SAN MATEO, Calif., Jan. 28, 2016 /PRNewswire/
-- NetSuite Inc. (NYSE: N), the industry's leading
provider of cloud-based financials / ERP and omnichannel commerce
software suites, today announced operating results for its fourth
quarter and fiscal year ended December 31,
2015.
Total revenue for the fourth quarter of 2015 was $206.2 million, representing a 31% increase over
the prior year. Total revenue for the year was $741.1 million, a year-over-year increase of
33%.
Cash flow from operations was $100.4
million for the year, an increase of $25.5 million, or 34%, over the prior year.
On a GAAP basis, net loss for the fourth quarter of 2015 was
$32.4 million, or $(0.41) per share, as compared to a net loss of
$25.3 million, or $(0.33) per share, in the fourth quarter of
2014. GAAP net loss for the year ended December 31, 2015 was $124.7 million, or $(1.59) per share, as compared to a GAAP net loss
of $100.0 million, or $(1.31) per share, in 2014.
Non-GAAP net income for the fourth quarter of 2015 was
$4.3 million, or $0.05 per share, as compared to non-GAAP net
income of $7.5 million, or
$0.10 per share, in the fourth
quarter of 2014. Non-GAAP net income for the year ended
December 31, 2015 was $17.7 million, or $0.22 per share, as compared to non-GAAP net
income of $25.0 million, or
$0.32 per share, in 2014.
"NetSuite delivered record revenue and powerful record customer
growth as thousands of next-generation leaders like Snapchat,
mid-size organizations like Lucky Brand, and global enterprises
such as American Express Global Business Travel reimagine their
business in the cloud on NetSuite," said Zach Nelson, CEO of NetSuite. "In 2016,
the wind is at NetSuite's back as the world transitions from a time
just a couple years back, when few believed that businesses would
run mission critical core business applications in the cloud, to
today when companies in many industries can't get there fast
enough."
Conference Call Details
A live audio webcast and
replay of the call, together with detailed financial information,
will be available on the Investor Relations section of NetSuite's
website at www.netsuite.com/investors. The live call can be
accessed by dialing 855-416-1337 (U.S.) or 779-232-4661 (outside
the U.S.) and referencing passcode: 9767201. An audio replay will
be available for two weeks after the call by dialing 855-859-2056
(U.S.) or 404-537-3406 (outside the U.S.) and referencing passcode:
9767201.
About NetSuite
NetSuite Inc. is the industry's leading
provider of cloud-based financials / Enterprise Resource Planning
(ERP) and omnichannel commerce software suites. In addition to
financials/ERP and omnichannel commerce software suites, NetSuite
offers a broad suite of applications, including financial
management, ecommerce and retail management, commerce marketing
automation, Customer Relationship Management (CRM), and
Professional Services Automation (PSA) that enable companies to
manage most of their core business operations in its single
integrated suite. NetSuite software allows businesses to automate
operations, streamline processes and access real-time business
information anytime, anywhere. For more information about NetSuite,
please visit www.netsuite.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release and NetSuite's scheduled
conference call contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 relating to, among other
things, expectations, plans, prospects and financial results for
NetSuite, including, but not limited to, our expectations regarding
our products, market demand, future earnings, revenue and market
share growth. These forward-looking statements are based upon
the current expectations and beliefs of NetSuite's management as of
the date of this press release and conference call, and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. All forward-looking statements made in this press
release and during the conference call are based on information
available to us as of the date thereof, and NetSuite disclaims any
obligation to update these forward-looking statements.
