Business
Rimini Street Announces Fiscal Third Quarter 2020 Financial Results
Quarterly revenue of $82.5 million, up 19.3% year over year Quarterly calculated billings of $68.3 million, up 33.3% year over year 2,365 active clients at
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nQuarterly revenue of $82.5 million, up 19.3% year over year\n\nQuarterly calculated billings of $68.3 million, up 33.3% year over year\n\n2,365 active clients at September 30, 2020, up 16.4% 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, 2020.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201105005074/en/Rimini Street Announces Fiscal Third Quarter 2020 Financial Results (Graphic: Business Wire)\n“For the third quarter, we continued to execute well against our strategic growth plan. We achieved record quarterly revenue above guidance, record new sales invoicing and backlog, calculated billings growth of 33.3% year-over-year, quarterly gross margin above guidance, maintained a revenue retention rate over 90 percent, produced another consecutive quarter of net income, further strengthened the balance sheet with record total cash of $83.7 million at quarter end and generated $31.8 million in year-to-date operating cash flow, a 51.7% year-over-year improvement,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “We also continued making investments to take advantage of growing global demand for Rimini Street’s support solutions, including our new AMS services, and additional demand driven by the pandemic and global economic challenges. Today, we are issuing guidance for fourth quarter revenue, raising the full year 2020 revenue guidance range and affirming our continued commitment to the long-term goals of improving free cash flow and growing GAAP profitability.”\n\nThird Quarter 2020 Financial Highlights\n\n\nRevenue was $82.5 million for the 2020 third quarter, an increase of 19.3% compared to $69.2 million for the same period last year.\n\n\nAnnual Recurring Revenue was $327 million for the 2020 third quarter, an increase of 18.6% compared to $275 million for the same period last year.\n\n\nActive Clients as of September 30, 2020 were 2,365, an increase of 16.4% compared to 2,032 Active Clients as of September 30, 2019.\n\n\nRevenue Retention Rate was 92% for both the t...