Mission Statement, Vision, & Core Values (2024) of Rimini Street, Inc. (RMNI)

An Overview of Rimini Street, Inc. (RMNI)

General Summary of the Company

Rimini Street, Inc. (RMNI) was founded in 2005 and is headquartered in Las Vegas, Nevada. The company specializes in providing independent support for enterprise software, primarily targeting clients who use Oracle and SAP products. Rimini Street offers a range of services including Rimini Support™, Rimini Manage™, and Rimini Consult™, which help clients reduce their software maintenance costs while enhancing support quality.

As of 2024, Rimini Street serves over 3,090 active clients globally, including 76 Fortune 500 companies and 22 Fortune Global 100 companies. The company employs approximately 2,070 professionals, reflecting its commitment to delivering expert support and services to its diverse client base.

In terms of sales, Rimini Street reported a total revenue of $314.5 million for the nine months ended September 30, 2024, reflecting a slight decrease from $319.4 million during the same period in 2023, primarily due to client attrition and contract non-renewals.

Company's Financial Performance in the Latest Financial Reports

For the three months ended September 30, 2024, Rimini Street reported revenue of $104.7 million, down from $107.5 million in the same quarter of 2023, marking a decrease of 3%. The decline was attributed to the loss of several large client contracts. The company's gross profit for this quarter was $63.5 million, resulting in a gross profit margin of 60.7%, down from 62.7% in the previous year.

Operating expenses surged to $113.1 million in Q3 2024, a significant increase from $56.1 million in Q3 2023. This uptick was largely driven by litigation costs associated with ongoing legal matters, which amounted to $59.4 million in the latest quarter. Consequently, the company reported a net loss of $43.1 million for the quarter compared to a net income of $6.8 million in the prior year.

Introduction to Company as a Leader in the Industry

Rimini Street has established itself as a key player in the enterprise software support industry, leveraging its expertise to provide alternative support solutions that challenge traditional vendors. The company's innovative service offerings and commitment to customer satisfaction have garnered a loyal client base, helping it to maintain a competitive edge in a challenging market environment. As of 2024, Rimini Street remains focused on enhancing its product portfolio and expanding its market reach, ensuring its status as a leader in the industry.

Mission Statement of Rimini Street, Inc. (RMNI)

Mission Statement Overview

The mission statement of Rimini Street, Inc. (RMNI) serves as a guiding principle for the company's operations and strategic direction. It articulates the company's commitment to delivering high-quality support services for enterprise software, emphasizing customer satisfaction and innovation. As of 2024, Rimini Street's mission is focused on providing exceptional value to clients while navigating a challenging market landscape.

Core Component 1: Customer Commitment

Rimini Street emphasizes its dedication to exceeding customer expectations through tailored support solutions. The company aims to deliver services that are at least 50% less expensive than traditional vendor support fees, enabling clients to allocate resources more efficiently. As of September 30, 2024, Rimini Street supported over 3,090 active clients, including 76 Fortune 500 companies and 22 Fortune Global 100 companies.

Core Component 2: Innovation and Quality

Innovation is central to Rimini Street's mission, with a focus on evolving service offerings to meet the dynamic needs of clients. The company has invested in developing a comprehensive portfolio of solutions designed to optimize enterprise application performance. For the three months ended September 30, 2024, Rimini Street generated revenues of $104.7 million, reflecting its commitment to delivering high-quality services. The gross profit margin for the same period was 60.7%, showcasing the effectiveness of its operational strategies.

Core Component 3: Sustainability and Growth

Rimini Street is committed to sustainable growth, emphasizing the importance of financial health and long-term viability. The company recorded a net loss of $43.1 million for the three months ended September 30, 2024, with an accumulated deficit of $245.1 million. Despite these challenges, the company continues to focus on expanding its client base and enhancing service offerings. The total deferred revenue stood at $202.3 million as of September 30, 2024, indicating a solid foundation for future revenue generation.

Vision Statement of Rimini Street, Inc. (RMNI)

Vision Statement Overview

The vision statement of Rimini Street, Inc. (RMNI) emphasizes its commitment to delivering high-quality enterprise software support solutions. As of 2024, the company aims to redefine the support experience for its clients by focusing on innovation, efficiency, and customer satisfaction.

