The following is a summary of the Rimini Street, Inc. (RMNI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Rimini Street reported Q1 2024 revenue of $106.7 million, up 1.2% year-on-year.

• Gross margin stood at 59.8% of revenue compared to 62.7% from the prior year's first quarter.

• Annualized recurring revenue was $415.8 million for Q1, representing a 1.8% increase from the previous year.

• The revenue retention rate for service subscriptions remained at 89%.

• The company reported net income attributable to shareholders of $1.3 million or $0.01 per diluted share, compared to the prior year's first quarter of $0.06 per diluted share.

• There was an increase in operating cash flow to $11.1 million compared to the $8.6 million of the prior year's first quarter.

Business Progress:

• Rimini Street continued investments in their global engineering team for new client engagements.

• The company hired a new general manager for the EMEA Theatre, Martyn Hoogakker, and a new Chief Revenue Officer, Steven Hershkowitz.

• By further developing their solutions portfolio, Rimini Street is expanding its global presence.

• Despite a 20% drop in bookings and billings year over year due to decreased performance in Japan, Australia, and the US, the company remains optimistic about future growth.

• The company anticipates growth by focusing on improving performance in North America, particularly in the US.

• Rimini Street has introduced a new product, Rimini Custom, which has garnered significant customer interest.

• Ongoing litigation with Oracle poses potential challenges to future company-wide growth and performance.

More details: Rimini Street IR

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