In particular, the following factors, among others, could cause
results to differ materially from those expressed or implied by
such forward-looking statements: the market for on-demand services
may develop more slowly than expected or than it has in the past;
adverse and unpredictable macro-economic conditions or reduced
investments in on-demand applications and information technology
spending; quarterly operating results may fluctuate more than
expected; unexpected disruptions of service at one or more of our
data centers may occur; a security breach may impact operations;
risks associated with material defects or errors in our software or
the effect of undetected computer viruses could impact operations;
the risk of technological developments and innovations by others;
our ability to successfully identify other businesses and
technologies for acquisition that will complement our business and
the ability to successfully acquire and integrate those businesses
and technologies; the risk of loss of power or disruption in
Internet service; failure to manage growth and effectively scale
the organization; failure to protect and enforce our intellectual
property rights; assertions by third parties that we infringe their
intellectual property rights; the ability to manage operations when
faced with competitive pricing and marketing strategies by
competitors or changing macro-economic conditions; the risk of
losing key employees; evolving government regulation of the
Internet, data privacy and ecommerce; changes to current accounting
rules; changes in foreign exchange rates; and general political or
destabilizing events, including war, conflict or acts of terrorism;
and other risks and uncertainties.
Customers who purchase our services should make sure the
decisions are based on features that are currently available.
Please be advised that any unreleased services or features from
NetSuite referenced in today's discussion or other public
statements are not currently available and may not be delivered on
time or at all.
For a detailed discussion of these and other cautionary
statements, please refer to the risk factors discussed in filings
with the U.S. Securities and Exchange Commission ("SEC"), including
but not limited to our Annual Report on Form 10-K filed on
March 2, 2015 and any subsequently
filed reports on Forms 10-K, 10-Q and 8-K. All documents are
available through the SEC's Electronic Data Gathering Analysis and
Retrieval system ("EDGAR") at www.sec.gov or NetSuite's website at
www.netsuite.com.
Non-GAAP Financial Measures
Our stated results include
certain non-GAAP financial measures, including non-GAAP operating
income, net income, weighted average shares outstanding, and net
income per share. Non-GAAP operating income excludes expenses
related to stock-based compensation expense, amortization of
intangible assets, and transaction costs for business
combinations. Non-GAAP net income excludes expenses related
to stock-based compensation expense, amortization of intangible
assets, transaction costs for business combinations, non-cash
interest expense on convertible debt and income tax benefit
associated with business combination. Non-GAAP operating
income and non-GAAP net income exclude these expenses as they are
often excluded by other companies to help investors understand the
operational performance of their business, and in the case of
stock-based compensation, can be difficult to predict. We
believe these adjustments provide useful comparative information to
investors.
We consider these non-GAAP financial measures to be important
because they provide useful measures of our operating performance
and are used by our management for that purpose. In addition,
investors often use measures such as these to evaluate the
operating performance of a company. Non-GAAP results are
presented for supplemental informational purposes only for
understanding our operating results. The non-GAAP results
should not be considered a substitute for financial information
presented in accordance with generally accepted accounting
principles, and may be different from non-GAAP measures used by
other companies.
A copy of this press release can be found on our Investor
Relations website at www.netsuite.com/investors. The contents
of the website are not incorporated by reference into this press
release.
NOTE: NetSuite and the NetSuite logo are registered service
marks of NetSuite Inc.
NetSuite
Inc.
