Rimini Street Inc (RMNI) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Rimini Street Q1 2026 earnings conference call. (Operator Instructions) This call is being recorded on Thursday, April 30, 2026.

各位女士、先生，下午好，歡迎參加 Rimini Street 2026 年第一季財報電話會議。(接線員指示) 本通話於 2026 年 4 月 30 日（星期四）錄音。

I'll now turn the call over to Dean Pohl, Vice President, Treasurer and Head of Investor Relations. Please go ahead.

現在我將把電話交給投資人關係副總裁、財務主管兼投資人關係負責人 Dean Pohl。請開始。

Thank you, operator. I'd like to welcome everyone to Rimini Street's Fiscal first-quarter 2026 Earnings Conference Call. On the call with me today is Seth Ravin, our CEO and President; and Michael Perica, our CFO. Today, we issued our earnings press release for the first-quarter ending March 31, 2026, a copy of which can be found on our website under the Investor Relations section.

謝謝，接線員。我想歡迎各位參加 Rimini Street 2026 會計年度第一季財報電話會議。今天與我一同出席的有我們的執行長兼總裁 Seth Ravin，以及我們的財務長 Michael Perica。今天我們已發布截至 2026 年 3 月 31 日止第一季的財報新聞稿，副本可於我們網站「投資人關係」專區查閱。

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in the press release. An explanation of these measures and why we believe they are meaningful is also included in the press release and our website under the heading About Non-GAAP Financial Measures and Certain Key Metrics.

GAAP 與非 GAAP 財務衡量指標之調節表，已提供於新聞稿中財務報表後的表格。對這些衡量指標的說明，以及我們為何認為其具意義，也載於新聞稿與我們網站「關於非 GAAP 財務衡量指標與若干關鍵指標」標題之下。

As a reminder, today's discussion will include forward-looking statements about our operations that reflect our current outlook. These forward-looking statements are subject to risks and uncertainties that may cause results to differ materially from statements made today. We encourage you to review our most recent SEC filings, including our Form 10-Q filed today for a discussion of risks that may affect our future results or stock price.

提醒各位，今天的討論將包含關於我們營運的前瞻性陳述，反映我們目前的展望。這些前瞻性陳述受風險與不確定性影響，可能導致實際結果與今日所述有重大差異。我們鼓勵各位查閱我們最新的 SEC 申報文件，包括我們今日提交的 Form 10-Q，其中討論了可能影響未來業績或股價的風險。

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

在進入提問之前，我們將先進行事先準備的發言。接下來，我想把電話交給 Seth。

Thank you, Dean, and thank you, everyone, for joining us. first-quarter results. Our first-quarter results reflect continued growth and accelerating momentum. A growing number of organizations are leveraging Rimini support and our proven Rimini Smart Path to execute their global ERP and operational transaction processes faster, better and cheaper with more agility and speed to value, all within existing budgets.

謝謝你，Dean，也謝謝各位加入我們，第一季業績。我們第一季的結果反映持續成長與加速的動能。越來越多的組織正運用 Rimini 支援與我們經驗證的 Rimini Smart Path，在既有預算內，以更快、更好、更低成本的方式，並以更高的敏捷性與更快的價值實現速度，執行其全球 ERP 與營運交易流程。

Rimini Street can help just about any organization lower its total operating costs and improve competitive advantage or improve return for government constituents using technology. We delivered strong growth in adjusted calculated billings and adjusted ARR and expanded remaining performance obligations year-over-year, adjusted for the Oracle PeopleSoft support and services wind down and which includes new logo and renewal subscription sales.

Rimini Street 幾乎可以協助任何組織降低其總營運成本，並提升競爭優勢，或協助政府機關運用科技提升對民眾的回報。我們在調整後計算帳單（adjusted calculated billings）與調整後 ARR 方面實現強勁成長，並在年對年基礎上擴大剩餘履約義務（remaining performance obligations）；上述數據已就 Oracle PeopleSoft 支援與服務的逐步收尾進行調整，且包含新客戶（new logo）與續約訂閱銷售。

We also continue to make additional strategic investments in our next-generation Rimini Agentic AI ERP solutions that can be quickly deployed over existing ERP software without the cost and risk of unnecessary upgrades, migrations or re-platforming. During the quarter, we closed 11 new client transactions with over $1 million in TCV and totaling $33 million compared to five transactions totaling $5.6 million during the same period last year. We added 50 new logos that included household global and regional brand wins.

我們也持續對下一代 Rimini Agentic AI ERP 解決方案進行額外的策略性投資；該方案可快速部署於既有 ERP 軟體之上，無需承擔不必要升級、遷移或重新平台化所帶來的成本與風險。本季我們完成 11 筆新客戶交易，合約總價值（TCV）均超過 100 萬美元，合計 3,300 萬美元；相較之下，去年同期為 5 筆交易、合計 560 萬美元。我們新增 50 個新標誌客戶（new logos），其中包含多個全球與區域家喻戶曉的品牌得標。

The combined strength of the second half of 2025 and first-quarter 2026 results give us continued confidence in delivering growth in fiscal 2026, positioning the company for increased growth and profitability. We are continuing our evolution beyond our position as the premier third-party enterprise software support provider to a leader in also helping clients modernize their existing business transaction systems in the AI era.

2025 年下半年與 2026 年第一季結果的綜合強勁表現，使我們對於在 2026 會計年度實現成長更具信心，並讓公司具備更高成長與獲利能力的定位。我們正持續演進，從作為首屈一指的第三方企業軟體支援供應商，進一步成為在 AI 時代協助客戶現代化其既有商業交易系統的領導者。

We are now the software support and Agentic AI ERP company. Today, more than 1,900 Rimini Street employees in 22 countries are helping organizations avoid unnecessary, costly and risky ERP and other enterprise software upgrades, migrations and re-platformings that often deliver low ROI and offer little competitive advantage.

