- Q2 Revenue of $74.7 Million, a 29% Year-over-Year Increase
- Non-GAAP Net Income Grows 192% Year-over-Year
- Operating Cash Flow Grows 80% Year-over-Year to $15.2 Million
NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud-based financials / ERP software suites, today announced operating results for its second quarter ended June 30, 2012.
Total revenue for the second quarter of 2012 was $74.7 million, representing a 29% increase over the same period in the prior year. Subscription and support revenue for the second quarter of 2012 was $61.0 million, representing a 27% increase over the same period in the prior year.
Cash flows from operations were $15.2 million in the second quarter of 2012, an increase of $6.7 million, or 80%, over the same period last year.
On a GAAP basis, net loss for the second quarter of 2012 was $9.9 million, or $(0.14) per share, as compared to a net loss of $9.8 million, or $(0.15) per share, in the second quarter of 2011.
Non-GAAP net income for the second quarter of 2012 was $4.8 million, or $0.06 per share, as compared to non-GAAP net income of $1.6 million, or $0.02 per share, in the second quarter of 2011.
“In a quarter that saw many enterprise software companies struggle, NetSuite had one of its best quarters ever. We saw continued improvements across our financial metrics and exceeded our previously stated outlook on revenue, cash flow and non-GAAP EPS significantly. And the continued execution against our core strategies allows us to increase our full-year outlook for revenue and non-GAAP EPS,” said NetSuite CEO Zach Nelson.
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 our second quarter 2012 financial results and our outlook for the third quarter of 2012 and full year 2012. 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 website at www.netsuite.com/investors. The live call can be accessed by dialing 888-554-1430 (U.S.) or 719-325-2172 (outside the U.S.) and referencing passcode: 235-4836. 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: 235-4836.