Condensed Consolidated Balance Sheets (dollars in
thousands) (unaudited)
|
|
|
|
|
December
31,
|
|
2015
|
|
2014
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
289,966
|
|
|
$
|
367,769
|
|
Short-term marketable
securities
|
74,748
|
|
|
82,622
|
|
Accounts receivable,
net of allowances of $1,988 and $1,886 as of December 31, 2015
and December 31, 2014, respectively
|
176,720
|
|
|
139,221
|
|
Deferred
commissions
|
69,579
|
|
|
53,377
|
|
Other current
assets
|
44,087
|
|
|
30,012
|
|
Total current
assets
|
655,100
|
|
|
673,001
|
|
Marketable
securities, non-current
|
13,875
|
|
|
9,143
|
|
Property and
equipment, net
|
89,643
|
|
|
58,539
|
|
Deferred commissions,
non-current
|
15,287
|
|
|
13,499
|
|
Goodwill
|
291,956
|
|
|
123,049
|
|
Other intangible
assets, net
|
60,980
|
|
|
32,404
|
|
Other
assets
|
14,135
|
|
|
12,604
|
|
Total
assets
|
$
|
1,140,976
|
|
|
$
|
922,239
|
|
Liabilities and
total equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
3,545
|
|
|
$
|
5,082
|
|
Deferred
revenue
|
404,986
|
|
|
300,884
|
|
Accrued
compensation
|
55,586
|
|
|
41,081
|
|
Accrued
expenses
|
37,901
|
|
|
30,975
|
|
Other current
liabilities
|
17,032
|
|
|
14,751
|
|
Total current
liabilities
|
519,050
|
|
|
392,773
|
|
Long-term
liabilities:
|
|
|
|
Convertible 0.25%
senior notes, net
|
277,955
|
|
|
265,710
|
|
Deferred revenue,
non-current
|
22,743
|
|
|
13,622
|
|
Other long-term
liabilities
|
15,027
|
|
|
15,900
|
|
Total long-term
liabilities
|
315,725
|
|
|
295,232
|
|
Total
liabilities
|
834,775
|
|
|
688,005
|
|
Total
equity:
|
|
|
|
Common
stock
|
798
|
|
|
770
|
|
Additional paid-in
capital
|
992,362
|
|
|
788,583
|
|
Accumulated other
comprehensive loss
|
(13,009)
|
|
|
(5,912)
|
|
Accumulated
deficit
|
(673,950)
|
|
|
(549,207)
|
|
Total
equity
|
306,201
|
|
|
234,234
|
|
Total liabilities and
total equity
|
$
|
1,140,976
|
|
|
$
|
922,239
|
|
NetSuite
Inc. Condensed Consolidated Statements of
Operations (dollars and shares in thousands, except per
share amounts) (unaudited)
|
|
|
|
Three months
ended
December
31,
|
|
Twelve months
ended
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenue:
|
|
|
|
|
|
|
|
Subscription and
support
|
164,536
|
|
|
126,705
|
|
|
593,093
|
|
|
447,782
|
|
Professional services
and other
|
41,693
|
|
|
31,164
|
|
|
148,056
|
|
|
108,502
|
|
Total
revenue
|
206,229
|
|
|
157,869
|
|
|
741,149
|
|
|
556,284
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
Subscription and
support (1)
|
27,594
|
|
|
20,041
|
|
|
97,021
|
|
|
72,007
|
|
Professional services
and other (1)
|
40,236
|
|
|
30,496
|
|
|
148,407
|
|
|
104,803
|
|
Total cost of
revenue
|
67,830
|
|
|
50,537
|
|
|
245,428
|
|
|
176,810
|
|
Gross
profit
|
138,399
|
|
|
107,332
|
|
|
495,721
|
|
|
379,474
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Product development
(1)
|
37,176
|
|
|
28,548
|
|
|
135,544
|
|
|
106,706
|
|
Sales and marketing
(1)
|
107,539
|
|
|
82,856
|
|
|
388,741
|
|
|
290,961
|
|
General and
administrative (1)
|
21,202
|
|
|
16,902
|
|
|
87,101
|
|
|
65,138
|
|
Total operating
expenses
|
165,917
|
|
|
128,306
|
|
|
611,386
|
|
|
462,805
|
|
Operating
loss
|
(27,518)
|
|
|
(20,974)
|
|
|
(115,665)
|
|
|
(83,331)
|
|
Other income /
(expenses) and income taxes, net (1)
|
(4,885)
|
|
|
(4,371)
|
|
|
(9,078)
|
|
|
(16,706)
|
|
Net loss
|
(32,403)
|
|
|
(25,345)
|
|
|
(124,743)
|
|
|
(100,037)
|
|
Net loss per
share
|
$
|
(0.41)
|
|
|
$
|
(0.33)
|
|
|
$
|
(1.59)
|
|
|
$
|
(1.31)
|
|
Weighted average
number of shares used in computing net loss per common
share
|
79,615
|
|
|
76,850
|
|
|
78,521
|
|
|
76,174
|
|
(1)
Includes stock-based compensation expense, amortization of
intangible assets, transaction costs for business combinations,
non-cash interest expense on convertible debt and income tax
benefits associated with business combinations as
