Business
Rimini Street Announces Fiscal First Quarter 2021 Financial Results
Quarterly revenue of $87.9 million, up 12.6% year over year Gross Margin of 61.5%, up from 61.3% year over year Quarterly Billings of $81.0 million, up 24.2%
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nQuarterly revenue of $87.9 million, up 12.6% year over year\n\nGross Margin of 61.5%, up from 61.3% year over year\n\nQuarterly Billings of $81.0 million, up 24.2% year over year\n\n2,550 active clients at March 31, 2021, up 22.8% 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, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210510005029/en/Rimini Street Announces Fiscal First Quarter 2021 Financial Results (Graphic: Business Wire)\n“For the first quarter, we remain on track to achieve our strategic growth plan to achieve $1 billion in annual revenue by 2026. We achieved record revenue of $87.9 million, up 12.6% year over year, a record active client count of 2,550, up 22.8% year over year, ended the quarter with strong billings growth of 24.2% and delivered a gross margin greater than 61%,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “We also continued making investments to take advantage of growing global demand for Rimini Street’s expanded breadth of support solutions, including our Support, Application Management, Security, Interoperability, Monitoring and Professional services.”\n\n“We further strengthened the balance sheet with record cash of $153 million at March 31, 2021 and generated $24.5 million of operating cash flow for the quarter,” stated Michael L. Perica, Rimini Street chief financial officer. “Today, we are issuing guidance for the second quarter ending June 30, 2021, maintaining full year 2021 guidance and re-affirming our continued commitment to the long-term goals of increasing operating cash flow and growing GAAP profitability.”\n\nFirst Quarter 2021 Financial Highlights\n\n\nRevenue was $87.9 million for the 2021 first quarter, an increase of 12.6% compared to $78.0 million for the same period last year.\n\n\nAnnual Recurring Revenue was $349 million for the 2021 first quarter, an increase of 12.8% compared to $310 million for the same period last year.\n\n\nActive Clients as of March 31, 2021 were 2,550, an increase of 22.8% compared to 2,0...