Good afternoon, ladies and gentlemen, and Welcome to the Rimini Street's Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session. I will now turn the call over to Dean Pohl, Vice President, Investor Relations. Mr. Pohl, you may begin. Thank you, Operator. I'd like to welcome everyone to Rimini Street's Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. On the call with me today is Seth Ravin, our CEO and President, and Michael Perica, our CFO. Today, we issued our earnings press release for the fourth quarter and fiscal year ended December 31st, 2022. A copy of which can be found on our website under Investor Relations. A reconciliation of GAAP to non-GAAP financial measures has been provided in the table following the financial statements in the press release. An explanation of these measures and why we believe they are meaningful is also included in the press release under the heading About Non-GAAP Financial Measures and Certain Key Metrics. As a reminder, today's discussion will include forward-looking statements that reflect our current outlook. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. We encourage you to review our most recent SEC filings, including our Form 10-K filed today, for a discussion of risks that may affect our future results or stock price. Now, before taking questions, we'll begin with prepared remarks. With that, I'd like to turn the call over to Seth. Thank you, Dean. Thank you everyone for joining us today. About Rimini Street. Rimini Street is a global provider of end-to-end enterprise software support, products, and services. The company offers a comprehensive family of unified solutions to run, manage, support, customize, configure, connect, protect, monitor, and optimize clients' enterprise application, database, and technology software platforms. We founded Rimini Street in 2005 to disrupt and redefine the enterprise software support market by developing and delivering innovative new solutions that filled the then unmet need in the enterprise software market. We became and remain the leading independent software support provider for Oracle and SAP products based both on the number of active clients supported and recognition by industry analyst firms. Over the years, as our reputation for technical capability, value, innovation, responsiveness, and trust and reliability grew, clients and prospects began asking us to expand the scope of our support, product, and service offerings to meet other current and evolving needs and opportunities related to their enterprise software. We also heard from prospects and clients that their goals include reducing the number of IT vendors to more manageable numbers from a governance perspective, with a desire to select vendors who can provide a wider scope of IT services and become true trusted partners. To meet the needs of our clients and prospects, and to service what we believe is a significantly expanded addressable market opportunity, we designed, developed, and are now delivering a new expanded solutions portfolio for a wider array of enterprise software and new solutions for application management, security, interoperability, observability, and consulting. We also now offer an integrated package of our services as Rimini ONE, a unique end-to-end turnkey outsourcing option for Oracle and SAP landscapes designed to optimize our clients existing technologies with a minimum 15 extended years of operating lifespan and enable our clients to focus their IT talent and budget on potentially higher value, innovative projects that will support competitive advantage and growth. Q 4 and fiscal year 2022 results. We believe the growing adoption of Rimini Street's expanded end-to-end enterprise software solutions is providing organizations the support, products, and services needed to meet their current and evolving needs around their enterprise software systems and delivering even more industry-leading value, ROI, and engineering capability. We believe this was reflected in our record fourth quarter and full year revenue that exceeded guidance. Multi-million dollar sales wins in diverse industries, strong subscription renewals and extensions, increased cross sales of our expanded portfolio solutions to existing clients, and achievement of a 6% growth in our client base year-over-year to 3,020 active clients. During the quarter, we continued to make investments and execute activities we believe will improve the effectiveness of our global marketing and sales execution as the pandemic era challenges continue to diminish and our sales opportunities and pipelines increase. We believe these investments and activities will lead to re-acceleration of revenue growth and increased profitability over time. We also continued scaling up our global marketing and sales campaigns to reach a wider target of prospective clients who we believe can greatly benefit from our support, products, and services. Since our inception in 2005, we've signed and served over 5,000 clients. Including more than 180 Fortune 500, and Fortune Global 100 companies, and estimate that we have helped our clients save more than $7 billion that they were able to add to cash or reinvest in their strategic priorities. Demand environment, organizations today need to figure out how to deliver both revenue growth and