Business Wire

Rimini Street Announces Fiscal Second Quarter 2022 Financial Results

Share

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, 2022.

“For the second quarter, we had many positive financial and operational achievements, including strong subscription renewals and extensions, increased cross-sales of our expanded solution portfolio to existing clients and we maintained our excellent, industry-leading client satisfaction rating of more than 4.9 out of 5.0 for cases and onboarding,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “However, in line with other companies, we faced global macro environment and currency exchange rate headwinds that impacted revenue growth by 1%. We believe that the macro environment will ultimately benefit our business, and we are addressing it and other opportunities with changes that include my return to oversee global revenue operations to re-accelerate growth.”

“For the second quarter, we achieved record revenue of $101.2 million and a record Revenue Retention Rate of 95% on subscription revenue, a gross margin greater than 63%, generated $15 million of operating cash flow, a record end of quarter cash balance of more than $160 million and delivered solid operating income, Non-GAAP Operating Income and Adjusted EBITDA results,” stated Michael L. Perica, Rimini Street chief financial officer. “Additionally, during the quarter, we increased our common stock repurchase plan from $15 million over two years to $50 million over four years and prepaid $5 million of our term loan without any early prepayment penalty.”

Second Quarter 2022 Financial Highlights

  • Revenue was $101.2 million for the 2022 second quarter, an increase of 10.5% compared to $91.6 million for the same period last year.
  • U.S. revenue was $53.9 million, an increase of 8.8% compared to $49.6 million for the same period last year.
  • International revenue was $47.3 million, an increase of 12.5% compared to $42.1 million for the same period last year.
  • Annualized Recurring Revenue was $396.7 million for the 2022 second quarter, an increase of 9.6% compared to $362.1 million for the same period last year.
  • Active Clients as of June 30, 2022 were 2,905, an increase of 9.8% compared to 2,645 Active Clients as of June 30, 2021.
  • Revenue Retention Rate was 95% for the trailing twelve months ended June 30, 2022 and 94% for the comparable period ended June 30, 2021.
  • Subscription revenue of $99.2 million, which accounted for 98.0% of total revenue for the 2022 second quarter compared to subscription revenue of $90.5 million, which accounted for 98.8% of total revenue for the same period last year.
  • Gross margin was 63.1% for the 2022 second quarter compared to 62.2% for the same period last year.
  • Operating income was $5.7 million for the 2022 second quarter compared to $4.6 million for the same period last year.
  • Non-GAAP Operating Income was $11.9 million for the 2022 second quarter compared to $9.8 million for the same period last year.
  • Net income was $0.1 million for the 2022 second quarter compared to a net income of $6.8 million for the same period last year.
  • Non-GAAP Net Income was $6.4 million for the 2022 second quarter compared to $8.4 million for the same period last year.
  • Adjusted EBITDA for the 2022 second quarter was $11.0 million compared to $9.9 million for the same period last year.
  • Basic and diluted net income (loss) per share attributable to common stockholders was a net income per share of $0.00 and $0.00, respectively, for the 2022 second quarter compared to a net loss per share of $0.06 for the same period last year.
  • Cash balance (not including restricted cash) of $160.2 million at June 30, 2022, an increase of 45% compared to $110.4 million for the same period last year.
  • Employee count as of June 30, 2022 was 1,834, a year-over-year increase of 17.9%.

Reconciliations of the non-GAAP financial measures provided in this press release to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures, why we believe they are meaningful and how they are calculated is also included under the heading “About Non-GAAP Financial Measures and Certain Key Metrics.”

Second Quarter 2022 Company Highlights

  • Announced representative new clients who switched to, or existing clients who expanded their agreements with, Rimini Street, including:
  • Closed more than 9,411 support cases and delivered nearly 9,813 tax, legal and regulatory updates to clients across 30 countries, while achieving an average client satisfaction rating on the Company’s support delivery of more than 4.9 out of 5.0 (where 5.0 is rated excellent).
  • Recognized in UK’s Best Workplaces™ and Ranked among the UK’s Best Workplaces™ for Wellbeing by Great Place to Work®
  • Presented and participated in almost 30 CIO and IT leader events worldwide.
  • The Rimini Street Foundation provided financial aid to 25 charities and dedicated 350 employee hours to 7 charities in Malaysia, Singapore, and USA. In May, the Foundation celebrated the winners of its $50,000 RMNI LOVE Grant Program, supporting 5 notable charities in Las Vegas with a donation of $10,000 each. For Pride Month in June, The Rimini Street Foundation proudly contributed $10,000 to OutRight Action International, a global organization advocating for equal rights for the LGBTIQ community.

