Record revenue for Rimini Street

Rimini Street has posted results for Q1 ended March 31, 2022, reporting an 11.4 percent year-on-year increase in revenue of $97.9m.

For the quarter, the company’s gross margin was 62 percent, up 61.5 percent year-on-year. Rimini Street also saw quarterly billings of $97.7m, up 20.6 percent year-on-year.

As of March 31, 2022, it had 2,884 active clients, representing a 13 percent increase from the same period last year.

Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board, said: “For the first quarter, we achieved record revenue, record first quarter invoicing and delivered a Revenue Retention Rate of 94 percent on subscription revenue, up from 91 percent last year.

“We continued to fill key regional operations and sales roles, closed some of the largest sales transactions in our history during the quarter, and remain focused on growing and maturing our global marketing and sales operations for increased new client acquisition and the cross-sale of new services to existing clients.”

Michael L. Perica, Rimini Street CFO, added: “For the first quarter, we delivered solid income statement and balance sheet results, including a higher year over year gross margin, operating income and non-GAAP operating income. We ended the quarter with more than $158m in cash, driven by strong first quarter operating cash flow of $45.8m.”

Rimini Street is guiding to a revenue range of $98.5m to $99.5m for Q2 2022 and is raising its full year 2022 revenue guidance to be in the range of $402m to $411m.