SAN MATEO, Calif., Oct. 21, 2016 /PRNewswire/ -- NetSuite Inc.
(NYSE: N), the industry's leading provider of cloud financials /
ERP and omnichannel commerce software suites, today announced
results for its third quarter ended September 30, 2016.
Total revenue for the third quarter of 2016 was $243.9 million, representing a 26% increase over
the same period in the prior year.
Recurring revenue from subscription and support was $190.0 million, a 23% increase over the third
quarter of last year. Non-recurring revenue from professional
services and other was $53.9 million,
a 41% increase over the same period in the prior year.
Cash flows from operations were $62.0
million in the third quarter of 2016, a 126% increase over
the same period in the prior year.
On a GAAP basis, net loss for the third quarter of 2016 was
$34.1 million, or $(0.42) per share, as compared to a net loss of
$37.3 million, or $(0.47) per share, in the third quarter of
2015.
Non-GAAP net income for the third quarter of 2016 was
$16.1 million, or $0.20 per share, as compared to a non-GAAP net
income of $2.6 million or
$0.03 per share, in the third quarter
of 2015.
Outlook
As with Q2, following the announcement made on
July 28, 2016 regarding NetSuite's
entry into a definitive agreement to be acquired by Oracle, the
Company will not provide outlook for its fourth quarter 2016
financial results. Furthermore, the Company does not
expect to achieve its previously-issued full year revenue
outlook range of $955 million to $975
million and is withdrawing all previously-issued financial
outlook for the full year 2016.
Conference Call Details
Given the announcement made on
July 28, 2016 regarding NetSuite's
entry into a definitive agreement to be acquired by Oracle,
NetSuite will not be hosting a conference call to discuss the third
quarter 2016 financial results.
About NetSuite
In 1998, NetSuite pioneered the Cloud
Computing revolution, establishing the world's first company
dedicated to delivering business applications over the
Internet. Today, NetSuite provides a suite of cloud
financials/Enterprise Resource Planning (ERP) and omnichannel
commerce software that runs the business of more than 30,000
companies, organizations, and subsidiaries in more than 100
countries.
For more information about NetSuite, please visit
www.netsuite.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains 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 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 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
February 24, 2016 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, transaction costs for business combinations and
costs associated with Oracle's pending purchase of NetSuite.
Non-GAAP net income excludes expenses related to stock-based
compensation expense, amortization of intangible assets,
transaction costs for business combinations, costs associated with
Oracle's pending purchase of NetSuite, 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)
|
|
|
|
September
30,
2016
|
|
December
31,
2015
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
379,206
|
|
|
$
|
289,966
|
|
|
Short-term marketable
securities
|
81,876
|
|
|
74,748
|
|
|
Accounts receivable,
net of allowances of $2,374 and $1,988 as of September 30,
2016 and December 31, 2015, respectively
|
168,309
|
|
|
176,720
|
|
|
Deferred
commissions
|
70,033
|
|
|
69,579
|
|
|
Other current
assets
|
36,925
|
|
|
44,087
|
|
|
Total current
assets
|
736,349
|
|
|
655,100
|
|
|
Marketable
securities, non-current
|
11,747
|
|
|
13,875
|
|
|
Property and
equipment, net
|
99,801
|
|
|
89,643
|
|
|
Deferred commissions,
non-current
|
17,533
|
|
|
15,287
|
|
|
Goodwill
|
305,333
|
|
|
291,956
|
|
|
Other intangible
assets, net
|
50,489
|
|
|
60,980
|
|
|
Other
assets
|
11,224
|
|
|
10,756
|
|
|
Total
assets
|
$
|
1,232,476
|
|
|
$
|
1,137,597
|
|
|
Liabilities and
total equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
|
6,211
|
|
|
$
|
3,545
|
|
|
Deferred
revenue
|
455,667
|
|
|
404,986
|
|
|
Accrued
compensation
|
62,158
|
|
|
55,586
|
|
|
Accrued
expenses
|
39,446
|
|
|
37,901
|
|
|
Other current
liabilities
|
18,303
|
|
|
17,032
|
|
|
Total current
liabilities
|
581,785
|
|
|
519,050
|
|
|
Long-term
liabilities:
|
|
|
|
|
Convertible 0.25%
senior notes, net
|
285,155
|
|
|
274,576
|
|
|
Deferred revenue,
non-current
|
20,575
|
|
|
22,743
|
|
|
Other long-term
liabilities
|
14,750
|
|
|
15,027
|
|
|
Total long-term
liabilities
|
320,480
|
|
|
312,346
|
|
|
Total
liabilities
|
902,265
|
|
|
831,396
|
|
|
Total
equity:
|
|
|
|
|
Common
stock
|
815
|
|
|
798
|
|
|
Additional paid-in
capital
|
1,120,737
|
|
|
992,362
|
|
|
Accumulated other
comprehensive loss
|
(15,759)
|
|
|
(13,009)
|
|
|
Accumulated
deficit
|
(775,582)
|
|
|
(673,950)
|
|
|
Total
equity
|
330,211
|
|
|
306,201
|
|
|
Total liabilities and
total equity
|
$
|
1,232,476
|
|
|
$
|
1,137,597
|
|
|
NetSuite
Inc.