2022 Business Outlook

The Company is guiding to a revenue range of $100.5 million to $102.5 million for the 2022 third quarter and we are maintaining full year 2022 revenue guidance to be in the range of $402 million to $411 million.

Webcast and Conference Call Information

Rimini Street will host a conference call and webcast to discuss the second quarter 2022 results and select third quarter 2022 performance to-date commentary at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time on August 3, 2022. A live webcast of the event will be available on Rimini Street’s Investor Relations site athttps://investors.riministreet.com. Dial-in participants can access the conference call by dialing (888) 999-2501 in the U.S. and Canada. A replay of the webcast will be available for one year following the event.

Company’s Use of Non-GAAP Financial Measures

This press release contains certain “non-GAAP financial measures.” Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements and is not intended to represent a measure of performance in accordance with disclosures required by U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures determined in accordance with GAAP. A reconciliation of GAAP to non-GAAP results is included in the financial tables within this press release. Presented under the heading “About Non-GAAP Financial Measures and Certain Key Metrics” is a description and explanation of our non-GAAP financial measures.

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI) is 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. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, over 4,800 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn. (IR-RMNI)

Forward-Looking Statements

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the amount and timing of repurchases, if any, under our stock repurchase program and our ability to enhance stockholder value through such program; the impact of our credit facility’s ongoing debt service obligations and financial and operational covenants on our business and related interest rate risk, including uncertainty from the discontinuance of LIBOR and transition to any other interest rate benchmarks; the duration of and economic, operational and financial impacts on our business of the COVID-19 pandemic, as well as the actions taken by governmental authorities, clients or others in response to the pandemic; changes in the business environment in which Rimini Street operates, including the impact of any recessionary economic trends, including inflation, rising interest rates and changes in foreign exchange rates, as well as general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates and the industries in which our clients operate; the evolution of the enterprise software management and support landscape facing our clients and prospects and our ability to attract and retain clients and further penetrate our client base; catastrophic events that disrupt our business or that of our current and prospective clients, including terrorism and geopolitical actions specific to an international region; adverse developments in and costs associated with defending pending litigation or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements, including under our credit facility; our ability to maintain an effective system of internal control over financial reporting and our ability to remediate any identified material weaknesses in our internal controls; changes in laws and regulations, including changes in tax laws or unfavorable outcomes of tax positions we take, or a failure by us to establish adequate reserves for tax events; competitive product and pricing activity; challenges of managing growth profitably; customer adoption of our products and services, including our Application Management Services (AMS) offerings, in addition to other products and services we expect to introduce in the future; the loss of one or more members of Rimini Street’s management team; our ability to attract and retain qualified employees and key personnel; uncertainty as to the long-term value of Rimini Street’s equity securities; the effects of seasonal trends on our results of operations, including the contract renewal cycles for vendor supplied software support and managed services; our ability to prevent unauthorized access to our information technology systems and other cybersecurity threats, protect the confidential information of our employees and clients and comply with privacy and data protection regulations; and those discussed under the headings “Risk Factors” and “Cautionary Note About Forward-Looking Statements” in Rimini Street’s Quarterly Report on Form 10-Q filed on August 3, 2022, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

© 2022 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

RIMINI STREET, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)

ASSETS

June 30,
2022

December 31,
2021

Current assets:

Cash and cash equivalents

$

160,217

$

119,571

Restricted cash

419

419

Accounts receivable, net of allowance of $747 and $576, respectively

87,601

135,447

Deferred contract costs, current

16,282

14,985

Prepaid expenses and other

16,772

16,340

Total current assets

281,291

286,762

Long-term assets:

Property and equipment, net of accumulated depreciation and amortization of $14,270 and $13,278, respectively

4,922

4,435

Operating lease right-of-use assets

11,469

12,722

Deferred contract costs, noncurrent

23,427

21,524

Deposits and other

1,737

1,786

Deferred income taxes, net

63,367

64,033

Total assets

$

386,213

$

391,262

LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

Current liabilities:

Current maturities of long-term debt

$

3,664

$

3,664

Accounts payable

5,809

5,708

Accrued compensation, benefits and commissions

38,159

36,558

Other accrued liabilities

23,921

26,124

Operating lease liabilities, current

4,156

4,227

Deferred revenue, current

255,376

253,221

Total current liabilities

331,085

329,502

Long-term liabilities:

Long-term debt, net of current maturities

72,888

79,655

Deferred revenue, noncurrent

45,011

47,047

Operating lease liabilities, noncurrent

10,860

12,511

Other long-term liabilities

2,856

2,933

Total liabilities

462,700

471,648

Stockholders' Deficit:

