<p>Rimini Street ((RMNI)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Rimini Street 最新的财报电话会议在乐观的增长信号与严峻的利润压力之间取得了平衡。高管们强调了强劲的账单、较大的交易和更强的资产负债表，同时承认激进的投资和客户流失对盈利能力造成了压力。管理层将近期的压力视为在不断发展的 ERP 和 AI 领域中获得更大角色的故意权衡。</p>
<h2>收入恢复温和增长</h2>
<p>Rimini Street 报告第一季度收入为 1.055 亿美元，同比增长 1.2%，标志着收入增长的回归。排除下滑的 Oracle PeopleSoft 支持业务后，收入增长更为稳健，达到 5.2%，外汇因素对本季度影响约为 0.5 个百分点。</p>
<h2>账单和年度经常性收入显示商业势头</h2>
<p>账单激增 19.9%，达到 9,530 万美元，剔除 PeopleSoft 后增长 22.9%，显示出健康的需求和更强的销售活动。年度经常性收入达到 4.008 亿美元，同比增长 1.2%，表明核心经常性基础在逐步上升，即使传统项目正在逐步结束。</p>
<h2>剩余履约义务和递延收入构建未来可见性</h2>
<p>剩余履约义务上升至 6.436 亿美元，同比增长 16.4%，剔除 PeopleSoft 后增长 18.2%，凸显出多年的交易可见性改善。递延收入也从 2.564 亿美元上升至 2.773 亿美元，强化了已签约但尚未确认的收入管道。</p>
<h2>更大的交易和新客户标志扩展特许经营</h2>
<p>公司在第一季度完成了 11 笔总合同价值超过 100 万美元的客户交易，总额达到 3,300 万美元，而去年同期仅有 5 笔交易，总值 560 万美元。Rimini Street 还新增了 50 个客户标志，包括全球和区域品牌，表明其支持和服务模式的认可度在不断提高。</p>
<h2>现金实力和债务减少增强灵活性</h2>
<p>Rimini Street 在本季度末持有 1.322 亿美元现金，较去年同期的 1.226 亿美元有所增加，给予其更多的投资空间和应对波动的能力。该公司还进行了 1,000 万美元的自愿本金提前还款，将债务削减至 5,840 万美元，净现金头寸提升至 7,380 万美元。</p>
<h2>经营现金流大幅反弹</h2>
<p>第一季度经营现金流同比改善 2,450 万美元，这一显著变化支持了增长计划和资产负债表的清理。现金生成的反弹与报告的盈利中的利润压缩形成对比，并支撑管理层在收入之前进行投资的意愿。</p>
<h2>Agentic AI ERP 作为战略转型的核心</h2>
<p>管理层强调对 Rimini Agentic AI ERP 和新 Agentic UX 的投资是公司下一阶段增长的核心。专门的研发项目、早期客户试点和不断增长的管道旨在支持更长期的合同和更高价值的成功，帮助客户现代化其 ERP 生态。</p>
<h2>毛利率承受投资压力</h2>
<p>GAAP 毛利率从一年前的 61.0% 降至 59.0%，非 GAAP 毛利率从 61.5% 降至 59.5%，反映出显著压力。高管们将下降归因于提前投资和向大型、前期非订阅项目的组合转变，这些项目在前期承认更多成本。</p>
<h2>调整后 EBITDA 减半</h2>
<p>调整后 EBITDA 降至 890 万美元，占收入的 8.4%，而去年同期为 1,570 万美元，利润率为 15.1%。这一收缩凸显出，特别是在增长计划方面的支出增加，超出了短期收入的增长，压缩了经营杠杆。</p>
<h2>净收入和每股收益承压</h2>
<p>归属于股东的 GAAP 净收入降至 140 万美元，或每股 0.01 美元，而去年同期为每股 0.04 美元。在非 GAAP 基础上，净收入降至 400 万美元，或每股 0.04 美元，较去年同期的每股 0.10 美元下降，反映出利润率降低和业务投资水平上升。</p>
<h2>销售和市场支出上升</h2>
<p>销售和市场费用在 GAAP 基础上上升至收入的 36.6%，高于去年的 32.9%，非 GAAP 支出为 35.8%，而去年为 32.0%。管理层将此描述为抓住当前市场机会的故意举措，特别是在追求更大、更具战略性的企业客户成功时。</p>
<h2>客户留存率低于目标仍然拖累业绩</h2>
<p>Rimini Street 服务订阅的过去 12 个月收入留存率为 88%，低于公司设定的 90% 以上的目标。领导层对未来几个季度留存率的改善表示信心，但承认当前的客户流失水平仍然对增长和盈利能力构成阻力。</p>
<h2>PeopleSoft 逐步退出继续对增长施加压力</h2>
<p>来自 PeopleSoft 支持服务的收入在第一季度降至约 3% 的收入，低于一年前的约 7% 和逐步退出开始时的约 8%。正式的 PeopleSoft 阶段退出将持续到 2028 年中期，仍然是一个结构性拖累，掩盖了其余投资组合中更强的潜在增长。</p>
<h2>对升级前景持谨慎态度</h2>
<p>尽管在账单和交易规模上超出内部预期，管理层选择不提高全年前景，宁愿再观察一个季度的执行情况。该决定表明对近期势头的持续性持谨慎态度，并承认持续的客户流失、利润压力和 PeopleSoft 的拖累。</p>
<h2>指引指向渐进增长和利润恢复</h2>
<p>对于 2026 年第二季度，Rimini Street 指导收入范围为 1.06 亿至 1.08 亿美元，意味着与第一季度的 1.055 亿美元相比，略有增长。公司重申了 2026 年全年目标，预计收入增长 4% 至 6%，调整后的 EBITDA 利润率为 12.5% 至 15.5%，与中期的 20 法则目标一致，并朝着长期的 40 法则表现迈进。</p>
<p>Rimini Street 的财报电话会议描绘了一幅公司通过更大交易、更强预订以及明确的战略推动进入智能 AI 驱动的 ERP 领域而加速增长的图景，但这也以牺牲短期利润率和收益为代价。对于投资者而言，故事的关键在于这些前期投资、改善的现金流和扩大的订单积压是否能够最终转化为更高的客户留存率、更快的收入增长，以及在未来几年内可持续的盈利反弹。</p>

