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Rimini StreetⓇ Rimini Street Announces Fiscal Second Quarter 2021 Financial Results August 4 , 2021 Quarterly revenue of $ 91.6 million , up 16.9 % year over year Gross margin of 62.2 % , up from 61.2 % year over year Quarterly billings of $ 107.3 million , up 44.4 % year over year 2,645 active clients at June 30 , 2021 , up 22.5 % year over year LAS VEGAS -- ( BUSINESS WIRE ) -- Aug . 4 , 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 second quarter ended June 30 , 2021 . This press release features multimedia . View the full release here : https://www.businesswire.com/news/home/20210804005261/en/ Rimini Street Announces Fiscal Second Quarter 2021 Financial Results ( Photo : Business Wire ) " For the second quarter , we executed well and remain on track to achieve our strategic growth plan of $ 1 billion in annual revenue by 2026. We achieved record revenue of $ 91.6 million , up 16.9 % year over year and above the high - end of our guidance range . We also ended the quarter with strong year over year billings growth of 44.4 % , a gross margin over 62 % and an active client count that grew by 22.5 % , " stated Seth A. Ravin , Rimini Street co - founder , CEO and chairman of the board . " In addition , our revenue retention rate grew to 94 % , cross - sales continued to grow as a percent of billings and we achieved year over year billings growth in all three U.S. regions . " " For the second quarter , we generated $ 22.7 million of operating cash flow and ended with more than $ 110 million in cash , " stated Michael L. Perica , Rimini Street chief financial officer . " During the quarter , we also completed a $ 60 million buyback of Series A Preferred Stock . Subsequent to the second quarter , on July 20 , 2021 , we redeemed and retired the remaining Series A Preferred Stock , with the transaction funded by commercial bank financing of $ 90 million at a rate of LIBOR + 1.75 % to 2.50 % on a five - year term loan . Accordingly , go - forward annual financing costs have been reduced by $ 24 million compared to fiscal year 2020. Today , we are issuing guidance for the third quarter ending September 30 , 2021 , maintaining full year 2021 guidance and re - affirming our continued commitment to the long - term goals of increasing top - line growth , operating cash flow and profitability . " Second Quarter 2021 Financial Highlights • Revenue was $ 91.6 million for the 2021 second quarter , an increase of 16.9 % compared to $ 78.4 million for the same period last year . • Annual Recurring Revenue was $ 362.1 million for the 2021 second quarter , an increase of 16.4 % compared to $ 311.2 million for the same period last year . • Active Clients as of June 30 , 2021 were 2,645 an increase of 22.5 % compared to 2,159 Active Clients as of June 30 , 2020 . • Revenue Retention Rate was 94 % for the trailing 12 months ended June 30 , 2021 and 92 % for the comparable period