Rimini Street, Inc. (RMNI) · 10+ Years of Financial Ratios

Profitability	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-1.65	-36.08	-56.39	10.95	5.4	22.41	-0.63	6.64
Return on Capital (%)	- -	- -	- -	- -	-5.22	-4.37	- -	3.96	-22.67
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	-153.23	121.58
Gross Margin (%)	55.34	58.14	61.01	62.03	62.6	61.38	63.55	62.8	62.34
EBITDA Margin (%)	-16.1	-0.97	13.55	11.25	8.26	12.73	14.38	11.45	14.12
Operating Margin (%)	-17.33	-2.08	12.62	10.53	7.58	10.28	12.1	9.49	12.42
Incremental Operating Margin (%)	- -	- -	57.51	-0.55	-18.79	26.91	24.54	-18.18	67.36
Pretax Margin (%)	- -	-1.79	-24.44	-26.1	7.2	5.37	5.19	0.93	9.56
Profit Margin (%)	-38.31	-1.79	-25.07	-26.89	6.24	3.97	20.09	-0.61	6.04
Net Income to Common Margin (%)	-38.31	-1.79	-25.07	-30.16	-0.74	-2.29	18.06	-0.61	6.04
Effective Tax Rate (%)	- -	- -	- -	- -	13.41	26.04	- -	165.18	36.8
Dvd Payout Ratio (%)	- -	- -	- -	7.11	234.9	62.51	7.52	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	3	82	2	- -	20	100	88	82
ST Debt	- -	1	16	2	- -	4	8	9	11
LT Debt	- -	2	67	- -	- -	16	92	79	71
Total Debt/EBITDA	- -	-1.63	2.85	0.08	0.01	0.48	1.86	1.88	1.34
Net Debt/EBITDA	0.05	-1.63	2.09	-0.79	-1.63	-2.1	-0.67	-0.73	-0.74
Total Debt/EBIT	- -	-0.76	3.06	0.09	0.01	0.59	2.21	2.27	1.52
Net Debt/EBIT	0.05	-0.76	2.24	-0.84	-1.78	-2.61	-0.8	-0.88	-0.84
EBITDA to Interest Expense	-22.95	0.12	0.66	0.87	58.33	540.4	34.74	10.99	11.03
EBITDA-CapEx/Interest Expense	-22.95	0.21	0.63	0.84	53.63	521.14	33.38	9.97	9.72
EBIT to Interest Expense	-24.7	0.25	0.62	0.82	53.52	436.44	29.22	9.11	9.71
Interest Expense	1	-13	43	33	- -	- -	2	4	6
Common Equity/Total Assets	-0.08	-1.73	-249.16	-313.22	-156.37	-107.76	-57.71	-58.37	-51.35
Long-Term Debt/Equity (%)	- -	1.15	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	-416.99	-29.97	- -	- -	-5.68	-73.31	-56.44	-58.96
Long-Term Debt/Total Assets (%)	- -	1.1	54.52	- -	- -	5.71	23.56	20.23	18.05
Total Debt/Equity (%)	- -	1.54	-39.05	-0.89	-0.1	-9.92	-124.47	-114.18	-206.76
Total Debt/Capital (%)	- -	-556.5	-36.94	-0.64	-0.07	-7.08	-79.59	-62.87	-67.75
Total Debt/Total Assets (%)	- -	1.46	67.21	2	0.11	7.12	25.57	22.53	20.74
Net Debt to Equity	-0.58	1.54	-28.61	8.43	17.05	43.58	45.1	44.34	114.65
Net Debt/Capital (%)	88.14	-554.28	-24.63	5.67	10.77	23.71	14.78	13.73	19.19
EBITDA	-19	-2	29	28	23	42	54	47	61
EBITDA-CapEx	-19	-3	27	27	21	40	52	43	54
Operating Income (Loss)	-20	-3	27	27	21	34	45	39	54

Liquidity	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	48.45	- -	0.1	0.1	0.15	0.3	0.36	0.37	0.37
Current Ratio	48.85	0.31	0.49	0.47	0.68	0.79	0.87	0.8	0.86
Quick Ratio	48.45	- -	0.37	0.44	0.58	0.7	0.77	0.69	0.74
CFO/Avg Current Liab	- -	-9.74	0.25	0.1	0.08	0.15	0.21	0.1	0.04
Common Equity/Total Assets	-0.08	-1.73	-249.16	-313.22	-156.37	-107.76	-57.71	-58.37	-51.35
Long-Term Debt/Equity (%)	- -	1.15	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	-416.99	-29.97	- -	- -	-5.68	-73.31	-56.44	-58.96
Long-Term Debt/Total Assets (%)	- -	1.1	54.52	- -	- -	5.71	23.56	20.23	18.05
Total Debt/Equity (%)	- -	1.54	-39.05	-0.89	-0.1	-9.92	-124.47	-114.18	-206.76
Total Debt/Capital (%)	- -	-556.5	-36.94	-0.64	-0.07	-7.08	-79.59	-62.87	-67.75
Total Debt/Total Assets (%)	- -	1.46	67.21	2	0.11	7.12	25.57	22.53	20.74
CFO/Total Liabilities	25.97	-40.55	8.77	5.82	4.81	8.76	14.19	7.45	2.88
CFO/CapEx	- -	-2.95	20.95	21.26	10.89	28.39	31.76	8.06	1.73
Altman's Z-Score	5.36	4.72	-1.34	-2.29	-0.55	0.21	1.05	0.78	1.09

