Q2 2024 Rimini Street Inc Earnings Call Transcript
Key Points
- Rimini Street Inc (RMNI) achieved strong contract volumes in Q2 2024, including $8 million or greater transactions.
- Billings for the second quarter increased by 6.9% year over year.
- The company launched new service offerings for VMware products, leveraging their existing enterprise software support model.
- Rimini Street Inc (RMNI) has a global presence with over 2,100 employees in 21 countries, and two large lab operations in India and Brazil.
- The company has a high client satisfaction score of 4.9 out of 5, with an average engineer response time of less than two minutes.
- Revenue for Q2 2024 decreased by 3.1% year over year.
- Annualized recurring revenue decreased by 2.6% year over year.
- Gross margin declined to 59.1% from 63.0% in the prior year second quarter.
- The company is winding down its services for Oracle PeopleSoft products, which accounted for 8% of revenue.
- Rimini Street Inc (RMNI) continues to face significant legal expenses and ongoing litigation with Oracle, impacting financial results.
Good afternoon, ladies and gentlemen and welcome to the Rimini Street Q2 2024 earnings conference call. (Operator Instructions)
This call is being recorded on Wednesday, July 31, 2024.
I would now like to turn the conference over to Dean Pohl, VP, Treasurer, and Investor Relations. Please go ahead.
Thank you, operator. I'd like to welcome everyone to Rimini Street's second-quarter 2024 earnings conference call. On the call with me today is Seth Ravin, our CEO and President; and Michael Perica, our CFO.
Today, we issued our earnings press release for the second quarter ended June 30, 2024. A copy of which can be found on our website under Investor Relations. A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in the press release.
An explanation of these measures and why we believe they are meaningful is also included in the press release under the heading, About Non-GAAP Financial Measures and Certain
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