Rimini Street, Inc. (RMNI) Misses Q4 EPS by 18c, Revenues Beat; Offers Q1 Revenue Guidance, FY20 Revenues Mid-Point Guidance Above Consensus

March 12, 2020 4:15 PM EDT
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Price: $6.71 +0.90%

EPS Growth %: +100.0%

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Rimini Street, Inc. (NASDAQ: RMNI) reported Q4 EPS of ($0.10), $0.18 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $76.1 million versus the consensus estimate of $72.04 million.

Fourth Quarter 2019 Financial Highlights

  • Revenue was $76.1 million for the 2019 fourth quarter, an increase of 11.7% compared to $68.1 million for the 2018 fourth quarter.
  • Annualized Subscription Revenue was approximately $302 million for the 2019 fourth quarter, an increase of 11.4% compared to $271 million for the 2018 fourth quarter.
  • Active Clients as of December 31, 2019 were 2,063, an increase of 14.5% compared to 1,802 Active Clients as of December 31, 2018.
  • Revenue Retention Rate was 92% for the trailing 12 months ended December 31, 2019 compared to 91% for the comparable period ended December 31, 2018.
  • Gross margin was 60.2% for the 2019 fourth quarter compared to 64.6% for the 2018 fourth quarter.
  • Operating income was $1.6 million for the 2019 fourth quarter compared to $6.6 million for the 2018 fourth quarter.
  • Non-GAAP Operating Income was $5.1 million for the 2019 fourth quarter compared to $13.0 million for the 2018 fourth quarter.
  • Net loss was $0.2 million for the 2019 fourth quarter compared to net income of $5.4 million for the 2018 fourth quarter.
  • Non-GAAP Net Income was $3.3 million for the 2019 fourth quarter compared to $11.8 million for the 2018 fourth quarter.
  • Adjusted EBITDA for the 2019 fourth quarter was $4.7 million compared to $13.0 million for the 2018 fourth quarter.
  • Basic and diluted earnings per share attributable to common stockholders was a net loss per share of $0.10 for the 2019 fourth quarter compared to a net loss per share of $0.01 for the 2018 fourth quarter.

“For 2019, we achieved record fourth quarter and fiscal year revenue that exceeded management guidance, increased our gross margin, and continued to improve our balance sheet with reduced debt and increased cash,” stated Seth A. Ravin, Rimini Street co-founder, CEO and Chairman of the Board. “Additionally, we experienced improved performance from investments in global sales, the launch of new products and services and expanded geographic operations. We continue to see growing global demand for our enterprise software products and services, and plan to continue making investments in 2020 to support growth.”

GUIDANCE:

Rimini Street, Inc. sees Q1 2020 revenue of $76-78 million, versus the consensus of $72.85 million.

Rimini Street, Inc. sees FY2020 revenue of $310-320 million, versus the consensus of $311.2 million.

For earnings history and earnings-related data on Rimini Street, Inc. (RMNI) click here.



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