我們現在是一家軟體支援與 Agentic AI ERP 公司。目前，超過 1,900 名 Rimini Street 員工分布於 22 個國家，協助各組織避免不必要、昂貴且高風險的 ERP 與其他企業軟體升級、遷移與重新平台化；這些專案往往投資報酬率（ROI）偏低，且難以帶來顯著競爭優勢。

Instead, Organizations can invest in modernization of their existing systems, leveraging next-generation Rimini Agentic AI ERP solutions that can be quickly and economically deployed over their current ERP and other enterprise software and deliver real competitive advantage. We believe we can help organizations achieve significant IT operating cost savings, improve profitability, enhance competitive advantage and accelerate growth.

相反地，組織可以投資於既有系統的現代化，運用下一代 Rimini Agentic AI ERP 解決方案，快速且具成本效益地部署於其現有 ERP 與其他企業軟體之上，並帶來真正的競爭優勢。我們相信，我們能協助組織實現顯著的 IT 營運成本節省、提升獲利能力、強化競爭優勢並加速成長。

Our clients have already realized over $10 billion in operational savings. Rimini Street leads an Agentic AI ERP. We are helping clients set a new vision, technical and functional path forward from their current vendor ERP software release. A path does not require any return to the vendor for a future upgrade or migration to their current ERP software release in order to achieve innovation and modernization.

我們的客戶已累計實現超過 100 億美元的營運節省。Rimini Street 引領 Agentic AI ERP。我們正協助客戶從其目前的供應商 ERP 軟體版本出發，建立新的願景，以及技術與功能的前進路徑。此一路徑不需要回到供應商進行未來升級，或遷移至其目前的 ERP 軟體版本，亦可達成創新與現代化。

The client can innovate and modernize their existing ERP software and other enterprise software using Agentic AI ERP solutions deployed easily, economically right over the top of their existing software releases. The Rimini Smart Path is our proprietary proven three-step methodology that clients can use to self-fund and accelerate innovation, especially AI and automation without undergoing costly, risky or unnecessary ERP upgrades or rip and replace migrations by leveraging and modernizing existing IT environments, all without operational disruption.

客戶可使用易於部署且具經濟效益的 Agentic AI ERP 解決方案，直接疊加於其既有軟體版本之上，對既有 ERP 與其他企業軟體進行創新與現代化。Rimini Smart Path 是我們專有且經驗證的三步驟方法論，客戶可用以自籌資金並加速創新（尤其是 AI 與自動化），無需進行昂貴、高風險或不必要的 ERP 升級，或「汰換重建」（rip and replace）式遷移；而是透過善用並現代化既有 IT 環境，在不影響營運的情況下達成。

Rimini Agentic UX is our AI-driven experience and automation layer that is deployed right over existing client ERP software and turns their ERP software from a static system of record into an autonomous system of action, delivering innovation and modernization in weeks, not years, and at a fraction of the cost of a major upgrade migration or re-platforming project.

Rimini Agentic UX 是我們以 AI 驅動的體驗與自動化層，可直接部署於既有客戶 ERP 軟體之上，將 ERP 從靜態的記錄系統（system of record）轉變為自主的行動系統（system of action），在數週而非數年內交付創新與現代化，且成本僅為大型升級、遷移或重新平台化專案的一小部分。

Client success stories. Rimini Street is helping clients across many industries, geographies and software, protect and optimize their core ERP systems while funding innovation and modernization, including fixing broken processes, automating workflows and functions and using AI to solve specific business challenges without disruptive, costly or risky ERP software upgrade migrations or re-platforming.

客戶成功案例。Rimini Street 正協助跨多個產業、地理區域與軟體平台的客戶，在保護並最佳化其核心 ERP 系統的同時，為創新與現代化提供資金，包括修復失效流程、將工作流程與功能自動化，以及運用 AI 解決特定業務挑戰，而無需進行具破壞性、昂貴或高風險的 ERP 軟體升級、遷移或重新平台化。

Here are a few examples of how Rimini Street solutions for SAP, Oracle and VMware software are enabling innovation, transforming an improved competitive advantage for clients. Cubic Corporation, a US defense and transportation technology company, so that partnering with Rimini Street allowed them to gain full control of their SAP road map, avoid a costly S/4HANA upgrade and reallocate savings and internal capacity towards automation, AI and broader modernization initiatives.

以下是幾個例子，說明 Rimini Street 針對 SAP、Oracle 與 VMware 軟體的解決方案，如何促成創新，並為客戶帶來轉型與更佳的競爭優勢。美國國防與運輸科技公司 Cubic Corporation 表示，與 Rimini Street 合作使其得以完全掌控其 SAP 路線圖，避免昂貴的 S/4HANA 升級，並將節省的成本與內部產能重新配置至自動化、AI 與更廣泛的現代化計畫。

Flexitech, a French automotive products company, said that they chose Rimini Support to help reduce risk and operational disruption in its SAP environment, strengthening cybersecurity posture and accelerating compliance readiness while enabling the reallocation of savings towards R&D and modernization programs. Cleanera, a South Korean paper and hygiene products company, said they were able to cut SAP and Oracle vendor maintenance costs by approximately 50% with Rimini Street, stabilizing their core ERP environment and freeing budget and talent to accelerate AI, analytics, cloud expansion and IoT-driven operational improvements.