Preferred Stock, $0.0001 par value. Authorized 99,820 shares (excluding 180 shares of Series A Preferred Stock); no
other series has been designated

Common Stock, $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding 87,529 and 87,107 shares,
respectively

9

9

Additional paid-in capital

152,147

149,234

Accumulated other comprehensive loss

(4,935

)

(2,724

)

Accumulated deficit

(222,592

)

(225,789

)

Treasury stock, at cost

(1,116

)

(1,116

)

Total stockholders' deficit

(76,487

)

(80,386

)

Total liabilities and stockholders' deficit

$

386,213

$

391,262

RIMINI STREET, INC.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)

Three Months Ended
June 30,

Six Months Ended
June 30,

2022

2021

2022

2021

Revenue

$

101,200

$

91,614

$

199,110

$

179,509

Cost of revenue

37,344

34,595

74,551

68,431

Gross profit

63,856

57,019

124,559

111,078

Operating expenses:

Sales and marketing

36,205

33,157

67,905

63,540

General and administrative

18,862

16,494

38,813

33,097

Impairment charges related operating right of use assets

393

Litigation costs and related recoveries:

Professional fees and other costs of litigation

3,193

2,786

6,692

7,549

Insurance costs and recoveries, net

(92

)

(481

)

Litigation costs and related recoveries, net

3,101

2,786

6,211

7,549

Total operating expenses

58,168

52,437

112,929

104,579

Operating income

5,688

4,582

11,630

6,499

Non-operating income and (expenses):

Interest expense

(999

)

(38

)

(1,807

)

(85

)

Gain (loss) on change in fair value of redeemable warrants

3,698

(970

)

Other income (expenses), net

(1,577

)

(496

)

(1,368

)

276

Income before income taxes

3,112

7,746

8,455

5,720

Income tax expense

(3,002

)

(939

)

(5,258

)

(2,489

)

Net income

$

110

$

6,807

$

3,197

$

3,231

Net income (loss) attributable to common stockholders

$

110

$

(4,846

)

$

3,197

$

(14,691

)

Net income (loss) per share attributable to common stockholders:

Basic

$

$

(0.06

)

$

0.04

$

(0.18

)

Diluted

$

$

(0.06

)

$

0.04

$

(0.18

)

Weighted average number of shares of Common Stock outstanding:

Basic

87,225

85,343

87,175

82,056

Diluted

89,339

85,343

88,940

82,056

RIMINI STREET, INC.
GAAP to Non-GAAP Reconciliations
(In thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

2022

2021

2022

2021

Non-GAAP operating income reconciliation:

Operating income

$

5,688

$

4,582

$

11,630

$

6,499

Non-GAAP adjustments:

Litigation costs and related recoveries, net

3,101

2,786

6,211

7,549

Stock-based compensation expense

3,159

2,478

6,210

4,711

Impairment charges related to operating right-of-use assets

393

Non-GAAP operating income

$

11,948

$

9,846

$

24,051

$

19,152

Non-GAAP net income reconciliation:

Net income

$

110

$

6,807

$

3,197

$

3,231

Non-GAAP adjustments:

Litigation costs and related recoveries, net

3,101

2,786

6,211

7,549

Gain (loss) on change in fair value of redeemable warrants

(3,698

)

970

Stock-based compensation expense

3,159

2,478

6,210

4,711

Impairment charges related to operating right-of-use assets

393

Non-GAAP net income

$

6,370

$

8,373

$

15,618

$

16,854

Non-GAAP Adjusted EBITDA reconciliation:

Net income

$

110

$

6,807

$

3,197

$

3,231

Non-GAAP adjustments:

Interest expense

999

38

1,807

85

Income tax expense

3,002

939

5,258

2,489

Depreciation and amortization expense

644

590

1,222

1,174

EBITDA

4,755

8,374

11,484

6,979

Non-GAAP adjustments:

Litigation costs and related recoveries, net

3,101

2,786

6,211

7,549

Gain (loss) on change in fair value of redeemable warrants

(3,698

)

970

Stock-based compensation expense

3,159

2,478

6,210

4,711

Impairment charges related to operating right-of-use assets

393

Adjusted EBITDA

$

11,015

$

9,940

$

23,905

$

20,602

Billings:

Revenue

$

101,200

$

91,614

$

199,110

$

179,509

Deferred revenue, current and noncurrent, as of the end of the period

300,387

265,638

300,387

265,638

Deferred revenue, current and noncurrent, as of the beginning of the period

300,029

249,997

300,268

256,933

Change in deferred revenue

358

15,641

119

8,705

Billings

$

101,558

$

107,255

$

199,229

$

188,214

About Non-GAAP Financial Measures and Certain Key Metrics

To provide investors and others with additional information regarding Rimini Street’s results, we have disclosed the following non-GAAP financial measures and certain key metrics. We have described below Active Clients, Annualized Recurring Revenue and Revenue Retention Rate, each of which is a key operational metric for our business. In addition, we have disclosed the following non-GAAP financial measures: non-GAAP operating income, non-GAAP net income, EBITDA, adjusted EBITDA and Billings. Rimini Street has provided in the tables above a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. Due to a valuation allowance for our deferred tax assets, there were no tax effects associated with any of our non-GAAP adjustments. These non-GAAP financial measures are also described below.