RMNI

<p>Rimini Street (RMNI) 举行了第一季度财报电话会议，报告显示收入同比增长 1.2%，达到 1.055 亿美元，主要得益于账单增长 19.9%。然而，利润率面临压力，GAAP 毛利率下降至 59.0%。调整后的 EBITDA 降至 890 万美元，反映出在增长计划上的支出增加。公司新增了 50 个客户，并完成了 11 笔超过 100 万美元的交易。尽管现金流有所改善，资产负债表更为强劲，但客户留存率仍低于目标，仅为 88%。PeopleSoft 支持的逐步终止继续影响公司的增长</p>

<p>Rimini Street ((RMNI)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Rimini Street ((RMNI)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Rimini Street’s latest earnings call balanced upbeat growth signals with sobering margin pressure. Executives highlighted robust billings, larger deals, and a stronger balance sheet, while acknowledging that aggressive investments and churn are weighing on profitability. Management framed the near-term squeeze as a deliberate trade-off to secure a bigger role in the evolving ERP and AI landscape.</p>
<div class="lb-trans"><p>Rimini Street 最新的财报电话会议在乐观的增长信号与严峻的利润压力之间取得了平衡。高管们强调了强劲的账单、较大的交易和更强的资产负债表，同时承认激进的投资和客户流失对盈利能力造成了压力。管理层将近期的压力视为在不断发展的 ERP 和 AI 领域中获得更大角色的故意权衡。</p>
</div><h2>Revenue Returns to Modest Growth</h2>
<div class="lb-trans"><h2>收入恢复温和增长</h2>
</div><p>Rimini Street reported Q1 revenue of $105.5 million, up 1.2% year over year, marking a return to top-line growth. Excluding the declining Oracle PeopleSoft support business, revenue climbed a more solid 5.2%, with foreign exchange shaving about 0.5 percentage points off the quarter.</p>
<div class="lb-trans"><p>Rimini Street 报告第一季度收入为 1.055 亿美元，同比增长 1.2%，标志着收入增长的回归。排除下滑的 Oracle PeopleSoft 支持业务后，收入增长更为稳健，达到 5.2%，外汇因素对本季度影响约为 0.5 个百分点。</p>
</div><h2>Billings and ARR Signal Commercial Momentum</h2>
<div class="lb-trans"><h2>账单和年度经常性收入显示商业势头</h2>
</div><p>Billings surged 19.9% to $95.3 million, or 22.9% when stripping out PeopleSoft, pointing to healthy demand and stronger selling activity. Annualized recurring revenue reached $400.8 million, up 1.2%, suggesting that the core recurring base is edging higher even as legacy programs wind down.</p>
<div class="lb-trans"><p>账单激增 19.9%，达到 9,530 万美元，剔除 PeopleSoft 后增长 22.9%，显示出健康的需求和更强的销售活动。年度经常性收入达到 4.008 亿美元，同比增长 1.2%，表明核心经常性基础在逐步上升，即使传统项目正在逐步结束。</p>
</div><h2>RPO and Deferred Revenue Build Future Visibility</h2>
<div class="lb-trans"><h2>剩余履约义务和递延收入构建未来可见性</h2>
</div><p>Remaining performance obligations climbed to $643.6 million, a 16.4% year-over-year increase and 18.2% growth excluding PeopleSoft, underscoring improving multi‑year deal visibility. Deferred revenue also rose to $277.3 million from $256.4 million, reinforcing the pipeline of contracted but not yet recognized revenue.</p>
