer sales model to assure growth in sales to both new logos and crop sales to existing clients.

例如，我們在美洲實施了新的市場策略，採用 Hunter Farmer 銷售模式來確保新客戶的銷售額和現有客戶的農作物銷售額的成長。

The structural farmer change involved replacing most of the existing America's client success team with proven sellers in a particular industry, reorganizing the America's existing client base by industry and assigning the industry proven sellers to a portfolio of aligned clients.

結構性農民變革包括以特定行業中經過驗證的賣家取代現有的美國客戶成功團隊的大部分成員，按行業重組美國現有的客戶群，並將行業經過驗證的賣家分配給一組一致的客戶。

The new farmer sellers carry full sales quotas while also having client management responsibilities.

新的農民賣家承擔全部銷售配額，同時也承擔客戶管理的責任。

We have also expanded the capabilities and streamlined our global sales support organization.

我們還擴展了能力並精簡了我們的全球銷售支援組織。

We've hired regional CTOs and industry leaders across key industries and have combined these resources with our solution architects and global proposal team into a one stop sales support organization, the Global Solution Engineering team.

我們聘請了各主要產業的區域技術長和產業領袖，並將這些資源與我們的解決方案架構師和全球提案團隊合併為一站式銷售支援組織，即全球解決方案工程團隊。

These experts will help sellers better communicate Rimini Street's messages, improve C-suite engagement, drive more thought leadership, develop industry use cases, lead client road mapping workshops, and provide more comprehensive support for large, complex deals.

這些專家將幫助賣家更好地傳達 Rimini Street 的訊息、提高高階主管參與度、推動更多的思想領導、開發產業用例、領導客戶路線圖研討會，並為大型複雜交易提供更全面的支援。

We have also expanded our services to more software products.

我們也將我們的服務擴展到更多軟體產品。

For example, we see a strong opportunity to grow our sales of our new support for VMware.

例如，我們看到了增加對 VMware 的新支援的銷售的巨大機會。

In a recent survey we published in December 2024, 79% of respondents stated that perpetually licensed VMware software meets their current business needs, and 99% say they would consider continuing to utilize their current VMware software if they could acquire support.

在我們於 2024 年 12 月發布的最新調查中，79% 的受訪者表示永久許可的 VMware 軟體可以滿足他們當前的業務需求，99% 的受訪者表示，如果能夠獲得支持，他們會考慮繼續使用目前的 VMware 軟體。

We also recently announced our bundled advanced Hypervisor security for VMware and other leading virtualization products with hypervisors such as Neotenic, providing a unique security solution that is already in use by the US military.

我們最近也宣布將針對 VMware 和其他領先虛擬化產品的高級虛擬機器管理程式安全性與 Neotenic 等虛擬機器管理程式捆綁在一起，提供獨特的安全解決方案，目前該解決方案已由美國軍方使用。

And last but not least, we are expanding our sales reach with strategic alliances, partnerships, and channels.

最後但同樣重要的一點是，我們正在透過策略聯盟、合作夥伴關係和管道擴大我們的銷售範圍。

For example, our exciting new partnership with ServiceNow offers SAP, Oracle, Info and Microsoft ERP licenses, an exclusive enterprise application modernization, AI workflow, and automation solution that does not require any costly upgrades, migrations, or re-platforming, such as an SAP ECC 6 or S4 HANA cloud on-premise migration to S4 HANA rise.

例如，我們與 ServiceNow 令人興奮的新合作夥伴關係提供 SAP、Oracle、Info 和 Microsoft ERP 授權、獨家企業應用程式現代化、AI 工作流程和自動化解決方案，無需任何昂貴的升級、遷移或重新平台化，例如 SAP ECC 6 或 S4 HANA 雲端本地遷移到 S4 HANA 上升。

We believe this will help clients achieve significant savings, derive immediate business transformation value, and ROI.

我們相信這將有助於客戶實現大幅節約，獲得直接的業務轉型價值和投資回報。

Oracle litigation update.

Oracle 訴訟最新進展。

Rimini Street and Oracle have been in litigation for more than 15 years, including cases known as Remini 1 and Rimini 2.

Rimini Street 與甲骨文之間的訴訟已超過 15 年，其中包括著名的 Remini 1 和 Rimini 2 案。

With respect to Rimini 1, which was filed by Oracle against Rimini Street in 2010, the litigation has run its course, and there are no current litigation activities related to Rimini1.

關於甲骨文於 2010 年對 Rimini Street 提起的 Rimini 1 訴訟，該訴訟已結束，目前沒有與 Rimini1 相關的訴訟活動。

However, there is a Rimini1 permanent injunction that remains in effect.

然而，里米尼 1 永久禁令仍然有效。

With respect to Rimini 2, on December 16, 2024, the US Ninth Circuit Court of Appeals issued a very positive decision for Rimini Street, vacating much of the US District court's trial rulings.

就Rimini 2而言，2024年12月16日，美國第九巡迴上訴法院對Rimini Street做出了非常積極的判決，撤銷了美國地方法院的大部分審判裁決。

On January 29, 2025, Oracle filed a petition for rehearing by the appeals court, arguing that the appeals court had erred in its Rimini 2 rulings.

2025年1月29日，甲骨文向上訴法院提交了一份重審申請，認為上訴法院在里米尼2號案的裁決中犯了錯誤。

On February 25, 2025, the appeals court denied Oracle's petition.

2025 年 2 月 25 日，上訴法院駁回了 Oracle 的請求。

With respect to the district court's award to Oracle of $58.5 million in attorneys' fees and costs related to the Remini 2 findings that we paid in the fourth quarter, the US District Court issued the order prior to the appeals court's December 16, 2024 decision.

關於地區法院判給 Oracle 的 5850 萬美元律師費和與 Remini 2 調查結果相關的費用（我們在第四季度支付了這些費用），美國地區法院在上訴法院 2024 年 12 月 16 日作出裁決之前發布了該命令。

We have filed a notice of appeal with the appeals court and are seeking the return of the amounts paid.

我們已向上訴法院提交了上訴通知，並要求退還已支付的金額。

As of the date of this report, the company's appeal remains pending.

截至本報告日，該公司上訴事宜尚在審理中。

For additional information and disclosures regarding the company's litigation with Oracle, please see our disclosures in the company's annual report on Form 10k filed today, February 27, 2025, with the US Securities and Exchange Commission.

有關該公司與 Oracle 的訴訟的更多資訊和揭露，請參閱我們於今天（2025 年 2 月 27 日）向美國證券交易委員會提交的 10k 表年度報告中的揭露內容。

Please also note that at this time we are still unable to provide material additional information beyond the disclosures and statements in our press releases, filings with the SEC, and court filings related to the pending oracle litigation.

另請注意，目前我們仍然無法提供除新聞稿、提交給美國證券交易委員會的文件以及與未決的 Oracle 訴訟相關的法庭文件中的披露和聲明之外的重大附加資訊。

Summary.

概括。

We remain focused on driving more leads, building more pipeline, and closing more business through detailed, methodical sales discipline and execution.