法國汽車產品公司 Flexitech 表示，他們選擇 Rimini Support 以協助降低其 SAP 環境中的風險與營運中斷，強化資安態勢並加速合規準備，同時使節省的資源得以重新投入研發（R&D）與現代化方案。南韓紙品與衛生用品公司 Cleanera 表示，透過 Rimini Street，他們得以將 SAP 與 Oracle 供應商維護成本約降低 50%，穩定其核心 ERP 環境，並釋放預算與人才以加速 AI、分析、雲端擴張與物聯網（IoT）驅動的營運改善。

Elmort, a Brazilian industrial company, said that unifying support across VMware and SAP with Rimini Street created the opportunity to increase operational stability and security while redirecting budget internal resources from maintenance to sustainability and growth initiatives. Partners, alliances and channels. We continued strengthening and maturing our indirect sales ecosystem, including adding new partner managers for strategic technology, services and channel relationships.

巴西工業公司 Elmort 表示，透過 Rimini Street 將 VMware 與 SAP 的支援加以整合，創造了提升營運穩定性與安全性的機會，同時將內部資源預算從維護轉向永續與成長計畫。合作夥伴、聯盟與通路。我們持續強化並成熟我們的間接銷售生態系，包括為策略性技術、服務與通路關係新增合作夥伴經理。

During the quarter, we closed accretive sales transactions globally that we do not believe we would have otherwise closed without partners. These partnerships extend our reach, bring complementary expertise and help clients execute modernization strategies that combine Rimini Street support with world-class platforms, cloud services and AI tooling.

本季期間，我們在全球完成了具增益性的銷售交易；我們相信若沒有合作夥伴，這些交易原本不會成交。這些合作關係擴大我們的觸及範圍、帶來互補的專業能力，並協助客戶執行現代化策略，將 Rimini Street 支援與世界級平台、雲端服務及 AI 工具相結合。

The ecosystem is becoming a strategic multiplier for us, accelerating adoption, expanding influence and enabling shared go-to-market opportunities. Summary. We are focused on accelerating growth, improving profitability and delivering shareholder return. We plan to leverage Rimini Street's proprietary unique and proven Smart Path methodology, service portfolio and capabilities to help a growing list of clients take back control of their technology road map and spending and successfully navigate business and technical complexity in the age of AI.

該生態系正成為我們的策略性倍增器，加速採用、擴大影響力，並促成共享的上市推廣（go-to-market）機會。總結。我們專注於加速成長、提升獲利能力並為股東創造報酬。我們計畫運用 Rimini Street 專有、獨特且經驗證的 Smart Path 方法論、服務組合與能力，協助日益增加的客戶重新掌控其技術路線圖與支出，並在 AI 時代成功因應商業與技術的複雜性。

Now over to you, Michael.

接下來交給你，Michael。

Thank you, Seth, and thank you for joining us, everyone. Q1 results. Our first-quarter results reflect solid execution and continued sign of momentum, highlighted by remaining performance obligations, RPO, and billings growth, along with a return to top line growth despite the headwinds from the wind-down of support and services for Oracle's PeopleSoft software.

謝謝你，Seth，也感謝各位加入。第一季業績。我們第一季的成果反映出穩健的執行力與持續的動能跡象，亮點包括剩餘履約義務（RPO）與帳單（billings）成長；儘管面臨逐步結束對 Oracle PeopleSoft 軟體之支援與服務所帶來的逆風，我們仍重回營收成長。

Our strong operating cash flow and cash position enabled us to comfortably make $10 million of additional voluntary principal prepayments that reduced our debt balance to $58.4 million and increased our net cash position to $73.8 million at the end of the quarter. Revenue for the first-quarter was $105.5 million, a year-over-year increase of 1.2%.

我們強勁的營運現金流與現金部位，使我們得以從容地額外自願提前償還本金 1,000 萬美元，將債務餘額降至 5,840 萬美元，並使本季末淨現金部位提高至 7,380 萬美元。第一季營收為 1.055 億美元，年增 1.2%。

Excluding support services for PeopleSoft products, revenue increased by 5.2% year-over-year. FX movements impacted first-quarter revenue negatively by 0.5%. Annualized recurring revenue was $400.8 million for the first-quarter, a year-over-year increase of 1.2%. Our revenue retention rate for service subscriptions, which makes up 95% of our revenue, was 88%, with approximately 81% of subscription revenue noncancelable for at least 12 months.

若排除 PeopleSoft 產品的支援服務，營收年增 5.2%。匯率（FX）變動對第一季營收造成 0.5% 的負面影響。第一季年化經常性收入（ARR）為 4.008 億美元，年增 1.2%。我們的服務訂閱營收留存率（占營收 95%）為 88%，其中約 81% 的訂閱營收至少 12 個月不可取消。

Billings for the first-quarter were $95.3 million, an increase of 19.9% year-over-year. When excluding billings associated with support services for PeopleSoft products, the year-over-year increase was 22.9%. Gross margin was 59.0% of revenue for the first-quarter compared to 61.0% of revenue for the prior year first-quarter.

第一季帳單（billings）為 9,530 萬美元，年增 19.9%。若排除與 PeopleSoft 產品支援服務相關的帳單，年增幅為 22.9%。第一季毛利率為營收的 59.0%，相較去年同期第一季為 61.0%。

On a non-GAAP basis, which excludes stock-based compensation expense, gross margin was 59.5% of revenue for the first-quarter compared to 61.5% of revenue for the prior year first-quarter. Our gross margin in the period was negatively impacted by investments pulled forward in the year to take advantage of market opportunities and select non-subscription engagements that had large, front-loaded start-up costs.

以非 GAAP 基礎（排除股份基礎給付費用）計算，第一季毛利率為營收的 59.5%，相較去年同期第一季為 61.5%。本期毛利率受到負面影響，原因包括為把握市場機會而提前於年度內投入的投資，以及部分非訂閱型專案在初期具有較高、前置集中的啟動成本。

Nonetheless, as noted during our Investor Day presentation last December, our use of innovation and other analytics deployed on top of our existing systems of record provides us with confidence in our ability to build from this current gross margin level and achieve the targets we outlined. Operating expenses. Reorganization charges associated with optimization costs for the first-quarter were $407,000.

