Finance

Exa Reports Fourth Quarter and Full Year Fiscal 2017 Financial Results





Fourth Quarter Recurring License Revenue Increases 12%Fourth Quarter Profitability Metrics Above Guidance RangesFull Year Fiscal 2017 License Revenue Increases 14%BURLINGTON, Mass., March 16, 2017 (GLOBE NEWSWIRE) — Exa® Corporation (NASDAQ:EXA), a global innovator in simulation software for product engineering, today announced financial results for the fourth quarter and full year fiscal 2017, which ended January 31, 2017.Revenue SummaryFourth QuarterFiscal 2017“We executed well during the fourth quarter, delivering net income and adjusted EBITDA that both exceeded our guidance, with revenue that was within the lower half of our guidance range,” said Stephen Remondi, President and Chief Executive Officer of Exa. “For the full year, we produced top line year over year growth with license revenue increasing 14% or 12% on a constant currency basis. We also continued to realize our operating leverage potential as demonstrated by a 4.2 percentage point increase in adjusted EBITDA margin over FY 16.“The combined prospects of reduced environmental regulations regarding fuel economy and vehicle emissions and a border adjustment tax have created tentative near-term deployment commitments from some of our customers in the ground transportation market. This uncertainty is reflected in our outlook for FY18. Nonetheless, we remain confident in the underlying demand dynamics in this market segment and the potential of our solutions to deliver significant value to our customers under various macro and regulatory environments.    “We are also excited to announce that Exa recently signed a significant commercial agreement for our first license customer of our Exa DigitalROCK™ solution supporting the Oil and Gas industry.  We believe that our continued investments in new markets and applications of our technology will enable us to return to our long-term target growth rates.”Fourth Quarter Fiscal 2017 Financial HighlightsRevenueTotal revenue for the fourth quarter of fiscal 2017 was $19.5 million, an increase of 7% compared to $18.3 million in the comparable period in fiscal 2016. On a constant currency basis, total revenue increased 6% when compared with the corresponding period in fiscal 2016.License revenue was $16.0 million for the fourth quarter of fiscal 2017, compared to $14.3 million in the comparable period in fiscal 2016, representing an increase of 12%, or 11% on a constant currency basis.Project revenue was $3.5 million for the fourth quarter of fiscal 2017, compared to $3.9 million in the comparable period in fiscal 2016, representing a decrease of 11%, or 11% on a constant currency basis.ProfitabilityGAAP income from operations was $1.1 million in the fourth quarter of fiscal 2017, compared to a loss of $(19) thousand in the comparable period in fiscal 2016.Non-GAAP operating income was $1.7 million in the fourth quarter of fiscal 2017, compared to income of $0.6 million in the comparable period in fiscal 2016.GAAP net income was $0.3 million in the fourth quarter of fiscal 2017, compared to a loss of $(1.3) million for the comparable period in fiscal 2016. GAAP net income per share was $0.02, based on 14.9 million basic weighted average shares outstanding, compared to GAAP net loss per share of $(0.09) for the comparable period in fiscal 2016, based on 14.6 million diluted weighted average shares outstanding.Adjusted EBITDA was $2.7 million in the fourth quarter of fiscal 2017, compared to $1.5 million in the comparable period in fiscal 2016.Non-GAAP net income was $0.7 million, or $0.05 per diluted share in the fourth quarter of fiscal 2017, compared to a loss of $(0.9) million, or $(0.06) per diluted share, in the comparable period in fiscal 2016.Full Year Fiscal 2017 Financial HighlightsRevenueTotal revenue for the full year fiscal 2017, which ended January 31, 2017, was $72.6 million, an increase of 11% compared to $65.4 million in fiscal 2016. On a constant currency basis, total revenue increased 9% when compared with fiscal 2016.   License revenue was $60.8 million in fiscal 2017, compared to $53.5 million in fiscal 2016, an increase of 14%, or 12% on a constant currency basis.Project revenue was $11.7 million in fiscal 2017, compared to $11.9 million in fiscal 2016, a decrease of 2%, or 3% on a constant currency basis.ProfitabilityGAAP income from operations was $0.4 million in fiscal 2017, compared to a loss of $(2.7) million in fiscal 2016.Non-GAAP income from operations was $2.7 million in fiscal 2017, compared to a loss of $(0.1) million in fiscal 2016.GAAP net loss was $(1.1) million in fiscal 2017, compared to a loss of $(4.8) million in fiscal 2016. GAAP net loss per share was $(0.08), based on 14.8 million diluted weighted average shares outstanding, compared to GAAP net loss per share of $(0.33) in fiscal 2016, based on 14.5 million diluted weighted average shares outstanding.Adjusted EBITDA was $6.5 million in fiscal 2017, compared to $3.1 million in fiscal 2016.Adjusted EBITDA margin increased 4.2 percentage points in fiscal 2017 to 8.9%, compared to 4.7% in fiscal 2016.Non-GAAP net income was $0.4 million, or $0.03 per diluted share in fiscal 2017, compared to a loss of $(3.1) million, or $(0.21) per diluted share, in fiscal 2016.Balance SheetThe company had $24.6 million in cash and cash equivalents as of January 31, 2017, compared to $25.0 million as of October 31, 2016.          Business OutlookBased on information available as of today, Exa is providing first quarter and fiscal 2018 guidance as indicated below.First Quarter Fiscal 2018:





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