Business
Rimini Street Announces Fiscal First Quarter 2023 Financial and Operating Results
Financial Highlights Include: Quarterly revenue of $105.5 million, up 7.8% year over year Gross margin of 62.7% compared to prior year of 62.0% Net income of
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nFinancial Highlights Include:\nQuarterly revenue of $105.5 million, up 7.8% year over year\nGross margin of 62.7% compared to prior year of 62.0%\nNet income of $5.6 million, up 82.7% year over year\n\n\n LAS VEGAS--(BUSINESS WIRE)--\nRimini Street, Inc. (Nasdaq: RMNI), a global provider of end-to-end enterprise software support, products and services, the leading third-party support provider for Oracle and SAP software, and a Salesforce and AWS partner, today announced financial and operating results for the first quarter ended March 31, 2023.\n\n\n“For the first quarter of 2023, we were pleased to both complete the launch of our expanded solutions portfolio and sell the full portfolio to name-brand organizations globally. This expanded portfolio will allow us to meet the needs of a significantly larger market of organizations with $200 million or more in annual revenue or budget,\" stated Seth A. Ravin, Rimini Street co-founder, president, CEO and chairman of the board. “One of the new premier solutions launched in the first quarter was our end-to-end, ‘turnkey’ outsourcing offering - Rimini ONE™ - which provides organizations a one-vendor solution for their current and evolving enterprise software needs and leverages Rimini Street’s unique, industry-leading value, reliability, responsiveness and engineering capability. We have already signed more than 100 Rimini ONE clients and believe our significantly expanded solutions portfolio will increase sales to new and existing clients, improve subscription renewals and extensions and expand client lifetime value.”\n\n\n“We were pleased with our first quarter performance in revenue, gross margin, net income, Adjusted EBITDA, and Revenue Retention Rate on subscription revenue and exceeded first quarter 2023 guidance,” stated Michael L. Perica, Rimini Street chief financial officer. “Additionally, we maintained a strong balance sheet with cash and U.S. government-backed securities of $135 million and reduced debt $10 million year over year from $87 million to $77 million, resulting in net cash at quarter end of $58 million. We are also issuing guidance today for the second quarter and reaffirming full year 2023 guidance and our continued commitment to increasing profitability and re-accelerating revenue growth.”\n\n\nSelect First Quarter 2023 Financial Highlights\n\n\n\nRevenue was ...