follows:
|
|
|
|
|
|
Three months
ended
December 31,
|
|
Twelve months
ended
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cost of
revenue:
|
|
|
|
|
|
|
|
Subscription and
support
|
$
|
3,603
|
|
|
$
|
2,332
|
|
|
$
|
12,200
|
|
|
$
|
8,342
|
|
Professional services
and other
|
2,750
|
|
|
2,845
|
|
|
12,668
|
|
|
10,328
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Product
development
|
8,488
|
|
|
7,396
|
|
|
32,787
|
|
|
28,587
|
|
Sales and
marketing
|
12,307
|
|
|
10,945
|
|
|
45,714
|
|
|
38,897
|
|
General and
administrative
|
6,142
|
|
|
6,012
|
|
|
34,010
|
|
|
25,988
|
|
Other income /
(expenses) and income taxes, net
|
(3,452)
|
|
|
(3,291)
|
|
|
(5,065)
|
|
|
(12,910)
|
|
Total
|
$
|
36,742
|
|
|
$
|
32,821
|
|
|
$
|
142,444
|
|
|
$
|
125,052
|
|
NetSuite
Inc. Reconciliation of GAAP Results to Non-GAAP
Results
(dollars and
shares in thousands, except per share
amounts) (unaudited)
|
|
|
|
|
|
Three months
ended
December 31,
|
|
Twelve months
ended
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Reconciliation
between GAAP operating loss and non-GAAP operating
income:
|
|
|
|
|
|
|
|
Operating
loss
|
$
|
(27,518)
|
|
|
(20,974)
|
|
|
(115,665)
|
|
|
(83,331)
|
|
Reversal of non-GAAP
expenses:
|
|
|
|
|
|
|
|
Stock-based
compensation and amortization of capitalized stock-based
compensation (a)
|
27,724
|
|
|
26,475
|
|
|
110,230
|
|
|
97,340
|
|
Amortization of
intangible assets and business combination costs (b)
|
5,566
|
|
|
3,055
|
|
|
27,149
|
|
|
14,802
|
|
Non-GAAP operating
income
|
$
|
5,772
|
|
|
$
|
8,556
|
|
|
$
|
21,714
|
|
|
$
|
28,811
|
|
Numerator:
|
|
|
|
|
|
|
|
Reconciliation
between GAAP net loss and non-GAAP net income:
|
|
|
|
|
|
|
|
Net loss
|
$
|
(32,403)
|
|
|
(25,345)
|
|
|
(124,743)
|
|
|
(100,037)
|
|
Stock-based
compensation and amortization of capitalized stock-based
compensation (a)
|
27,724
|
|
|
26,475
|
|
|
110,230
|
|
|
97,340
|
|
Amortization of
intangible assets and business combination costs (b)
|
5,566
|
|
|
3,055
|
|
|
27,149
|
|
|
14,802
|
|
Non-cash interest
expense on convertible debt (c)
|
3,452
|
|
|
3,291
|
|
|
13,539
|
|
|
12,910
|
|
Income tax benefit
associated with business combinations (d)
|
—
|
|
|
—
|
|
|
(8,474)
|
|
|
—
|
|
Non-GAAP net
income
|
$
|
4,339
|
|
|
$
|
7,476
|
|
|
$
|
17,701
|
|
|
$
|
25,015
|
|
Denominator:
|
|
|
|
|
|
|
|
Reconciliation
between GAAP and non-GAAP weighted average shares used in computing
basic and diluted net income / (loss) per common share:
|
|
|
|
|
|
|
|
Weighted average
number of shares used in computing net loss per common
share
|
79,615
|
|
|
76,850
|
|
|
78,521
|
|
|
76,174
|
|
Effect of dilutive
securities (stock options, restricted stock awards and ESPP)
(e)
|
1,042
|
|
|
1,522
|
|
|
1,389
|
|
|
1,557
|
|
Non-GAAP weighted
average shares used in computing non-GAAP net income per common
share
|
80,657
|
|
|
78,372
|
|
|
79,910
|
|
|
77,731
|
|
GAAP net loss per
share
|
$
|
(0.41)
|
|
|
$
|
(0.33)
|
|
|
$
|
(1.59)
|
|
|
$
|
(1.31)
|
|
Non-GAAP net income
per share
|
$
|
0.05
|
|
|
$
|
0.10
|
|
|
$
|
0.22
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP
Financial Measures To supplement our condensed
consolidated financial statements presented on a GAAP basis,
NetSuite uses non-GAAP measures of operating income, net income,
weighted average shares outstanding and net income per share, which
are adjusted to exclude stock-based compensation expense,
amortization of acquisition-related intangible assets, transaction
costs for business combinations, non-cash interest expense on
convertible debt and income tax benefits associated with business
combinations and includes dilutive shares where applicable. We
believe these adjustments are appropriate to enhance an overall
understanding of our past financial performance and also our
prospects for the future.