Working Capital	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	- -	6.69	3.51	2.92	2.85	2.96	3.26	3.66
Days Sales Outstanding	- -	- -	54.52	104.05	124.79	128.18	123.5	112.06	99.61
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	2,128.11	16.25	8.35	13.87	45.53	30.5	22.17	23.15
Accounts Payable Turnover Days	- -	0.17	22.46	43.71	26.31	8.02	11.97	16.46	15.76
Cash Conversion Cycle	- -	-0.17	32.07	60.34	98.47	120.16	111.53	95.59	83.85
Inventory to Cash Days	- -	- -	54.52	104.05	124.79	128.18	123.5	112.06	99.61
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	51	56	460	318	270	340	513	347	293
- Cash & Cash Equivalents	1	- -	22	25	38	88	120	109	115
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	3	82	2	- -	20	100	88	82
Enterprise Value	50	59	520	295	232	272	494	306	249
Total Capital	- -	- -	-222	-370	-314	-282	-126	-140	-121
Total Debt/Capital (%)	- -	-556.5	-36.94	-0.64	-0.07	-7.08	-79.59	-62.87	-67.75
Total Debt / EV	- -	0.04	0.16	0.01	- -	0.07	0.2	0.29	0.33
EV/Sales	0.42	0.37	2.45	1.17	0.83	0.83	1.32	0.75	0.58
EV/EBITDA	- -	- -	18.07	10.38	10.01	6.55	9.17	6.52	4.09
EV/EBIT	- -	- -	19.4	11.1	10.9	8.1	10.9	7.87	4.65
EV/Cash Flow to Firm	- -	- -	7.07	5.28	11.2	6.46	6.77	9.53	15.63
EV/Free Cash Flow to Firm	- -	- -	6.94	5.19	10.28	6.24	6.58	8.4	10.76
Diluted Market Cap	- -	240	250	304	264	317	524	344	293
Diluted Enterprise Value	-1	243	310	281	226	249	505	323	259
EV per Share	9.43	10.36	8.77	4.6	3.44	3.56	5.67	3.46	2.78
TTM Sales	118	160	213	253	281	327	374	410	431
TTM EBITDA	-19	-2	29	28	23	42	54	47	61
TTM Operating Income	-20	-3	27	27	21	34	45	39	54
TTM Cash Flow to Firm	- -	-10	74	56	21	42	73	32	16
TTM Free Cash Flow to Firm	- -	-9	75	57	23	44	75	36	23