我們始終專注於透過詳細、有條理的銷售紀律和執行來獲取更多潛在客戶、建立更多管道並完成更多業務。

We remain confident that we are continuing to take the right actions and making the right investments to reaccelerate growth and improve profitability, enhance shareholder value, and bring our litigation with Oracle to a successful conclusion.

我們堅信，我們將繼續採取正確的行動並進行正確的投資，以重新加速成長、提高獲利能力、提升股東價值，並成功結束與甲骨文的訴訟。

Further, we expect to return to providing guidance in 2025.

此外，我們預計將在 2025 年恢復提供指導。

Now, over to you, Michael.

現在輪到你了，麥可。

Thank you, Seth, and thank you for joining us, everyone.

謝謝你，塞斯，也謝謝大家加入我們。

Q4 in fiscal 2024 results.

2024財年第四季業績。

Revenue for the fourth quarter in the full year 2024 was $114.2 million and $428.8 million, a year over year increase of 1.9% for the quarter and a decrease of 0.6% for the full year.

2024年第四季營收1.142億美元，全年營收4.288億美元，年減1.9%，全年下降0.6%。

Client revenue for the fourth quarter and full year 2024 within the United States represented 47% and 49% while international clients represented 53% and 51% respectively.

2024 年第四季和全年美國客戶收入分別佔 47% 和 49%，而國際客戶收入分別佔 53% 和 51%。

Our 4th quarter revenue was positively impacted by slightly over $5 million due to a one-time client event that brought forward the remaining revenue into the quarter.

由於一次性客戶事件將剩餘收入提前至本季度，我們第四季度的收入受到了略高於 500 萬美元的正面影響。

Annualized recurring revenue was $414.8 million for the fourth quarter, a year over year decrease of 4.1%.

第四季年化經常性收入為 4.148 億美元，年減 4.1%。

Revenue retention rate for service subscriptions, which makes up 96% of our revenue, was 88%, with approximately 88% of subscription revenue, non-cancellable for at least 12 months.

服務訂閱的收入保留率為 88%，這占我們收入的 96%，其中約 88% 的訂閱收入至少 12 個月內不可取消。

We note that for the full year 2024, FX movements negatively impacted our total revenues by 1.3% compared to a negative impact of 0.6% for 2023.

我們注意到，2024 年全年，外匯變動對我們的總收入產生了 1.3% 的負面影響，而 2023 年的負面影響為 0.6%。

Billings for the fourth quarter were $172.1 million, up 7.1% year over year, and full year 2024, billings were $423 million in the increase of 1.1%.

第四季的帳單金額為 1.721 億美元，年增 7.1%，2024 年全年帳單金額為 4.23 億美元，成長 1.1%。

In the 4th quarter, billings, excluding PeopleSoft associated billings increased 12% on a year over year basis.

第四季度，不包括 PeopleSoft 相關營業收入的營業收入年增 12%。

Gross margin was 63.7% of revenue for the fourth quarter and 60.9% for full year 2024.

第四季毛利率為營收的 63.7%，2024 年全年毛利率為 60.9%。

Compared to 61% of revenue for the prior year fourth quarter and 62.3% for prior year 2023.

相較之下，去年第四季的營收佔比為 61%，去年 2023 年的營收佔比為 62.3%。

On a non-gap basis, which excludes stock-based compensation expense, gross margin was 64% of revenue for the fourth quarter and 61.3% for full year 2024 compared to 61.5% of revenue for the prior year fourth quarter and 62.8% for prior year 2023.

以非缺口基礎計算，即不包括股票薪酬費用，第四季毛利率為收入的 64%，2024 年全年毛利率為 61.3%，而去年同期第四季為 61.5%，2023 年為 62.8%。

We do note, however, that the aforementioned one-time revenue benefit did contribute to our strong gross margin during the quarter.

然而，我們確實注意到，上述一次性收入收益確實為我們本季的強勁毛利率做出了貢獻。

Nonetheless, excluding this one time favorable event, we are pleased with this result of our continued focus on driving operational leverage through improved systems, processes, and global staffing models while continuing to deliver best in class support for a wider array of support, optimization, and transformational offerings.

儘管如此，除了這次的有利事件之外，我們對這一結果感到滿意，因為我們繼續專注於透過改進系統、流程和全球人員配置模式來提高營運槓桿，同時繼續為更廣泛的支援、優化和轉型產品提供一流的支援。

Despite our methodical focus on gross margin improvement opportunities through efficiency, we will continue to balance gross margin improvement against investment needs to take advantage of new revenue growth opportunities and initiatives such as our Nascent services for VMware and ServiceNow.

儘管我們有條不紊地專注於透過提高效率來提高毛利率的機會，但我們將繼續在毛利率提高和投資需求之間取得平衡，以利用新的收入成長機會和舉措，例如我們為 VMware 和 ServiceNow 提供的新生服務。

Operating expenses.

營業費用。

As noted in our previous earnings calls, we initiated a cost optimization plan to reduce our net operating costs by $35 million on an annual basis, measured from Q1 quarter in 2024 to Q1 quarter in 2025.

正如我們先前的財報電話會議中所述，我們啟動了一項成本優化計劃，從 2024 年第一季到 2025 年第一季度，每年將淨營運成本減少 3,500 萬美元。

As of Q4, the net cost reduction on an annualized basis was $18 million.

截至第四季度，以年率計算的淨成本減少額為 1,800 萬美元。

The variance to the reported trend is associated with one-time project related spend in the second half of the year.

報告趨勢的差異與下半年的一次性項目相關支出有關。

At the midpoint of the current quarter, Q1 of 2025, our net annualized cost reductions totaled $22 million.

截至本季中期，即 2025 年第一季度，我們的淨年度成本削減總額為 2,200 萬美元。

While this plan was appropriate at the time it was initiated, we are evaluating this broader initiative in the current quarter to ensure we are properly investing in the growth opportunities as Seth outlined earlier.

雖然該計劃在啟動時是適當的，但我們正在本季度評估這一更廣泛的舉措，以確保我們正確地投資於塞思先前概述的成長機會。

Reorganization charges associated with the cost optimization plan for the fourth quarter was $1.1 million and for 2024 was $5.7 million.

與第四季成本優化計畫相關的重組費用為 110 萬美元，2024 年為 570 萬美元。

We do expect to incur additional reorganization costs during 2025 as we continue to optimize our cost structure in areas where opportunities to streamline our operations exist.

我們確實預計 2025 年將產生額外的重組成本，因為我們將繼續在有精簡營運機會的領域優化我們的成本結構。

Sales and marketing expenses as a percentage of revenue was 32.8% of revenue for the fourth quarter and 34.9% for the full year 2024 compared to 31.2% of revenue for the prior year fourth quarter and 33% for prior year 2023.

銷售和行銷費用佔收入的百分比為 2024 年第四季營收的 32.8% 和 2024 年全年的 34.9%，而去年第四季為 31.2%，2023 年為 33%。

On a non-gap basis, which excludes stock-based compensation expense, sales and marketing expenses as a percentage of revenue was 32.2% of revenue for the fourth quarter and 34.4% for the full year 2024 compared to 30.5% of revenue for the prior year fourth quarter and 32.3% for prior year 2023.