|
|
|
These adjustments to
our current period GAAP results are made with the intent of
providing both management and investors a more complete
understanding of NetSuite's underlying operating results and trends
and our marketplace performance.
|
|
|
The non-GAAP results
are an indication of our baseline performance that are considered
by management for the purpose of making operational
decisions. In addition, these non-GAAP results are the
primary indicators management uses as a basis for our planning and
forecasting of future periods. The presentation of this
additional information is not meant to be considered in isolation
or as a substitute for operating loss, net loss or basic and
diluted net loss per share prepared in accordance with generally
accepted accounting principles in the United States. Non-GAAP
financial measures are not based on a comprehensive set of
accounting rules or principles and are subject to
limitations.
|
|
|
While a large
component of our expense in certain periods, we believe investors
may want to exclude the effects of these items in order to compare
our financial performance with that of other companies and between
time periods:
|
|
|
(a)
|
Stock-based
compensation is a non-cash expense accounted for in accordance with
FASB ASC Topic 718. We believe that the exclusion of
stock-based compensation expense allows for financial results that
are more indicative of our operational performance and provide for
a useful comparison of our operating results to prior periods and
to our peer companies because stock-based compensation expense
varies from period to period and company to company due to such
things as differing valuation methodologies and changes in stock
price. Additionally, we capitalize equity based compensation
costs in connection with our capitalization of internally developed
software costs. These equity based compensation costs are
included in cost of revenue when the internally developed software
costs are amortized. As such, we included these costs in the
stock-based compensation line item to determine both non-GAAP
operating income and non-GAAP net income.
|
|
|
(b)
|
Amortization of
intangible assets and transaction costs related to business
combinations resulted principally from mergers and
acquisitions. Expense for the amortization of intangible
assets is a non-cash item, and we believe the exclusion of this
amortization expense provides for a useful comparison of our
operating results to prior periods and to our peer companies.
Business combinations result in non-continuing operating expenses
which would not otherwise have been incurred by us in the normal
course of our business operations. We believe the exclusion
of acquisition related expense items allows for financial results
that are more indicative of our continuing operations and provide
for a useful comparison of our operating results to prior periods
and to our peer companies.
|
|
|
(c)
|
During the second
quarter of 2013, we issued $310.0 million in senior convertible
debt with a coupon interest rate of 0.25%. Interest is paid
semiannually on June 1 and December 1 over the five year term of
the debt. In connection with this convertible debt, we are
required to recognize non-cash interest expense, including debt
transaction costs, in accordance with the authoritative accounting
guidance for convertible debt that may be settled in cash. We
exclude this incremental non-cash interest expense, including debt
transaction costs, for purposes of calculating non-GAAP net income
and non-GAAP net income per share. We believe that excluding
these expenses from our non-GAAP measures is useful to investors
because the incremental interest expense does not represent a cash
outflow for the company and the debt transactions cost do not
represent a cash outflow for the company except in the period the
debt was issued and therefore both are not indicative of our
continuing operations or meaningful in evaluating current versus
past business results. Finally, we believe that non-GAAP
measures of profitability that exclude non-cash interest expense
and debt transaction costs are widely used by analysts and
investors.
