Business
Rimini Street Announces Fiscal Second Quarter 2024 Financial and Operating Results
LAS VEGAS--(BUSINESS WIRE)-- Rimini Street, Inc. (Nasdaq: RMNI), a global provider of end-to-end enterprise software support, products and services, the
About this update from Rimini Street, Inc.
[{"type":"text","content":" 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 results for the fiscal second quarter ended June 30, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240731610119/en/Rimini Street Announces Fiscal Second Quarter 2024 Financial and Operating Results (Graphic: Rimini Street)\nSelect Second Quarter 2024 Financial Highlights\n\n\n\nRevenue was $103.1 million for the 2024 second quarter, a decrease of 3.1% compared to $106.4 million for the same period last year.\n\n\n\nU.S. revenue was $51.5 million for the 2024 second quarter, a decrease of 4.7% compared to $54.0 million for the same period last year.\n\n\n\nInternational revenue was $51.7 million for the 2024 second quarter, a decrease of 1.5% compared to $52.4 million for the same period last year.\n\n\n\nAnnualized Recurring Revenue was $399.4 million for the 2024 second quarter, a decrease of 2.6% compared to $410.1 million for the same period last year.\n\n\n\nActive Clients as of June 30, 2024 were 3,007, a decrease of 0.6% compared to 3,026 Active Clients as of June 30, 2023.\n\n\n\nRevenue Retention Rate was 88% for the trailing twelve months ended June 30, 2024 and 94% for the comparable period ended June 30, 2023.\n\n\n\nSubscription revenue was $99.9 million, which accounted for 96.8% of total revenue for the 2024 second quarter, compared to subscription revenue of $102.5 million, which accounted for 96.3% of total revenue for the same period last year.\n\n\n\nGross margin was 59.1% for the 2024 second quarter compared to 63.0% for the same period last year.\n\n\n\nOperating income (loss) was an operating loss of $(0.8) million for the 2024 second quarter compared to operating income of $10.3 million for the same period last year.\n\n\n\nNon-GAAP Operating Income was $6.4 million for the 2024 second quarter compared to $14.9 million for the same period last year.\n\n\n\nNet income (loss) was a net loss of $(1.1) million for the 2024 second quarter compared to net income of $4.3 million for the same period last year.\n\n\n\nNon-GAAP Net Income was $6.1 million for the 2024 second quart...