|
|
Condensed
Consolidated Statements of Operations
|
|
(dollars and
shares in thousands, except per share amounts)
|
|
(unaudited)
|
|
|
|
Three months
ended
|
|
September
30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December
31,
2015
|
|
September
30,
2015
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Subscription and
support
|
$
|
189,989
|
|
|
$
|
180,194
|
|
|
$
|
173,334
|
|
|
$
|
164,536
|
|
|
$
|
154,661
|
|
|
Professional services
and other
|
53,926
|
|
|
50,577
|
|
|
43,244
|
|
|
41,693
|
|
|
38,162
|
|
|
Total
revenue
|
243,915
|
|
|
230,771
|
|
|
216,578
|
|
|
206,229
|
|
|
192,823
|
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
Subscription and
support (1)
|
32,836
|
|
|
32,018
|
|
|
29,791
|
|
|
27,594
|
|
|
25,983
|
|
|
Professional services
and other (1)
|
55,656
|
|
|
52,087
|
|
|
42,061
|
|
|
40,236
|
|
|
40,113
|
|
|
Total cost of
revenue
|
88,492
|
|
|
84,105
|
|
|
71,852
|
|
|
67,830
|
|
|
66,096
|
|
|
Gross
profit
|
155,423
|
|
|
146,666
|
|
|
144,726
|
|
|
138,399
|
|
|
126,727
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Product development
(1)
|
40,058
|
|
|
39,597
|
|
|
37,852
|
|
|
37,176
|
|
|
36,112
|
|
|
Sales and marketing
(1)
|
115,084
|
|
|
117,314
|
|
|
109,691
|
|
|
107,539
|
|
|
102,145
|
|
|
General and
administrative (1)
|
29,126
|
|
|
23,219
|
|
|
22,294
|
|
|
21,202
|
|
|
21,824
|
|
|
Total operating
expenses
|
184,268
|
|
|
180,130
|
|
|
169,837
|
|
|
165,917
|
|
|
160,081
|
|
|
Operating
loss
|
(28,845)
|
|
|
(33,464)
|
|
|
(25,111)
|
|
|
(27,518)
|
|
|
(33,354)
|
|
|
Other income /
(expenses) and income taxes, net (1)
|
(5,299)
|
|
|
(4,279)
|
|
|
(4,634)
|
|
|
(4,885)
|
|
|
(3,986)
|
|
|
Net loss
|
(34,144)
|
|
|
(37,743)
|
|
|
(29,745)
|
|
|
(32,403)
|
|
|
(37,340)
|
|
|
Net loss per
share
|
$
|
(0.42)
|
|
|
$
|
(0.47)
|
|
|
$
|
(0.37)
|
|
|
$
|
(0.41)
|
|
|
$
|
(0.47)
|
|
|
Weighted average
number of shares used in computing net loss per common
share
|
81,143
|
|
|
80,641
|
|
|
80,086
|
|
|
79,615
|
|
|
79,186
|
|
|
|
|
|
|
(1)
|
Includes
stock-based compensation expense, amortization of intangible
assets, transaction costs for business combinations, costs
associated with Oracle's pending purchase of NetSuite, non-cash
interest expense on convertible debt and income tax benefit
associated with business combination as follows:
|
|
September
30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December
31,
2015
|
|
September
30,
2015
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
Subscription and
support
|
$
|
3,940
|
|
|
$
|
3,973
|
|
|
$
|
3,772
|
|
|
$
|
3,603
|
|
|
$
|
3,438
|
|
|
Professional services
and other
|
4,669
|
|
|
4,802
|
|
|
2,647
|
|
|
2,750
|
|
|
4,296
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
9,805
|
|
|
9,852
|
|
|
9,485
|
|
|
8,488
|
|
|
8,094
|
|
|
Sales and
marketing
|
13,323
|
|
|
13,754
|
|
|
11,495
|
|
|
12,307
|
|
|
12,940
|
|
|
General and
administrative
|
14,934
|
|
|
8,500
|
|
|
7,885
|
|
|
6,142
|
|
|
8,270
|
|
|
Other income /
(expenses) and income taxes, net
|
(3,615)
|
|
|
(3,509)
|
|
|
(3,455)
|
|
|
(3,452)
|
|
|
(2,932)
|
|
|
Total
|
$
|
50,286
|
|
|
$
|
44,390
|
|
|
$
|
38,739
|
|
|
$
|
36,742
|
|
|
$
|
39,970
|
|
|
NetSuite
Inc.