increased profitability. With our expanded portfolio of enterprise software support products and services, we now believe that any global organization with annual revenue or an operating budget of at least $200 million is very likely to have one or more opportunities for Rimini Street solutions. This is a significantly larger universe of prospective clients than Rimini Street historically targeted. As I previously noted in my 2022 earnings calls, the global macroeconomic environment forced organizations to replan, rebudget, and reprioritize their IT strategy, operations, and staffing models. Clients and prospects needed to adjust their plans and strategies for a slower growth, higher cost environment that was going to likely last for years instead of months, as originally thought post-pandemic. The replanning process froze and delayed IT and IT service procurement decisions and impacted 2022 sales for many technology companies, including Rimini Street. In the fourth quarter, we began seeing clients and prospects complete their replanning and rebudgeting projects and move forward with delayed IT and IT service procurements. Rimini Street benefited with completion of substantial contracting activity. We believe that Rimini Street is well positioned to meet the current and evolving needs of global organizations attempting to navigate the macro environment over the coming years. Surveys confirm what we are seeing in buyer behavior, needs, and our opportunity. For example, Gartner recently cut their projection of 2023 global IT spend in half. In a sponsored survey that can be found on our website, it was found that a substantial number of IT leaders feel pressure from their board of directors to show increased return on IT spend, finding that a significant portion of the IT budget is allocated towards enterprise application software, which does not generate a meaningful increased return to the business. The survey confirms CIOs and CTOs are reviewing the total cost of ownership associated with their purchase and operation of enterprise applications. Even more telling, a majority of the IT leaders surveyed seek to reduce the total cost of ownership for existing mature enterprise software by switching to third-party support programs, with almost half of participants looking to outsource support and maintenance services to free up their IT teams to work on more strategic, innovation-focused projects in exact alignment with Rimini Street's vision and expanded portfolio of solutions. Sales execution. Fourth quarter sales deals included large support transaction wins against both SAP and Oracle, significant AMS wins against IBM and other providers, and sales across the full portfolio of solutions, including security, interoperability, observability, and professional services. Close rates on quarter opening pipe were healthy, with strong close rates on proposals that continued to exceed 50%. Large deal execution was also healthy, closing five deals with annual fees over $1 million, an increase from the fourth quarter year-over-year. As I detailed on previous earnings calls, since June of 2022, I have reallocated and dedicated a majority of my time to improving global marketing and sales execution, maturing our service offerings, and delivering innovative new marketing campaigns to a wider target buyer profile in order to build bigger pipelines globally. We continued implementation of our successful cross-sale strategies to guide and focus our hunter sellers on new client acquisitions to assure we have balance between new client sales and cross-sales as our go-to-market strategy matures for growth in both opportunities. We continued to make changes that improve global marketing of our broader service offerings, ramped up a stronger global demand generation engine to accelerate pipeline growth, and equipped our more than 300 global revenue team members with a greater set of lead and opportunity development and closing skills. To reach even more clients and prospects, our senior executives, including myself, continued our heavy travel to participate in a growing number of successful in-person Rimini Street and third-party events and executive sales meetings with hundreds of current and prospective clients, and collaborated with regional Rimini Street management teams to set and hone the strategy for accelerated sales growth of our full portfolio of solutions. Oracle litigation update, Rimini Street and Oracle have been in litigation for more than 12 years. While the U.S. courts have confirmed long ago that third-party software support is legal, we presently have two active proceedings with Oracle. The injunction compliance dispute and Rimini II proceedings, both of which relate to the manner in which Rimini Street provides support services for certain Oracle product lines. Rimini Street is not prohibited from providing support or services for any Oracle products. With respect to the injunction compliance dispute, Rimini Street filed an appeal in 2022 to the Ninth Circuit of the United States Court of Appeals relating to certain rulings of the U.S. District Court. Oral arguments on the appeal were held in San Francisco on February 6, 2023, and the matter remains pending before the Court of Appeals. We believe we could have a ruling on the appeal in the