在非缺口基礎上，不包括股票薪酬費用，銷售和行銷費用佔收入的百分比為第四季度收入的 32.2% 和 2024 年全年的 34.4%，而去年同期第四季為 30.5%，2023 年為 32.3%。

General and administrative expenses as a percentage of revenue excluding outside litigation costs was 16.3% of revenue for the fourth quarter and 17% for full year 2024 compared to 15.7% of revenue for the prior year fourth quarter and 16.9% for prior year 2023.

不包括外部訴訟費用在內的一般及行政費用佔收入的百分比為 2024 年第四季收入的 16.3% 和 2024 年全年的 17%，而去年同期第四季為 15.7%，2023 年為 16.9%。

On a non-gap basis, which excludes stock-based compensation expense and litigation costs, GNA was 15.1% of revenue for the fourth quarter and 15.7% for full year 2024 compared to 13.8% of revenue for the prior year fourth quarter and 15.1% for prior year 2023.

以非缺口基礎計算，不包括股票薪酬費用和訴訟費用，GNA 佔第四季度收入的 15.1%，佔 2024 年全年收入的 15.7%，而去年同期第四季為 13.8%，佔 2023 年全年收入的 15.1%。

Outside litigation cost was $675,000 for the fourth quarter and $6.1 million for the full year 2024 compared to $6 million for the prior year fourth quarter and $7 million for prior year 2023.

2024 年第四季的外部訴訟成本為 67.5 萬美元，2024 年全年的外部訴訟成本為 610 萬美元，而去年第四季的外部訴訟成本為 600 萬美元，2023 年的外部訴訟成本為 700 萬美元。

Litigation settlement expense was $58.5 million for full year 2024 compared to $2.7 million for prior year 2023.

2024 年全年訴訟和解費用為 5,850 萬美元，而 2023 年為 270 萬美元。

As Seth addressed earlier, there was a litigation payment of $58.5 million in the fourth quarter that represented the court ordered reimbursement to Oracle for their attorneys' fees and costs related to the remaining two case.

正如塞斯之前所說，第四季有一筆 5,850 萬美元的訴訟賠償金，代表法院下令向甲骨文償還其與剩餘兩起案件相關的律師費和費用。

This expense, however, was accrued during the 3rd fiscal quarter of 2024.

然而，這筆費用是在 2024 財年第三季累積的。

For full year 2025, we expect outside litigation expense to remain consistent with non-trial periods where full year spend approaches $10 million.

對於 2025 年全年，我們預計外部訴訟費用將與非審判期保持一致，全年支出將接近 1000 萬美元。

Net income attributable to shareholders for the fourth quarter was $6.7 million or $0.07 per diluted share compared to the prior year fourth quarter net income of $0.10 per diluted share.

第四季歸屬於股東的淨利為 670 萬美元，即每股攤薄收益 0.07 美元，而去年同期的每股攤薄收益為 0.10 美元。

Full year 2024, net loss was $0.40 per diluted share compared to net income of $0.29 per diluted share for prior year 2023.

2024 年全年每股攤薄淨虧損為 0.40 美元，而 2023 年每股攤薄淨利潤為 0.29 美元。

On a non-gap basis, net income for the fourth quarter was 10.8 million or $0.12 per diluted share compared to the prior year fourth quarter of $0.19 per diluted share.

以非差距計算，第四季淨收入為 1,080 萬美元，即每股攤薄收入 0.12 美元，而去年同期每股攤薄收入為 0.19 美元。

Full year 2024 non-gap net income was $0.48 per diluted share compared to net income of $0.54 per diluted share for prior year 2023.

2024 年全年非差距淨收入為每股攤薄淨收入 0.48 美元，而 2023 年同期的每股攤薄淨收入為 0.54 美元。

Our non-gap operating margin, which excludes outside litigation spend and stock-based compensation expense, was 16.7% of revenue for the fourth quarter and 11.1% for full year 2024 compared to 17.2% for the prior year fourth quarter and 15.3% for prior year 2023.

我們的非缺口營業利潤率（不包括外部訴訟支出和股票薪酬支出）佔第四季度收入的 16.7%，佔 2024 年全年收入的 11.1%，而去年第四季為 17.2%，佔 2023 年為 15.3%。

Adjusted IPEDA, defined in our press release was $20 million for the fourth quarter or 17.5% of revenue compared to the prior year fourth quarter of $21.3 million or 19% of revenue.

調整後的 IPEDA（在我們的新聞稿中定義）為第四季 2,000 萬美元，佔營收的 17.5%，而去年同期為 2,130 萬美元，佔營收的 19%。

Full year 2024, adjusted Ide was $53.1 million or 12.4% of revenue compared to adjusted Ede of $71.9 million or 16.7% of revenue for prior year 2023.

2024 年全年調整後的 Ide 為 5,310 萬美元，佔營收的 12.4%，而 2023 年調整後的 Ede 為 7,190 萬美元，佔營收的 16.7%。

Balance sheet.

資產負債表。

We ended the fourth quarter, December 31, 2024.

我們於 2024 年 12 月 31 日結束了第四季。

With a cash balance in short-term investments of $88.8 million compared to $125.3 million of cash and short term investments for the prior year fourth quarter 2023, on a cash flow basis for full year 2024, operating cash flow decreased $38.8 million compared to the prior year 2023 increase of $12.5 million.

短期投資的現金餘額為 8,880 萬美元，而去年同期 2023 年第四季的現金和短期投資為 1.253 億美元，以 2024 年全年現金流計算，營運現金流減少 3,880 萬美元，而去年同期 2023 年則增加 1,250 萬美元。

The results include litigation settlement expenses of $58.5 million and $2.7 million for full year 2024 and 2023 respectively.

結果包括 2024 年全年和 2023 年全年的訴訟和解費用分別為 5,850 萬美元和 270 萬美元。

Additionally, the effect of foreign currency translation was unfavorable by $8.2 million and $2.2 million for full year 2024 until 2023 respectively.

此外，外幣折算的影響對 2024 年全年至 2023 年分別造成了 820 萬美元和 220 萬美元的不利影響。

Deferred revenue.

遞延收入。

As of December 31, 2024, was$ 281.2 million compared to deferred revenue of $287 million for prior year 2023.

截至 2024 年 12 月 31 日，遞延收入為 2.812 億美元，而 2023 年的遞延收入為 2.87 億美元。

Backlog.

積壓。

Which includes the sum of build deferred revenue and non-cancellable future revenue, was $587.9 million as of December 31, 2024, compared to 606.8 million for prior year 2023.

其中包括建設遞延收入和不可取消的未來收入之和，截至 2024 年 12 月 31 日為 5.879 億美元，而 2023 年同期為 6.068 億美元。

PeopleSoft update.

PeopleSoft 更新。

As noted in our previous earnings call, we announced the wind down of services for Oracle PeopleSoft products.

正如我們先前的收益電話會議中所指出的，我們宣布逐步停止 Oracle PeopleSoft 產品的服務。

We are now reassessing our exit from the PeopleSoft business.

我們目前正在重新評估退出 PeopleSoft 業務的決策。

In light of the recent litigation rulings and the continued demand in the market for our best-in-class offerings that extends beyond support, PeopleSoft revenue was $8 million and $32.9 million for the fourth quarter in full year 2024, or 7% and 7.7% of total revenue respectfully, while prior year revenue was $8.5 million.

