Netsuite Announces First Quarter 2011 Financial Results

• Record Q1 Revenue of $53.4 Million, a 21% Year-over-Year Increase
• Recurring Revenue Grows 20% Year-over-Year to $45.8 Million
• Non-GAAP Net Income Grows 52% Year-over-Year
• Calculated Billings Grows 30% Year-over-Year
• Record Quarterly Operating Cash Flow of $6.7 Million
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SAN MATEO, Calif. — April 28, 2011—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP software suites, today announced operating results for its first quarter ended March 31, 2011.

Total revenue for the first quarter of 2011 was $53.4 million, representing a 21% increase over the prior year. Subscription and support revenue for the first quarter was $45.8 million, representing 20% growth over the same period in the prior year.

Calculated billings, defined as revenue plus the change in deferred revenue, were $61.8 million for the quarter, a 30% increase over the first quarter of 2010.

Cash flow from operations was $6.7 million in the quarter, an increase of $2.0 million, or 43%, over the same period last year.

On a GAAP basis, net loss for the first quarter of 2011 was $7.7 million, or $(0.12) per share, as compared to a net loss of $6.8 million, or $(0.11) per share, in the first quarter of 2010.

Non-GAAP net income for the first quarter of 2011 was $1.9 million, or $0.03 per share, as compared to non-GAAP net income of $1.2 million, or $0.02 per share, for the first quarter of 2010.

"At the end of Q4, we felt we were hitting the tipping point in ERP as customers large and small began to move from pre-web client/server solutions to NetSuite’s cloud-based offering. Our great Q1 reinforces that this mass migration from legacy Microsoft Dynamics GP/Great Plains and SAP to NetSuite is accelerating in 2011,” said Zach Nelson, CEO of NetSuite. "Our major investment to bring the benefits of NetSuite to the world’s largest companies is also paying dividends as we saw our highest ever average selling price. NetSuite is quickly becoming the safe choice for the world’s largest enterprises as they look to consolidate their mid-tier applications on NetSuite’s cloud-based platform.”

ENDS

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