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Jun 30, 2023
Rimini Street Q2 2023 Earnings Report
Rimini Street's financial performance increased, achieving revenue growth and improved net income.
Key Takeaways
Rimini Street reported a 5.2% year-over-year increase in revenue, reaching $106.4 million. The company's net income significantly improved to $4.3 million, compared to $0.1 million in the prior year. The company maintained a strong balance sheet with net cash at quarter end of $64.7 million and repurchased $1.0 million of its outstanding common shares in the quarter at an average price of $4.09 per share.
Revenue increased by 5.2% year-over-year to $106.4 million.
Net income rose to $4.3 million, a substantial increase from $0.1 million in the prior year.
Annualized Recurring Revenue increased by 3.4% year-over-year to $410.1 million.
The company closed nearly 9,000 support cases and delivered nearly 7,000 tax, legal and regulatory updates to clients across 22 countries.
Revenue by Geographic Location
Forward Guidance
The Company is providing third quarter 2023 revenue guidance to be in the range of $105.5 million to $107.5 million and suspending full year 2023 revenue and Adjusted EBITDA guidance until there is more clarity around impacts from current litigation activity before the U.S. Federal courts in the Company’s litigation with Oracle
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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