Rimini Street, Inc. · NASDAQ:RMNI
Rimini Street — Investor Day (February 2021)
91 slides from Rimini Street's investor day presentation, Feb 1, 2021
Slide 1: Investor Day 2021
WELCOME Investor Day 2021 Exhibit 99.1
Slide 2: Welcome & Housekeeping
Dean Pohl VP, Investor Relations Welcome & Housekeeping
Slide 3: Agenda
A G E N D A Eastern Time Topic Speakers 11:00 AM Welcome Dean Pohl, VP, Investor Relations 11:05 AM Vision, Strategy and Accelerating Growth to $1B Revenue by 2026 Seth A. Ravin, Co-founder, CEO & Chairman of the Board 11:20 AM Why Clients Buy and Case Studies Sebastian Grady, President 11:35 AM Mar
Slide 4: Housekeeping Notes
Housekeeping Notes ▪ Today’s presentation is being recorded and will be available for playback on our Investor Relations site. ▪ Ask written questions anytime throughout the prepared presentations or Q&A session. We will answer as time permits. ©2021 Rimini Street, Inc. 4
Slide 5: Forward Looking Statement
Forward Looking Statement Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words
Slide 6: Rimini Street
Rimini Street
Slide 7: Vision, Strategy and Accelerating Growth to $1B Revenue by 2026
Seth A. Ravin Co-founder, CEO & Chairman of the Board Vision, Strategy and Accelerating Growth to $1B Revenue by 2026
Slide 8: Vision: Large market opportunity needing a solution
Vision Large market opportunity needing a solution ▪ Provides support to those “running” the software ▪ Broader scope of service ▪ More responsive and effective model ▪ No required upgrades for at least 15 years ▪ Support for customizations, interoperability and performance ▪ Significantly lower ann
Slide 9: Substantially Lower Total Cost of Ownership
$2 Million $800K $600K $600K $1M $1M$4M Substantially Lower Total Cost of Ownership ©2021 Rimini Street, Inc. 9
Slide 10: Experienced Senior Leadership Team
Sebastian Grady President Seth Ravin Founder & CEO Experienced Senior Leadership Team Gerard Brossard EVP & Chief Operating Officer Michael L. Perica EVP & Chief Financial Officer Nancy Lyskawa EVP, Global Client Onboarding Kevin Maddock EVP, Global Sales – Recurring Revs Brian Slepko EVP, Global Se
Slide 11: The Core Business Problem We Solve
Today Tomorrow The Core Business Problem We Solve ©2021 Rimini Street, Inc. 11
Slide 12: Vision: Expanding vision of enterprise software support
Vision Expanding vision of enterprise software support ▪ Turnkey, single-vendor responsibility for “running and supporting” the software ▪ Broader, redefined scope of service “bundles” than traditional vendor offerings ▪ Unique value-proposition that only Rimini Street could offer at global scale ▪
Slide 13: Redefining Industry Service Bundles
Redefining Industry Service Bundles • Unplanned interruption on IT service Management Consulting Implementations Digital Transformation Upgrades Application Management Services Application Software Licensing Vendor Application Support Application Management Services Application Support Traditional S
Slide 14: Rimini Service Offerings Today
AGILE BUSINESS Optimize Software Licenses Manage Public Cloud Usage Leverage Public Cloud Benefits Improve Application Management Outcomes Reduce Total Software Support and Operating Costs Five (5) Pillars of IT Optimization & Savings That Create Funding & Resource Options Rimini Service Offerings T
Slide 15: Strategy, Service, Value & Execution Drive Growth
Strategy, Service, Value & Execution Drive Growth Property of Rimini Street ©2021 | Proprietary and Confidential 15©2021 Rimini Street, Inc.
Slide 16: Rimini Street company overview
Founded: 2005 Public: October 2017 (Nasdaq: RMNI) Global Headquarters: Las Vegas, NV Employees(1): Over 1,300 Active Clients(1)(2): Over 2,300, and to date 3,700 clients including over 180 Fortune 500/Global 100 Global Reach: 20 countries of operation, supporting clients in over 100 countries Strong
Slide 17: Roadmap to $1 Billion in Annual Revenue By 2026
Roadmap to $1 Billion in Annual Revenue By 2026 17 Sales Retention Service Delivery Litigation Finance Marketing $1B A Collection of Coordinated, Integrated Strategies & Plans 2021 - 2026 Vision ©2021 Rimini Street, Inc.