儘管如此，正如我們去年 12 月投資人日簡報所提及，我們在既有記錄系統之上部署的創新與其他分析能力，使我們對於能在目前毛利率水準上持續提升並達成所提出的目標充滿信心。營業費用。第一季與最佳化成本相關的重組費用為 40.7 萬美元。

Also, we have carved out our R&D expenditures of $571,000 in the quarter in a separate line item that reflects our ongoing and increasing research and development activity for our proprietary historical offerings as well as our burgeoning Agentic AI ERP and UX solutions. Sales and marketing expense as a percentage of revenue was 36.6% for the first-quarter compared to 32.9% of revenue for the prior year first-quarter.

此外，我們將本季 57.1 萬美元的研發支出獨立列示為單獨項目，以反映我們對專有的既有產品持續且增加的研發活動，以及我們正在成長中的 Agentic AI ERP 與 UX 解決方案。第一季銷售與行銷費用占營收比重為 36.6%，相較去年同期第一季為 32.9%。

On a non-GAAP basis, which excludes stock-based compensation expense, sales and marketing expense as a percentage of revenue was 35.8% for the first-quarter compared to 32% of revenue for the prior year first-quarter. Our sales and marketing costs in the period was negatively impacted by investments pulled forward in the year to take advantage of market opportunities.

以非 GAAP 基礎（排除股份基礎給付費用）計算，第一季銷售與行銷費用占營收比重為 35.8%，相較去年同期第一季為 32%。本期銷售與行銷成本受到負面影響，原因是為把握市場機會而提前於年度內投入的投資。

General and administrative expenses as a percentage of revenue was 16.9% of revenue for the first-quarter compared to 16.8% of revenue for the prior year first-quarter. On a non-GAAP basis, which excludes stock-based compensation expense, G&A was 15.7% of revenue for the first-quarter compared to 15.6% of revenue for the prior year first-quarter.

第一季一般及行政費用占營收比重為 16.9%，相較去年同期第一季為 16.8%。以非 GAAP 基礎（排除股份基礎給付費用）計算，第一季一般及行政費用（G&A）占營收比重為 15.7%，相較去年同期第一季為 15.6%。

As we stated in our most recent earnings call, we do not expect litigation expenses to be material on a going-forward basis and are now including any residual legal costs in the G&A line item in our income statement. Net income attributable to shareholders for the first-quarter was $1.4 million or $0.01 per diluted share compared to the prior year first-quarter of $0.04 per diluted share.

如同我們在最近一次財報電話會議所述，我們預期未來訴訟費用不會具有重大性，並已將任何剩餘法律成本納入損益表中的一般及行政費用（G&A）項下。第一季歸屬於股東之淨利為 140 萬美元，或稀釋後每股盈餘 0.01 美元；相較去年同期第一季稀釋後每股盈餘為 0.04 美元。

On a non-GAAP basis, net income for the first-quarter was $4 million or $0.04 per diluted share compared to the first-quarter of the prior year of $0.10 per diluted share. Adjusted EBITDA, as defined in our earnings release and now excludes unrealized FX translation adjustments was $8.9 million for the first-quarter or 8.4% of revenue compared to the prior year's first-quarter of $15.7 million or 15.1% of revenue.

以非 GAAP 基礎計算，第一季淨利為 400 萬美元，或稀釋後每股盈餘 0.04 美元；相較去年同期第一季稀釋後每股盈餘為 0.10 美元。經調整 EBITDA（定義見我們的財報新聞稿，且現已排除未實現匯兌換算調整）第一季為 890 萬美元，或占營收 8.4%；相較去年同期第一季為 1,570 萬美元，或占營收 15.1%。

Balance sheet. We ended the first-quarter of 2026 with a cash balance of $132.2 million compared to $122.6 million of cash for the prior year first-quarter. On a cash flow basis, first-quarter operating cash flow increased $24.5 million compared to the prior year's first-quarter increase of $33.7 million. Deferred revenue as of March 31, 2026, was $277.3 million compared to deferred revenue of $256.4 million for the prior year first-quarter.

資產負債表。截至 2026 年第一季末，我們的現金餘額為 1.322 億美元，相較去年同期第一季為 1.226 億美元。以現金流量角度，第一季營運現金流增加 2,450 萬美元，相較去年同期第一季增加 3,370 萬美元。截至 2026 年 3 月 31 日，遞延收入為 2.773 億美元，相較去年同期第一季遞延收入為 2.564 億美元。

Remaining performance obligations, RPO, which includes the sum of billed deferred revenue, contract assets and noncancelable future revenue was $643.6 million as of March 31, 2026, compared to $553.1 million for the prior year first-quarter, an increase of 16.4%. When excluding RPO relating to support services for PeopleSoft products, the year-end balance increased 18.2%, reflecting our building momentum with both new bookings growth and longer duration commitments.

剩餘履約義務（RPO），包含已開立帳單之遞延收入、合約資產及不可取消之未來收入之合計，截至2026年3月31日為6.436億美元，較前一年度第一季的5.531億美元增加16.4%。若排除與 PeopleSoft 產品支援服務相關的RPO，年末餘額增加18.2%，反映我們在新訂單成長與較長期間承諾兩方面的動能正在累積。

PeopleSoft support wind-down update. As we discussed during previous quarter's earnings conference calls, our July 2025 settlement agreement with Oracle provides amongst other obligations and terms between the parties that the company will complete its previously announced wind-down of its support and services for Oracle's PeopleSoft software no later than July 31, 2028.

