Business
Rimini Street Announces Fiscal Second Quarter 2020 Financial Results
Quarterly revenue of $78.4 million, up 12.2% year over year Quarterly gross margin of 61.2%, down from 64.2% year over year 2,159 active clients at June 30,
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nQuarterly revenue of $78.4 million, up 12.2% year over year\nQuarterly gross margin of 61.2%, down from 64.2% year over year\n2,159 active clients at June 30, 2020, up 13.9% 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 second quarter ended June 30, 2020.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200805005274/en/Rimini Street Announces Fiscal Second Quarter 2020 Financial Results (Graphic: Business Wire)\n\n“For the second quarter, we continued to execute well against our strategic growth plan. We achieved record quarterly revenue, within guidance, delivered quarterly gross margin above guidance, maintained a revenue retention rate over 90 percent, produced another quarter of net income, generated $17.9 million of operating cash flow and further strengthened the balance sheet with record total cash of $73.0 million at quarter end,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “Prior to the pandemic, we were making investments to meet increasing global demand for our expanded product and service portfolio. We have since accelerated our investments to take advantage of additional demand driven by the pandemic and global economic slowdown. Today, we issue guidance for third quarter revenue growth, raise the low-end of 2020 revenue guidance and affirm our commitment to the long-term goals of improving free cash flow and growing GAAP profitability.”\n\n\nSecond Quarter 2020 Financial Highlights\n\n\n\nRevenue was $78.4 million for the 2020 second quarter, an increase of 12.2% compared to $69.9 million for the same period last year.\n\n\nAnnualized Subscription Revenue was $311 million for the 2020 second quarter, an increase of 12.0% compared to $278 million for the same period last year.\n\n\nActive Clients as of June 30, 2020 were 2,159, an increase of 13.9% compared to 1,896 Active Clients as of June 30, 2019.\n\n\nRevenue Retention Rate was 92% for both the trailing 12 months ended June 30, 2020 and for the comparable period ended June 30, 2019.\n\n\nGross margin was 61.2% for the 2020 second ...