Slide 18: Rimini Street
Rimini Street
Slide 19: Why Clients Buy and Case Studies
Sebastian Grady President Why Clients Buy and Case Studies
Slide 20: Leading Global Companies Leveraging Rimini Street
Leading Global Companies Leveraging Rimini Street Organizations are avoiding and delaying expensive, low-value ERP upgrades and migrations 20©2021 Rimini Street, Inc.
Slide 21: Delivering better outcomes to more than 3,700 clients
Delivering better outcomes to more than 3,700 clients across nearly all industries and geographies 21 26% 25%19% 13% 13% 4% Manufacturing TMT Services Public Sector & Education Healthcare & Retail Distribution & Transportation 58%23% 12% 7% U.S. APAC EMEA Other Revenue by Industry(1) Revenue by Geog
Slide 22: Why Clients Buy Rimini Street Services
Why Clients Buy Rimini Street Services And why they will buy even more Rimini Street Services in the future ▪ Reduce cost of Support and Application Management Services ▪ Lower annual fees ▪ Guarantee service on current releases for at least 15 years ▪ Higher quality service with broader scope ▪ Fun
Slide 23: Why Clients Buy Rimini Street Services: Sales Messaging
Why Clients Buy Rimini Street Services Clients BUY when they understand that Rimini Street solutions enable and help them achieve their strategic, financial and IT goals “Save time, money & resources; Get broader, better services and better response times; and you can fund innovation that supports g
Slide 24: Client Spotlight: Retail
Client Spotlight Why Retail Clients Buy Rimini Street Support Services Retail Market Landscape ▪ Key Competitive Focus: Consumer acquisition, cost management, digital business models ▪ High Priority IT Spend: Ability to successfully compete with online retailers ▪ Rimini Success: 25% of top 100 U.S.
Slide 25: Client Spotlight: Public Sector
Client Spotlight Why Public Sector Clients Buy Rimini Street Support Services 25 Public Sector Market Landscape ▪ Key Competitive Focus: Constituent services, capital investment, balance budgets ▪ High Priority IT Spend: More efficient, cost-effective government services ▪ Rimini Success: More than
Slide 26: Client Spotlight: Services
Client Spotlight Why Services Clients Buy Rimini Street Support Services Construction and Engineering Services Market Landscape ▪ Key Competitive Focus: Capital investment, cost management, profitability, supply chain ▪ High Priority IT Spend: Streamlined operations and productivity ▪ Rimini Success
Slide 27: Client Spotlight: Manufacturing
Client Spotlight Why Manufacturing Clients Buy Rimini Street Support Services Manufacturing Market Landscape ▪ Key Competitive Focus: Cash liquidity, increased ROIC, supply chain management ▪ High Priority IT Spend: Reduced operating costs through innovation and technology ▪ Rimini Success: 30 of th
Slide 28: Client Spotlight: Financial Services
Client Spotlight Why Financial Services Clients Buy Rimini Street Support Services Financial Services Market Landscape ▪ Key Competitive Focus: Cost Containment, Business Model Transformation ▪ High Priority IT Spend: Direct consumer marketing and client acquisition ▪ Rimini Success: Nearly 200 glob
Slide 29: Client Spotlight: Distribution & Transportation
Client Spotlight Why Distribution Clients Buy Rimini Street Support Services Distribution & Transportation Market Landscape ▪ Key Competitive Focus: Accelerate digitization, client acquisition, margins and reduce carbon ▪ High Priority IT Spend: Innovative technologies and analytics to improve inven
Slide 30: Rimini Street Success Based on Client Success
Rimini Street Success Based on Client Success Rimini Street achieves an average client satisfaction rating on support cases of 4.9/5.0 (5.0 is “excellent”) Our fanatical focus on helping our clients achieve their strategic, financial and IT goals drives Rimini Street success 30 Nearly $5B in client
Slide 31: Rimini Street
Rimini Street
Slide 32: Marketing Strategy and Plan
David Rowe Chief Marketing Officer Marketing Strategy and Plan
Slide 33: Gartner: A Growing Revenue Opportunity
Gartner: A Growing Revenue Opportunity 33 $1.05 B (USD) $351 M (USD) 1. Gartner, Predicts 2020: Negotiate Software and Cloud Contracts to Manage Marketplace Growth and Reduce Legacy Costs, 18 December 2019 2019 2023 “For those applications that you do not yet want to move to the cloud, evaluate thir
Slide 34: Current, Large Addressable Market
Current, Large Addressable Market ▪ $14.5B addressable Support market for products we cover today ▪ $14.7B addressable AMS market for the products we cover today 34 Oracle Support, $8.3 B SAP Support, $6.2 B AMS for SAP, $7.4 B AMS for Salesforce, $3.5 B AMS for Oracle Apps, $3.8 B Support Support +