PeopleSoft 支援逐步終止最新進度。如同我們在前幾季的財報電話會議中所討論，我們於2025年7月與 Oracle 達成的和解協議，除雙方其他義務與條款外，亦規定本公司將於不晚於2028年7月31日完成先前已宣布之對 Oracle PeopleSoft 軟體的支援與服務逐步終止。

We have made progress in reducing both the number of PeopleSoft's software support clients and related revenues since announcing the wind down. Revenue from PeopleSoft software support services was 3% of revenue for the first-quarter compared to approximately 7% for the previous year first-quarter and down from 8% of revenue when we began the wind-down process during the second half of 2024.

自宣布逐步終止以來，我們在降低 PeopleSoft 軟體支援客戶數量及相關營收方面已取得進展。第一季來自 PeopleSoft 軟體支援服務的營收占比為3%，相較前一年度第一季約為7%，亦低於我們於2024年下半年開始逐步終止流程時的8%。

Business outlook. The company is providing second-quarter 2026 revenue guidance to be in the range of $106 million to $108 million and reiterating the full year 2026 guidance provided at our Investor Day in December 2025 of revenue growth in the 4% to 6% range and adjusted EBITDA margins in the 12.5% to 15.5% range, combined to achieve Rule of 20. For additional information, please see the disclosures in our Form 10-Q filed today, April 30, 2026, with the US Securities and Exchange Commission.

業務展望。公司提供2026年第二季營收指引為1.06億至1.08億美元，並重申我們於2025年12月投資人日所提供之2026年全年指引：營收成長4%至6%，調整後EBITDA利潤率12.5%至15.5%，兩者合計以達成「20法則」（Rule of 20）。更多資訊請參閱我們於今日（2026年4月30日）向美國證券交易委員會提交的 Form 10-Q 中之揭露。

This concludes our prepared remarks. Operator, we'll now take questions.

以上為我們事先準備的發言。接線員，我們現在開始提問。

(Operator Instructions) Brian Kinstlinger, Alliance Global Partners.

（接線員指示）Alliance Global Partners 的 Brian Kinstlinger。

You talked about stronger bookings trends that have started since the second half of '25. Can you provide any quantifiable context maybe year-over-year comparisons? Are there booking totals you can provide or a book-to-bill? And then lastly, maybe from a qualitative standpoint, discuss domestic versus international.

你們提到自2025年下半年以來訂單趨勢轉強。能否提供一些可量化的背景，例如年對年比較？是否能提供訂單總額或接單/開單比（book-to-bill）？最後，從質性角度談談國內與國際的差異。

Sure, Brian. Seth here. As we said starting mid-last year, we started to see an uptick, and we've shown it, of course, in the billings and bookings numbers. The compares, I think, have already been in each of the releases. So, the team will be happy to get you those at a later date. But I think we're seeing continued growing demand. We're seeing continued growing pipelines.

當然，Brian。我是 Seth。如同我們自去年年中開始所說，我們開始看到回升，而且我們也在開單（billings）與接單（bookings）數字中呈現出來。我認為相關比較數據已經在每次的新聞稿中提供。因此團隊之後也很樂意再提供給你。但我認為我們看到需求持續成長。我們也看到銷售管線持續擴大。

And those are now converting as you're seeing into larger contracts. We're seeing longer-term contracts. Just look at the number of deals with TCV over $1 million, even in North America, where we had 0 of those deals in Q1 of last year, 60% of those deals were in North America this year. So, we're seeing all different indicators of continued growing demand and our ability to execute continues to get better and better. So, we're pleased with what we saw happening in Q1 and how it sets us up even for the full year.

而且如你所見，這些現在正轉化為更大型的合約。我們看到更長期的合約。只要看看TCV（合約總價值）超過100萬美元的交易數量，即使在北美也是如此：去年第一季北美這類交易為0筆，而今年這類交易中有60%在北美。因此，我們看到各種不同的指標都顯示需求持續成長，而我們的執行能力也持續變得更好。所以，我們對第一季的表現以及其對全年布局的意義感到滿意。

And then a follow-up on that. You mentioned in your prepared remarks and just now as well about the longer duration. I think traditionally, you've had one-year contracts, correct me if I'm wrong, whereas the renewable for every year. What's happening now? What are you seeing in terms of duration? Or maybe dig a little deeper into what you're describing as longer duration?

接著追問一下。你在事先準備的發言以及剛才都提到合約期間變長。我理解你們傳統上多為一年期合約（如有誤請指正），每年續約。現在發生了什麼？你們看到的期間大概是多久？或能否更深入說明你所稱的「較長期間」？

Well, I think our average contract length before used to be something short of three years, about 2.5, 2.6 years for a new contract. And we're seeing longer-term contracts being signed. And I think the indication of that is we're watching customers think about a much longer term for this next phase of technology transition. And they're looking at their existing systems.

我想我們過去的新合約平均長度大概略短於三年，約2.5到2.6年。而我們現在看到簽訂更長期的合約。我認為這代表客戶正在以更長的時間尺度思考下一階段的技術轉型。他們也在檢視其既有系統。

They're looking at the amount of change that's coming their way or being pushed their way, realizing a lot of it isn't going to generate the kind of return on investment or the competitive advantage they need. And they're looking to us for longer-term solutions. And I think that's what you're seeing play out in the contracts.

他們在評估即將到來、或被推動而來的變革幅度，並意識到其中很多並不會帶來他們所需的投資報酬或競爭優勢。因此他們轉而向我們尋求更長期的解決方案。我想這就是你在合約中看到的趨勢。

Okay. My last question is, last quarter, you highlighted 26 customers that were testing their Argentic AI solutions. Maybe you can update us on that number, share what feedback you're getting from them and timelines to production? And then lastly, how would you want to be measured over the next 18 months on your progress of that new solution? Is it improving organic growth rates? Are you going to discuss the revenue contribution? Just how should investors think about that?