鑑於最近的訴訟裁決以及市場對我們超出支援範圍的一流產品的持續需求，PeopleSoft 2024 年第四季度的收入為 800 萬美元，佔總收入的 7% 和 7.7%，而去年同期的收入為 850 萬美元。

And $36 million in the fourth quarter in full year 2023 or 7.6% and 8.4% respectively.

2023 年全年第四季為 3,600 萬美元，分別成長 7.6% 和 8.4%。

Business Outlook.

商業展望。

The company is continuing to suspend guidance as to future financial results until there is more clarity around impacts from current litigation activity before the US federal courts and the company's ongoing litigation with Oracle.

該公司將繼續暫停對未來財務業績做出指引，直到美國聯邦法院當前的訴訟活動以及該公司與甲骨文之間正在進行的訴訟的影響更加明朗為止。

For additional information and disclosures regarding the company's litigation with Oracle, please see our disclosures in the company's annual report on Form 10k filed on February 27, 2025 with the US Securities and Exchange Commission.

有關公司與 Oracle 的訴訟的更多資訊和揭露，請參閱我們在本公司 2025 年 2 月 27 日向美國證券交易委員會提交的 10k 表年度報告中的揭露內容。

This concludes our prepared remarks.

我們的準備好的演講到此結束。

Operator will now take questions.

接線員現在將回答問題。

Thank you, ladies and gentlemen

謝謝各位女士、先生們

(operator instruction)

（操作員指令）

Brian Kinstlinger Alliance global partners.

Brian Kinstlinger 聯盟全球合作夥伴。

Great, thanks so much.

太好了，非常感謝。

Nice results for the 4th quarter.

第四季的業績不錯。

My question is, if I excluded the $5 million-dollar non-recurrent benefit and I adjusted for currency, revenue is down a very small percent, maybe 1%.

我的問題是，如果我排除 500 萬美元的非經常性福利並根據貨幣進行調整，收入將下降很小的百分比，可能為 1%。

Seth, can you talk about the changes you made in sales, the restructuring that's going on, sales execution, and the pipeline.

塞思，你能談談你在銷售方面所做的改變、正在進行的重組、銷售執行和銷售管道嗎？

And how you think about the return to revenue growth both in North America as well as international as we look-forward.

您如何看待北美和國際市場的營收成長回歸？

Is that something you think excluding PeopleSoft, whatever the decisions you make there, you can produce in 2025.

您認為除了 PeopleSoft 之外，無論您做出什麼決定，您都可以在 2025 年實現這一目標嗎？

Sure, Brian, and thanks thanks for joining us.

當然，Brian，感謝您加入我們。

The question of whether or not we've come up on the other side of the EU, and I think of course that's everybody's question, have we seen the bottom and are we on our way back up?

關於我們是否已經脫離歐盟的問題，我認為這當然是每個人的問題，我們是否已經觸底並且正在回升？

I think the metrics show that we are indeed on that U-turn up.

我認為這些指標顯示我們確實正處於這種轉變之中。

I think we saw that in the 3rd quarter with the underlying strength there.

我認為我們在第三季看到了其潛在的優勢。

That continue to grow in the 4th quarter.

第四季這一數字將持續成長。

I don't think it's going to be a straight up you.

我不認為這會是一個直截了當的你。

I think like most things we'll have our ups and downs along the way, but we will maintain the general direction of returning to growth and higher profitability, and I think that the changes that we've made to sales, the restructurings, all of those, remember we're all about.

我認為，像大多數事情一樣，我們一路上都會有起有落，但我們會保持恢復增長和提高盈利能力的總體方向，我認為，我們在銷售、重組等方面所做的改變，請記住，我們都是為了這個目的。

Bringing a multi-product bag to you know to bear in terms of the sales environment into a solution cell from a single product, and it's taken us several years to develop those products, deploy our capability on a global basis.

就銷售環境而言，我們將多產品包從單一產品帶入解決方案單元，我們花了幾年的時間來開發這些產品，並在全球部署我們的能力。

So yeah, I actually am very much feeling positive that we're on the upper side of that.

是的，我實際上非常積極地認為我們正處於這一水平的上端。

One more question related to that, and then I have one last question.

還有一個與此相關的問題，然後我還有最後一個問題。

If you think about the pipeline, there's been a lot of noise in terms of litigation the last 18 to 24 months that could have impacted the pipeline.

如果你考慮一下管道，你會發現過去 18 到 24 個月中訴訟方面出現了很多問題，這些可能會對管道產生影響。

Can you kind of compare either quantitatively or qualitatively where we are today versus maybe 18 to 24 months ago?

您能否從數量或質量上比較一下我們現在的情況與 18 至 24 個月前的情況？

I do think we had impact certainly in the pipeline from the Remini2 ruling in July of 2023.

我確實認為，2023 年 7 月的 Remini2 裁決肯定會對我們產生影響。

I don't think we realize the impact until you get several quarters down the road, but I think we definitely felt that.

我認為我們可能要等到幾個季度之後才會意識到其影響，但我認為我們確實感受到了這一點。

And of course feeling very good about the appellate court's decision in December.

當然，我對上訴法院 12 月的判決感到非常滿意。

Which of course was too late in the quarter to really measure any sense of impact at all given how late in the quarter it was in December.

當然，由於該季度已到 12 月份，因此已經太晚了，無法真正衡量任何影響。

So I do hope that that will provide some additional uplift to our continuing business growth as we again attempt to re-accelerate sales.

因此，我確實希望，當我們再次嘗試加速銷售時，這將為我們持續的業務成長提供一些額外的推動力。

Great thank you one last question probably for Michael.

非常感謝。

And the cost savings you mentioned in the 4th quarter you were on pace or the words for a decline of$ 22 million capex, but the 4th quarter excluding litigation, you had capex at $56 million versus just $57 million in the baseline year baseline quarter of the first quarter, which is hardly down.

您提到的第四季成本節約與預期一致，或者說資本支出下降了 2,200 萬美元，但第四季（不包括訴訟）的資本支出為 5,600 萬美元，而基準年第一季的資本支出僅為 5,700 萬美元，幾乎沒有下降。

So maybe talk about what I'm missing in that matter.

所以也許可以談談我在這件事上遺漏了什麼。

Sure, Brian, just clarification that $22 million of net annualized savings is as of the midpoint of Q1 2025.

當然，布萊恩，需要澄清的是，2,200 萬美元的年度淨節省是截至 2025 年第一季中期的數據。

As of the end of the year December 31, 24, we were net $18 million down.

截至 24 年 12 月 31 日年底，我們淨虧損 1,800 萬美元。

The variance to the reported figures that you're noting and seeing.

您所注意到和看到的報告數字的差異。

Is associated with and it's in the GNA line one time project related non-recurring spend, and that's the variance to the reported figure, but net again Q4 $18 million, mid $125 22 million.

與 GNA 線一次性項目相關的非經常性支出有關，這是與報告數字的差異，但第四季度淨收入為 1800 萬美元，中間為 1.25 億美元至 2200 萬美元。

What was this, what were the non-recurring.