The primary purpose of using non-GAAP measures is to provide supplemental information that management believes may prove useful to investors and to enable investors to evaluate our results in the same way management does. We also present the non-GAAP financial measures because we believe they assist investors in comparing our performance across reporting periods on a consistent basis, as well as comparing our results against the results of other companies, by excluding items that we do not believe are indicative of our core operating performance. Specifically, management uses these non-GAAP measures as measures of operating performance; to prepare our annual operating budget; to allocate resources to enhance the financial performance of our business; to evaluate the effectiveness of our business strategies; to provide consistency and comparability with past financial performance; to facilitate a comparison of our results with those of other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results; and in communications with our board of directors concerning our financial performance. Investors should be aware however, that not all companies define these non-GAAP measures consistently.

Billings represents the change in deferred revenue for the current period plus revenue for the current period.

Active Client is a distinct entity that purchases our services to support a specific product, including a company, an educational or government institution, or a business unit of a company. For example, we count as two separate active clients when support for two different products is being provided to the same entity. We believe that our ability to expand our active clients is an indicator of the growth of our business, the success of our sales and marketing activities, and the value that our services bring to our clients.

Annualized Recurring Revenue is the amount of subscription revenue recognized during a fiscal quarter and multiplied by four. This gives us an indication of the revenue that can be earned in the following 12-month period from our existing client base assuming no cancellations or price changes occur during that period. Subscription revenue excludes any non-recurring revenue, which has been insignificant to date.

Revenue Retention Rate is the actual subscription revenue (dollar-based) recognized over a 12-month period from customers that were clients on the day prior to the start of such 12-month period, divided by our Annualized Recurring Revenue as of the day prior to the start of the 12-month period.

Non-GAAP Operating Income is operating income adjusted to exclude: litigation costs and related recoveries, net, stock-based compensation expense and impairment charge related to operating right-of-use assets. The exclusions are discussed in further detail below.

Non-GAAP Net Income is net income adjusted to exclude: litigation costs and related recoveries, net, loss on change in fair value of redeemable warrants, stock-based compensation expense and impairment charge related to operating right-of-use assets. These exclusions are discussed in further detail below.

Specifically, management is excluding the following items from its non-GAAP financial measures, as applicable, for the periods presented:

Litigation Costs and Related Recoveries, Net: Litigation costs and the associated insurance and appeal recoveries relate to outside costs of litigation activities. These costs and recoveries reflect the ongoing litigation we are involved with, and do not relate to the day-to-day operations or our core business of serving our clients.

Gain (loss) on Change in Fair Value of Redeemable Warrants: We have excluded the gains and losses on redeemable warrants related to the change in fair value of these instruments given the financial nature of this fair value requirement. We are not able to manage these amounts as part of our business operations nor are the costs core to servicing our clients and therefore we have excluded them.

Stock-Based Compensation Expense: Our compensation strategy includes the use of stock-based compensation to attract and retain employees. This strategy is principally aimed at aligning the employee interests with those of our stockholders and to achieve long-term employee retention, rather than to motivate or reward operational performance for any particular period. As a result, stock-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.

Impairment Charges Related to Operating Lease Right-of-Use Assets: This relates to an impairment charge related to our leased assets for a portion of one of our locations as we no longer use the space.

EBITDA is net income adjusted to exclude: interest expense, income tax expense, and depreciation and amortization expense.