second or third quarter of 2023, but the ruling could come earlier or later. With respect to Rimini II, the case Rimini Street filed against Oracle in 2014, and Oracle filed counterclaims. On October 21st, 2022, just days before the jury trial was set to begin, Oracle withdrew certain of its counterclaims and all of its claims against Rimini Street and against me personally as CEO for monetary relief of any kind under any legal theory in this litigation. Rimini Street's remaining claims and Oracle's remaining counterclaims, seeking only equitable relief, were tried before the court as a bench judge-only trial that began November 29, 2022, and ended December 15th, 2022. The parties submitted their proposed findings of fact and conclusions of law to the District Court on February 23rd, 2023, and the matter remains pending before the District Court. We believe we could have a court verdict in the second or third quarter of 2023, but the verdict could come earlier or later. Please see our disclosures in the latest 10-K filing for additional information and disclosures regarding litigation with Oracle. Summary. Over the past two years, we have placed the company in a materially stronger strategic position by achieving three key goals: strengthening the balance sheet through a series of key capital market transactions, delivering major wins in our protracted litigation with Oracle, and successfully designing, developing, and launching an entire portfolio of new IT support product and service solutions. We remain confident that we are continuing to take the right actions and making the right investments to reaccelerate growth, increase profitability, and enhance shareholder value. Now over to you, Michael. Thank you, Seth, and thank you for joining us, everyone. Q4 and fiscal 2022 results. We were pleased with our improved Q4 performance in quarterly sequential billings growth in gross margin, as well as maintaining a strong Revenue Retention Rate on subscription revenue. Revenue for the fourth quarter and the full year 2022 was a record $108.6 million and $409.7 million, respectively, a year-over-year increase of 9.4% for both periods. Clients within the United States represented 51.3% and 52.6% of total revenue for the fourth quarter and full year 2022, respectively, while international clients contributed 48.7% and 47.4% of total revenue for the fourth quarter and full year 2022, respectively. Annualized Recurring Revenue was $420 million for the fourth quarter, a year-over-year increase of 6.9%. Revenue Retention Rate for service subscriptions, which makes up 98% of our revenue, was 92%, with more than 80% of subscription revenue non-cancellable for at least 12 months. We note that for the full year 2022, our total revenue measures on a constant currency basis was negatively impacted by 1.5% due to FX movements. Billings for the fourth quarter were $160.4 million, compared to $155.9 million for the prior year fourth quarter, an increase of 2.9% year-over-year and a substantial improvement from the prior quarter's decline of 32.5%. As evidenced by the rebound in billings during the fourth quarter. We were pleased with our strong client renewal and expanding sales to existing and new clients, as Seth noted. For the full year 2022, billings declined 2% year-over-year to $409.3 million. DSOs improved in the fourth quarter to 72 days at quarter end, compared to 83 days for the prior year-end 2021. This is a marked improvement from what we experienced during the first three quarters of 2022, where DSOs were lengthening. We believe the improvement underscores our strong client commitments to our offerings and thus experienced earlier than normal collections during our largest billings quarter of the year. Gross margin was 64.5% of revenue for the fourth quarter and 62.8% for full year 2022, compared to 65.1% of revenue for the prior year fourth quarter and 63.6% for prior year 2021. We do note the gross margin improved 300 basis points quarter over quarter and was in line with our guidance, reflecting our conscious decision in Q3 to ramp resources and talent that would allow for leverage in the fourth quarter. On a non-GAAP basis, which excludes stock-based compensation expense, gross margin was 64.9% of revenue for the fourth quarter and 63.3% for full year 2022, compared to 65.5% of revenue for the prior year fourth quarter and 63.9% for prior year 2021. The full year gross margin declined as a result of higher cost of labor, which has been successfully offset in part by our efforts to methodically expand efficiencies and leverage through technology, process control and use of lower cost labor geographies. Looking forward, for full year 2023, we expect gross margin to be in the range of 61% to 62% of revenue on a GAAP basis, and 61.6% to 62.6% of revenue on a non-GAAP basis. Operating expenses, l ike other organizations globally, we are experiencing cost pressures due in large part to increased labor costs and inflation in all labor categories. To address this, during the first quarter of 2023, we implemented a restructuring with a reduction in force to offset the increased costs, allowing us to maintain profitability and freeing up funds to target skill sets needed to drive growth. These initiatives, excluding the one-time charges, will result in