Rimini Street (RMNI) 2 May 242024 Q1 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Rimini Street First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator instructions]. today's is that recorded. advised be conference being call Please conference to your President, I Relations. like the Treasurer over Investor Vice would now Pohl, hand to Dean speaker and today, ahead. go Please

to I'd to Earnings operator. Call. First you, Thank Conference welcome everyone Quarter Rimini like XXXX Street's

of the earnings is Ravin, of press fiscal the quarter GAAP and of under is me in release our CFO. the to the Non-GAAP the Today, heading, has year today Perica, found Certain believe on Investor measures non-GAAP be under reconciliation and XX, statements release. also can the included Key About Metrics. press copy and for we which Michael been meaningful our these provided tables with in XXXX, ended we call financial CEO the Financial On website Seth President; are release issued financial a A in March our press Measures first and our Relations. measures explanation and An why following they

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

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

to thousands also and manage as significantly competitive accelerated cost, operating clients savings, you, today. resources outcomes, clients joining support transaction while with such CRM better financials, modernization, delivered Rimini $X migrations, reporting, IT integration, nearly X,XXX operating HCM operations us workflow, governance. client these open lowering goals in savings we already and systems reinvestment and countries countries. Street than cost everyone, projects such our global assisting IT more by you, base to Street opportunity new achieve data, advantages for time profitability, of growth. ERP, date, its Thank security, helps source, and To business over We Rimini of growing cloud, as and and analytics, management billion with improved and innovative automation, have employees. Dean, achieved global that license across serves application thank clients and XX AI, include mission-critical significant we the believe XXX needed

an X.X client XX/X is days average less Our results. time out engineer of minutes, QX XXX X award-winning activity than X satisfaction by score or of delivers average and an earns software support XXXX X of response and excellent.

in with in Although close extension sales first quarter, renewal and line in deals were new and A failed into challenging. periods. sales some to recurring client the develop number deals slipping of plan, were sales client new revenue quarter resulting future more the

In financial team January, regional week more of we to comprehensive a XXX was skills The marketing their sell portfolio rigorous to senior executives. than Street revenue solutions and the hiring, on In have second global full industries clients members. focus fact, further first variety includes kickoff in Street's training several solution we Street This quarter. capabilities the and out and entire sales industries and achieve successfully how a management, support, strategic, Rimini help of leading training globally. already Rimini revenue and solutions goals. develop operational geographies. sales the closed address continue of challenges, on held in across to To the quarter of brands sales and sales building include of the from diverse to event and Rimini a new deals wins global to regional portfolio sales solutions the Significant sellers,

including rollout in in that sales Chief outsourcing The of to our the our following who of we Oracle be experience Cisco found other Subsequent and on leadership Hershkowitz, the page service a be who During strategy the solution, and joined Salesforce. Officer, One, Revenue with our found and and from quarter, Steven and for management the of our Hoogakker, new with SAP can us HP, quarter, solutions Rimini and EMEA announced the joined website.Demand Theater, can on also regional manager executives both press managed us and and hiring globally, biography launch releases Martin sales end-to-end web solutions leadership advantage. products full and successful extensive career ERP our of we the successful competitive continued new companies. hiring environment for our general for a Adobe portfolio of and

Street a case reliable, key vendor solutions continue in needed IT been cases U.S. Rimini Rimini win portfolio XX has have for that IT proven, allow system for Street years, and outcomes. litigation to as Rimini Two. power known partner partner One Rimini In against litigation Rimini the streamlined Court. see services to and proposals. to Street and Rimini Oracle strong Street update. better in filed increased purchasing a has of strong as Oracle including District transaction mission-critical XXXX, in consolidate Oracle broader IT management, on for could a spending preferred and trusted service for business be the service than Rimini rate significantly demand more organizations reduce recognized providers aggregated their We One

which Oracle to its lines. does result not in One the support U.S. subsequent of software with filed Rimini In XXXX, portion Two Rimini Rimini courts certain related U.S. Rimini injunction occurred third-party injunction. no are trial the completed known certain court of Oracle Oracle Rimini fees. enjoining the issued case product trial, One injunction The Trial product contempt legal prohibit XXXX is and U.S. appeals, District legal. permanent litigation Rimini the the One filed the a There providing the Oracle paid support settled Rimini in from to activities fines case, prevailed any Rimini claims in provides support to the The to Oracle on a As and One. Rimini One affirmed to certain against Subsequent certain a line. on as have current on that and Rimini of a related in manner Rimini the reimbursement related the XXXX. activities injunction Court. One proceeding

