Business
Rimini Street Announces Fiscal First Quarter 2020 Financial Results
Quarterly revenue of $78.0 million, up 18.5% year over year Quarterly gross margin of 61.3%, down from 63.8% year over year 2,077 active clients at March 31,
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nQuarterly revenue of $78.0 million, up 18.5% year over year\nQuarterly gross margin of 61.3%, down from 63.8% year over year\n2,077 active clients at March 31, 2020, up 12.1% year over year\n\n LAS VEGAS--(BUSINESS WIRE)--\nRimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced results for the first quarter ended March 31, 2020.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200507005325/en/Rimini Street Announces Fiscal First Quarter 2020 Financial Results (Photo: Business Wire)\n\n“For the first quarter, we achieved record quarterly revenue, matching the high-end of management guidance, generated $26.3 million of operating cash flow, produced another quarter of net income, strengthened the balance sheet with total cash of $58.0 million at quarter end and expanded sales capabilities. Operationally, in response to the pandemic, we leveraged our secure, remote-connectivity infrastructure to seamlessly and smoothly transition our office-based employees worldwide to a work-at-home model with no material impact to our client service delivery or sales execution,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “Having already saved our clients nearly $5 billion to date, we are the right company, at the right time, with proven solutions that are helping organizations immediately slash IT operating costs, save jobs, stabilize operations and focus their more limited resources on strategic initiatives. Prior to the pandemic, we were making investments to meet increasing global demand for our expanded product and service portfolio. This increased demand was reflected in our previously issued - and today re-affirmed - 2020 guidance for accelerated year-over-year revenue growth. We are now accelerating those investments to service additional opportunities resulting from the global economic slowdown. We remain committed to the long-term goals of improving free cash flow and growing GAAP profitability.”\n\n\nFirst Quarter 2020 Financial Highlights\n\n\n\nRevenue was $78.0 million for the 2020 first quarter, an increase of 18.5% compared to $65.9 million for the 2019 first quarter.\n\n\n...