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Rimini StreetⓇ Rimini Street Announces Fiscal First Quarter 2021 Financial Results May 10 , 2021 Quarterly revenue of $ 87.9 million , up 12.6 % year over year Gross Margin of 61.5 % , up from 61.3 % year over year Quarterly Billings of $ 81.0 million , up 24.2 % year over year 2,550 active clients at March 31 , 2021 , up 22.8 % year over year LAS VEGAS -- ( BUSINESS WIRE ) -- May 10 , 2021-- 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 first quarter ended March 31 , 2021 . This press release features multimedia . View the full release here : https://www.businesswire.com/news/home/20210510005029/en/ Rimini Street Announces Fiscal First Quarter 2021 Financial Results ( Graphic : Business Wire ) " For the first quarter , we remain on track to achieve our strategic growth plan to achieve $ 1 billion in annual revenue by 2026. We achieved record revenue of $ 87.9 million , up 12.6 % year over year , a record active client count of 2,550 , up 22.8 % year over year , ended the quarter with strong billings growth of 24.2 % and delivered a gross margin greater than 61 % , " stated Seth A. Ravin , Rimini Street co - founder , CEO and chairman of the board . " We also continued making investments to take advantage of growing global demand for Rimini Street's expanded breadth of support solutions , including our Support , Application Management , Security , Interoperability , Monitoring and Professional services . " " We further strengthened the balance sheet with record cash of $ 153 million at March 31 , 2021 and generated $ 24.5 million of operating cash flow for the quarter , " stated Michael L. Perica , Rimini Street chief financial officer . " Today , we are issuing guidance for the second quarter ending June 30 , 2021 , maintaining full year 2021 guidance and re - affirming our continued commitment to the long - term goals of increasing operating cash flow and growing GAAP profitability . " First Quarter 2021 Financial Highlights • Revenue was $ 87.9 million for the 2021 first quarter , an increase of 12.6 % compared to $ 78.0 million for the same period last year . • Annual Recurring Revenue was $ 349 million for the 2021 first quarter , an increase of 12.8 % compared to $ 310 million for the same period last year . • Active Clients as of March 31 , 2021 were 2,550 , an increase of 22.8 % compared to 2,077 Active Clients as of March 31 , 2020 . • Revenue Retention Rate was 91 % for the trailing 12 months ended March 31 , 2021 and 92 % for the comparable period ended March 31 , 2020 . • Gross margin was 61.5 % for the 2021 first quarter compared to 61.3 % for the same period last year . • Operating income was $ 1.9 million for the 2021 first quarter compared to $ 3.7 million for the same period last year . • Non - GAAP Operating Income was $ 9.3 million for the 2021 first quarter compared to $ 8.9 million for the same period last year . • Net loss was $ 3.6 million for the 2021 first quarter compared to net income of $ 2.5 million for the same period last year . • Non - GAAP Net Income was $ 8.5 million for the 2021 first quarter compared to $ 7.7 million for the same period last year . Adjusted EBITDA for the 2021 first quarter was $ 10.7 million compared to $ 9.2 million for the same period last year . ● • Basic and diluted net loss per share attributable to common stockholders was a net loss per share of $ 0.13 for the 2021 first quarter compared to a net loss per share of $ 0.06 for the same period last year . ● Employee count as of March 31 , 2021 was 1,501 , a year - over - year increase of 15.3 % . • Completed a follow - on public offering of 7.75 million shares of the Company's common stock , with net proceeds to the Company of approximately $ 57 million . • On January 5 , 2021 , completed the buyback of $ 10 million face - value of Series A preferred stock for an approximate 10 % discount to face - value ( par ) ; no make - whole payments were required . The purchased preferred shares were retired . • On April 16 , 2021 , completed the buyback of $ 60 million face - value of Series A preferred stock , plus make - whole of