its JDE [Indiscernible]. While a that on a all of $X.X Act, prejudice Oracle claims prevailed liability majority trial on claim DMCA claims damages the of and its Oracle its product and abandoned of and issued case, EBS, for [Indiscernible] for of eve billion the lost lines copyright jury non-equitable

which PeopleSoft a central to rulings crosscutting activities to Rimini Court certain on in legal District broad concurrent the Court prevailed injunction the Rimini the Oracle Oracle manner on product the that infringement record Database, Two, theories known related but product to issued On In lines, provides certain Rimini spanning the which lines. District other appealing certain as Oracle's Rimini all trial the for on injunction XXXX, claims Rimini Court's with July Two permanent Appeals. is claims lines. prevailed Oracle of solely injunction support further enjoying things, Rimini the amongst Rimini product

totaling on Appeals Oracle. effective, injunction resolution the Rimini administrative District that of should argues stay million yet to recover date, of should a Two taxable Court million. and reserves On exceed Rimini rights, to Rimini Oracle's Rimini's Rimini's consideration District Court the not the with including cost appeal. to to including appellate District Court. this decision under attorney entirety. motion by November such not Court injunction any $XX.X fees Two any returns Court, its fees its Rimini and in filed taxable motion remains now the the Two fees to award has stay that, is motion should costs and and the the Rimini XXXX, to argues all respect Oracle requested an rights attorney's litigation. pending U.S. $XX.XX opposition Oracle, Oracle's determination matter recovery Two cost motion fees The taxable award approximately Rimini of litigation, deny the fees X, of the for with further of to issued the the attorney's of a Rimini related District As filed for

to deal So injunction appeal and in are Court Two Court of as of that Rimini the of further and the and to matters known appeal June been there Rimini court. the today, Rimini to litigation findings before and the Rimini decision Two of summary, of before post-trial the XXXX case Rimini Two have appeal. With over appeal briefs is Two One, X Rimini X, the the currently the related stay arguments. injunction the three, costs Rimini's pending Two, merits Court injunction, also of Two litigation Two Oracle's all a respect oral hear set currently requested appeal date filed of still Appeals and is Appeals. District Two attorneys' of Court under a their to recovery certain the before on the merits which fees Appeals, has a motion of before the injunction, the Rimini

information regarding information SEC investments and are with U.S. Exchange and the bring time, right Summary, respect the potential additional we the disclosures Additional Please a quarterly XXXX in commentary making unable impacts the with and Securities predicted. future pending successful remain Oracle, the the disclosures see related that conclusion. provide outcomes Rimini releases, because with we right to the to we matters shareholder Commission. growth, please X, the be on accelerate Two our Form with today, confident cannot XX-Q litigation filed company's litigation are enhance also report that provide in disclosures our to company's results, the with and profitability, the May actions the of before nor note increase material statements are provide take Oracle additional litigation value continuing Oracle and court financial nor this and able injunction our to to beyond are press we various at cohorts still and still filings to to guidance and filings

our ultimately the SEC described prevail material However, matters Street adverse financial results. litigation above our if and filings, in does on could in Rimini it a impact have and business not

Michael. over to Now you,

measures quarter compared joining first due compared subscriptions, new of was of a XXXX as everyone. and impacted million revenue of X.X% margin of revenue months. revenue the of were the client for XX% revenue basis XX.X% margin quarter up a first for XX noncancelable recognition. needed quarter, XXXX for least XX%. Unfavorable our calculated XX.X% decrease of We constant first gross was service quarter. stock-based by first Revenue the while represented of team by in and expansion increase than of first basis, continued the for first total year that Seth, of the year-over-year engineering was of quarter XX.X% Annualized first billings prior advance a a million a year was XX.X% $XXX.X increase to quarter currency revenue which clients was quarter. Gross the recurring our you, first at QX with $XXX.X represented the you rate quarter and Revenue ratable global XXXX thank revenue XX.X% million compensation for serve to FX for year XXXX. the our of excludes movements. for for United for total movements XXXX Clients revenue, to X.X%. note makes result was compared first Gross more retention revenue of half the XX%, XXXX declined year-over-year $XX.X on subscription Billings during a which contract FX for of $X.X prior $XX for quarter, investment to negatively to first of On revenue Thank engagements in States XX.X% first revenue of results. the non-GAAP X.X%. within for us, QX XXXX, related reduced back quarter prior the million, margin of XX.X% expense, the for international quarter million.

