secwatch.observer — SEC 8-K summary
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Issuer:     Rimini Street, Inc. (RMNI)
CIK:        0001635282
Form:       8-K
Filed at:   2024-07-31T23:59:59+00:00
Accession:  0001635282-24-000144
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Rimini Street Q2 revenue down 3.1% to $103.1M, GAAP loss $0.01 EPS; to wind down Oracle PeopleSoft services
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- Revenue $103.1M (-3.1% YoY); net loss $1.1M vs net income $4.3M YoY; diluted EPS ($0.01) vs $0.05 YoY.
- Non-GAAP operating income $6.4M (down from $14.9M YoY); Adjusted EBITDA $8.8M (down from $15.8M YoY).
- Company to wind down Oracle PeopleSoft support, manage, and consult services over 12+ months; PeopleSoft revenue was $36.1M (8%) of FY2023 revenue.
- Reorganization costs of $3.2M in Q2 from headcount reduction; more expected in Q3.
- Guidance suspended due to ongoing Oracle litigation; active clients down 0.6% to 3,007; revenue retention rate 88%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1635282/000163528224000144/0001635282-24-000144-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1635282/000163528224000144/rmni-20240731.htm
  HTML page:      https://secwatch.observer/filing/0001635282-24-000144

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