這是什麼？

It'd be helpful to understand those non-recurring charges.

了解這些非經常性費用會很有幫助。

It sounds like a big number maybe help us with that number was.

這個數字聽起來很大，也許這個數字可以幫助我們。

Unfortunately, we can't comment any further, other than saying it's not recurring.

不幸的是，我們無法進一步評論，只能說這種情況不會再次發生。

Okay, and the size of that?

好的，那麼它的尺寸是多少？

If you analyse that figure relative to the recorded difference to the $18 million would get you there.

如果您分析該數字並將其與記錄的 1800 萬美元差額進行比較，您就會得到這樣的結果。

Okay.

好的。

Thanks so much.

非常感謝。

Derrick Wood from TD Cowen.

來自 TD Cowen 的 Derrick Wood。

Hi Seth and Michael, this is Jared Gendron on Derick Wood.

嗨，Seth 和 Michael，我是 Derick Wood 的 Jared Gendron。

Good to see billing strength in the quarter.

很高興看到本季的計費強勁。

I was just curious if you could characterize some of the areas where that strength is coming from, whether it's COs or product wise.

我只是好奇您是否可以描述一下這種優勢來自哪些領域，無論是 CO 還是產品方面。

Thank you.

謝謝。

Sure, and thanks for joining us.

當然，感謝您的加入。

The strength really, I think again comes more from the execution globally.

我認為，真正的優勢更來自於全球的執行力。

We saw some strength return on the global stage outside of the US that of course you watch come down a little bit in the prior quarters, so we did see strength returning due to some leadership changes, due to some execution improvements, and I think that that was broad based across the international community.

我們看到，在美國以外的全球舞台上，實力有所回歸，當然，前幾季的實力有所下降，但我們確實看到了由於領導層變動、執行力改善而導致的實力回歸，我認為這在整個國際社會都是廣泛的。

And even on the US side, the bookings were higher year over year on a quarterly basis, so that's hidden a little bit by the revenue downside from the earlier quarters in terms of the revenue flow through, but the bookings themselves, the sales bookings were up.

即使在美國，季度預訂量也比去年同期有所增加，因此從收入流的角度來看，這被前幾季的收入下降所掩蓋，但預訂量本身，銷售預訂量卻有所上升。

So, I think again just general overall strength in the 4th quarter.

所以，我再次思考第四季的整體實力。

Awesome.

驚人的。

That's good to hear.

我很高興聽到這個消息。

And then on the Army deal, could you provide a little more context around that and then just zooming out maybe common to federal exposure and then any dynamics you expect to see from the new doge administration.

然後關於陸軍協議，您能否提供更多相關背景信息，然後縮小範圍，也許與聯邦政府的風險有關，然後您預計新總督政府將會出現哪些動態。

Yeah, there wasn't a discussion in the prepared remarks about the Army deal.

是的，準備好的發言中沒有討論陸軍交易。

There was a discussion about the security package being in use by the army, and that's all we can say about that.

關於軍隊使用的安全方案，我們已經討論過了，關於這一點，我們只能說這麼多。

But the, but in general we see the US side, the dose, the cost reductions on the federal side.

但是，總的來說，我們看到美國方面，聯邦方面的劑量和成本有所減少。

As being something that we want to pursue, it's something that we are actively pursuing.

這是我們想要追求的，也是我們正在積極追求的。

We've bulked up our sales capabilities on the federal side of the house and in fact the entire government sector for the US.

我們增強了我們在聯邦政府乃至美國整個政府部門的銷售能力。

The North American region, we continue to add additional personnel.

北美地區，我們持續增加人員。

Part of the investments that we said we were making in the current environment, and we think that we have a lot to offer with our particular approach and the way that we come at it with the Rain smart path where we can come in, drop costs rather quickly.

我們說過，我們在當前環境下進行的部分投資，我們認為，憑藉我們獨特的方法以及 Rain 智慧路徑，我們可以提供很多幫助，從而可以快速降低成本。

Drive longer term return on the assets without any required upgrades or migrations, and we think that's an extremely attractive government type of offering and we're making sure to get ourselves positioned for that.

在無需任何升級或遷移的情況下推動資產的長期回報，我們認為這是一種極具吸引力的政府類型的產品，我們正在確保為此做好準備。

Awesome.

驚人的。

Good to hear about those investments on the go to market side.

很高興聽到有關進入市場方面的投資的消息。

And just to double click on that, is there any more fine tuning we should expect in this coming year or do you feel like you're in a good spot there?

再重複一遍，我們是否應該期待在來年進行更多的微調，或者您是否覺得您目前處於一個良好的位置？

Well, I think this is the year that we focus on re-acceleration, which again means execution.

嗯，我認為今年我們的重點是重新加速，這又意味著執行。

We have all of the building blocks now that we want.

現在我們已經擁有了我們想要的所有基礎要素。

The newer areas are these partnerships and alliances where we are extending.

較新的領域是我們正在擴展的合作夥伴關係和聯盟。

Our leverage beyond our own sales team, and we think that is a critical next step.

我們的影響力超越了我們自己的銷售團隊，我們認為這是關鍵的下一步。

This is something that we weren't able to do in prior years because a lot of people weren't really interested in partnering with Rimini Street and now what we're seeing is that the company logos.

這是我們前幾年無法做到的事情，因為很多人對與 Rimini Street 合作並不感興趣，而現在我們看到的只是公司標誌。

Across the world that want to partner with us are reaching out to us, we're entering a new phase of our growth as we come into this half a billion dollars a year revenue and people recognizing that our customer base represents some of the biggest governments and private sector organizations out there, and they want access.

世界各地想要與我們合作的人都在與我們聯繫，我們正進入一個新的成長階段，每年的收入已達到 5 億美元，人們認識到我們的客戶群代表著一些最大的政府和私營部門組織，他們希望獲得准入。

To them, so that is driving a lot more engagement at the partner and alliances level, and we've built a new team.

對他們來說，這將推動合作夥伴和聯盟層面的更多參與，而且我們已經建立了一個新的團隊。

We've made those investments as well, and that is still a fairly nascent area for us, but it will, we believe, add accretive opportunities to growth on the other side during 25 and beyond.

我們也做了這些投資，這對我們來說仍然是一個相當新興的領域，但我們相信，它將在 25 年及以後為另一端的成長增添增值機會。

Thank you for the call.

謝謝您的來電。

I'll pass it on.

我會傳達的。

Jeff Van Rhee, from Craig Hallum.

克雷格哈勒姆 (Craig Hallum) 的 Jeff Van Rhee。

Hey guys, yeah, thanks for taking the questions and congrats on the progress in the courts.

嘿夥計們，是的，感謝你們回答問題，並祝賀法庭的進展。

It was just a pretty outstanding decision there.

這是一個非常出色的決定。

A lot of good stuff to come from that.

從中可以得到很多好東西。

A couple of questions just one, that's an immediate offshoot of that.

只問幾個問題，這是該問題的一個直接衍生問題。

You had commented that you're going to withhold guidance until something clarifies on the litigation front.

您曾表示，您將暫時不提供指導，直到訴訟方面的情況得到澄清。

Can you just expand on that?

