2018 Q3 Form 10-Q Financial Statement

#000114420418058371 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $63.44M $53.61M
YoY Change 18.34% 31.65%
Cost Of Revenue $22.22M $20.11M
YoY Change 10.5% 16.7%
Gross Profit $41.22M $33.50M
YoY Change 23.05% 42.61%
Gross Profit Margin 64.98% 62.49%
Selling, General & Admin $30.38M $25.77M
YoY Change 17.91% -4.27%
% of Gross Profit 73.71% 76.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $450.0K $510.0K
YoY Change -11.76%
% of Gross Profit 1.09% 1.52%
Operating Expenses $37.37M $26.13M
YoY Change 43.01% -2.91%
Operating Profit $3.849M $7.369M
YoY Change -47.77% -263.54%
Interest Expense -$50.40M $9.152M
YoY Change -650.7% 112.0%
% of Operating Profit -1309.43% 124.2%
Other Income/Expense, Net -$431.0K $108.0K
YoY Change -499.07% -175.0%
Pretax Income -$46.66M -$8.655M
YoY Change 439.06% -42.63%
Income Tax $510.0K $385.0K
% Of Pretax Income
Net Earnings -$47.17M -$9.040M
YoY Change 421.75% -41.26%
Net Earnings / Revenue -74.34% -16.86%
Basic Earnings Per Share -$0.83 -$0.37
Diluted Earnings Per Share -$0.83 -$0.37
COMMON SHARES
Basic Shares Outstanding 62.59M shares 24.73M shares
Diluted Shares Outstanding 62.59M shares 24.73M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.50M $0.00
YoY Change
Cash & Equivalents $23.49M $15.59M
Short-Term Investments
Other Short-Term Assets $9.500M $0.00
YoY Change -100.0%
Inventory
Prepaid Expenses $9.124M
Receivables $42.55M
Other Receivables $0.00
Total Short-Term Assets $75.59M $0.00
YoY Change -100.0%
LONG-TERM ASSETS
Property, Plant & Equipment $3.632M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.300M $158.2M
YoY Change -98.55% -8.55%
Total Long-Term Assets $5.891M $158.2M
YoY Change -96.28% -8.54%
TOTAL ASSETS
Total Short-Term Assets $75.59M $0.00
Total Long-Term Assets $5.891M $158.2M
Total Assets $81.48M $158.2M
YoY Change -48.49% -8.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.574M $200.0K
YoY Change 4687.0% -50.0%
Accrued Expenses $42.90M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.735M
YoY Change
Total Short-Term Liabilities $199.8M $246.0K
YoY Change 81129.72% -96.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $33.80M $9.000M
YoY Change 275.56%
Total Long-Term Liabilities $0.00 $9.000M
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $199.8M $246.0K
Total Long-Term Liabilities $0.00 $9.000M
Total Liabilities $233.6M $9.300M
YoY Change 2412.33% 22.21%
SHAREHOLDERS EQUITY
Retained Earnings -$374.7M
YoY Change
Common Stock $6.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$265.4M $149.0M
YoY Change
Total Liabilities & Shareholders Equity $81.48M $158.2M
YoY Change -48.49% -8.67%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$47.17M -$9.040M
YoY Change 421.75% -41.26%
Depreciation, Depletion And Amortization $450.0K $510.0K
YoY Change -11.76%
Cash From Operating Activities -$9.640M -$4.360M
YoY Change 121.1% 363.83%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$170.0K
YoY Change 135.29%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$400.0K -$170.0K
YoY Change 135.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.260M -8.070M
YoY Change -84.39% -1108.75%
NET CHANGE
Cash From Operating Activities -9.640M -4.360M
Cash From Investing Activities -400.0K -170.0K
Cash From Financing Activities -1.260M -8.070M
Net Change In Cash -11.30M -12.60M
YoY Change -10.32% 8900.0%
FREE CASH FLOW
Cash From Operating Activities -$9.640M -$4.360M
Capital Expenditures -$400.0K -$170.0K
Free Cash Flow -$9.240M -$4.190M
YoY Change 120.53%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Use Of Estimates
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<div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in its consolidated financial statements and accompanying notes. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes are reasonable under the circumstances, to determine the carrying values of assets and liabilities that are not readily apparent from other sources. The Company&#8217;s significant accounting estimates include, but are not necessarily limited to, accounts receivable, valuation assumptions for stock options, embedded derivatives, deferred income taxes and the related valuation allowances, and the evaluation and measurement of contingencies. To the extent there are material differences between the Company&#8217;s estimates and the actual results, the Company&#8217;s future consolidated results of operation may be affected.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2017Q3 us-gaap Preferred Stock Redemption Discount
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CY2018Q3 us-gaap Loss Contingency Actions Taken By Court Arbitrator Or Mediator
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On August 14, 2018, the District Court (i) imposed an injunction that was substantially identical to the injunction that the Court of Appeals had vacated in January 2018, and (ii) ordered the return to Oracle of the $28.5 million of escrow funds deposited by Oracle with the District Court in May 2018.
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us-gaap Convertible Preferred Stock Terms Of Conversion
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The Company has the right to convert outstanding shares of Series A Preferred Stock into Common Stock for the Per Share Amount after the three-year anniversary of the Closing if the Company&#8217;s volume weighted average stock price for at least 30 trading days of the 45 consecutive trading days immediately preceding such conversion is greater than $11.50 per share.
rmni Preferred Stock Liquidation Preference Description
PreferredStockLiquidationPreferenceDescription
The holders of Series A Preferred Stock may exercise their conversion rights prior to any optional redemption. In the event of a liquidation, dissolution or winding up of the Company, the Series A Preferred Stock is entitled to a liquidation preference in the amount of the greater of (i) $1,000 plus accrued but unpaid Dividends (the &#8220;Liquidation Preference&#8221;), and (ii) the per share amount of all cash, securities and other property to be distributed in respect of the common stock such holder would have been entitled to receive for its Series A Preferred Stock on an as-converted basis.
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2018-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
Rimini Street, Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001635282
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Trading Symbol
TradingSymbol
RMNI
CY2018Q4 dei Entity Common Stock Shares Outstanding
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dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
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false
dei Entity Small Business
EntitySmallBusiness
false
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
9861000 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-255000 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-32000 USD
us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
0 USD
us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
-14067000 USD
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
133000000 USD
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
0 USD
rmni Payments For Principal And Other Contractual Obligations
PaymentsForPrincipalAndOtherContractualObligations
145382000 USD
rmni Payments For Principal And Other Contractual Obligations
PaymentsForPrincipalAndOtherContractualObligations
36993000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5704000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2018Q3 rmni Percentage For Commitments For Services
PercentageForCommitmentsForServices
0.35 pure

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