approximately $15 million of annualized savings. Sales and marketing expenses as a percentage of revenue was 36.1% of revenue for the fourth quarter and 34.9% for full year 2022, compared to 32.7% of revenue for the prior year fourth quarter and 34.3% for prior year 2021. On a non-GAAP basis, which excludes stock-based compensation expense, sales and marketing expenses as a percentage of revenue was 35.4% of revenue for the fourth quarter and 34.1% for full year 2022, compared to 32% of revenue for the prior year fourth quarter and 33.5% for prior year 2021. We remain focused on making the appropriate investments needed to capitalize on our growth opportunities and thus see full year 2023 sales and marketing expenses to be in the range of 34.5% to 35.5% on a GAAP basis, and 33.5% to 34.5% on a non-GAAP basis. General and administrative expenses as a percentage of revenue excluding outside litigation costs, was 16.7% of revenue for the fourth quarter and 18.4% for full year 2022, compared to 15.6% of revenue for the prior year fourth quarter and 17.1% for prior year 2021. On a non-GAAP basis, which excludes stock-based compensation expense, G&A was 15.6% of revenue for the fourth quarter and 17% for full year 2022, compared to 14% of revenue for the prior year fourth quarter and 15.7% for prior year 2021. Outside of the one-time expenses that occurred in the period, the G&A line continues to be higher than our peers due in material part to the cost for in-house legal and compliance teams and other costs necessary made by our ongoing Oracle litigation and our conscious decision throughout 2022 to continue making investment in the systems, process and talent infrastructure needed to support our long term growth objectives. Nonetheless, given that the majority of this investment is behind us and our aforementioned restructuring efforts, we see full year 2023 G&A expenses declining as a percentage of revenue, and thus to be in the range of 17% to 18% on a GAAP basis and 15.4% to 16.4% on a non-GAAP basis. Net outside litigation expense was $12.8 million for the fourth quarter and was $25.3 million for the full year 2022. This year's fourth quarter and full year 2022 had elevated costs due primarily to Oracle litigation costs from the Rimini II case bench trial completed during December 2022. We had expected the trial to occur during fiscal year 2023, so we were required to move these costs into 2022. Accordingly, for full year 2023, we expect outside litigation expense to moderate to the $10 million level. Earnings for the fourth quarter and the full year 2022 were impacted by the elevated litigation expense. During the fourth quarter, we also incurred lease impairment charges of $3 million and reorganization charges of $2.5 million. For the fourth quarter, the net loss attributable to shareholders was $5.3 million, or -$0.06 per diluted share, and for the full year 2022 was a loss of $2.5 million or -$0.03 per diluted share. On a non-GAAP basis, net income for the fourth quarter was $15.3 million, or +$0.17 per diluted share, and for the full year 2022 was $39.2 million, or +$0.44 per diluted share. Adjusted EBITDA was $18.3 million for the fourth quarter, or 17% of revenue, and for the full year 2022 was $52.3 million, or 13% of revenue. Compared to $19.3 million for the prior year fourth quarter and $55.8 million for the full year 2021. Our non-GAAP operating margin, which excludes outside litigation spend and stock-based compensation, remained in the double digits at 14% of revenue for the fourth quarter and 12% for the full year 2022. Balance sheet. We ended the fiscal year with a cash balance of $109 million, plus investments of $20 million, consisting of short-term Treasuries and agency securities, bringing readily available cash to $129 million, compared to $120 million for the prior fiscal year end. On a cash flow basis for the fourth quarter, operating cash flow declined $1.9 million. Year to date, we generated $34.9 million, compared to $19.1 million for the prior year fourth quarter and $66.9 million for full year 2021. In addition to the FX headwinds noted that has impacted our cash flow, we have also experienced lower advanced payments for clients, both new and existing, as the overall inflationary environment is leading to a broad-based shift towards clients retaining cash for their own short-term investment opportunities and the preservation of cash. Deferred revenue as of December 31st, 2022, was approximately $300 million, unchanged from the prior year fourth quarter. Backlog, which includes the sum of billed deferred revenue and non-cancellable future revenue, was approximately $578 million as of December 31, 2022, compared to $593 million for the prior year fourth quarter. Capital markets transactions. During fiscal year 2022, we repurchased $4.7 million of our outstanding common stock with an average price of $5.56 per share, and we reduced the principal balance on our term loan from $88 million to $78 million through amortization payments of $4.5 million and a voluntary principal payment of $5 million, resulting in a year-end net cash position of $51 million. Also relating to the term loan, during May 2022, we swapped the floating rate of the term loan to a fixed rate on $40 million of the loan, and we are further offsetting