Slide 35: Significant Future Revenue Growth Opportunity
Significant Future Revenue Growth Opportunity ▪ Support Opportunity: Approximately 3.5% penetration of estimated current addressable market ▪ AMS Opportunity: Less than 1% penetration of estimated current addressable market 35 Rimini Street Estimated Current Addressable Market Penetration Rate by Re
Slide 36: Changing Market Landscape
Changing Market Landscape Continued economic and budget pressures Costly, disruptive Oracle and SAP platform migrations Commoditization of databases New, innovative digital, cloud, open source options Hybrid reality (licensed + cloud) Clear IT & Business Needs Shift costs from operations to innovati
Slide 37: GTM: Scalable Demand Generation
Q U A L I F I E D L E A D S T O S A L E S GTM: Scalable Demand Generation 37 D E M A N D E N G I N E Television PR AR Display Ads SEO A W A R E N E S S & R E P U TAT I O N • Personas • Industries • Use Cases Data Strategy Integrated Campaigns Sales Development / Lead Gen Technology Enablement ©2021
Slide 38: GTM: Global Team, Scalable Model
GTM: Global Team, Scalable Model Global strategy, scalable marketing engine supporting local execution ▪ Aligned pods of SDRs / ISRs / AEs by sales territories ▪ Fully integrated marketing to sales funnel ▪ Scalable hiring, training and enablement programs ▪ 24-hour marketing operations support and
Slide 39: GTM: Global Brand & Service Awareness
GTM: Global Brand & Service Awareness Global media campaigns across 90 countries 39 ▪ TV and Radio Ads ▪ Local Broadcast TV: Identified by regional teams ▪ ConnectedTV: For example, Hulu, Roku, Fire ▪ YouTube ▪ Streaming Radio: For example, Spotify ▪ Programmatic Video: Web/digital advertising; glob
Slide 40: GTM: Innovative Digital Platform & Virtual Events
▪ Rimini Street leverages a modern, scalable website to effectively represent our brand and enables our prospects to complete up to 50% of their buyer journey digitally before interacting with Rimini Street sales team. ▪ Objectives ▪ Enable buyer journeys for multiple personas and various use cases
Slide 41: GTM: Rimini Street Marketing Technology Stack
GTM: Rimini Street Marketing Technology Stack Attract Engage Convert Expand Analyze Paid Search, Display Social and PR SEO Website Search HeatmapChatbots Compliance Automation Content Sales Automation Sales Development Intent Signals Data Enrichment Client Health Dashboards Client Insights ABM Cross
Slide 42: Rimini Street Marketing Will Drive Growth
Rimini Street Marketing Will Drive Growth Marketing vision, strategy, infrastructure and execution support long-term, accelerated global growth 42 Growing Brand Awareness & Excellent Reputation Delivering Increased Deal Pipeline to Sales Advanced, Scalable Processes & Technology Foundation in Place
Slide 43: Rimini Street
Rimini Street
Slide 44: Sales Strategy and Plan for New Clients and Cross-sell
Gerard Brossard Chief Operating Officer Sales Strategy and Plan for New Clients and Cross-sell
Slide 45: Road to $1 Billion in Annual Revenue By 2026
Road to $1 Billion in Annual Revenue By 2026 2021 execution strategy and plan to convert more opportunities and pipeline to revenue ▪ Implement consistent regional structure led by GM’s ▪ Re-accelerate North American growth ▪ Sell expanded portfolio of solutions ▪ Increase client retention and cross
Slide 46: Implement Consistent Regional Structure
▪ Proven, successful model in international regions, now implemented in North America ▪ GM responsibilities include: ▪ Regional strategy ▪ Regional P&L, performance and growth ▪ End-to-end operations ▪ Client relationships, pre- and post-Sales ▪ Rimini Street regional team GM EMEA GM Central GM ANZ
Slide 47: Re-Accelerate Growth In North America
Re-Accelerate Growth In North America GM’s bring added executive leadership, focus and strategic execution to largest revenue territory ▪ Implement proven GM model in NAMER, with 3 Regions o East – includes Eastern Canada o Central & Northwest – includes Western Canada o South & Southwest ▪ Experien
Slide 48: Sell Expanded Portfolio of Solutions
Sell Expanded Portfolio of Solutions Overlay sales model drives improved win rates and increased productivity Senior Account Executive (SAE) Prospect Support Client AMS Strategic Services Overlay SSA & SAE Client Success Manager (CSM) SSA (Technical Sales) Roadmapping 48 ▪ Sales Account Executive (S
Slide 49: Increase Client Retention and Cross-Sell
