Business
Rimini Street Announces Fiscal Third Quarter 2021 Financial Results
Quarterly revenue of $95.6 million, up 15.9% year over year Gross margin of 65.1%, up from 61.2% year over year Quarterly Billings of $73.7 million, up 7.9%
About this update from Rimini Street, Inc.
[{"type":"text","content":"\nQuarterly revenue of $95.6 million, up 15.9% year over year\nGross margin of 65.1%, up from 61.2% year over year\nQuarterly Billings of $73.7 million, up 7.9% year over year\n2,793 Active Clients at September 30, 2021, up 18.1% 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, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211103005428/en/Rimini Street Announces Fiscal Third Quarter 2021 Financial Results (Photo: Business Wire)\n“For the third quarter, we achieved record revenue of $95.6 million, up 15.9% year over year and at the high end of our guidance range and achieved a strong Revenue Retention Rate of 93%, up from 92% last year, on subscription revenue,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “We see growing demand for Rimini Street’s expanding portfolio of enterprise software support solutions as we continue building and maturing our go to market capability to launch, sell and deliver our full solutions portfolio to new and existing clients globally and prepare the Company for billion-dollar annual revenue operations by 2026.”\n\n“For the third quarter, we delivered solid income statement and balance sheet results. We delivered a higher year over year gross margin, operating income and Non-GAAP Operating Income and ended the quarter with more than $103 million in cash,” stated Michael L. Perica, Rimini Street chief financial officer. “Additionally, during the quarter, we redeemed the remaining Series A Preferred Stock, with the five-year term loan transaction financed by Capital One and Fifth Third commercial banks for $90 million at a rate of LIBOR + 1.75% to 2.50%. The Company has taken certain one-time cash and non-cash charges in the third quarter related to the closing of the financing transaction and the go-forward annual financing costs have been reduced by $24 million compared to fiscal year 2020.”\n\nThird Quarter 2021 Financial Highlights\n\n\nRevenue was $95.6 million for the 2021 third quarter, an increase of 15.9% compared to $82.5 mil...