<div class="lb-trans"><p>剩余履约义务上升至 6.436 亿美元，同比增长 16.4%，剔除 PeopleSoft 后增长 18.2%，凸显出多年的交易可见性改善。递延收入也从 2.564 亿美元上升至 2.773 亿美元，强化了已签约但尚未确认的收入管道。</p>
</div><h2>Larger Deals and New Logos Expand Franchise</h2>
<div class="lb-trans"><h2>更大的交易和新客户标志扩展特许经营</h2>
</div><p>The company closed 11 client transactions above $1 million in total contract value, totaling $33 million in Q1 versus just five deals worth $5.6 million a year earlier. Rimini Street also added 50 new customer logos, including both global and regional brands, pointing to growing recognition of its support and services model.</p>
<div class="lb-trans"><p>公司在第一季度完成了 11 笔总合同价值超过 100 万美元的客户交易，总额达到 3,300 万美元，而去年同期仅有 5 笔交易，总值 560 万美元。Rimini Street 还新增了 50 个客户标志，包括全球和区域品牌，表明其支持和服务模式的认可度在不断提高。</p>
</div><h2>Cash Strength and Debt Reduction Bolster Flexibility</h2>
<div class="lb-trans"><h2>现金实力和债务减少增强灵活性</h2>
</div><p>Rimini Street ended the quarter with $132.2 million in cash, up from $122.6 million in the prior-year period, giving it more room to invest and weather volatility. The firm also made a $10 million voluntary principal prepayment, trimming debt to $58.4 million and lifting its net cash position to $73.8 million.</p>
<div class="lb-trans"><p>Rimini Street 在本季度末持有 1.322 亿美元现金，较去年同期的 1.226 亿美元有所增加，给予其更多的投资空间和应对波动的能力。该公司还进行了 1,000 万美元的自愿本金提前还款，将债务削减至 5,840 万美元，净现金头寸提升至 7,380 万美元。</p>
</div><h2>Operating Cash Flow Rebounds Sharply</h2>
<div class="lb-trans"><h2>经营现金流大幅反弹</h2>
</div><p>Operating cash flow improved by $24.5 million year over year in Q1, a notable swing that supports both growth initiatives and balance sheet cleanup. This rebound in cash generation contrasts with the margin compression in reported earnings and underpins management’s willingness to invest ahead of revenue.</p>
<div class="lb-trans"><p>第一季度经营现金流同比改善 2,450 万美元，这一显著变化支持了增长计划和资产负债表的清理。现金生成的反弹与报告的盈利中的利润压缩形成对比，并支撑管理层在收入之前进行投资的意愿。</p>
</div><h2>Agentic AI ERP Anchors Strategic Pivot</h2>
<div class="lb-trans"><h2>Agentic AI ERP 作为战略转型的核心</h2>
</div><p>Management spotlighted investments in Rimini Agentic AI ERP and a new Agentic UX as central to the company’s next leg of growth. A dedicated R&amp;D line item, early customer pilots, and a growing pipeline are intended to support longer-duration contracts and higher-value wins as clients modernize their ERP landscapes.</p>
<div class="lb-trans"><p>管理层强调对 Rimini Agentic AI ERP 和新 Agentic UX 的投资是公司下一阶段增长的核心。专门的研发项目、早期客户试点和不断增长的管道旨在支持更长期的合同和更高价值的成功，帮助客户现代化其 ERP 生态。</p>
</div><h2>Gross Margin Feels the Weight of Investment</h2>
<div class="lb-trans"><h2>毛利率承受投资压力</h2>