能詳細闡述嗎？

What's going to be gone time in terms of starting to give guidance again?

從重新開始提供指導的角度來看，還需要多久？

What has to happen in the courts to do that?

法庭需要做什麼才能做到這一點？

Well, that's one reason, Jeff.

嗯，這是一個原因，傑夫。

I wanted to make sure I mentioned that we planned to return to guidance in 25 because we knew that that was going to be a question of when we stopped providing guidance, it was because we had significant questions around the court's orders, what might become of injunctions, how it might impact existing product lines.

我想確保我提到我們計劃在 25 年恢復指導，因為我們知道這將是一個我們停止提供指導的問題，這是因為我們對法院的命令、禁令可能變成什麼樣子、它將如何影響現有產品線存在重大疑問。

There were a lot of pieces in there that we felt.

我們感受到了其中的許多碎片。

Impacted our ability to give real solid management guidance both at the revenue line and at the cost line, and we still feel that in our recent evaluation, despite the big win in the courts, the appellate courts in December, there are still many pieces that have been remanded.

影響了我們在收入和成本方面提供真正可靠的管理指導的能力，我們仍然覺得，在我們最近的評估中，儘管在 12 月份的上訴法院取得了重大勝利，但仍有許多案件被發回重審。

There's still pieces that are not known.

仍有一些未知的部分。

It's going back to the court even though Oracle lost its appeal.

儘管 Oracle 敗訴，但案件仍將回到法庭。

There are still options for them in terms of going to the Supreme Court.

他們仍然可以選擇向最高法院上訴。

There are still things that we remanded back to Judge Dew's court, and so we need to wait to hear from her and understand how things are going to progress, but we believe that the answers will come.

還有一些案件我們已發回德尤法官的法庭，因此我們需要等待她的答覆並了解事情的進展，但我們相信答案會到來。

In the next quarter or two, I truly believe we're sort of beginning the end of this litigation.

在接下來的一兩個季度裡，我堅信我們將開始結束這場訴訟。

I think that the way the court narrowed the laws, the way that the court made decisions, the way that this is being remanded back on certain points and others were already vacated, so I think that this is sort of the beginning of the final stage, in my opinion.

我認為，法院縮小法律範圍的方式、法院作出裁決的方式、在某些觀點上將案件發回重審而其他觀點已被撤銷的方式，所以我認為這是最後階段的開始。

And so, we're going to have to let this play out a little bit longer, but I think it was relevant to say.

因此，我們必須讓這件事持續一段時間，但我認為這是有意義的。

I do believe that in the coming quarters, we should have an opportunity to return to that guidance.

我確實相信，在接下來的幾個季度裡，我們應該有機會恢復這項指導。

That’s helpful.

這很有幫助。

Thanks, Seth.

謝謝，塞思。

And as it relates to 2025.

這與 2025 年有關。

I mean, without getting precise on guidance, are you at least comfortable, it should be a growth year?

我的意思是，即使沒有給出精確的指導，您是否至少可以確信，這應該是成長的一年？

I mean, the buildings are suggesting that you commented on a lot of things going on in the pipeline, just thoughts on what it would take to be a growth year for 25.

我的意思是，這些建築物表明你對正在籌備中的許多事情發表了評論，只是思考瞭如何才能讓 25 年成為增長年。

Well, without guidance, but I think you could take my general direction is I believe we're on the upside of the you.

好吧，沒有指導，但我想你可以接受我的整體方向，我相信我們對你有利。

I believe we will continue on that side.

我相信我們會繼續堅持這個立場。

Some of the unknowns around the impacts of litigation and how those could affect us and a few other things of course that are happening in the world including the economics and the overall globalization challenges with Everything from tariffs on down, there's a lot in the mix.

一些未知因素包括訴訟的影響以及這些影響會如何影響我們，當然還有一些世界上正在發生的其他事情，包括經濟和整體全球化挑戰，從關稅到其他所有方面，都有很多因素。

So, I would say that yes, do I believe that we will continue down our path of moving towards accelerated growth and improved profitability?

所以，我想說，是的，我是否相信我們將繼續沿著加速成長和提高獲利能力的道路前進？

I believe so.

我相信如此。

Okay.

好的。

And then, said on Service now, just catch us up.

然後，服務人員說，現在就趕上我們。

I mean, obviously, the relationship you talked about it a lot, initially could be, game changing for both of you actually in terms of, gives them a lot of leverage versus people they'd like to displace and gives you huge potential distribution, but I know there were some technical developments you had to put in place and some go to market.

我的意思是，顯然，您經常談論的關係，最初可能會對你們雙方產生影響，實際上，這賦予了他們很大的籌碼來對抗他們想要取代的人，並為您提供了巨大的潛在分銷，但我知道您必須實施一些技術開發並將一些技術開發推向市場。

Where are we now?

我們現在在哪裡？

Yeah, it's a pretty complicated set of packages and offerings that we set out on with ServiceNow.

是的，我們為 ServiceNow 制定了一套相當複雜的軟體包和產品。

We're, the first quarter in and we're still getting our teams aligned on a global basis.

我們已經進入第一季度，我們仍然在全球範圍內協調我們的團隊。

There is significant pipeline that's been built up on both sides.

兩側均已建造重要管道。

They've got 6,000 sellers who have been told that Rimini Street is a very critical part of their plan going forward for growth outside of their traditional product areas of ITSM and into the area.

他們擁有 6,000 名賣家，這些賣家被告知 Rimini Street 是他們未來計劃中非常關鍵的一部分，該計劃旨在實現在傳統 ITSM 產品領域之外以及在該領域的成長。

ERP modernization.

ERP 現代化。

We both believe Bill McDermott and myself in significant opportunity in this area and we're making the investments necessary, but it is fairly complicated, involves new consulting offerings on our side, involves deployment capabilities and working relationships with ServiceNow across the world, and we're continuing to work it every single week.

我們都相信比爾·麥克德莫特和我在這個領域有著巨大的機遇，我們也在進行必要的投資，但它相當複雜，涉及到我們提供的新諮詢服務，涉及部署能力和與全球 ServiceNow 的工作關係，我們每週都在繼續努力。

Can put those in place and you know we expect it to bear fruit with the creative sales opportunities and driving into our bottom line in 2025.

將這些落實到位，我們期望它能夠透過創造銷售機會結出碩果，並在 2025 年實現我們的盈利。

So we're still very optimistic, very excited by this partnership, and once we get this off and running and the machine running, we expect it.

因此，我們仍然非常樂觀，對這種合作關係感到非常興奮，一旦我們開始運作並且機器運轉起來，我們就會期待它。

To bring real positive things to both sides.

為雙方帶來真正的正面影響。

And and while we're on that, just maybe spend a minute also on VMware.

當我們談論這個話題時，也許還會花一點時間討論 VMware。

I mean, obviously, a lot of disruption as they push through some fairly massive price increases.

我的意思是，顯然，當他們推行相當大的價格上漲時，會帶來很多混亂。

How is that progressed and, are you able to quantify at all what that's doing in terms of percent of revenue, percent of pipeline, any scope of how big VMware is and is going to be for you as well?

