- Posts Third Consecutive Quarter of Non-GAAP Operating Income and Non-GAAP Net Income
- Generated Operating Cash Flow of $1.4 million, an Improvement of $3.6 Million Versus the Prior Quarter
- Average Sales Price during the quarter increased 33% over the Prior Quarter
SAN MATEO, Calif., -- NetSuite Inc. (NYSE: N), a leading vendor of cloud computing business management software suites, announced operating results for its second quarter ended June 30, 2009.
Total revenue for the second quarter of 2009 was $40.3 million, a 10% increase over the second quarter of 2008. Revenue from the Americas for the second quarter of 2009 was $32.5 million, while revenue from international regions was $7.8 million.
On a GAAP basis, net loss for the second quarter of 2009 was $5.0 million, or $(0.08) per share, as compared to $3.1 million, or $(0.05) per share, in the second quarter of 2008.
Non-GAAP net income for the second quarter of 2009 was $687,000, or $0.01 per share, as compared to a non-GAAP net loss of $900,000, or $(0.01) per share, for the second quarter of 2008.
Items presented on a non-GAAP basis exclude expenses related to stock-based compensation, the amortization of intangible assets, and transaction costs for business combinations. A reconciliation of GAAP net income/(loss) to non-GAAP net income/(loss) is provided below in a table immediately following the Condensed Consolidated Statements of Operations, along with an explanation of why these non-GAAP financial measures are useful to investors and how they are used by management.
"We were very pleased with our financial performance and strategic execution during the quarter. Once again, we delivered top-line and bottom-line results that exceeded expectations. We also generated operating cash in the quarter, well ahead of our plan. We remain on target to achieve our objective of posting break-even operating cash flow for 2009," commented Zach Nelson, CEO of NetSuite. "We're particularly pleased that we not only acquired more new customers during the quarter, but we did so at a higher average sales price. A recent industry report indicates that NetSuite was rated as the fastest growing vendor in the top ten vendors of financial managements systems in North America. As customers accelerate their movement to cloud computing we believe NetSuite will continue to take share from our competitors."
NetSuite's Second Quarter 2009 Highlights Include:
�Appointed Edward Zander, former Motorola CEO and Sun Microsystems President, to its Board of Directors.
�Announced that NetSuite and NetSuite OneWorld have become the first generally available Software as a Service (SaaS) business management suites to be certified in Germany.
�Announced that NetSuite OneWorld was accredited by the Institute of Chartered Accountants in England & Wales.
�Added Google Checkout functionality to its platform providing instant payment options for buyers in 140 countries.
�Announced a new Financial Planning module to enable business performance management for strategy, planning and execution.
�Received several awards including: a Top 15 CRM Small and Medium Business Software Award for 2009 by strategic advisory service ISM Inc.; a 2009 CRM Excellence Award from Customer Interaction Solutions magazine for NetSuite CRM; winner of Best of SaaS Showplace Award for OpenAir by THINKstrategies, Inc.; and Network World, a prestigious IT publication, listed NetSuite as one of the top 10 cloud computing companies to watch alongside technology leaders Amazon and Google.
�Unveiled a new Financial Edition to help companies speed deployment of business processes to the cloud.
�Announced the availability of OpenAir Mobile for Apple's iPhone.
Conference Call
In conjunction with this announcement, NetSuite will host a conference call at 2:00 p.m. PDT (5:00 p.m. EDT) today to discuss the company's second quarter financial results and outlook for the third quarter. A live audio webcast and replay of the call, together with detailed financial information, will be available in the Investor Relations section of NetSuite's Web site at http://www.netsuite.com/investors. The live call can be accessed by dialing 877-548-7907 (U.S.) or 719-325-4905 (outside the U.S.) and referencing passcode: 354-9759. A replay of the call can also be accessed by dialing 888-203-1112 (U.S.) or 719-457-0820 (outside the U.S.), and referencing passcode: 354-9759.
About NetSuite
NetSuite Inc. is a leading vendor of cloud computing business management software suites for mid-sized businesses and divisions of large companies. NetSuite enables mid-market companies to manage core business operations in a single system, which includes accounting/ERP, customer relationship management (CRM), and Ecommerce. NetSuite's patent-pending "real-time dashboard" technology provides an easy-to-use view into up-to-date, role-specific business information. For more information about NetSuite, please visit www.netsuite.com.
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