|
|
Reconciliation of
GAAP Results to Non-GAAP Results
|
|
(dollars and
shares in thousands, except per share amounts)
|
|
(unaudited)
|
|
|
|
Three months
ended
|
|
September
30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December
31,
2015
|
|
September
30,
2015
|
|
Reconciliation
between GAAP operating loss and non-GAAP operating
income:
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
$
|
(28,845)
|
|
|
$
|
(33,464)
|
|
|
$
|
(25,111)
|
|
|
$
|
(27,518)
|
|
|
$
|
(33,354)
|
|
|
Reversal of non-GAAP
expenses:
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation and amortization of capitalized stock-based
compensation (a)
|
34,289
|
|
|
35,051
|
|
|
29,655
|
|
|
27,724
|
|
|
28,686
|
|
|
Amortization of
intangible assets and business combination costs (b)
|
4,547
|
|
|
5,830
|
|
|
5,629
|
|
|
5,566
|
|
|
8,352
|
|
|
Costs associated with
Oracle's pending purchase of NetSuite (c)
|
7,835
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-GAAP operating
income
|
$
|
17,826
|
|
|
$
|
7,417
|
|
|
$
|
10,173
|
|
|
$
|
5,772
|
|
|
$
|
3,684
|
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
between GAAP net loss and non-GAAP net income:
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(34,144)
|
|
|
$
|
(37,743)
|
|
|
$
|
(29,745)
|
|
|
$
|
(32,403)
|
|
|
$
|
(37,340)
|
|
|
Stock-based
compensation and amortization of capitalized stock-based
compensation (a)
|
34,289
|
|
|
35,051
|
|
|
29,655
|
|
|
27,724
|
|
|
28,686
|
|
|
Amortization of
intangible assets and business combination costs (b)
|
4,547
|
|
|
5,830
|
|
|
5,629
|
|
|
5,566
|
|
|
8,352
|
|
|
Costs associated with
Oracle's pending purchase of NetSuite (c)
|
7,835
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-cash interest
expense on convertible debt (d)
|
3,615
|
|
|
3,509
|
|
|
3,455
|
|
|
3,452
|
|
|
3,447
|
|
|
Income tax benefit
associated with business combination (e)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(515)
|
|
|
Non-GAAP net
income
|
$
|
16,142
|
|
|
$
|
6,647
|
|
|
$
|
8,994
|
|
|
$
|
4,339
|
|
|
$
|
2,630
|
|
|
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
|
81,143
|
|
|
80,641
|
|
|
80,086
|
|
|
79,615
|
|
|
79,186
|
|
|
Effect of dilutive
securities (stock options, restricted stock awards and ESPP)
(f)
|
1,511
|
|
|
973
|
|
|
737
|
|
|
1,042
|
|
|
1,188
|
|
|
Non-GAAP weighted
average shares used in computing non-GAAP net income per common
share
|
82,654
|
|
|
81,614
|
|
|
80,823
|
|
|
80,657
|
|
|
80,374
|
|
|
GAAP net loss per
share
|
$
|
(0.42)
|
|
|
$
|
(0.47)
|
|
|
$
|
(0.37)
|
|
|
$
|
(0.41)
|
|
|
$
|
(0.47)
|
|
|
Non-GAAP net income
per share
|
$
|
0.20
|
|
|
$
|
0.08
|
|
|
$
|
0.11
|
|
|
$
|
0.05
|
|
|
$
|
0.03
|
|
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,
costs associated with Oracle's pending purchase of NetSuite,
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)
|
On July 28, 2016,
NetSuite entered into a definitive agreement to be acquired by
Oracle Corporation ("Oracle"). The transaction is valued
at $109.00 per share in cash, or approximately $9.3
billion. The Board of Directors has unanimously approved the
transaction. The consummation of the transaction is pending the
tender of shareholder equity. In connection with this
transaction, we incurred banking, legal, accounting and other
operating costs which would not otherwise have been incurred by us
in the normal course of our business operations. We believe
the exclusion of Oracle related transaction 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.
|
|
|
|
(d)
|
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.
|
|
|
|
(e)
|
In connection with
our business acquisition in the third quarter of 2015, we recorded
an income tax benefit that reduced our income tax provision in this
quarter. This income tax benefit is a non-cash item 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.
|
|
|
|
(f)
|
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)
|
|
|
|
Nine Months
Ended September 30,
|
|
2016
|
|
2015
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net loss
|
$
|
(101,632)
|
|
|
$
|
(92,340)
|
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
30,103
|
|
|
21,637
|
|
|
Amortization of other
intangible assets
|
14,098
|
|
|
12,449
|
|
|
Amortization of debt
discount and transaction costs
|
10,579
|
|
|
10,088
|
|
|
Provision for
accounts receivable allowances
|
1,591
|
|
|
942
|
|
|
Stock-based
compensation
|
98,040
|
|
|
81,686
|
|
|
Amortization of
deferred commissions
|
89,953
|
|
|
72,951
|
|
|
Excess tax benefit on
stock-based compensation
|
(247)
|
|
|
(207)
|
|
|
Changes in operating
assets and liabilities, net of acquired assets and
liabilities:
|
|
|
|
|
Accounts
receivable
|
7,526
|
|
|
(13,993)
|
|
|
Deferred
commissions
|
(92,675)
|
|
|
(79,616)
|
|
|
Other current
assets
|
7,749
|
|
|
2,783
|
|
|
Other
assets
|
(84)
|
|
|
3,944
|
|
|
Accounts
payable
|
2,794
|
|
|
8,097
|
|
|
Accrued
compensation
|
6,427
|
|
|
1,919
|
|
|
Deferred
revenue
|
47,804
|
|
|
58,645
|
|
|
Other current
liabilities
|
5,872
|
|
|
1,879
|
|
|
Other long-term
liabilities
|
2,091
|
|
|
(11,511)
|
|
|
Net cash provided by
operating activities
|
129,989
|
|
|
79,353
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchases of property
and equipment
|
(37,960)
|
|
|
(32,831)
|
|
|
Capitalized internal
use software
|
(2,782)
|
|
|
(2,262)
|
|
|
Cash paid in business
combinations, net of amounts received
|
(18,489)
|
|
|
(130,560)
|
|
|
Purchases of
marketable securities
|
(113,108)
|
|
|
(93,795)
|
|
|
Maturities of
marketable securities
|
85,720
|
|
|
92,463
|
|
|
Sales of marketable
securities
|
22,206
|
|
|
1,504
|
|
|
Net cash used in
investing activities
|
(64,413)
|
|
|
(165,481)
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Payments under
capital leases
|
(31)
|
|
|
(166)
|
|
|
Payments under
capital leases and long-term debt - related party
|
(2,164)
|
|
|
(2,069)
|
|
|
Payments related to
business combinations
|
(266)
|
|
|
(1,335)
|
|
|
RSUs acquired to
settle employee withholding liability
|
(184)
|
|
|
(7,028)
|
|
|
Excess tax benefit on
stock-based compensation
|
247
|
|
|
207
|
|
|
Proceeds from
issuance of common stock
|
29,271
|
|
|
11,969
|
|
|
Net cash provided by
financing activities
|
26,873
|
|
|
1,578
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(3,209)
|
|
|
(1,664)
|
|
|
Net change in cash
and cash equivalents
|
89,240
|
|
|
(86,214)
|
|
|
Cash and cash
equivalents at beginning of period
|
289,966
|
|
|
367,769
|
|
|
Cash and cash
equivalents at end of period
|
$
|
379,206
|
|
|
$
|
281,555
|
|
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SOURCE NetSuite Inc.