debt service costs by investing excess cash at favorable short-term fixed income rates. In addition, we amended our credit facility in February 2023 to convert the loan reference interest rate from LIBOR to SOFR and amended the definition of Consolidated EBITDA to provide an add back of certain costs and legal fees. These actions reflect the strong support of our credit partners. Lastly, I would also like to note that on October 10th, 2022, all 14.7 million of the $11.50 exercise price warrants expired. Business outlook, w e are currently providing first quarter 2023 revenue guidance to be in the range of $101 million-$103 million, full year 2023 revenue guidance to be in the range of $420 million-$430 million, and full year 2023 adjusted EBITDA guidance to be in the range of $52 million-$58 million. This concludes our prepared remarks. Operator will now take questions. If you would like to ask a question, please press star one on your telephone keypad now. You will be placed into the queue in the order received. Please be prepared to ask your question when prompted. Once again, if you have a question, please press star one on your phone now. Our first question today will come from Jeff Van Rhee with Craig-Hallum. Great. Thanks for taking my questions, guys. Congrats. As, you know, very good, very good numbers, top line and elsewhere. Seth, maybe just start on the obvious. You know, the billings turned around pretty dramatically and, you know, it sounds like you're maybe getting a little more confident that consumers have come out of the sort of the deer in headlights mode and are now purchasing your solution again. Contrast that with the guide, because you've got a fairly conservative Q1 number that's down meaningfully sequentially, and for the year still, you know, implies not a lot of follow through. Talk about whether or not there were some things in Q4 that you see as one time, maybe the health of the pipe and how that reflects in your 23 outlook. Sure. Thanks, Jeff. you know, I mean, clearly we expected your first question to be about the guidance. you know, look, I think we're gonna continue to play a conservative guidance position. As you know, one of the bigger challenges for us as being a five-year public company has been that we haven't been able to yet, have a reliable beat and raise cadence. It's something that's very, very in focus for us. I think you saw that we started to turn around the numbers that we had even through the third quarter and then more into the fourth quarter. We weren't able to affect those billings in the third quarter, which, as you know, is why I made changes to management structures and retook the helm on sales and marketing in the third quarter. I think, again, just consider it conservative guidance. Obviously, we're very confident in the business. That's why you saw us finally adding adjusted EBITDA into our guidance. We're gonna continue to stay conservative. I wouldn't read anything more into it than that. We sure hope to put everyone into a beat and raise mode, and we wanted to make sure that folks don't get out ahead of the business. We did see good pick up in the fourth quarter, as you mentioned. We suspected that customers would finish that rebudgeting, replanning cycle with the changes of the economic picture looking like a multi-year versus a multi-month event. I think that, you know, we expect that to continue, but we live in a pretty volatile world, and I think we wanted to make sure that we stay on this side of conservativism. As we feel better about the year and what's happening, hopefully we're in a position to again affect that beat and raise component. You've been working really hard, I know, to get sales and marketing and everything associated kind of where you want it, again, to that billings improvement this quarter. How do you think about, I know you don't give quarterly guidance, so I'll just broadly speaking, do you think you can continue to accelerate that billings growth? You got back into positive territory much quicker than I thought you would, given what you were doing in sales. I mean, can we get to high single-digit, low double-digit, and stay there for the rest of the year? You know, I guess the embedded question is also just, you know, a little color commentary on how far you are with the sales realignment. How much more is yet to go? I feel very good where we are in sales globally. I think we still have work to do in the Americas. As you know, that's been our focus. It was our focus for the last couple years. There are definitely some great transactions happening in the Americas. I also think that the tenure of our sellers has increased. A lot of them have now achieved their 12-month, and some of them even their 18-month. We know that's an important fulcrum point for performance, and we're seeing it. They're getting better at doing deals, and they're doing broader deals across the product lines. I think you saw all of that take place in Q4. From a projection standpoint, we have no reason to believe that we're not gonna do anything but get better. The structural issues that I stepped into effect and make changes on, we've done. I feel really good about where we are. I think that, you know, we've held it around just shy of 80 sales reps, as we said we were going to do, while