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As the Move to Cloud Computing Accelerates, NetSuite Picks Up Speed

Zach Nelson, CEO: "2010 was a great year"

"2010 was a great year for NetSuite," said Zach Nelson, CEO of NetSuite (pictured), as the company announced its fourth quarter and fiscal 2010 financial results - which included record Q4 revenue of $52.1 million, a 21% year-over-year increase.

"We are seeing an acceleration of enterprises large and small moving to cloud computing," Nelson continued, "and our ten-year head start in delivering cloud business applications bodes well for us in 2011 as companies continue to move their core business applications from outdated and costly client-server offerings from Microsoft, SAP and others to NetSuite solutions that have cloud computing at their core."

NetSuite, which positions itself as the industry's leading provider of cloud-based financials/ERP software suites, reported total revenue for the year of $193.1 million, a year-over-year increase of 16%. Subscription and support revenue for the fourth quarter was $44.2 million, representing 21% growth over the same period in the prior year.

GAAP operating loss for the fourth quarter of 2010 was $5.7 million, as compared to a GAAP operating loss of $6.6 million in the fourth quarter of 2009. GAAP operating loss for the year ended December 31, 2010 was $25.6 million, as compared to a GAAP operating loss of $23.5 million in 2009.

On a GAAP basis, net loss for the fourth quarter of 2010 was $6.4 million, or $(0.10) per share, as compared to a net loss of $6.5 million, or $(0.10) per share in the fourth quarter of 2009. Net loss for the year ended December 31, 2010 was $27.5 million, or $(0.43) per share, as compared to a GAAP net loss of $23.3 million, or $(0.38) per share in 2009.

Non-GAAP operating income for the fourth quarter of 2010 improved 177% year-over-year, growing to $3.5 million, as compared to non-GAAP operating income of $1.3 million in the fourth quarter of 2009. Non-GAAP operating income for the year ended December 31, 2010 improved 228% year-over-year, growing to $10.4 million, as compared to non-GAAP operating income of $3.2 million for the year ended December 31, 2009.

Non-GAAP net income for the fourth quarter of 2010 was $2.8 million, or $0.04 per share, as compared to non-GAAP net income of $1.3 million, or $0.02 per share, for the fourth quarter of 2009. Non-GAAP net income for the year ended December 31, 2010 improved 151% to $8.5 million, or $0.13 per share, as compared to non-GAAP net income of $3.4 million, or $0.05 per share in 2009.

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