|
|
|
(d)
|
In connection with
our business acquisitions in the second and third quarters of 2015,
we recorded an income tax benefit that reduced our income tax
provision in each of the respective quarters. These income
tax benefits are non-cash items that would not otherwise have been
incurred in the normal course of our business operations. We
believe that the exclusion of acquisition related items allows for
financial results that are more indicative of our continuing
operations and provide for a useful comparison of our operating
results to prior periods and to our peer companies.
|
|
|
(e)
|
These securities are
anti-dilutive on a GAAP basis as a result of the Company's net
loss, but are considered dilutive on a non-GAAP basis in periods
where the Company has reported positive non-GAAP
earnings.
|
NetSuite
Inc. Condensed Consolidated Statements of Cash
Flows (dollars in
thousands) (unaudited)
|
|
|
|
Twelve Months
Ended December 31,
|
|
2015
|
|
2014
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
|
(124,743)
|
|
|
$
|
(100,037)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
30,353
|
|
|
20,115
|
|
Amortization of other
intangible assets
|
17,862
|
|
|
9,993
|
|
Amortization of debt
discount and transaction costs
|
13,539
|
|
|
12,910
|
|
Provision for
accounts receivable allowances
|
2,293
|
|
|
1,446
|
|
Stock-based
compensation
|
109,090
|
|
|
96,480
|
|
Amortization of
deferred commissions
|
101,149
|
|
|
75,249
|
|
Excess tax benefit on
stock-based compensation
|
(242)
|
|
|
(313)
|
|
Changes in operating
assets and liabilities, net of acquired assets and
liabilities:
|
|
|
|
Accounts
receivable
|
(35,481)
|
|
|
(50,811)
|
|
Deferred
commissions
|
(119,145)
|
|
|
(95,532)
|
|
Other current
assets
|
(7,407)
|
|
|
(4,932)
|
|
Other
assets
|
3,038
|
|
|
(2,165)
|
|
Accounts
payable
|
(1,822)
|
|
|
(2,321)
|
|
Accrued
compensation
|
10,367
|
|
|
15,403
|
|
Deferred
revenue
|
109,382
|
|
|
89,668
|
|
Other current
liabilities
|
4,285
|
|
|
11,624
|
|
Other long-term
liabilities
|
(12,111)
|
|
|
(1,857)
|
|
Net cash provided by
operating activities
|
100,407
|
|
|
74,920
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of property
and equipment
|
(50,313)
|
|
|
(23,732)
|
|
Capitalized internal
use software
|
(3,004)
|
|
|
(2,578)
|
|
Cash paid in business
combinations, net of amounts received, and equity
investments
|
(130,560)
|
|
|
(39,209)
|
|
Purchases of
marketable securities
|
(132,155)
|
|
|
(105,576)
|
|
Maturities of
marketable securities
|
130,193
|
|
|
10,000
|
|
Sales of marketable
securities
|
4,704
|
|
|
3,799
|
|
Net cash used in
investing activities
|
(181,135)
|
|
|
(157,296)
|
|
Cash flows from
financing activities:
|
|
|
|
Payments under
capital leases
|
(190)
|
|
|
(364)
|
|
Payments under
capital leases and long-term debt - related party
|
(2,774)
|
|
|
(3,054)
|
|
Payments related to
business combinations
|
(1,335)
|
|
|
(5,945)
|
|
RSU acquired to
settle employee withholding liability
|
(7,098)
|
|
|
(137)
|
|
Excess tax benefit on
stock-based compensation
|
242
|
|
|
313
|
|
Proceeds from
employee stock plans
|
16,055
|
|
|
9,029
|
|
Net cash provided by
/ (used in) financing activities
|
4,900
|
|
|
(158)
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(1,975)
|
|
|
(1,274)
|
|
Net change in cash
and cash equivalents
|
(77,803)
|
|
|
(83,808)
|
|
Cash and cash
equivalents at beginning of period
|
367,769
|
|
|
451,577
|
|
Cash and cash
equivalents at end of period
|
$
|
289,966
|
|
|
$
|
367,769
|
|
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SOURCE NetSuite Inc.