secwatch.observer — SEC 8-K summary
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Issuer:     Rimini Street, Inc. (RMNI)
CIK:        0001635282
Form:       8-K
Filed at:   2024-05-02T23:59:59+00:00
Accession:  0001635282-24-000108
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Rimini Street Q1 revenue up 1.2% to $106.7M; net income drops to $1.3M from $5.6M; guidance suspended
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- Q1 revenue $106.7M (+1.2% YoY); net income $1.3M ($0.01 EPS) vs $5.6M ($0.06 EPS).
- Gross margin 59.8% (down from 62.7%); Adjusted EBITDA $10.7M vs $16.6M YoY.
- Guidance suspended citing ongoing Oracle litigation; no 2024 outlook provided.
- Refinanced $70.9M debt with $75M term loan + $35M revolver (5-yr; SOFR+2.75%-3.5%).
- Hired Steven Hershkowitz as CRO and Martyn Hoogakker as EMEA GM.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1635282/000163528224000108/0001635282-24-000108-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1635282/000163528224000108/rmni-20240502.htm
  HTML page:      https://secwatch.observer/filing/0001635282-24-000108

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer