Business
Rimini Street Announces Fiscal Second Quarter 2022 Financial Results
Quarterly revenue of $101.2 million, up 10.5% year over year Gross margin of 63.1%, up from 62.2% year over year Quarterly Billings of $101.6 million, down
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nQuarterly revenue of $101.2 million, up 10.5% year over year\nGross margin of 63.1%, up from 62.2% year over year\nQuarterly Billings of $101.6 million, down 5.3% year over year\n2,905 Active Clients at June 30, 2022, up 9.8% 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, 2022.\n\n“For the second quarter, we had many positive financial and operational achievements, including strong subscription renewals and extensions, increased cross-sales of our expanded solution portfolio to existing clients and we maintained our excellent, industry-leading client satisfaction rating of more than 4.9 out of 5.0 for cases and onboarding,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “However, in line with other companies, we faced global macro environment and currency exchange rate headwinds that impacted revenue growth by 1%. We believe that the macro environment will ultimately benefit our business, and we are addressing it and other opportunities with changes that include my return to oversee global revenue operations to re-accelerate growth.”\n\n“For the second quarter, we achieved record revenue of $101.2 million and a record Revenue Retention Rate of 95% on subscription revenue, a gross margin greater than 63%, generated $15 million of operating cash flow, a record end of quarter cash balance of more than $160 million and delivered solid operating income, Non-GAAP Operating Income and Adjusted EBITDA results,” stated Michael L. Perica, Rimini Street chief financial officer. “Additionally, during the quarter, we increased our common stock repurchase plan from $15 million over two years to $50 million over four years and prepaid $5 million of our term loan without any early prepayment penalty.”\n\nSecond Quarter 2022 Financial Highlights\n\n\nRevenue was $101.2 million for the 2022 second quarter, an increase of 10.5% compared to $91.6 million for the same period last year.\n\n\nU.S. revenue was $53.9 million, an increase of 8.8% compared to $49.6 million for the same period last year.\n\n\nInternational revenue was $47.3 million, an increas...