Adjusted EBITDA is EBITDA adjusted to exclude: litigation costs and related recoveries, net, gain (loss) on change in fair value of redeemable warrants, stock-based compensation expense and impairment charge related to operating right-of-use assets, as discussed above.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Investor Relations Contact
Dean Pohl
Rimini Street, Inc.
+1 925 523-7636
dpohl@riministreet.com

Media Relations Contact
Jeff Spicer
Rimini Street, Inc.
+1 415 297-6488
pr@riministreet.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

NILIT Announces Strategic Expansions, Including a Joint Venture with Shenma in China18.4.2024 05:30:00 CEST | Press release

NILIT, the global leader in high-performance Nylon 6.6 fibers for the apparel industry and leader in sustainability, that owns the broadest line of sustainable Nylon 6.6 products, is announcing a new joint venture with Shenma Industry Co., Ltd. (hereinafter referred to as Shenma), a subsidiary of China Pingmei Shenma Group, a global leader in the industrial Nylon 6.6 market and a leading supplier to the automotive industry around the world. This new partnership represents a significant expansion of production capacity within China, also demonstrating NILIT’s ongoing commitment to support the growth of global customers and brands. This expansion is highlighted by multiple investments and cooperation designed to enhance production capabilities and deliver more innovative solutions to the textile industry. “We are pleased to unveil this new greenfield joint venture in China with Shenma to introduce differentiated state-of-the-art technologies to support the local market,” says Ilan Melame

The Office of Health Economics: Adult Vaccination Programmes Deliver Socio-economic Benefits up to 19 Times Initial Investment, According to New Report18.4.2024 01:01:00 CEST | Press release

A new report published today reveals that adult vaccination programmes can return up to 19 times their initial investment when the full spectrum of economic and societal benefits is valued. The 19x return is equivalent to up to USD 4,637 in net monetary benefits to society per individual full vaccination course. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240417519822/en/ Learn more about the economic benefits of investing in adult immunisation programmes in a new study by the Office of Health Economics (OHE). Graphic: OHE The study, a first-of-its-kind analysis of adult immunisation programmes by the Office of Health Economics (OHE) and commissioned by IFPMA (1), looked at four adult vaccines across ten countries where they are available to determine the wider economic and social impact. Focusing on vaccines that protect against influenza (flu), pneumococcal disease, respiratory syncytial virus (RSV), and herpes zoster (

Saudi Arabia Highlights Investment Initiatives in Tourism at International Hospitality Investment Forum ​17.4.2024 19:51:00 CEST | Press release

​The Saudi Ministry of Tourism is currently taking a prominent stage at the International Hospitality Investment Forum (IHIF), presenting a unique opportunity for global investors to dive into the thriving tourism landscape of the Kingdom. With the spotlight on the Tourism Investment Enablers Program (TIEP), that was recently announced, Saudi Arabia is aggressively pushing towards its Vision 2030 goal of being a top global tourism destination for investors and tourists alike. ​ This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240417879947/en/ Mr. Mahmoud Abdullhadi, Deputy Minister of Destinations Enablement. (Photo: AETOSWire) This strategic presentation comes at a time when Saudi Arabia's tourism sector celebrates an incredible milestone of 100 million visitors in 2023, seven years ahead of schedule, marking a significant stride towards economic diversification and emphasizing the sector's growing contribution to the nationa

Kai Tak Sports Park Limited and ASM Global Begin Countdown to Unveiling of World’s Largest Sports Development in History17.4.2024 15:00:00 CEST | Press release

The Hong Kong Special Administrative Region Government, ASM Global and Kai Tak Sports Park Limited (KTSPL) — which is a subsidiary of New World Development — as part of a multiyear strategy, have announced a late winter testing period for Kai Tak marking the culmination of a near decade-long record $4 billion project creating the premiere sports, recreation, entertainment complex on Earth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240417546819/en/ PLAY BALL – Kai Tak Sports Park, the largest and most ambitious sports-development and entertainment district in the world, is being managed by ASM Global. (Photo: Business Wire) ASM Global, as the lead operator, has been on the ground in Hong Kong working for over five years supporting the design, programming and construction of Kai Tak Sports Park, featuring many of the world’s most advanced state-of-the-art venues and is now prepping for pre-opening activities in advance of

Qualcomm Announces Quarterly Cash Dividend17.4.2024 15:00:00 CEST | Press release

Qualcomm Incorporated (NASDAQ: QCOM) today announced a quarterly cash dividend of $0.85 per common share, payable on June 20, 2024, to stockholders of record at the close of business on May 30, 2024. About Qualcomm Qualcomm relentlessly innovates to deliver intelligent computing everywhere, helping the world tackle some of its most important challenges. Our proven solutions drive transformation across major industries, and our Snapdragon® branded platforms power extraordinary consumer experiences. Building on our nearly 40-year leadership in setting industry standards and creating era-defining technology breakthroughs, we deliver leading edge AI, high-performance, low-power computing, and unrivaled connectivity. Together with our ecosystem partners, we enable next-generation digital transformation to enrich lives, improve businesses, and advance societies. At Qualcomm, we are engineering human progress. Qualcomm Incorporated includes our licensing business, QTL, and the vast majority o

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye