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Revenue Increases 14% on a Constant Currency Basis
Exa Corporation (NASDAQ:EXA), a simulation software for product engineering firm, today announced financial results for the third quarter of fiscal 2016, which ended October 31, 2015.
Revenue Increases 14% on a Constant Currency Basis
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December 03, 2015 16:05 ET | Source: Exa Corporation
BURLINGTON, Mass., Dec. 3, 2015 (GLOBE NEWSWIRE) — Exa® Corporation (NASDAQ:EXA), a leading innovator of simulation software for product engineering, today announced financial results for the third quarter of fiscal 2016, which ended October 31, 2015.
Revenue Summary
3Q16 (in
millions) 3Q15 (in
millions) Growth
Rate Constant Currency
Growth Rate
Total Revenue $17.0 $16.0 6% 14%
License Revenue $14.0 $12.9 9% 16%
Project Revenue $3.0 $3.1 -3% 5%
“We delivered a solid third quarter with revenue at the upper end of expectations and adjusted EBITDA well above our guided range as we begin to extract leverage in our operating model. License revenue again grew 16% from the prior year on a constant currency basis, as we continue to realize value from prior technology investments and project activities,” said Stephen Remondi, President and Chief Executive Officer of Exa. “As reflected in our increased profitability expectations for the year, we believe that our continued shifting of resources to focus on supporting and enhancing license growth, combined with the additional leverage we can achieve from new products as a result of our expanded R&D efforts, will enable us to continue to produce improvements in profitability as we look ahead.”
Third Quarter Fiscal 2016 Financial Highlights
Revenue
Total revenue for the third quarter of fiscal 2016 was $17.0 million, an increase of 6% compared to $16.0 million in the comparable period in fiscal 2015. On a constant currency basis, total revenue increased 14% when compared with the corresponding period in fiscal 2015.
License revenue was $14.0 million for the third quarter of fiscal 2016, compared to $12.9 million in the comparable period in fiscal 2015, representing an increase of 9%, or 16% on a constant currency basis.
Project revenue was $3.0 million for the third quarter of fiscal 2016, compared to $3.1 million in the comparable period in fiscal 2015, representing a decrease of 3%, but an increase of 5% on a constant currency basis.
Profitability
GAAP loss from operations was $(0.1) million in the third quarter of fiscal 2016, compared to income of $0.3 million in the comparable period in fiscal 2015.
Non-GAAP operating income was $0.7 million in the third quarter of fiscal 2016, compared to income of $0.9 million in the comparable period in fiscal 2015.
Adjusted EBITDA was $1.5 million in the third quarter of fiscal 2016, compared to $1.6 million in the comparable period in fiscal 2015.
GAAP net loss was $(0.4) million in the third quarter of fiscal 2016, compared to income of $0.2 million for the comparable period in fiscal 2015. GAAP net loss per share was $(0.03), based on 14.6 million diluted weighted average shares outstanding, compared to GAAP net income per share of $0.02 for the comparable period in fiscal 2015, based on 14.7 million diluted weighted average shares outstanding.
Non-GAAP net income was $0.1 million, or $0.00 per diluted share in the third quarter of fiscal 2016, compared to income of $0.6 million, or $0.04 per diluted share, in the comparable period in fiscal 2015.
Balance Sheet
The company had $23.2 million in cash and cash equivalents as of October 31, 2015, compared to $30.4 million as of July 31, 2015.
Business Outlook
Based on information available as of today, Exa is providing fourth quarter and fiscal 2016 guidance as indicated below.
Fourth Quarter Fiscal 2016:
Total revenue is expected to be in the range of $17.2 million to $18.4 million.
Adjusted EBITDA is expected to be in the range of $0.3 million to $0.7 million.
GAAP net loss is expected to be in the range of $(2.4) million to $(2.0) million.
Non-GAAP net loss is expected to be in the range of $(2.0) million to $(1.6) million.
Basic share count for the fourth quarter is estimated to be 14.6 million shares.
Diluted share count for the fourth quarter is estimated to be 14.9 million shares.
Full Year Fiscal 2016:
Total revenue is expected to be in the range of $64.4 million to $65.6 million.
Adjusted EBITDA is expected to be in the range of $1.9 million to $2.3 million.
GAAP net loss is expected to be in the range of $(5.9) million to $(5.5) million.
Non-GAAP net loss is expected to be in the range of $(4.2) million to $(3.8) million.
Basic share count for the full year is estimated to be 14.5 million shares.
Diluted share count for the full year is estimated to be 14.9 million shares.
The above guidance assumes an exchange rate of 1.07 US dollars per Euro and 123.0 Japanese yen per US dollar for fiscal year 2016.
