Business
Rimini Street Announces Fiscal Second Quarter 2023 Financial and Operating Results
Second Quarter Financial Highlights Include: Revenue of $106.4 million, up 5.2% year over year Gross margin of 63.0% compared to 63.1% in the prior year Net
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nSecond Quarter Financial Highlights Include:\nRevenue of $106.4 million, up 5.2% year over year\nGross margin of 63.0% compared to 63.1% in the prior year\nNet income of $4.3 million, compared to $0.1 million in the prior year\n\n\n LAS VEGAS--(BUSINESS WIRE)--\nRimini Street, Inc. (Nasdaq: RMNI), a global provider of end-to-end enterprise software support, products and services, the leading third-party support provider for Oracle and SAP software, and a Salesforce and AWS partner, today announced financial and operating results for the second quarter ended June 30, 2023.\n\n\n“For the second quarter of 2023, we were pleased to achieve the largest second quarter total sales invoicing in North American history, which we believe is one of several data points that indicate our updated sales and marketing go-to-market plan is continuing to gain traction. New client invoicing and pipeline improved sequentially and year over year, and we are seeing continued sales growth across our new, full product portfolio,\" stated Seth A. Ravin, Rimini Street’s co-founder, president, CEO and chairman of the board. “As a global leader in production support for mission-critical systems, we continue to grow our workforce and capabilities to deliver our full solutions portfolio globally, backed by innovation and technology that provides additional leverage for increased profitability with growth. We believe our significantly expanded solutions portfolio will increase sales to new and existing clients, improve subscription renewals and extensions and expand lifetime contract value.”\n\n\n“We had a solid quarter across nearly all of our key operating metrics,” stated Michael L. Perica, Rimini Street’s chief financial officer. “In addition to significantly increased net income compared to the prior year, we maintained a strong balance sheet with net cash at quarter end of $64.7 million. We also repurchased $1.0 million of our outstanding common shares in the quarter at an average price of $4.09 per share.”\n\n\nSelect Second Quarter 2023 Financial Highlights\n\n\n\nRevenue was $106.4 million for the 2023 second quarter, an increase of 5.2% compared to $101.2 million for the same period last year.\n\n\n\nU.S. revenue was $54.0 million, an increase of 0.1% compared to $53.9 million for the same period last year.\n\n\n\nInternational revenue was $52.4 mi...