了解。我最後一個問題是：上季你們提到有26位客戶正在測試你們的 Argentic AI 解決方案。能否更新目前的數量、分享他們的回饋以及導入正式上線（production）的時程？最後，你希望投資人在未來18個月用什麼方式衡量這個新解決方案的進展？是提升有機成長率嗎？你們會談到營收貢獻嗎？投資人應該如何看待？

Well, I think how we should think about it is exactly based on the guidance. It's about growth. The fact that we're returning to growth against the headwinds of the PeopleSoft wind down is certainly a nice indicator. And I think the fact that we would return to growth with a mid-single digit this year, as we said, a Rule of 20 is what we're aiming for between the top line and a bottom line, want to give ourselves a little range and flexibility between the top line and bottom line.

我認為衡量方式應該完全以我們的指引為基礎。重點在成長。在 PeopleSoft 逐步終止的逆風之下，我們仍能回到成長軌道，確實是一個不錯的指標。而且如我們所說，今年我們將以中個位數成長回到成長軌道；我們的目標是達成「20法則」（Rule of 20），在營收端與獲利端之間取得平衡，同時也希望在營收端與獲利端之間保留一些區間與彈性。

And then look to us to get to that Rule of 40 that we want to get to, which, of course, requires us to see a double-digit growth on the top line and a double-digit return on the bottom. So, I think those are very, very key. The other part is, obviously, we have investors who want to see shareholder return. We believe that we sit on surplus cash.

接著也請期待我們朝向想要達成的「40法則」（Rule of 40）邁進；當然，這需要營收端達到雙位數成長，並且獲利端也達到雙位數回報。所以我認為這些都非常、非常關鍵。另外一部分，顯然我們也有投資人希望看到股東報酬。我們相信我們持有超額現金。

We believe that, that should be returned to shareholders in one way or another. Whether that's through stock buybacks, whether that's through paying down debt, but increasing shareholder value is a key component. So, I think those are the measures that we're looking at in terms of growing the business. Now when it comes to the world of Agentic AI and Agentic AI ERP, there's two things you need to remember. There's one, there's the fact that we create a path and we create a vision that customers can follow that doesn't require any future return to the vendor.

我們相信，這些應該以某種方式回饋給股東。不論是透過股票回購，或是透過償還債務，提高股東價值都是關鍵組成部分。因此，我認為這些就是我們在推動業務成長方面所關注的衡量指標。現在談到 Agentic AI 與 Agentic AI ERP 的世界，有兩件事你需要記住。第一點是，我們為客戶建立一條路徑並描繪一個願景，讓客戶可以遵循，而且不需要在未來再回到供應商那裡。

That's very, very key. That is a big change from prior years where customers often thought of us as more of a temporary detour for some number of years and then a return to the vendor to get their next level of innovation. That's no longer the case. And that's why you're watching us win bigger and bigger contracts because customers are liking what we put on the table as a path and a strategy that does not lead them back to the software vendor in a future year. And that is changing the game dramatically for us on the ground.

這非常、非常關鍵。這與過去幾年相比是一個重大改變，當時客戶往往把我們視為一段為期數年的臨時繞道，之後再回到供應商那裡取得下一階段的創新。現在已不再是這樣。這也是為什麼你看到我們贏得越來越大的合約，因為客戶喜歡我們擺在桌面上的路徑與策略——它不會在未來某一年把他們帶回軟體供應商。而這正在第一線大幅改變我們的競爭態勢。

Jeff Van Rhee, Craig-Hallum.

Jeff Van Rhee，Craig-Hallum。

Some great underlying metrics here. It looks like some good momentum and good to see some ARR growth year-over-year. Seth, you were just touching on leverage, and I want to revisit that. Gross margins, this is on the lower end of anything I've seen in quite a while. And Michael, I think you referenced there were some pull forwards for some, I guess, what I would characterize as sounds like unexpected business opportunities. I think you -- S&M is up from 34% to 37% year-over-year, but revenue is generally flat.

這裡有一些很棒的底層指標。看起來動能不錯，也很高興看到 ARR 年對年成長。Seth，你剛剛提到槓桿，我想再回到這點。毛利率方面，這是我相當長一段時間以來看到的較低水準。Michael，我想你提到有一些費用提前發生，某種程度上，我會把它描述為看起來是一些非預期的商機。我想你——銷售與行銷（S&M）年對年從 34% 升到 37%，但營收大致持平。

And so, given that, I'm just trying to understand around the -- number one, what is this near-term opportunity that you're seeing that you've got to invest in right now, given that you're not raising the overall outlook? Maybe we could just start there and understand those.

因此，在這樣的情況下，我想了解的是——第一，你們看到的這個短期機會是什麼，讓你們必須現在就投入資源，儘管你們並沒有上調整體展望？也許我們可以先從這裡開始，了解一下。

Sure, Jeff. So, first, yes, we made a decision to pull forward some expense from future quarters. But we, of course, reiterated guidance being on target with what we provided in the Investor Day in December. And the things we're seeing, for example, we're investing in our US federal team, brand-new team. We see a lot of opportunity in the federal government space with our new GSA contract, our partners that we're putting in place. And so, there's a lot going on in that part of the world.

當然，Jeff。首先，是的，我們做了決定，把原本在未來幾季才會發生的一些費用提前。但我們當然也重申指引，仍與我們在 12 月投資人日所提供的目標一致。而我們看到的事情，例如，我們正在投資美國聯邦團隊，這是一個全新的團隊。我們在聯邦政府領域看到很多機會，包含我們新的 GSA 合約，以及我們正在建立的合作夥伴關係。因此，在那個領域有很多事情正在進行。

But there's also a significant amount of work for us to do with PE firms. And we've got our first Vice President of PE sales on board because today, we service accounts that have over 20 different major PE firms represented, and we're going to go in and try and work with these firms to work on their bigger portfolios in general.