這個進展如何？ 您能否量化這個進程在收入百分比、管道百分比等方面發揮的作用，以及 VMware 對您來說有多大以及將來會有多大的作用？

I think VMware will be a substantive part of our sales in 2025.

我認為 VMware 將成為我們 2025 年銷售的重要組成部分。

I have been extremely excited watching the early months as we built this thing out from the ground up, launched it, became number one in the space very early.

在最初的幾個月裡，我感到非常興奮，因為我們從頭開始打造這個產品，將它推出，並很早就成為該領域的第一。

We built a security solution.

我們建立了一個安全解決方案。

That is bundled with our offering.

這與我們的產品和服務捆綁在一起。

We're the only people out there with this combination which gives us tremendous competitive advantage.

我們是唯一擁有這種組合的公司，這為我們帶來了巨大的競爭優勢。

We have sold it to dozens of companies and organizations already, and that's just in the early stages of getting it out the door, getting our sales teams trained up.

我們已經將它銷售給了幾十家公司和組織，而這只是推出它的早期階段，對我們的銷售團隊進行培訓而已。

We are covering customers in 5 different continents already.

我們的客戶已經遍佈五大洲。

We're covering everything from banks and.

我們涵蓋銀行等各方面。

Financial institutions.

金融機構。

Across just about every major industry already, so I think that's a wonderful start to the early months of getting this out there and getting the word out.

這幾乎已經涉及到所有主要行業，所以我認為這對於在最初幾個月內推廣和傳播這一理念來說是一個很好的開始。

People like Gardner and other of the analysts have been very bullish writing about us.

加德納和其他分析師等人對我們都非常看好。

Gotten a lot of very good publicity and press around it, so I think that will contribute again, substantially avoiding the materiality word because we all know that an important component in terms of size and scope, but it really is something that we do believe will contribute this year.

它得到了很多非常好的宣傳和報道，所以我認為這將再次做出貢獻，基本上避免使用實質性這個詞，因為我們都知道這在規模和範圍方面是一個重要的組成部分，但我們確實相信它今年會做出貢獻。

Yeah, helpful.

是的，很有幫助。

Maybe one last quick one then on the $58.5 million, any, I mean, obviously court's incredibly unpredictable, but any norms, industry norms or ways to give kind of an over under on when you might have answers on getting some or all of that $58 million that you paid for Oracle's legal expenses.

也許最後一個關於 5850 萬美元的快速問題，我的意思是，顯然法庭的判決是難以預測的，但有任何規範、行業規範或方法可以給出何時可以收回部分或全部用於 Oracle 法律費用的 5800 萬美元的答案。

Back Well.

回好了。

I think that.

我認為如此。

It has to go through the appellate court process, and generally that is something that's done within the calendar year.

它必須經過上訴法院的程序，一般來說這是在一年內完成的。

I would think that based on our calendar, what we've got our first briefings due to the appellate court on March 11th.

我認為根據我們的日程安排，我們將於 3 月 11 日向上訴法院提交第一次簡報。

So, I think there's a very good chance that we'll have a decision by the appellate court sometime later this year.

因此，我認為上訴法院很有可能在今年稍後做出裁決。

Great Okay.

很好，好的。

Great.

偉大的。

Congrats.

恭喜。

Thanks, guys.

謝謝大家。

Thank you.

謝謝。

Richard Baldry from Roth Capital.

羅斯資本 (Roth Capital) 的理查德·鮑德里 (Richard Baldry)。

Thanks.

謝謝。

I want to see if you could dive a little bit more into the new logo strength, because obviously that'll have a pretty big impact on the outlook for growth.

我想看看您是否可以更深入地探討一下新標誌的優勢，因為這顯然會對成長前景產生相當大的影響。

Is that, geographically, at all concentrated product or service line concentrated?

從地理上看，產品集中還是服務線集中？

Was it related to sort of the newer partnership offerings?

這是否與較新的合作關係有關？

How do we think about that strength and how, durable, extensible it is.

我們如何看待這種力量以及它有多耐用、多可擴展。

Well, Rich, I think the answer came last year when we started to see the results of all of our new products coming to market, and the great news was that our sellers were enthusiastically moving and starting to sell them into our existing client base.

好吧，Rich，我認為答案在去年就已經出現了，當時我們開始看到我們所有新產品進入市場的結果，好消息是我們的賣家熱情高漲，開始將產品賣給我們現有的客戶群。

The problem was they weren't spending enough time generating new logos, and we saw that happen in the first half a year.

問題是他們沒有花足夠的時間來設計新標誌，我們在上半年就看到了這種情況。

And the course correction we made was to take first in the Americas to break apart into a hunter farmer model where we created the hunter team that just focuses on acquisition of new logos, and we created a farmer sales team replacing the account managers with with an actual sales team.

我們所做的調整是，首先在美洲地區實行獵人農民模式，我們創建了獵人團隊，專注於獲取新標識，我們創建了農民銷售團隊，用實際的銷售團隊取代客戶經理。

Dedicated to the existing clients and cross selling and growing our footprint in those clients and we've already started to see results from that.

致力於現有客戶並進行交叉銷售，擴大我們在這些客戶中的影響力，我們已經開始看到成果。

We made other changes in terms of compensation plans to really drive new logo acquisition, reward new logo acquisition.

我們在薪酬計劃方面做出了其他改變，以真正推動新標誌的獲取並獎勵新標誌的獲取。

But more and more we had to split the teams up in order to maintain the growth of sales in both categories, and I know this is not an uncommon problem for companies with larger portfolios of product, and so that's the change.

但為了保持兩個類別的銷售成長，我們不得不越來越多地拆分團隊，我知道對於擁有較大產品組合的公司來說，這並不是一個罕見的問題，所以這就是改變。

We made because we saw the opportunity for the new logo growth, but salespeople will tend to go to where it's easier, and of course it's generally easier to sell to an existing happy client more services, but you've got to get those new logos as you said.

我們這樣做是因為我們看到了新標誌的成長機會，但銷售人員往往會去更容易的地方，當然，向現有的滿意客戶銷售更多服務通常更容易，但你必須像你說的那樣獲得那些新標誌。

Got it.

知道了。

Then we think about the base business, macro uncertainties seem to, be pretty persistent out there.

然後我們考慮基礎業務，宏觀不確定性似乎持續存在。

Are you seeing that impact sort of the duration or retention rates, how long, average client, are staying with you?

您是否看到了對持續時間或保留率的影響，即平均客戶與您合作多長時間？

Are those extending now, do you, how do you view that as likely to change over the year ahead?

這些現在是否正在延長？

Well, I think, we've always said Rimini Street's not a contrarian business because a contrarian business means you do well in bad times, but you may not do well in good.

嗯，我認為，我們一直說里米尼街不是一家逆向經營的公司，因為逆向經營意味著你在經濟不景氣時會做得很好，但在經濟好的時候可能做得不好。

We've always said we do well in good times, and we can do really well in bad times, volatile times, regardless of where anyone is on a political spectrum.

我們總是說，我們在順境中會做得很好，而且我們在逆境中、動盪時期也能做得很好，無論任何人處於政治立場的哪個位置。

The reality is the world is in quite an upheaval both in globalization and moving things around supply chains and where factories are located.

