Business
Rimini Street Announces Fiscal Third Quarter 2019 Financial Results
Quarterly revenue of $69.0 million, up 10.1% year over year Quarterly gross margin of 62.4%, down from 64.5% year over year 2,032 active clients at September
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nQuarterly revenue of $69.0 million, up 10.1% year over year\n\n\nQuarterly gross margin of 62.4%, down from 64.5% year over year\n\n\n2,032 active clients at September 30, 2019, up 17.3% 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 third quarter ended September 30, 2019.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191107005743/en/Rimini Street Announces Fiscal Third Quarter 2019 Financial Results (Graphic: Business Wire)\n\n“In the third quarter, we continued to see improving performance from investments made over the past eighteen months in global sales capacity, productivity and infrastructure,” stated Seth A. Ravin, Rimini Street co-founder, CEO and Chairman of the Board. “We also continued expanding our global capabilities and new product and service offerings, opening operations in Dubai to serve the Gulf region and announcing the global availability of Application Management Services for SAP. In addition, today we announced the global availability of Application Management Services for Oracle Database and Applications.”\n\n\n“Third quarter revenue, sales and marketing and general and administrative spend were all within our quarter guidance range, and gross margin for the third quarter and year-to-date are both above our previously provided guidance ranges,” stated Tom Sabol, Rimini Street CFO. “We remain committed to the long-term goals of top-line revenue growth, strong free cash flow and achieving sustained GAAP profitability.”\n\n\nThird Quarter 2019 Financial Highlights\n\n\n\nRevenue was $69.0 million for the 2019 third quarter, an increase of 10.1% compared to $62.6 million for the 2018 third quarter.\n\n\nAnnualized Subscription Revenue was approximately $274 million for the 2019 third quarter, an increase of 10% compared to $250 million for the 2018 third quarter.\n\n\nActive Clients as of September 30, 2019 were 2,032, an increase of 17.3% compared to 1,732 Active Clients as of September 30, 2018.\n\n\nRevenue Retention Rate was 91.5% for the trailing 12 months ended September 30, 2019 compared to 92.0% for the...