Business
Rimini Street Announces Fiscal Second Quarter 2021 Financial Results
Quarterly revenue of $91.6 million, up 16.9% year over year Gross margin of 62.2%, up from 61.2% year over year Quarterly billings of $107.3 million, up
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nQuarterly revenue of $91.6 million, up 16.9% year over year\n\nGross margin of 62.2%, up from 61.2% year over year\n\nQuarterly billings of $107.3 million, up 44.4% year over year\n\n2,645 active clients at June 30, 2021, up 22.5% 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, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210804005261/en/Rimini Street Announces Fiscal Second Quarter 2021 Financial Results (Photo: Business Wire)\n“For the second quarter, we executed well and remain on track to achieve our strategic growth plan of $1 billion in annual revenue by 2026. We achieved record revenue of $91.6 million, up 16.9% year over year and above the high-end of our guidance range. We also ended the quarter with strong year over year billings growth of 44.4%, a gross margin over 62% and an active client count that grew by 22.5%,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “In addition, our revenue retention rate grew to 94%, cross-sales continued to grow as a percent of billings and we achieved year over year billings growth in all three U.S. regions.”\n\n“For the second quarter, we generated $22.7 million of operating cash flow and ended with more than $110 million in cash,” stated Michael L. Perica, Rimini Street chief financial officer. “During the quarter, we also completed a $60 million buyback of Series A Preferred Stock. Subsequent to the second quarter, on July 20, 2021, we redeemed and retired the remaining Series A Preferred Stock, with the transaction funded by commercial bank financing of $90 million at a rate of LIBOR + 1.75% to 2.50% on a five-year term loan. Accordingly, go-forward annual financing costs have been reduced by $24 million compared to fiscal year 2020. Today, we are issuing guidance for the third quarter ending September 30, 2021, maintaining full year 2021 guidance and re-affirming our continued commitment to the long-term goals of increasing top-line growth, operating cash flow and profitability.”\n\nSecond Quarter 2021 Financial Hi...