現實情況是，世界正處於全球化、供應鏈流動和工廠所在地的劇烈動盪之中。

Taxation.

稅收。

And tariffs, we've got so much going on right now that it is definitely to Rimini streets benefit from a sales perspective that we have so much uncertainty.

至於關稅，我們現在有很多事情要做，從銷售角度來看，里米尼街道肯定會受益，儘管我們存在著許多不確定性。

Uncertainty means people don't know what to do and, in many cases, they're going to look for ways to hunker down on their existing spend.

不確定性意味著人們不知道該做什麼，而且在許多情況下，他們會想辦法減少現有支出。

On their existing investments they're going to avoid doing new things that are highly costly or.

在現有投資上，他們將避免做成本高昂的新事物。

Controversial or they're just not sure what.

有爭議或他們只是不確定是什麼。

The right moves are to make and I think we play very well in this.

我們必須採取正確的舉措，而且我認為我們在這方面做得很好。

Environment.

環境。

We can be the right advisors at the right time, providing the right kind of services that allow companies to lower their current operating spend, which is critical because everybody is under pressure.

我們可以在正確的時間成為正確的顧問，提供正確的服務，幫助公司降低當前的營運支出，這一點至關重要，因為每個人都面臨壓力。

For for profits and at the same time they can take some of that savings, invest it in new technologies like Enterprise AI, which we're offering now through the ServiceNow platform without having to do any of those major upgrades.

為了獲得利潤，同時他們可以拿出部分儲蓄，投資於企業人工智慧等新技術，我們現在透過 ServiceNow 平台提供這些技術，而無需進行任何重大升級。

So.

所以。

We really do have an offering that.

我們確實有這樣的產品。

Is dead on With.

已死。

Where most of the markets need around the world.

滿足全球大部分市場的需求。

So, I see this as a significant opportunity for us in the years ahead.

因此，我認為這對我們未來幾年來說是一個重要機會。

Last for me would be, I think you obviously would have some pretty good data to support a revisit of the concept of cutting costs.

對我來說最後的是，我認為你顯然會有一些非常好的數據來支持重新審視削減成本的概念。

So there's a lot of ways to think about, what might drive that, could you maybe Just broadly talk to us about what you're really seeing is that you know pipeline growth, win rates improving, sales cycles speeding up, AU or contract size is growing like what are some of the pieces that have given you a pause on the concept to continue cutting on the cost side?

因此，有很多方法可以思考，是什麼推動了這一趨勢，您能否大致地跟我們談談您真正看到的是渠道增長、中標率提高、銷售週期加快、AU 或合同規模不斷增長，例如，哪些因素讓您暫停了這個概念，並繼續削減成本？

Well, I think that you look at market demand is we think very strong.

嗯，我認為你所看到的市場需求我們認為非常強勁。

We think our ability to.

我們認為我們有能力。

Execute against that.

照此執行。

Has gotten better.

已好轉。

I think the fact that we see improved pipelines, we see our ability to forecast getting better, all of these things maturing under our new go to market model and the changes we're making.

我認為，事實上我們看到了通路的改善，我們看到了預測能力的提高，所有這些都在我們新的市場模式和我們正在進行的變革下日益成熟。

We've also Changed out a lot of the sales force for more, how can I put this, more aggressive sellers that we believe will go out and help deliver the business better than maybe some other groups before.

我們也更換了大量銷售人員，換成了更積極進取的銷售人員，我們相信這些銷售人員會比之前的其他團隊更好地幫助開展業務。

We brought in a new CRO, who's doing a fantastic job Steve Herskowitz

我們聘請了一位新的首席風險官，他的工作非常出色 Steve Herskowitz

Who's driving a very aggressive sales program on a global basis, a very.

誰在全球範圍內推動著非常積極的銷售計劃，非常。

Accountable program in terms of commits and delivery.

在承諾和交付方面負責的計劃。

I think you know if you look at our execution even on the finance side with DSOs running in the 70, 71 days, consistent cash.

我想你知道，如果你看看我們的執行情況，即使是在財務方面，DSO 在 70 到 71 天內運行，現金也是持續的。

Generation, all of the Execution of the business is moving along in the direction we want it to go.

生成，所有業務的執行都在按照我們希望的方向進行。

And because of that we felt that continuing to make Cuts at this particular time would not be to the benefit.

正因為如此，我們認為在這個時候繼續削減開支不會有什麼好處。

Of shareholders and our ability to make the investments that are upon us now, such as the service now, such as the new partners and alliances that are coming to bear.

股東和我們現在進行投資的能力，例如現在的服務，以及即將產生的新合作夥伴和聯盟。

These things take investment, and we felt that it would be counterproductive to push further in a big way.

這些事情需要投資，我們認為大力推動可能會適得其反。

It doesn't mean we're not making small changes here and there.

這並不意味著我們不會做一些小小的改變。

We're always going to optimize and that's why Michael indicated.

我們將始終進行優化，這就是邁克爾指出的原因。

That we expect to continue to optimize and we will have restructuring charges likely through the rest of this year, but that is because we have to continue to not only drive for profitability and continued streamlined operations, but we also have to take out certain older skill sets and cycle them to be able to replace them with new ones, AI.

我們預計將繼續優化，並且很可能在今年剩餘時間內進行重組，但這是因為我們不僅要繼續推動盈利和持續精簡運營，而且我們還必須淘汰某些舊技能並進行循環利用，以便能夠用新技能（人工智能）取而代之。

There's a complete amount of hiring as people are doing in that area.

該地區的招聘工作正在進行中。

We have a lot of other skill sets that go with those analytics, data modelling, etc.

我們有很多與分析、數據建模等相關的其他技能。

That we have to bring in new service now skills and capabilities.

我們現在必須引入新的服務技能和能力。

So, we have to clear the deck for that.

因此，我們必須為此做好準備。

So I think that in general you're watching us make the right decisions about not going too deep in this in trying to cut costs to where it's counterproductive.

因此我認為，總體而言，我們看到我們做出了正確的決定，沒有過度嘗試削減成本，以免適得其反。

Great, congrats on, starting to make the turn.

太好了，恭喜你，開始轉彎了。

Thank you so much, Rick.

非常感謝，里克。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I'll turn the call over to Seth Ravin for closing remarks.

我將把電話轉給塞思·拉文 (Seth Ravin) 來做結束語。

Thank you very much, operator, and thank you everyone for joining us.

非常感謝接線生，也感謝大家的加入我們。

And once again thanks to our dedicated staff around the world who's passionately serving clients, and that makes them successful and is helping to drive our accelerated growth and.

再次感謝我們遍佈全球的敬業員工，他們熱情地為客戶服務，使客戶獲得成功，並幫助推動我們加速成長。

Profitability in the road ahead and of course always our thoughts are with those in harm's way and who of course are challenged out there.

在未來的道路上，我們追求獲利，當然，我們的心思始終與那些處於危險之中、面臨挑戰的人同在。

We have a pretty good relative to many around the world and we never want to forget that.

我們與世界上的許多人相比都有著相當好的親戚關係，我們永遠不會忘記這一點。

Thank you so much, everybody.

非常感謝大家。

Have a great day.

祝你有美好的一天。