</div><p>GAAP gross margin slipped to 59.0% from 61.0% a year ago, with non‑GAAP margin at 59.5% versus 61.5% previously, reflecting meaningful pressure. Executives pinned the decline on pulled‑forward investments and a mix shift toward large, front‑loaded non‑subscription engagements that recognize more cost upfront.</p>
<div class="lb-trans"><p>GAAP 毛利率从一年前的 61.0% 降至 59.0%，非 GAAP 毛利率从 61.5% 降至 59.5%，反映出显著压力。高管们将下降归因于提前投资和向大型、前期非订阅项目的组合转变，这些项目在前期承认更多成本。</p>
</div><h2>Adjusted EBITDA Nearly Halved</h2>
<div class="lb-trans"><h2>调整后 EBITDA 减半</h2>
</div><p>Adjusted EBITDA dropped to $8.9 million, or 8.4% of revenue, compared with $15.7 million and a 15.1% margin in the prior-year quarter. The contraction underscores how stepped‑up spending, particularly around growth initiatives, is outpacing near‑term revenue gains and compressing operating leverage.</p>
<div class="lb-trans"><p>调整后 EBITDA 降至 890 万美元，占收入的 8.4%，而去年同期为 1,570 万美元，利润率为 15.1%。这一收缩凸显出，特别是在增长计划方面的支出增加，超出了短期收入的增长，压缩了经营杠杆。</p>
</div><h2>Net Income and EPS Under Strain</h2>
<div class="lb-trans"><h2>净收入和每股收益承压</h2>
</div><p>GAAP net income attributable to shareholders fell to $1.4 million, or $0.01 per share, versus $0.04 per share a year earlier. On a non‑GAAP basis, net income declined to $4.0 million, or $0.04 per share, from $0.10 per share, reflecting both lower margins and higher investment levels across the business.</p>
<div class="lb-trans"><p>归属于股东的 GAAP 净收入降至 140 万美元，或每股 0.01 美元，而去年同期为每股 0.04 美元。在非 GAAP 基础上，净收入降至 400 万美元，或每股 0.04 美元，较去年同期的每股 0.10 美元下降，反映出利润率降低和业务投资水平上升。</p>
</div><h2>Sales and Marketing Spend Steps Higher</h2>
<div class="lb-trans"><h2>销售和市场支出上升</h2>
</div><p>Sales and marketing expense increased to 36.6% of revenue on a GAAP basis, up from 32.9% last year, with non‑GAAP spend at 35.8% versus 32.0%. Management described this as a deliberate move to capture current market opportunities, particularly as it pursues larger, more strategic wins in enterprise accounts.</p>
<div class="lb-trans"><p>销售和市场费用在 GAAP 基础上上升至收入的 36.6%，高于去年的 32.9%，非 GAAP 支出为 35.8%，而去年为 32.0%。管理层将此描述为抓住当前市场机会的故意举措，特别是在追求更大、更具战略性的企业客户成功时。</p>
</div><h2>Customer Retention Below Target Remains a Drag</h2>
<div class="lb-trans"><h2>客户留存率低于目标仍然拖累业绩</h2>
</div><p>Rimini Street’s trailing 12‑month revenue retention rate for service subscriptions, which make up 95% of revenue, stood at 88%, below the company’s goal of above 90%. Leadership expressed confidence that retention will improve in coming quarters, but acknowledged that current churn levels are still a headwind to growth and profitability.</p>
<div class="lb-trans"><p>Rimini Street 服务订阅的过去 12 个月收入留存率为 88%，低于公司设定的 90% 以上的目标。领导层对未来几个季度留存率的改善表示信心，但承认当前的客户流失水平仍然对增长和盈利能力构成阻力。</p>