continued calls, the scale. as expecting global earnings expenses. margin efficiencies to gross benefits engagements. pressure working previous in and growing margin gross to improve scale client we noted meet As of leveraging are we new also Simultaneously, we Operating driving are by

This compared litigation prior expense quarter basis, not year revenue, last training XX.X% the we excellence for revenue year year the quarter marketing for to retain theaters, a revenue revenue a high administrative for to pressures quarter costs, quarter attractive to was which of the talent of key there prior expenses still XX.X% first revenue first excludes advantage continue light for quarter litigation and conference inflationary prior of persistent in the markets. was talent. XXXX for of excluding Sales prior October quarter. percentage prior a both of for of year revenue expenses XXXX. global year's as a the excludes for non-GAAP compensation as marketing across our stock-based performance compared On first underscores of Moreover, revenue and event the was which the of where first of the was compared geographies XX.X% was of non-GAAP revenue On margin costs, the While centers comparable, as for of XX.X% for stock-based XX.X% for a XX.X% the basis, and compensation year to revenue a included and in kickoff outside XX.X% quarter. first cost pressures first attract quarter. remain labor G&A first value of previously, costs our the skilled all where first in to expense, and the XX.X% and sales first highlighted revenue is percentage of talent footprint are compared to held sales the revenue with quarter. percentage General compared of the expenses higher-priced

develop We launch are improvement and are required seeing that spend to substantial the to solutions our were and investments of measures restructuring due expanded completed. a initial good portfolio some largely in G&A year-over-year

a year our ongoing teams costs compared outside quarter. was cost made to expenses the our for million other quarter to litigation litigation necessary first compliance by $X.X the of activities. part as for million Net ongoing for $X.X prior legal to expense compliance expected Oracle and and first are due large and remain to compared in However, revenue percentage G&A in-house elevated the peers

term Our million. non-GAAP quarter for first and compared a was release, was revenue. shareholders revenue Bank. the financing XX.X% of of quarter compared of for which X.X% with per swap XX% of for noncancelable a $XXX new to quarter, first operating prior of compared the flow million the $XX.X facility sheet. $XX.X $XXX.X event prior balance million. plus rates Lenders, stock-based The XXXX, was and activity compared $X.X or the U.S. quarter of first first Subsequent quarter. the million prior SOFR Street on quarter. the to outside credit March guidance excludes million XX, of ended to Capital first Business spend million led to XXXX, Oracle. quarter. $XXX prior billed operating future revenue, from the On compared new company income quarter deferred to around year X.X%. continuing litigation diluted line cash compensation, impacts year of senior term. the of share the basis, prior quarter sum was share. flow prior refinanced $X.X amended compared attributable million $X.XX interest cash first the results year the XX, federal outstanding April investments or flow in million first for $X.X $XX.X quarter the X-year margin, to as for as is Bank first income revolving $XXX.X a revolving at March credit Backlog, future in first year FX agreement for and U.S. outstanding million outlook. that as We includes a litigation for million secured quarter. company's operating litigation financial the X-year million includes $X.XX first credit $X.XX revenue Balance suspend range year was revenue was March million the comprised One Rimini of quarter a to loan, clarity loan in XXXX $XXX.X more credit quarter first rate facility with April of cash share until which prior year non-GAAP of deferred net the EBITDA, revenue XX, per to diluted million million to XXXX $X.X press per diluted compared is match before connection the the our courts of from the basis, the year with current headwinds per or was was in ongoing rate of diluted Adjusted $XX share. a was to cash XX, there quarter $X.XX The term the first On TD increased compared Effective XX.X% defined undrawn $XX of X.XX% by million to first at reduced with for a closing. of cash its XXXX, to first of line the to of to of which Deferred revenue prior year and $XXX.X XXXX, XX, and Net

For company's concludes in see now on Oracle, May our additional Form questions. information This report company's Operator, Securities Exchange please with with XXXX, remarks. and X, the disclosures Commission. on we'll quarterly regarding prepared the filed our the and U.S. disclosures litigation XX-Q take

Thank you. question-and-answer Ladies instructions]. the and your question. for now moment begin will gentlemen, session. we [Operator first One

first comes of Alliance Brian Global line Kinstlinger Your from Partners. question the of

on to expenses. or as and describe the I increased of XX% a start count. the going I'm text few looked in result at a increase with a of goods being the services head cost Q

With the a know the cost aggressively. business I increase we're sure of investing hiring offerings, why growth, but I'm you're quite just head services? why count revenue not X% in XX% on in so year-over-year

Sure, Brian, it's Seth.

