Business
Rimini Street Announces Fiscal Fourth Quarter and Annual 2022 Financial and Operational Results
Financial Highlights Include: Quarterly revenue of $108.6 million, up 9.4% year over year Fiscal year revenue of $409.7 million, up 9.4% year over year
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nFinancial Highlights Include:\nQuarterly revenue of $108.6 million, up 9.4% year over year\nFiscal year revenue of $409.7 million, up 9.4% year over year\n\nQuarterly Billings of $160.4 million, up 2.9% year over year\nFiscal year Billings of $409.3 million, down 2.0% year over year\n\nQuarterly gross margin of 64.5% compared to prior year of 65.1%\nFiscal year gross margin of 62.8% compared to prior year of 63.6%\n3,020 Active Clients at December 31, 2022, up 6.0% 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, 2022.\n\n“We believe the growing adoption of Rimini Street's expanded end-to-end suite of enterprise software solutions is providing organizations the support, products and services needed to meet their current and evolving needs around their enterprise software systems and delivering even more industry-leading value, ROI and engineering capability,\" stated Seth A. Ravin, Rimini Street co-founder, CEO, president and chairman of the board. \"We believe this was reflected in our record fourth quarter and full year revenue that exceeded guidance, multi-million-dollar sales wins in diverse industries, strong subscription renewals and extensions, and increased cross-sales of our expanded portfolio of solutions to existing clients. We are focused on reaching out to a larger universe of prospective clients who we believe can greatly benefit from our expanded portfolio of unified solutions.”\n\n“We were pleased with our improved Q4 performance in quarterly sequential billings growth and gross margin, as well as maintaining a strong Revenue Retention Rate on subscription revenue,” stated Michael L. Perica, Rimini Street chief financial officer. “Additionally, for full year 2022, we repurchased $4.7 million of our common stock and reduced the balance on our term loan outstanding from $88 million to $78 million, resulting in year-end cash and investments of $129 million and net cash of $51 million. We are also issuing guidance today for the first quarter and full year 2023 revenue, full year 2023 Adjusted EBITDA, and affirming our continued commit...