we continued to focus on performance on a rep-by-rep basis. Our close rates were strong. Our close rates on the proposals, as I mentioned, north of 50%, again, very strong. I think we're seeing all the factors we would want for accelerating growth and creating an accelerating growth environment, including those pipeline growth. I think all those factors, and if we see the economics hold... I'm actually in Singapore today. I've been down in Asia for over a month, meeting literally hundreds of customers and prospects. I can tell you that, the feeling that we have the right mix of products, services, and solutions today with our wider breadth, I feel very, very confident, you know, that we're gonna be in that growth trajectory. Let's, you know, let's keep the guidance conservative and so again, we don't get out ahead of ourselves. Again, beat and raise is the cadence we want. Yeah, I totally agree. maybe a quick one for you, Michael. The, on the gross margin side, on the non-GAAP, you're guiding 61% and then, 0.6%-2.6%. call it 62% at the mid, roughly. you put up higher than that, obviously, in 2022. 2 questions. What are the puts and takes there? Why the decline? Also the longer-term model previously issued was for mid-60s gross margin. What are the drivers for the lower gross margin, and is that mid-60 still the valid target for the target model? Thanks, Jeff, certainly would like to reiterate comfort with our long-term model. What we're seeing with regard to our mix, you've seen a lot of the press on the introductions. It was a heavy investment year. We believe we have the majority of that behind us through Q3. We saw the leverage in Q4. Conservatism, I would highlight, similar to Seth noted on the top line relative to the gross margin, but certainly nothing that gives us any concern with our ability to meet our long-term and intermediate term targets. Great. Okay, I'll leave it there. Thanks for taking my questions, guys. Jeff, to add on that, you look at the gross margin, I mean, we've kept it above 60% while we built out an entire suite of products on our own capital. You know, of course, you're gonna take some hits in the gross margin, but if you look at it, we've kept it within, you know, one to two percentage points of revenue for that investment. We've managed it, I think, very, very well to get everything done that we're doing. When you talked about the puts and takes on the margin, you know, one of the that we're giving up a little bit is we've got new products. Our AMS product line, we have hundreds of employees, and you're gonna have a much lower initial gross margin on that until we hit scale. We believe that once we hit $1 billion in revenue, we will achieve the scale across all those product lines, and that's why that mid-60s% gross margin target is absolutely still the model. Our next question today will come from Brian Kinstlinger with Alliance Global Partners. Great. Thanks so much. My first question, it's some follow-ups to the questions already asked. Let's start with the quarter's revenue. Sequential growth was the strongest. Well, let me say it this way. Since 2017, you've only had one quarter with a sequential growth of $7 million, and that was in, I believe, the fourth quarter of 2019 when you won one of your largest customers. Can you first help us understand what drove the sequential revenue growth? Is it one large customer? Is it lots of new customers? Is it some customers were turned off and got turned back on? Just trying to understand. Is there a non-recurring piece that's unusual this quarter? Sure, Brian. I think you have a few things that came to effect. One, we had a really good, very strong renewals year. The fourth quarter was strong, and I think for a lot of the same reasons as the sales were frozen. Remember, we talked about two sides of the coin. If people aren't doing anything, part of what they're not doing is even switching off of our service to a next generation, or any kind of evolution there. You saw a lot of customers who had plans to make changes to their systems, and they didn't. They extended their contracts instead, so it gave you a very strong renewals. At the same time, we had a lot of those held-up deals freed up. We also saw them free up earlier in the quarter, which gave us a revenue pickup versus plan. Because we did get that done earlier, we got more days of earned revenue. I think that plus, as you know, our fourth quarter tends to have a certain amount of revenue holdback that's released because of the way the contracting cycles work. As you know, we're doing bigger contracts, more global contracts, which gives them more attributes that can hold back revenue or delay revenue rec. We've traditionally, as you've seen over the last few years, had a bit of a pickup in the revenue due to those holdbacks in the fourth quarter. I think a combination of those items came together to give us the sequential increase. Just to be clear, you're talking about strong renewals. Trying to reconcile how that helps grow revenue further. Is there price increases? Are there price declines? Or were you assuming more churn? I think we were assuming a little more churn than we saw. We saw again, for those reasons, customers extending. They're driving more value out of their system. Our basic thesis not only