Every and and we're security mentioned, our business, managed a addition new those I not of the of side on scale staff. a the you're getting customers, particular new lot we require products new as making yet. service Getting bring plus First running business, our customer in means are globally managed service consulting business of our business, up all, business, that interoperability the observability that investments global. a our infrastructure

single revenue. see customers generating at we're we where a worth multiple start not staff returns member yet a to scale from So of

every costly And to add we be different a you while. It's going because time a it's have new add again, structure. So people with -- new to a country, languages. it's

no it, guess, new Look, customer X% counts countries, or I answer Yes. I your new but there's up just would say but year-over-year. XX%, which your to regions, is

So disconnect little there. to of a bit me, there's

Brian, a but doing Well, services lot of remember, customers. a we're of existing of is that lot cross-selling the those into

going back increased the new we mentioned you're as to client count. added this wanted to is in calls, new get as So and now the in have who services, anxious part logo growth And pivot not new we more of prior see what to we sales do customers of these buy into you're our your logos, products course, which, these and lowers growth seeing. to were team back that's services, to challenge

Okay. the I sales clarification the quarter. quarters expenses? for year you guess marketing Thanks any as of where to sales sales the expenses Are on going to be for events, other on anything out you expect see there's inflated know would you helpful related outsized there calling be seasonally the and the

most Well, companies global because the of people course, through pretty we're go from countries, XX SKO, to for bringing common which, they're we're is events. and expensive

said, we or this range one somewhere million As so. in $X.X was the

we're need of we issue, didn't We're expect going be them every have we XX last not events to sure forward, going That's months. one every that QX. these We had why you probably compare having XX a this months.

remarks, 'XX. the in one Michael As end had mentioned his had towards we prepared of

a years the big combination of what lot create in FX did had in a the Japan, you make in difference of the those And between if so difference with of seeing losses, that and especially numbers. you're what $X.X pretty up at we much that the plus the difference million compared look the

value not years makes guess are the X resonating it so covering I'm you me, about prospective To I've the quarter maintenance sense, stock. question I've because the I been is did now soft ago we've is about the the was the makes growth, count just cost. with Last end. talked -- agreements similar sense or being the as became message and XX%, customers? to in billings higher at curious, was much talked proposition OEM again, just closing X lowest right much to deals difficult customer since or strong, which The been hasn't Great. X rate me retention got

high inflationary period. You're getting we're and service a better in super

So I'm ties all I it together. understand how trying guess to

them lose the back but We're of sell say, as where number XX No, away our with core and think and XX% a same mentioned new there the to focus. than a we've refocusing The when plus largest rollout products products, is these as distraction XX, in the SAP get Brian, demand, I there. product, and we're for to while some in lot had that's a of really had turnover. bunch sellers you you've I in my many the selling of companies, the a refocused and getting new is because of selling on the getting support whole we demand everyone had in change a don't go taking strong. out remarks. 'the problem' core core journey, it the market. the get in prior of more slowdown What It out and process. watching product, the see products. This off here We object suite in us we QX. and any the products other market to replacement shiny had is I an back ground ever entire in they sellers We it's in all product from sell, of the process time, seen and this At add they you sellers is Oracle

complicated few of all all, So most who never of a is products. we product had quite which have at the core sellers our sold our

not I we a and we So quarter. of hoped the developing combination and end well they planned got had the those them not would QX problem led as then deals the line by time the over to to pulled forecasted QX, we those and what for getting was together had of one in think as pieces saw

slip of issues. deal bunch a had we So

next quarter, deals some lost, to run. the some Now fiscal pushed QX year those for them of were to those another the next pushed deals of of were some were

where we were quarter. us of combination all So again, in that to of the led the

comes Craig-Hallum Group. Daniel Capital the from line question next from Hibshman of Your

billings the This Maybe just bookings on on XX% down for year-over-year. is Daniel there, the Jeff. weakness and

by there concentrated Just by of where any et in weakness to terms any on themes common platform, either thoughts were cetera? that geography, was

Sure.

think weakness I the weakness Australia the was and of area that out in some came Japan, got that United biggest came of you've weakness some out of States.