Strategic Goals

Rimini Street's vision includes strategic goals that align with its mission to provide exceptional service and value. Key components of these strategic goals include:

• Client-Centric Approach: Focus on understanding and meeting client needs to improve satisfaction and retention.
• Innovative Solutions: Development of new products and services to enhance the support experience.
• Operational Excellence: Streamlining operations to reduce costs and improve service delivery.
• Global Reach: Expanding its client base internationally to leverage growth opportunities.

Market Positioning

As of September 30, 2024, Rimini Street supported over 3,090 active clients globally, including 76 Fortune 500 companies and 22 Fortune Global 100 companies. The company seeks to position itself as a leader in the enterprise software support market by offering competitive pricing and superior service quality.

Financial Performance

Rimini Street's financial performance is critical to achieving its vision. For the three months ended September 30, 2024, the company reported:

• Revenue: $104.7 million, a decrease of 3% from $107.5 million in the same period of 2023.
• Net Loss: $43.1 million compared to a net income of $6.8 million in the prior year.
• Gross Profit Margin: 60.7%, down from 62.7% year-over-year.
• Deferred Revenue: $202.3 million, indicating strong future revenue visibility.

Commitment to Innovation

Rimini Street is committed to innovation as part of its vision. This includes:

• New Product Development: Investing in research and development to create advanced support solutions.
• Technology Integration: Leveraging technology to enhance service delivery and operational efficiency.

Global Expansion Plans

The company aims to expand its global footprint, with international revenue accounting for approximately 51% of total revenue for the three months ended September 30, 2024. This strategic focus is intended to tap into new markets and diversify its client base.

Conclusion

Rimini Street, Inc.'s vision for 2024 is grounded in its commitment to excellence in enterprise software support, market leadership, and client satisfaction. Through strategic goals, financial performance, and a focus on innovation, the company aims to solidify its position in the industry.

Core Values of Rimini Street, Inc. (RMNI)

Integrity

The core value of integrity is fundamental to Rimini Street, Inc. (RMNI). It emphasizes the importance of honesty and transparency in all business dealings. This value is crucial for building trust with clients and stakeholders.

Rimini Street demonstrates its commitment to integrity through strict compliance with legal and regulatory standards. For instance, the company has faced significant litigation, particularly related to intellectual property rights, which has resulted in legal expenses amounting to $58.5 million for the nine months ended September 30, 2024. This adherence to legal standards reflects a commitment to ethical practices.

Client Commitment

Client commitment is another core value that guides Rimini Street’s operations. This value underlines the company's focus on delivering exceptional service and ensuring client satisfaction.

As of September 30, 2024, Rimini Street supports over 3,090 active clients globally, including 76 Fortune 500 companies. The company’s subscription-based revenue model, which provides clients with predictable support services, demonstrates this commitment. In the three months ended September 30, 2024, Rimini Street generated revenue of $104.7 million, reflecting a focus on maintaining strong client relationships.

Innovation

Innovation is a core value that drives Rimini Street to continuously improve its services and solutions. This value is essential for staying competitive in the fast-evolving software support market.

The company has made significant investments in new products and services, which are reflected in its operating expenses. For the three months ended September 30, 2024, Rimini Street's total operating expenses reached $113.1 million, with a notable focus on research and development. This investment in innovation is crucial for enhancing the value provided to clients.

Respect

Respect is a core value that fosters a positive workplace culture and enhances collaboration among employees. It underscores the importance of valuing diverse perspectives and treating all individuals with dignity.

Rimini Street employs approximately 2,070 professionals as of September 30, 2024, indicating a diverse workforce that is essential for driving the company’s success. The company’s commitment to employee well-being is evident through its matching contributions to retirement plans, totaling $2.7 million for the nine months ended September 30, 2024.

Accountability

Accountability is a core value that reinforces the importance of ownership and responsibility at all levels of the organization. This value ensures that employees are held accountable for their actions and decisions.

Rimini Street’s financial performance reflects this value, particularly in light of its accumulated deficit of $245.1 million as of September 30, 2024. The company actively manages its financial obligations, including a working capital deficit of $93.7 million, showcasing a commitment to addressing financial challenges responsibly.

Article updated on 8 Nov 2024

Resources:

• Rimini Street, Inc. (RMNI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Rimini Street, Inc. (RMNI)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Rimini Street, Inc. (RMNI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.