Multiples	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	- -	- -	- -	7.34	- -	11.18
Price/Earnings Average	- -	-82.82	-5.83	-5.51	-154.17	-40.99	9.84	-188.4	12.31
Price/Earnings High	- -	-84.03	-6.09	-7.02	-187.02	-53.39	13.8	-245.69	17.5
Price/Earnings Low	- -	-78.35	-3.94	-3.62	-123.08	-29.65	5.71	-126.91	6.87
Price/Book Value	-392.68	-18.72	-1.51	-0.85	-0.86	-1.13	-2.27	-1.52	-1.45
Price/Book Value Average	-394.52	-18.45	-1.88	-1.18	-1.03	-1.09	-3.05	-2.07	-1.6
Price/Book Value High	-399.22	-18.72	-1.96	-1.5	-1.26	-1.42	-4.27	-2.7	-2.27
Price/Book Value Low	-388.6	-17.45	-1.27	-0.78	-0.83	-0.79	-1.77	-1.39	-0.89
Price/Tangible Book Value	0.31	0.34	-2.19	-1.2	-1.21	-1.69	-6.38	-4.5	-7.42
Price/Tangible Book Value Average	0.31	0.34	-2.72	-1.65	-1.46	-1.63	-8.55	-6.11	-8.17
Price/Tangible Book Value High	0.31	0.34	-2.84	-2.11	-1.77	-2.13	-12	-7.97	-11.61
Price/Tangible Book Value Low	0.3	0.32	-1.84	-1.09	-1.17	-1.18	-4.96	-4.12	-4.56
Price/Sales	- -	1.5	1.18	1.2	0.94	0.97	1.33	0.84	0.68
Price/Sales Average	- -	1.48	1.46	1.66	1.13	0.94	1.78	1.14	0.74
Price/Sales High	- -	1.5	1.53	2.12	1.37	1.22	2.49	1.49	1.06
Price/Sales Low	- -	1.4	0.99	1.09	0.9	0.68	1.03	0.77	0.41
Price/Cash Flow	- -	-68.67	8.58	13.58	12.96	7.53	7.42	9.85	23.36
Price/Cash Flow Average	- -	-67.67	10.66	18.76	15.62	7.27	9.94	13.39	25.74
Price/Cash Flow High	- -	-68.67	11.13	23.92	18.95	9.47	13.94	17.46	36.58
Price/Cash Flow Low	- -	-64.02	7.19	12.34	12.47	5.26	5.77	9.02	14.36
Price/Free Cash Flow	- -	-103.92	8.19	12.97	11.87	7.27	7.59	8.76	14.88
Price/Free Cash Flow Average	- -	-102.42	10.17	17.92	14.31	7.03	10.17	11.91	16.39
Price/Free Cash Flow High	- -	-103.92	10.62	22.84	17.36	9.15	14.26	15.53	23.3
Price/Free Cash Flow Low	- -	-96.9	6.87	11.79	11.42	5.08	5.9	8.02	9.15
EV/Sales	0.42	0.37	2.45	1.17	0.83	0.83	1.32	0.75	0.58
EV/Sales Average	0.43	0.36	2.97	1.65	1.02	0.8	1.78	1.1	0.67
EV/Sales High	0.43	0.37	3.09	2.13	1.27	1.1	2.52	1.45	0.98
EV/Sales Low	0.42	0.34	2.1	1.05	0.79	0.52	1.01	0.72	0.34
EV/EBITDA	- -	- -	18.07	10.38	10.01	6.55	9.17	6.52	4.09
EV/EBITDA Average	-2.65	-37.19	21.95	14.65	12.4	6.27	12.41	9.61	4.74
EV/EBITDA High	-2.68	-37.71	22.82	18.89	15.38	8.66	17.55	12.66	6.98
EV/EBITDA Low	-2.61	-35.27	15.49	9.37	9.57	4.08	7.05	6.33	2.4
EV/EBIT	- -	- -	19.4	11.1	10.9	8.1	10.9	7.87	4.65
EV/EBIT Average	-2.46	-17.31	23.56	15.66	13.51	7.76	14.75	11.59	5.39
EV/EBIT High	-2.49	-17.55	24.5	20.19	16.77	10.72	20.86	15.28	7.93
EV/EBIT Low	-2.42	-16.41	16.63	10.01	10.43	5.06	8.38	7.63	2.73
Last Price	9.61	9.91	7.76	4.95	4	4.45	5.89	3.92	3.27
High Price	9.77	9.91	10.07	8.72	5.85	5.6	11.07	6.95	5.12
Low Price	9.51	9.24	6.51	4.5	3.85	3.11	4.58	3.59	2.01
Enterprise Value	50	59	520	295	232	272	494	306	249
Enterprise Value Average	50	58	632	417	288	261	668	451	289
Enterprise Value High	51	59	657	537	357	360	945	594	425
Enterprise Value Low	50	55	446	266	222	170	379	297	146

Per Share Data Items	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	5	6	59	64	68	76	87	89	90
Diluted Weighted Avg Shares	- -	24	32	61	66	71	89	88	90
Basic Weighted Avg Shares	- -	24	32	61	66	71	84	88	89
Revenue per Share	- -	6.6	6.6	4.12	4.26	4.59	4.44	4.67	4.84
EBITDA per Share	- -	-0.06	0.89	0.46	0.35	0.58	0.64	0.54	0.68
Operating Income per Share	- -	-0.14	0.83	0.43	0.32	0.47	0.54	0.44	0.6
Basic EPS, GAAP	- -	-0.12	-1.65	-1.24	-0.03	-0.1	0.8	-0.03	0.29
Basic EPS from Cont Ops	- -	-0.12	-1.65	-1.11	0.27	0.18	0.89	-0.03	0.29
Diluted EPS, GAAP	- -	-0.12	-1.65	-1.24	-0.03	-0.1	0.76	-0.03	0.29
Diluted EPS from Cont Ops	- -	-0.12	-1.65	-1.11	0.27	0.18	0.85	-0.03	0.29
Dividend per Share	- -	- -	- -	0.05	0.22	0.22	0.15	- -	- -
Cash Flow per Share	- -	-0.14	0.9	0.36	0.31	0.59	0.79	0.4	0.14
Free Cash Flow per Basic Share	- -	-0.19	0.86	0.35	0.28	0.57	0.77	0.35	0.06
Cash & Equivalents per Share	0.18	- -	0.37	0.39	0.56	1.15	1.37	1.46	1.4
Book Value per Share	-0.02	-0.53	-5.13	-5.8	-4.66	-3.95	-2.59	-2.58	-2.26
Tangible Book Value per Share	31.48	29.14	-3.55	-4.14	-3.3	-2.63	-0.92	-0.87	-0.44

Rimini Street, Inc.

RMNI US

2.90

2.90