of up we deals And challenges. X with brands There the is the did wound those have across where the came the some really were bright quarter, because so in. that again, deals. just great in We volume combination, certainly We spots didn't the fantastic some world. of those slipped

down We ASPs, I those also deal And ASPs the quarter. XX%. negative didn't the the think see were bit combination in we on a really where a slippage, to of the were little that led

out retention And Okay. with in is -- then in dip are as and the you slight that you'd trends of were same there Japan, a sort of anything there terms platform call separate different et in as U.S., is Australia, that out of That's talking again or that terms bookings challenges about of of like the well, the helpful. the Just challenges? sort cetera there set or geography. is of

I seen in through. it -- will that XX cycle of some rate think arrears XX because months certainly, we've rotated look at when deals And revenue large you're we take looking out. some had the months, a retention to you

clients was you really revenue where losses So QX, few a quarters. and a us to the were in news, lot retention the as with up, of other total was contracts contracts, from but on more rearview be they'll with reduction of larger show saw mirror rate really starting for old we was it a it what continue in the had Actually, few losses more clients.

how think and over suites. the build Should model, good of quarters? quarter think there and to then And a kind about? Maybe product and any going we're Okay. margins the last of few how baseline for continuing I we should be all should in just of Rimini what the other that sizing, level buildout One talking next this view from we margins is of of those the just hiring sort we build headwind on out or Michael, about gross the gross as

the where and would we going realm we script, continue. in the Unfortunately, comments, pressures expect I my forward. issues the remarks speak prepared we're getting there, into guidance highlight of just But from to can't these

associated, new this and have making will every continuous improvement, mainly hard this these new deep that we day, work and and certainly very each add ramping, solutions very at However, and watch is we our and are we're that, and mix we I improvements solutions. do are into

just in add that long-term I'll overall gross given XX% past, the that, that guidance a to has we our giving guidance current the not historic not to been But overall we're guidance in since the it. range. had margins

just what again, So take that for it's worth.

And maybe a This I'll one just slip is one in. last actually, new CRO.

direction what can in Just hire? of any and would in particular you focus us thoughts any with the mandate terms share new his any contemplated for be terms of changes any or

Sure.

his better other on United XX% about course, focus is as last We mandate. I few #X especially getting these over think that years. than revenue That all and, our in North is States, talked XX% on the the forums pool. of America, well. calls has we've in much it want to as of performing

get bit kind we're the looking numbers up growth that us expect, the get States performing to America, the plan back that really would United lift of achieve. you to and towards boat the to the accelerated move higher North into we growth You give quite that a us

and as EMEA in region, up will Martin, where course, we they're to as on in markets looking, be those those then clearly, job continue those we grow that the EMEA understand So the heading that introduce who's running, to it nice the and new United economies. changes brought of Australia, product making we lines just of evolve into States at then and focus we a off looking and time he's region. doing sure again, course, in Japan, the permitting, new in at then, first, GM And

Your Wood next line question from Derrick from of comes Cowen. the TD

how This door, into custom. Garrett especially It get reception is your great service handling seems been how on for on way these I'm a for has initial all curious but the to like customers inbounds. been team has Derek. Rimini curious,

It's an complex launch. interestingly

expertise We've in I when support in are vendors are what we're providing at that to think is we back the we door reception. that, you business us to us had it open we're a and I world, apprised example that if for program now. want other moving of door, next by SAP lot at give there look And they be think a come us VMware that certainly challenging going we'll a or us complicated. support and within company for can have you launch a that because me and strong I'll a and their a who customers it, bring the look the Oracle see largest while is what out best surge and with is of believe expire. because a you, But do keep And at we to the something open of and far the other software, bid we one area. customers build we've come "Can can themselves Broadcom's challenge solution going their to to think and to marketplace find then understand sudden any platform another lot sudden might VMware of the this moves a When a is if there, to a them where we you the course, X, A and market XX you the to of manage what bid a to products indeed platform. had where a companies take happened say, platform give this there better you looking of keep demand a example. solution even you we apps acquisition. take custom in had potentially. X, vendors, the are we way bringing a software is those and table saying, to in their over Probably one the say, companies bringing years bring so our an in, with

drivers you for maybe I'll just what's just one of question churning some up drivers driving guys. I that. and off? some door for why into of key customers the great customers as It's the But appreciate finish highlight to color. the are some last you can

more about the Today, understanding the today XX% XX have CIOs. challenge terms even I to soon you're even have motions side. CIO procurement Rimini And its into for to the always and one marketing of focus awareness, with and CFOs of and history watching be years the We especially selling we in as customers switched they different or what we really IT has of over we've mix. can our them. come think awareness been entire as of Street's a XX% table procurement mix. do used