held, but improved even over the last few quarters. Whenever we have volatility in the markets, Rimini Street remains a strong player because of our ability to optimize spend, and we help customers spend their money better, and we now have more services to meet those needs in different areas. The combination of that, again, I think, is why you hear the level of optimism, not only as we were talking about, through the fourth quarter, but as we see in the results and why, again, while we're playing a conservative number, in our guidance, you're hearing a lot of confidence that we believe we fixed the issues internally and people are adopting our products. They're adopting a wider set of them. You know, we're seeing that at the pipeline level. We're seeing it at the closing level. We have sales reps who could do a better job of getting out and closing business. I think you add all those factors together. They started in the third quarter. You saw the negative billings growth in the third quarter 'cause that was already set in the mold. When you have a six-nine month sales cycle on your primary product, you're not gonna turn the ship that fast. We said on the third quarter call that we should start to see some results of that work coming in the fourth quarter, and we should see that hopefully accelerate in future quarters as we start moving through that sales cycle. I think Q4 was just representative of the turnaround work that we're doing and the fact that we're seeing those economics change with customers moving forward. Okay. Brian. Yep. Brian, it's Michael here, would like to add, particularly Q3 to Q4. Year to date, I noted in the prepared remarks, FX was a - 1.5% for the full year. year to date, I'm sorry, Q3, it was over 2%, around 2.1%. We had a little bit of an FX benefit. You can pencil that out. To a lesser degree than Seth noted, but that was also an element to rationalize this. Thank you. To follow up on the 1Q guide, a $7 million-$9 million decline would be the largest sequential decline in the company's history also. I heard you, your answers about guidance, but I'm trying to understand the rationale of you talking about your business being so strong, but then not providing a number that really helps investors understand the strength of your business. $7 million-$9 million, is that actually in the realm of possibilities? What would have to happen for you to decline revenue 7% to 9% outside of FX? Or is FX already hurting you badly? Well, I think, Brian, again, you know, the, the answer that we've talked about, which is the conservative nature, I think that's the right answer. You know, in terms of, would we have that kind of actual decline versus the reality, I think we'll know in the coming weeks. As you know, we're very back-end loaded, on our sales. We're very back-end loaded, in figuring out, rev rec, when it's, when it's said and done at the end of the quarter. I think there's some variability there, and we're just taking the conservative track and hopefully we will, we will have a, an upside surprise on that. Last question I've got is, as you think about your revenue guidance for the full year, which again, might be conservative, what are the assumptions from a high level of international versus North American revenue trends? Are you gonna see an acceleration one or the other from what you saw last year, both? Trying to understand, you know, where you're seeing more pockets of strength than others. Well, if it gives you any sense, I'm in Asia for five months of this year. I think that's the plan. I think the strongest and fastest-growing region has been the Asia Pacific sector. A lot of greenfield opportunities out here, as we break into new countries. I've been in, I think, what? five, six countries just in the last few weeks. I think, we're watching, again, improved performance across Europe and the Middle East, and I think across the U.S., and as we're starting to get more focused even on Canada. Right now, I think, again, you're sort of 50/50 split between the U.S. and the rest of the world. I would expect to probably stay in that realm for a while because as we lift revenue, globally, that split, I expect to stay fairly similar to that range 2023. Thank you. Great. Thanks. Thanks, Brian. Our next question today will come from Derrick Wood with Cowen and Company. Oh, great. Thanks, guys. It's Andrew. I'm for Derrick. Congrats on the quarter. Seth, it sounds like the sales force is in a better place and productivity is improving and you have more tenured reps. Maybe just some more color on, you mentioned what other work there is to do there in the Americas and what could improve performance there. I think Americas represents, you know, a little bit different challenge. Every region has its cultural differences. The challenge with Americas is really around the size of the country, getting people to events. We do really, really well when we get people into events. We have one-on-one conversations, we have group conversations where we mix clients and prospects. It's very successful for us all over the world. It's hard to get that done in the U.S. It's hard to get a group of folks together. We're still in this post-pandemic world. We're still seeing in the U.S. more reluctance to attend in-person events than we've seen adopt