NetSuite posts record revenue growth

MANILA, Philippines–Netsuite Inc., a provider of cloud-based financials and commerce software services, announced a 37-percent jump in its fourth quarter 2014 revenue to $157.9 million from last year’s level.
This brought total revenue last year to $556.3 million, up by 34 percent from the 2013 level.

Cash flow from operations was $20.9 million in the fourth quarter, up by $3.6 million or 21 percent from a year ago. For the year, cash flow reached $74.9 million, up by $12.7 million or 20 percent from its level last year.

Using the generally accepted accounting principle (GAAP) basis, net loss for the fourth quarter of 2014 was $25.3 million, or $0.33 per share, as compared to a net loss of $20.2 million, or $0.27 per share, in the fourth quarter of 2013. GAAP net loss for the year was $100 million, or $1.31 per share, as compared to a GAAP net loss of $70.4 million, or $0.95 per share, in 2013.

Non-GAAP net income for the fourth quarter of 2014 was $7.5 million, or $0.10 per share, as compared to non-GAAP net income of $6.2 million, or $0.08 per share, in the fourth quarter of 2013.

Non-GAAP net income for the year was $25.0 million, or $0.32 per share, as compared to non-GAAP net income of $19.9 million, or $0.26 per share, in 2013.

“Our record results for the quarter and fiscal year 2014 contrast with the results announced by legacy on-premise software companies as the cloud and NetSuite disrupt the business software landscape,” said NetSuite CEO Zach Nelson.

“The fourth quarter of 2014 was our seventh consecutive quarter of more than 30 percent year-on-year recurring revenue growth. In addition, fiscal year 2014 represents a fifth consecutive year of accelerating recurring revenue growth which, based on public disclosures, we believe is a record unmatched by any publicly traded on-premise or cloud software company during the last five years.”

NetSuite is the industry’s leading provider of cloud-based financials, enterprise resource planning and omnichannel commerce software suites. It also offers a broad suite of applications, including financial management, customer relationship management, e-commerce and retail management, professional services automation and human capital management that enable companies to manage most of their core business operations in one single unified suite.

NetSuite software allows businesses to automate operations, streamline processes and access real time business information anytime, anywhere.