Business
Rimini Street Announces Fiscal First Quarter 2022 Financial Results
Quarterly revenue of $97.9 million, up 11.4% year over year Gross margin of 62.0%, up from 61.5% year over year Quarterly Billings of $97.7 million, up 20.6%
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nQuarterly revenue of $97.9 million, up 11.4% year over year\nGross margin of 62.0%, up from 61.5% year over year\nQuarterly Billings of $97.7 million, up 20.6% year over year\nOperating Cash Flow of $45.8, up 87.2% year over year\n2,884 Active Clients at March 31, 2022, up 13.1% 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, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220504005349/en/Rimini Street Announces Fiscal First Quarter 2022 Financial Results (Photo: Business Wire)\n“For the first quarter, we achieved record revenue, record first quarter invoicing and delivered a Revenue Retention Rate of 94% on subscription revenue, up from 91% last year,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “We continued to fill key regional operations and sales roles, closed some of the largest sales transactions in our history during the quarter, and remain focused on growing and maturing our global marketing and sales operations for increased new client acquisition and the cross-sale of new services to existing clients.”\n\n“For the first quarter, we delivered solid income statement and balance sheet results, including a higher year over year gross margin, operating income and Non-GAAP Operating Income. We ended the quarter with more than $158 million in cash, driven by strong first quarter operating cash flow of $45.8 million,” stated Michael L. Perica, Rimini Street chief financial officer. “Additionally, during the quarter, we initiated a common stock repurchase plan of up to $15 million and completed $3.2 million of repurchases during the quarter. The Company is also evaluating other financial options at this time that include an early prepayment of $10 million on its term loan with a principal value of approximately $86 million. There is no prepayment penalty on the term loan.”\n\nFirst Quarter 2022 Financial Highlights\n\n\nRevenue was $97.9 million for the 2022 first quarter, an increase of 11.4% compared to $87.9 million for the same period last year.\n\n\nU.S. re...