Business
Rimini Street Announces Fiscal First Quarter 2024 Financial and Operating Results
LAS VEGAS--(BUSINESS WIRE)-- Rimini Street, Inc. (Nasdaq: RMNI), a global provider of end-to-end enterprise software support, products and services, the
About this update from Rimini Street, Inc.
[{"type":"text","content":" 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 results for the fiscal first quarter ended March 31, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240502994935/en/Rimini Street Announces Fiscal First Quarter 2024 Financial and Operating Results (Graphic: Business Wire)\nSelect First Quarter 2024 Financial Highlights\n\n\n\nRevenue was $106.7 million for the 2024 first quarter, an increase of 1.2% compared to $105.5 million for the same period last year.\n\n\n\nU.S. revenue was $53.8 million for the 2024 first quarter, an increase of 0.7% compared to $53.4 million for the same period last year.\n\n\n\nInternational revenue was $52.9 million for the 2024 first quarter, an increase of 1.6% compared to $52.1 million for the same period last year.\n\n\n\nAnnualized Recurring Revenue was $415.8 million for the 2024 first quarter, an increase of 1.8% compared to $408.3 million for the same period last year.\n\n\n\nActive Clients as of March 31, 2024 were 3,040, an increase of 1.1% compared to 3,007 Active Clients as of March 31, 2023.\n\n\n\nRevenue Retention Rate was 89% for the trailing twelve months ended March 31, 2024 and 92% for the comparable period ended March 31, 2023.\n\n\n\nSubscription revenue was $103.9 million, which accounted for 97.4% of total revenue for the 2024 first quarter, compared to subscription revenue of $102.1 million, which accounted for 96.8% of total revenue for the same period last year.\n\n\n\nGross margin was 59.8% for the 2024 first quarter compared to 62.7% for the same period last year.\n\n\n\nOperating income was $3.4 million for the 2024 first quarter compared to $10.7 million for the same period last year.\n\n\n\nNon-GAAP Operating Income was $8.8 million for the 2024 first quarter compared to $15.4 million for the same period last year.\n\n\n\nNet income was $1.3 million for the 2024 first quarter compared to $5.6 million for the same period last year.\n\n\n\nNon-GAAP Net Income was $6.8 million for the 2024 first quarter compared to $10.4 million for the same period last year.\n\n\n\nAdjusted EBITDA for th...