are more We level have the on and are CFOs doing the a level. the we're XX% represents forget, on that decisions often focus than CIO on the CFO much fact so let's and CIO landing. there's and think within and organizations that more deals CFOs really CFO, the the a Street, XX% change within clients, not I of watching so you're on to And Rimini the return XX% where at procurement sea even the function report CIOs those financial XX% and pressure investment

is And the world looking point is doing the with resonating of there the not on And we And of course, everything have our do ROI. of different that messaging that's CIO, think packages at very transition they're is CFO. world in then, the some CIO, that CFO. suite course, they where and the the buyer releases, with. taking combined we're considerations I So because about of very, CFO organization different ROI of the strongly within place modeling work

And thing you're so think watching. one I that's key

there customers going, In of are changes. coming terms generational natural some and

HCM you factor have changes the as sort side. natural of success what as workdays course, world, well the in the the Of generational

got movement you've cloud little reversal bit a SaaS of that we're movement. interestingly watching of also generation a the next a I in So area enough, as think and

even the Of course, forth. of now so new know, a the direction. everyone companies we that's technology, there's rushes AI, and into there's cloud lot and repatriating there's There's data far back all and then millions, back too from as saving movement we've gone centers whether in out rethinking, gate, one regrouping,

is many we midrange. So there really in to end that retail look I what trend how at economic business or used how market, any pressure see at are alone, bankrupt, this not but that's situation, driving lower the retailers wouldn't point do just I out look on to much the going single one think the in of

So of there drive more and even a forward. build will going us lot is do I that think that pressure financial demand for

next question Your Alliance Global comes Partners. from of the of line Kinstlinger Brian

deal or litigation? related First suspended retention closings been do think impact to there's of you guidance, you all, to an

I we Brian. hard give the one solid think support don't other. way data would to or that have you say, It's a really

level think SAP would much natural not just by but Oracle something as with that side is sure it XX happens affected for assume the and is back litigation Oracle, impact back-and-forth especially sales the be had on side. I the side the years. forth on to the I'm related Oracle with in it of some to we've

it to We're now appellate at to with is happening court. Because ranges mix, there's have multiple and court, couldn't court us a suspended of the injunction have high the litigation district court the varying before this and significant really because impact very given we we we exactly a give pretty the decides guidance. issues that's depending things the in guidance Of do felt reliable can on be happening before a -- ebbs and an the we why the them all course, some it flows courts, so that a how are pending court. in we'd right what's at consider point

confident that I yes, to am reality there's so would some I say impact sales. just And have to that

to Okay. from do much Michael, refinance? question, My the interest maybe in expect save you how annual for is, last

disclosed, we do that Brian, basis increases So by our as we have points. spread XXX

higher the slightly but it's cost, regard, that we're in amortization. resetting So

debt working in So capital fixed. the Nonetheless, slight -- in we availability movement overnight attractively the for million have have availability revolver there overall $XX swapped we but service. the purposes,

of noted filing wasn't press As the $XX our release, million the in we in $XX Q term piece. million have

noting nice interest the do we attractive have in have line, also Again, at rates. mid-X% have that the we So that your we fixed range. offset with surplus our

that movement we line have that forward. going portion rates, on this how about can what that manage given surplus, right cash our we fixed where think see you have and how is of the you depending could we So

more clear, taking so and you're the it be understand, to lot, coming Maybe XXX ultimately just more given see Is a are I over of right? world down all time. interest was floating rates is that points have basis benefit thinks in it order on that interest

want or we Yes, more that in years years. note previously. X that's I as We also well. X were have a X And component extended to

is there through So these well. element for commitment That's a years X institutions terms. a as these an incremental under key

Seth And call there hand questions the further no the will remarks. are back at time. closing Ravin now to for I this

good the for I performance great you our need continued first efforts for Rimini on much, the again, all in and again, the and our want to everyone harm's you continue next charitable a and satisfaction we'll with of rates. suffering and quarter client quarter basis way. thoughts much, commentary. again, such discuss health to for joining forward some Street join then, wishing very you call, out a to you to operator. our in roll second us I Thank customers earnings those all quarter continued I products for thank yours third and want new support, And day. in very and global having X to these thank have Until their as date and Thank great call. all a we with colleagues serve look

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

may disconnect. now You