Business
Rimini Street Announces Fiscal Fourth Quarter and Annual 2021 Financial Results
Quarterly revenue of $99.3 million, up 13.0% year over year Fiscal year revenue of $374.4 million, up 14.6% year over year Fiscal year gross margin 63.6%
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nQuarterly revenue of $99.3 million, up 13.0% year over year\n\nFiscal year revenue of $374.4 million, up 14.6% year over year\n\nFiscal year gross margin 63.6% compared to prior year of 61.4%\n\nFiscal year operating cash flow of $66.9 million, up 59.0% year over year\n\n2,849 Active Clients at December 31, 2021, up 14.6% 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 fourth quarter and fiscal year ended December 31, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220302005382/en/Rimini Street Announces Fiscal Fourth Quarter and Annual 2021 Financial Results (Photo: Business Wire)\n“For the fourth quarter and full year 2021, we achieved a unique combination of record revenue exceeding our guidance, margin expansion, strong revenue retention and cash flow generation,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “We continue to see a strong opportunity for Rimini Street’s expanding portfolio of enterprise software support solutions and continue building and maturing our go to market capability to launch, sell and deliver our full solutions portfolio to new and existing clients globally.”\n\n“We produced another consecutive quarter of net income, further strengthened the balance sheet with record cash of $119.6 million at year end 2021 and today announced a common stock repurchase plan of up to $15 million,” stated Michael L. Perica, Rimini Street chief financial officer. “Additionally, for the full year, we achieved record net income, Adjusted EBITDA, operating cash flow and cash generation. We are also issuing guidance today for the first quarter and full year 2022 revenue and affirming our continued commitment to the long-term goals of increasing operating cash flow and growing earnings per share.”\n\nFourth Quarter 2021 Financial Highlights\n\n\nRevenue was $99.3 million for the 2021 fourth quarter, an increase of 13.0% compared to $87.8 million for the same period last year.\n\n\nAnnual Recurring Revenue was $393 million for the 2021 fourth quarter, an increase of 12.6% compared to $349 mil...