and grow back around the world. I do think that that's had some effect on why, you know, the America has been a little bit slower in the rebound on the post-pandemic world. It really is more of a marketing problem than a sales problem. Our sellers are doing really well in North America and across the U.S. and Canada. As I mentioned, we have some very high-quality transactions being done. We're seeing growing pipelines, and that's true on a global basis. We're still playing around a little bit with the marketing mix to get people more engaged in the U.S. I know we're not the only ones having this problem. It was a problem before the pandemic in the United States. It's still a problem, and it's a little more of a problem for everyone to get engagement with prospects, you know, in a post-pandemic world. That's where we're focused. I think we've got some answers, some ways that we've made some strategic changes that I do believe, will bear some extra fruit, which will build bigger pipes and allow our people to go out and close more business. I'm still very bullish on a global basis of growth. I think the Americas, we just have to, again, tweak some of the things we're doing in marketing. The messaging is resonating very, very well. We just got to get more people into these events and be able to engage more of them. Yeah, that's great. Seth, your announcement today about Rimini Watch was interesting, the new observability suite. Maybe just talk about how that builds on and is different from what you've provided before to clients, and were clients asking for this, and when do we think this can start to contribute to revenue? It's already contributing to revenue. We've been doing these products for several years. We just didn't announce them publicly. Recently, you've seen us announce our security suite, Rimini Protect. You've seen us announce our interoperability suite, Rimini Connect. Now you're watching Rimini Watch, which is our observability platform. There's also the Rimini Consult, our whole professional service business, where we've got growing and accelerating revenue as well. This is part of a seven-pronged approach of products now. These are just a few of the new ones. We're bringing them to market publicly, but we've actually been out selling these products for quite a while. This is what we've been investing in for the last few years, is to build out these amazing suites of products and services. The reason that we're doing it is because the customers are asking us for them. They want this broader offering from Rimini Street because we're the trusted vendor. They like doing business with us, they like the kind of engineering talent we bring to the table, and they want us to do more. They want us to become a bigger strategic partner with wider capabilities. What we've been delivering, our full suite now of products and solutions, is exactly what the market has asked us to do. That's why I said we're very early in the sales of all these products and services. I think you're starting to see the traction, and that was showing in the fourth quarter. Every single one of the product lines that we've released has growth, and they continue adoption. We're, you know, this again underlines our confidence that we've made the right strategic decisions in investing in this, a broader set of services and products and that customers think they're the right ones for them. Great. Last one for you, Michael. It sounds, in building off the prior questions, I think we understand that the that you wanna guide conservatively. It sounds like you've taken a more conservative approach to guidance versus maybe in prior quarters or versus last year. Is that a fair way to characterize it, or how should we think about that? That is certainly a fair way to characterize it. I would highlight Seth's remarks, the momentum that we built in the fourth quarter. We still have our long strongest period of the current quarter that we need to close, but we really do feel good where we are. In comparison, I believe that's a fair statement. All right. Thanks, guys. Thanks, Andrew. Thank you. This concludes today's question and answer session. I'd like to turn the call back to Mr. Ravin for closing remarks. Sure. Thank you very much. I wanna thank everyone for joining us for the fourth quarter and full year 2022 call. I also wanna thank our Rimini Street colleagues for the efforts in the fourth quarter and the full year 2022. Again, our first year coming out of the pandemic, and I think our team did a fantastic job of executing, building many, many new products and services, getting them out there to market. I think it was a really important building year for us. Also want to say that we're looking forward to having you on our next earning call, and we'll do that again pretty soon on the first quarter 2023. Until then, again, wishing you all continued good health and, keep our thoughts with the charitable support for those in need and, of course, many suffering in harm's way between natural disasters and man-made wars. Again, we live in a lucky world for the rest of us who get to stay away from things like that, but our thoughts are with them. Thank you very much, everybody. This concludes today's conference call. Thank you for attending. The host has ended this call. Goodbye.