</div><h2>PeopleSoft Wind-Down Continues to Pressure Growth</h2>
<div class="lb-trans"><h2>PeopleSoft 逐步退出继续对增长施加压力</h2>
</div><p>Revenue from PeopleSoft support services slipped to about 3% of Q1 revenue, down from roughly 7% a year ago and around 8% when the wind‑down began. The formal PeopleSoft phase‑out runs through mid‑2028 and remains a structural drag, masking stronger underlying growth in the rest of the portfolio.</p>
<div class="lb-trans"><p>来自 PeopleSoft 支持服务的收入在第一季度降至约 3% 的收入，低于一年前的约 7% 和逐步退出开始时的约 8%。正式的 PeopleSoft 阶段退出将持续到 2028 年中期，仍然是一个结构性拖累，掩盖了其余投资组合中更强的潜在增长。</p>
</div><h2>Cautious Stance on Upgrading Outlook</h2>
<div class="lb-trans"><h2>对升级前景持谨慎态度</h2>
</div><p>Despite beating internal expectations on billings and deal sizes, management chose not to raise its full‑year outlook, preferring to see another quarter of execution. The decision signals caution about the durability of the recent momentum and acknowledges ongoing churn, margin pressure, and the PeopleSoft headwind.</p>
<div class="lb-trans"><p>尽管在账单和交易规模上超出内部预期，管理层选择不提高全年前景，宁愿再观察一个季度的执行情况。该决定表明对近期势头的持续性持谨慎态度，并承认持续的客户流失、利润压力和 PeopleSoft 的拖累。</p>
</div><h2>Guidance Points to Gradual Growth and Margin Recovery</h2>
<div class="lb-trans"><h2>指引指向渐进增长和利润恢复</h2>
</div><p>For Q2 2026, Rimini Street guided revenue to a range of $106 million to $108 million, implying modest sequential growth from Q1’s $105.5 million. The company reiterated its full‑year 2026 targets of 4% to 6% revenue growth and an adjusted EBITDA margin of 12.5% to 15.5%, aligned with a medium‑term Rule‑of‑20 ambition and a longer‑term aim toward Rule‑of‑40 performance.</p>
<div class="lb-trans"><p>对于 2026 年第二季度，Rimini Street 指导收入范围为 1.06 亿至 1.08 亿美元，意味着与第一季度的 1.055 亿美元相比，略有增长。公司重申了 2026 年全年目标，预计收入增长 4% 至 6%，调整后的 EBITDA 利润率为 12.5% 至 15.5%，与中期的 20 法则目标一致，并朝着长期的 40 法则表现迈进。</p>
</div><p>Rimini Street’s earnings call painted a picture of a company leaning into growth with bigger deals, stronger bookings, and a clear strategic push into Agentic AI‑enabled ERP, but doing so at the cost of near‑term margins and earnings. For investors, the story hinges on whether these upfront investments, improving cash flow, and expanding backlog can ultimately translate into higher retention, faster revenue growth, and a sustainable rebound in profitability over the coming years.</p>
<div class="lb-trans"><p>Rimini Street 的财报电话会议描绘了一幅公司通过更大交易、更强预订以及明确的战略推动进入智能 AI 驱动的 ERP 领域而加速增长的图景，但这也以牺牲短期利润率和收益为代价。对于投资者而言，故事的关键在于这些前期投资、改善的现金流和扩大的订单积压是否能够最终转化为更高的客户留存率、更快的收入增长，以及在未来几年内可持续的盈利反弹。</p>
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Rimini Street 财报电话会议：增长收益与利润率的困境