Increase Client Retention and Cross-Sell Strengthened Client Engagement Model for retention and cross-sell of est. $1B additional annual opportunity GLOBAL Global Oversight Clients – Top accounts Revenue <5% STRATEGIC Clients ~10% Revenue ~45% ENTERPRISE Clients ~30% Revenue ~35% PREMIER Clients ~60
Slide 50: Hire To Quota Capacity Plan And Increase Productivity
Hire To Quota Capacity Plan And Increase Productivity Robust process from recruiting and hiring proven talent to developing high-performing sellers 01 02 03 0504 – Virtual Career Fairs – External Firm & Contract Sourcing – Referral Bonuses Sourcing Top Candidates – New Hire Sales Training – 90 Day S
Slide 51: Rimini Street
Rimini Street
Slide 52: Renewals and Growing Long-Term Client Value
Kevin Maddock EVP, Global Recurring Revenue Sales Renewals and Growing Long-Term Client Value
Slide 53: Renewals Drive More Than 80% of Annual Revenue
Renewals Drive More Than 80% of Annual Revenue Revenue retention is a structured, year-round sales process within client lifecycle 53 Client Engagement Lead Revenue Retention Team strategy & identify cross-sell opportunities Renewal Sales Reinforce/ resell service value to client Renewal Sales Compl
Slide 54: Increased Revenue Retention Rate and LTV
Increased Revenue Retention Rate and LTV Multiple factors will drive increased Revenue Retention Rates and grow LTV through 2026 ▪ Clients will run current ERP longer ▪ New vendor ERP products and releases fail to excite most organizations ▪ Vendor ERP migrations & upgrades seen as low-value, costly
Slide 55: Renewals Team Helps Drive Account Revenue Growth
Renewals Team Helps Drive Account Revenue Growth Recurring Revenue Sales Team part of integrated global sales strategy 55 Identified leads and opportunities passed to Field Sales Team goals and incentives aligned to support “land and expand” opportunities with existing clients ©2021 Rimini Street, I
Slide 56: Rimini Street
Rimini Street
Slide 57: Service Delivery and Expanding Gross Margin
Brian Slepko EVP, Global Service Delivery Service Delivery and Expanding Gross Margin
Slide 58: Global Service Delivery: Driving Principles
Global Service Delivery: Driving Principles 58 Quality Efficiency Scalability ©2021 Rimini Street, Inc.
Slide 59: Global Support Delivery: Engineered for Support
Global Support Delivery: Engineered for Support 59 Delivering Support for over 15 years Global scalability by design Process, tools, talent, focus On-demand labor pool Client satisfaction of 4.9 in 2020 6,500 years of cumulative experience 17 countries 7 languages ©2021 Rimini Street, Inc.
Slide 60: Global Support Delivery: Service Model
Global Support Delivery: Service Model Unified support and application management services 60 Client 32% of cases solved by AMS would have gone to Support ©2021 Rimini Street, Inc.
Slide 61: Unlimited AMS Model for SAP, Oracle and Salesforce
Incidents ▪ Unplanned interruption on IT service ▪ Increase software capabilities beyond original specifications Unlimited AMS Model for SAP, Oracle and Salesforce 1 2 3 4 Service Requests Routine Tasks ✓Unlimited ✓Unlimited ▪ Request for information, advice ▪ Standard change, follows a procedure ▪
Slide 62: The Best AMS Ticket is the One that is Never Created
1 3 4 2 Implement a quick work around, get the system up, minor code fix to stop issue reoccurrence. Work Around, Break Fix Modify existing IT process to prevent issue reoccurrence. Process Change Data Change Changing the data flow or data type fixes the problem. Based on the impact analysis. Major
Slide 63: The Impact and Value of Rimini Street Root-Cause Expertise
The Impact and Value of Rimini Street Root-Cause Expertise Reduction in overall open incidents Reduction in overall open volumes Reduction in meter to cash open incidents Incident Management Reduction: “Rimini Street’s AMS team worked closely with each of our Production Managers and Lines of Busines
Slide 64: Industry-Leading Service Level Agreements
y Moving to resolution-based with fulfillment targets Incident response SLA offering exceeds industry standards ONLY vendor offering response SLA’s on Service Requests Industry-Leading Service Level Agreements (SLA’s) Resolution-Based Industry Leading Unique Standard Offering ©2021 Rimini Street, In
Slide 65: Global Product Delivery
Global Product Delivery Industry-leading fixes, updates and Global Tax, Legal & Regulatory Support Rimini Street Global Tax, Legal and Regulatory Update Service is a proven, mature service ▪ Process, tools, technology, talent, focus ▪ Build, buy, partner ▪ Agile framework ▪ Global, multi-national cl
Slide 66: Global Service Delivery: Innovation Platform
Global Service Delivery: Innovation Platform 66©2021 Rimini Street, Inc.
