Business
Rimini Street Announces Fiscal Third 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 third quarter ended September 30, 2024.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241030460315/en/Rimini Street Announces Fiscal Third Quarter 2024 Financial and Operating Results (Graphic: Business Wire)\nSelect Third Quarter 2024 Financial Highlights\n\n\nRevenue was $104.7 million for the 2024 third quarter, a decrease of 2.6% compared to $107.5 million for the same period last year.\n\n\nU.S. revenue was $51.6 million for the 2024 third quarter, a decrease of 7.4% compared to $55.7 million for the same period last year.\n\n\nInternational revenue was $53.1 million for the 2024 third quarter, an increase of 2.7% compared to $51.7 million for the same period last year.\n\n\nSubscription revenue was $100.4 million, which accounted for 95.9% of total revenue for the 2024 third quarter, compared to subscription revenue of $104.1 million, which accounted for 96.9% of total revenue for the same period last year.\n\n\nAnnualized Recurring Revenue was $401.5 million for the 2024 third quarter, a decrease of 3.6% compared to $416.3 million for the same period last year.\n\n\nActive Clients as of September 30, 2024 were 3,097, a decrease of 0.1% compared to 3,099 Active Clients as of September 30, 2023.\n\n\nRevenue Retention Rate was 89% for the trailing twelve months ended September 30, 2024 and 94% for the comparable period ended September 30, 2023.\n\n\nGross margin was 60.7% for the 2024 third quarter compared to 62.7% for the same period last year.\n\n\nOperating income (loss) was an operating loss of $49.6 million for the 2024 third quarter compared to operating income of $11.2 million for the same period last year.\n\n\nNon-GAAP Operating Income was $13.4 million for the 2024 third quarter compared to $16.5 million for the same period last year.\n\n\nNet income (loss) was a net loss of $43.1 million for the 2024 third quarter compared to net income of $6.8 million for the same period last year.\n\n\nNon-GAAP Net Income was $19.9 million for the 2024 third quarter compared ...