但同時，我們也需要在私募股權（PE）公司方面做大量工作。我們已經聘任第一位負責 PE 銷售的副總裁，因為目前我們服務的客戶帳戶中，背後有超過 20 家不同的大型 PE 機構參與，我們將進一步與這些機構合作，整體上針對他們更大的投資組合來推進。

So that, again, is another expansion area for us to build on. And so those investments were being made. We also, of course, are investing in our Agentic AI ERP solutions. And you saw the first time we have an R&D line item because we're making some investments at the product level. So those are also taking place. We also expanded our sales team. We're over 80 sellers now.

因此，這同樣是我們可以持續擴張、加以深化的另一個領域。所以這些投資正在進行。當然，我們也在投資我們的 Agentic AI ERP 解決方案。你也看到我們首次出現研發（R&D）科目，因為我們正在產品層面進行一些投資。所以這些也在同步推進。我們也擴編了銷售團隊。我們現在有超過 80 位業務人員。

And so, we've moved our numbers back up from the mid-70s when we last had our last call for end of year. And so, we're continuing to expand and invest in sales and marketing as well. So, you saw temporarily the expenses went up as a percent of revenue, but we expect those will normalize throughout the year.

因此，我們把人數從上次年末電話會議時的 70 多位中段，再提升回來。所以，我們也持續在銷售與行銷方面擴張並投入。因此你會看到費用占營收比重短期上升，但我們預期這些會在全年逐步回到正常水準。

And so then just to follow on to that, given all of those incremental revenue opportunities and in light of the revenue outperformance in the quarter relative to the guide, you didn't flow it through to the annual guide. So just help me understand what was in play there.

那接著追問一下，考量到所有這些新增的營收機會，以及本季營收相對於指引的超預期表現，你們並沒有把它反映到全年指引中。所以請幫我理解一下，當時有哪些考量？

Well, I think we want to just take it very carefully. As you know, we didn't grow for a while there, and we're back and feeling very positive and very confident in our growth for the year and hence, the mid-single-digit growth targets that we set out there. But we want to just get another quarter under the belt and think about that before we talk about any kind of raise in the guidance.

我想我們希望非常謹慎地看待。如你所知，我們有一段時間沒有成長，而現在我們回來了，對今年的成長感到非常正面、也非常有信心，因此我們提出了中個位數的成長目標。但我們想先再跑完一季、累積更多進展，再來考慮是否要談任何形式的上調指引。

Okay. And then maybe just last, Seth, on customer retention. I know it's a focus and the Agentic UX and some other things probably have some opportunities to help there. But how should we think about churn over the next several quarters? This retention number has been at 88% here for at least a few quarters. Just any big churn events coming up here? And how do you think about retention next several quarters?

好的。最後一個問題，Seth，關於客戶留存。我知道這是重點，而 Agentic UX 和其他一些措施可能有機會在這方面提供幫助。但我們應該如何看待未來幾季的流失率（churn）？這個留存數字在至少幾季以來一直是 88%。接下來是否有任何大型流失事件？你如何看待未來幾季的留存？

Well, the 88%, remember, is a TTM, rearview view of the total number. We feel very good. And as I noted in the prepared remarks, we beat our internal numbers on the retention number. It's just going to take a while to show up in the TTM number. I think when you look at the RPO, some of those are even related to renewals. So, we're seeing good, strong renewals out of the first-quarter and feeling good about where we're looking to the year. Our goal is, of course, to see that TTM return to over a 90% number. And we feel that we should start to see it show up in the metrics starting in the next quarter or so.

嗯，88% 請記得，這是過去十二個月（TTM）的回顧性數字。我們感覺非常好。而且如我在事先準備的發言中提到，我們的留存表現優於內部目標。只是需要一些時間才會反映在 TTM 數字上。我認為當你看 RPO（剩餘履約義務）時，其中有些甚至與續約相關。所以，我們在第一季看到良好且強勁的續約，對今年的走勢感到樂觀。我們的目標當然是讓 TTM 回到 90% 以上。我們也認為，從下一季左右開始，應該就會在指標上逐步看得到。

Alex Fuhrman, Lucid Capital Markets.

Alex Fuhrman，Lucid Capital Markets。

Congratulations on the return to growth here in Q1. It looks like here in the first-quarter, you added about 30 active clients relative to where you ended 2025. The last three years, give or take, Q1 has been about flat in terms of customer acquisition. Is this just more of the same what we've been kind of talking about, increased demand for your AI solutions? Or are we maybe starting to see more of a year-round sales and adoption process as your clients are starting to implement more AI?

恭喜第一季重回成長。看起來在第一季，你們相較於 2025 年底，新增了大約 30 位活躍客戶。過去三年左右，第一季在客戶獲取方面大致持平。這是否只是我們一直在談的同樣情況，也就是對你們 AI 解決方案的需求增加？或者我們是否開始看到，隨著客戶開始導入更多 AI，銷售與採用流程更趨向全年化？

Sure. And thanks. We absolutely are seeing improvements in everything from the number of leads coming in to lead conversion to opportunity, opportunity to closes. So higher quality pipeline, higher quality execution, but the demand environment is absolutely growing as well. There is no doubt that the world of AI has changed the dynamics from a technological standpoint.

當然。也謝謝。我們確實看到各方面都有改善，從進來的潛在客戶數量、到潛在客戶轉換為商機、再到商機成交。因此是更高品質的管線、更高品質的執行，同時需求環境也確實在成長。毫無疑問，AI 的世界已從技術角度改變了整體動態。

You're also watching, as Rimini Street had predicted many years ago, the breakup of these big ERP monolithic systems into smaller pieces, we call it composable ERP, those pieces are breaking down further. And what this means is that businesses and government organizations are now able to buy pieces, a la carte, let's say, versus having to buy them all in one big package.