Slide 67: Case Assignment Advisor
Global Service Delivery Innovation Case Assignment Advisor – patent pending & Stevie Award Gold winner Case Assignment Advisor... ▪ Finds best available Engineer for the case ▪ Considers load and availability vectors ▪ Considers business constraints vectors 67 35+ Vectors Integrated with Salesforce,
Slide 68: C-Signal
Global Service Delivery Innovation C-Sginal³– patent pending & Stevie Award Gold winner C-Signal... ▪ Accurately identifies sentiments and anomalies both positive and negative ▪ Helps us to proactively address cases and further improves client satisfaction ▪ Helps us to listen to voice of the custom
Slide 69: Global Service Delivery Innovation Results
Global Service Delivery Innovation Results that drive improved client satisfaction, global scalability and expanded gross margins 69 Case Life (Days) Back and Forth Count Request for Update Count Case survey rating average 4.9/5.0 (5.0 is “Excellent”) Rimini Street speeds software issue resolution b
Slide 70: Rimini Street
Rimini Street
Slide 71: Legal Strategy and Overview
Daniel B. Winslow EVP, Chief Legal Officer & Secretary Legal Strategy and Overview
Slide 72: Rimini Street Disrupting a $170 Billion Market
Rimini Street Disrupting a $170 Billion Market Market disruptors often have to battle incumbents trying to preserve and control the market 72 2005 Founding 2014 Rimini Street Files Rimini II 2015 Rimini I Trial 2010 Oracle Files Rimini I 2022 Rimini II Trial (Expected) Rimini Street Annual Revenue $
Slide 73: Third Party Support Is Allowed and Legal
Third Party Support Is Allowed and Legal The Court – and Oracle – agree that clients have right to choose their after-market support provider “whether third-party support is allowed under the licensing agreements is not at issue in this [Rimini II] lawsuit, nor was it at issue in [Rimini I].” - US F
Slide 74: Litigation About "Manner" in Which Support Performed: Rimini I
Litigation About “Manner” in Which Support Performed Litigation over “how” –what tools and processes – Rimini uses to provide support for certain Oracle products ▪ Rimini I (Final) ▪ Oracle filed against Rimini in 2010 ▪ Oracle lost 23 out of 24 claims ▪ Oracle won a claim of “Innocent Infringement”
Slide 75: Litigation About "Manner" in Which Support Performed: Rimini II
Litigation About “Manner” in Which Support Performed Litigation over “how” –what tools and processes – Rimini uses to provide support for certain Oracle products ▪ Rimini II (Trial Expected in 2022) ▪ Rimini filed against Oracle in 2014 ▪ Rimini deployed advanced, innovative technology called “Autom
Slide 76: Strategic Litigation
We will fight the battles we need to fight to assure a fair, legal, and competitive marketplace for the $180 billion global enterprise software support spend, in general, and to protect our market right to aggressively challenge Oracle for a significant share of its $20 billion in annual support rev
Slide 77: Rimini Street
Rimini Street
Slide 78: Financial Model
Michael Perica Chief Financial Officer Financial Model
Slide 79: Historic Growth Profile
Historic Growth Profile 79 $140 $207 $229 $281 $320 $195 $208 0 40 80 120 160 200 240 280 320 360 2015 2016 2017 2018 2019 YTD-Q3 '19 YTD-Q3 '20 (US$ in millions) $118 $160 $215 $254 $281 $205 $239 0 40 80 120 160 200 240 280 320 2015 2016 2017 2018 2019 YTD-Q3 '19 YTD-Q3 '20 (US$ in millions) Reven
Slide 80: Key Operating Metrics
