Rimini 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 fourth quarter and fiscal year ended December 31, 2020.
“For the fourth quarter and full year 2020, we continued to execute well against our strategic growth plan to achieve $1 billion in annual revenue by 2026 and exceeded quarterly and full year guidance. We accelerated year-over-year revenue growth for the fourth quarter from 11.7% to 15.4% and for the full year 2020 from 10.9% to 16.3%, respectively, achieved record quarterly and full year results for revenue, new sales invoicing, Calculated Billings, backlog and total gross profit and maintained a Revenue Retention rate of over 90 percent,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “Throughout the year, we continued making investments – including key executive leadership additions – to take advantage of growing global demand for Rimini Street’s support solutions, including our new application management, security, interoperability and professional services.”
“We produced another consecutive quarter of net income, further strengthened the balance sheet with record cash of $87.6 million at year end 2020 and generated $42.1 million of operating cash flow for full year 2020, a 107% year-over-year improvement,” stated Michael L. Perica, Rimini Street chief financial officer. “Today, we are issuing guidance for first quarter and full year 2021 revenue and affirming our continued commitment to the long-term goals of increasing operating cash flow and growing GAAP profitability.”
Additional details about the Company’s strategic growth plans and operations were presented during Rimini Street’s Investor Day 2021 on February 1, 2021, and the video and slide presentation materials can be found here on the Company’s Investor Relations page through January 2022.