你也看到，正如 Rimini Street 多年前所預測的，這些大型 ERP 單體系統正在被拆解成更小的模組，我們稱之為可組合式 ERP，而這些模組還在進一步拆分。這代表企業與政府組織現在可以按需選購各個模組（a la carte），而不必一次買下一整套大包裝。

And we're well positioned, maybe the best position to help customers through all these technological transitions, including the thoughtful implementation of AI where it's appropriate.

而我們具備良好條件，甚至可能是最佳位置，協助客戶度過所有這些技術轉型，包括在適當之處審慎地導入 AI。

And because our number one objective is driving down the total cost of operations and improving profitability or improving share return for government organizations, we think we are well-positioned to help customers for the long term, and we're talking 5, 10, 15, 20 years through this next phase of transition. So, I think all of that coming together is what we're watching it showing up in the numbers.

而且由於我們的首要目標是降低總營運成本並提升獲利能力，或是為政府組織提升回饋（share return），我們認為我們非常適合長期協助客戶——我們談的是 5、10、15、20 年——度過下一階段的轉型。所以，我認為這些因素匯聚在一起，就是我們看到它反映在數字上的原因。

Okay. That's really helpful. Thanks for all that color. And then I see you have a new line item here, research and development. It sounds like that's going to be more of a focus for the company going forward. How much should we expect to see there -- going forward there this year and in the future?

了解。這非常有幫助。謝謝你提供這些細節。另外我看到你們新增了一個科目：研發。聽起來未來公司會更聚焦在這方面。今年以及未來，我們應該預期這部分大概會是多少？

Well, I think this -- I'm sorry. No, go ahead.

嗯，我想這個——抱歉。不，你先說。

I was just going to say that we expect to continue to make investments in this space because we've been a services company. We've always had products, but the opportunity for us to develop more in the product and the licensing arena for subscription licenses has increased. And so, we're going to make those investments. But keep in mind, we're staying within our guidance limits. We're not talking about changing guidance even with the R&D line item. And I'm sorry, Michael, you want to add there?

我只是想說，我們預期會持續在這個領域投資，因為我們一直是一家服務型公司。我們一直都有產品，但我們在產品與授權領域、尤其是訂閱授權方面的開發機會增加了。因此我們會進行這些投資。但請記住，我們仍會維持在指引範圍內。即使新增了研發科目，我們也不是在談要調整指引。抱歉，Michael，你要補充嗎？

Yes. I just want to augment the point that Seth made, Alex, at the end that this was incorporated overall in our guidance. We do expect it to creep up throughout the year and can exit the year about 1% or so. That's how we're looking at it to augment these key technological investments, both with what we have existing and these new offerings that we're talking about.

是的。Alex，我想補充 Seth 最後提到的一點：這已經整體納入我們的指引之中。我們確實預期它會在全年逐步上升，並可能在年底時約為 1% 左右。我們是這樣看待的，用以強化這些關鍵技術投資，包括我們既有的項目以及我們正在談的這些新產品。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

I just wanted to confirm that today, the revenue from the Agentic AI solution is quite modest, but that we'll begin to see that contribution pick up maybe in the second half of the year into next year? And then my second part of my question is, will there eventually be a report or some kind of metric that helps investors frame how much revenue is coming from that new solution?

我想確認一下，目前 Agentic AI 解決方案帶來的營收相當有限，但我們會在今年下半年到明年開始看到貢獻提升，對嗎？另外，我問題的第二部分是：未來是否會有報告或某種指標，幫助投資人衡量這個新解決方案帶來的營收有多少？

Sure, Brian. Of course, it's not what we call a material amount yet from the Agentic AI ERP solutions themselves. But two ways to think about this, there is the actual revenue that's accretive that comes from solutions and sales and licensing and subscriptions in the Agentic bucket. That's a new set of products and services. There's a second more important one, which is already at work here.

當然，Brian。當然，就 Agentic AI ERP 解決方案本身而言，目前還不是我們所稱的重大金額。但可以從兩個角度來看：第一是來自 Agentic 類別中解決方案、銷售、授權與訂閱所帶來的增量營收。那是一套新的產品與服務。第二個更重要，而且已經在發揮作用。

And that is the fact that we have created a vision and we have a path and we have a solution going forward for customers that leads them away from having to do vendor upgrades and migrations in the future and allows them to drive their existing systems with modernization on that platform, that alone is what's driving, we believe, underneath a lot of the extra demand we're seeing because that is creating new demand that we did not have before, and it's bringing customers back to the table who have now come back to us to join Rimini Street who before had turned us down, proposals that they didn't move forward with.

也就是我們已經建立了一個願景、規劃了一條路徑，並提供一個面向未來的解決方案，讓客戶不必在未來進行供應商升級與遷移，並能在該平台上以現代化方式驅動其既有系統；我們相信，光是這一點就正在推動我們所看到的額外需求，因為它創造了我們以前沒有的新需求，也讓一些曾經拒絕加入 Rimini Street、對我們提案未繼續推進的客戶，現在重新回到談判桌前。

We're now able to show them a path forward with an Agentic capability that says, okay, we'll go ahead and move forward at this time. So don't underestimate the very fact that we have this path and this vision and technology, that alone is driving increased sales.

我們現在能向他們展示一條具備 Agentic 能力的前進路徑，讓他們說，好，那我們這次就往前走。所以不要低估我們擁有這條路徑、這個願景與技術本身的價值；光是這一點就正在帶動銷售成長。

There are no further questions at this time. I will now turn the call over to Seth Ravin, CEO. Please continue.

目前沒有其他問題。我現在把電話交回給執行長 Seth Ravin。請繼續。

Great. Well, thank you very much, and thanks, everyone, for joining us, and we will see you on the next earnings call. Have a great day.

很好。非常感謝，也謝謝各位的參與，我們下次財報電話會再見。祝各位有美好的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。