55.3% 58.1% 61.4% 62.1% 62.6% 63.5% 61.2% 40% 45% 50% 55% 60% 65% 2015 2016 2017 2018 2019 YTD-Q3 2019 YTD-Q3 2020 91% 94% 93% 91% 92% 92% 92% 80 85 90 95 100% 2015 2016 2017 2018 2019 Q3-2019 Q3-2020 853 1,226 1,566 1,802 2,063 2,032 2,365 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 201
Slide 81: Current Capital Structure
Current Capital Structure 81 14.6 million Series A Convertible Preferred, $10.00 conversion price, redeemable July 2023 76.2 million Common Shares Outstanding 0.7 million Stock Options (treasury stock method), gross 7.2 million avg. price $5.22 14.7 million Warrants, $11.50 exercise price, expire Oc
Slide 82: FY 2026 Financial Model
FY 2026 Financial Model 2026 model anticipates ~20% operating profit 82 Plan Metric FY'20 Guidance FY'26 Model Comp Group of SaaS Universe 1 Revenue $321.5-$322.5M $1B 20%+ Rev Growth Gross Margin 60%-61% Mid-60% Range High-60% Range Sales & Marketing 36%-37% ~33% ~40% General & Administrative 16%-1
Slide 83: Operating Levers
Operating Levers Rimini Street believes it has sufficient operating levers to achieve $1B in annual revenue by 2026 ▪ Revenue ▪ Increase new sales of all Support, AMS and Strategic Services ▪ Improve Revenue Retention Rate and Lifetime Value with expanded service footprint ▪ Gross Margin ▪ Developme
Slide 84: Financial Lever: Cost of Capital
Financial Lever: Cost of Capital Rimini Street will continue to seek opportunities to drive down cost of capital ▪ Q3 FY’20 Net “Leverage” of $75.0M ▪ End of Q3 cash balance of $83.7M & Series A Preferred balance of $158.7M (before retirement of $15m face value Preferred stock since Q3) ▪ As of Q3,
Slide 85: Financial Lever: Free Cash Flow Conversion
Financial Lever: Free Cash Flow Conversion Free Cash Flow1 as a ratio to Adj. EBITDA2 continues to improve • FY’18, 60%, FY’19, 68% • FY’19 YTD, 88%, FY’20, 103% • Cash flow generation is key focus while still making appropriate investment to allow for continued growth • Take advantage of opportunit
Slide 86: Financial Lever: Effective Tax Rate
Financial Lever: Effective Tax Rate Rimini Street is a global company with fast-growing revenues outside of the US ▪ Short-Term Taxation ▪ Increased global tax due to significant revenue increase from outside US ▪ Optimizing operating model structure in certain high taxation international jurisdicti
Slide 87: FY 2026 Plan Summary
FY 2026 Plan Summary 87 Accelerating Sales Growth Improved Revenue Retention Rate & Lifetime Value Strong FCF Generation Significantly Reduced Cost of Capital $1 Billion Revenue in 2026 & Significant Cash Generation Contributing to Strong EPS + + + = Reinforcing Building Blocks and Drivers to Increa
Slide 88: Rimini Street
Rimini Street
Slide 89: Rimini Street
Rimini Street
Slide 90: Appendix: GAAP to non-GAAP reconciliation
Appendix GAAP to non-GAAP reconciliation 90 Adjusted EBITDA, (US$ in millions) 2015 2016 2017 2018 2019 Sep'19 YTD Sep'20 YTD GAAP Net Income (Loss) ($45.3) ($12.9) ($50.0) ($64.0) $17.5 $17.7 $9.3 Interest expense 0.8 13.4 43.4 32.5 0.4 0.4 0.0 Income tax expense 1.5 1.5 1.3 2.0 2.7 1.8 3.3 Depreci
Slide 91: Quarterly breakout of key financial metrics
91 Revenue 2018 2019 2020 Q1 58.5 65.9 78.0 Q2 63.4 69.9 78.4 Q3 63.4 69.2 82.5 Q4 68.1 76.1 Full Year 253.4 281.1 YOY % chg. 17.9% 10.9% Calc. Billings 2018 2019 2020 Q1 72.9 65.7 65.2 Q2 68.7 78.1 74.2 Q3 36.8 51.3 68.3 Q4 102.7 124.7 Full Year 281.1 319.8 YOY % chg. 22.5% 13.8% Backlog 2018 2019