Exa® Corporation today announced financial results for the second quarter fiscal 2017, which ended July 31, 2016.
Revenue Summary
Second Quarter
"Second quarter revenue was within our guidance range, reflecting the predictability of our licensing model. In addition, profitability exceeded our guidance range as we continue to realize the leverage in our operating model," said Stephen Remondi, President and Chief Executive Officer of Exa. "We believe that our focus on license revenue, as we continue the conversion of project-based customers to ExaCLOUD-based recurring license customers, will drive stronger year-over-year revenue growth in the second half of the year. As such, we remain confident that we will deliver continued growth in both revenue and profitability in fiscal 2017, further strengthening our leadership position in the market."
Second Quarter Fiscal 2017 Financial Highlights
Revenue
Total revenue for the second quarter of fiscal 2017 was $17.1 million, an increase of 11% compared to $15.5 million in the comparable period in fiscal 2016. On a constant currency basis, total revenue increased 8% when compared with the corresponding period in fiscal 2016.
License revenue was $14.8 million for the second quarter of fiscal 2017, compared to $13.0 million in the comparable period in fiscal 2016, representing an increase of 14%, or 11% on a constant currency basis.
Project revenue was $2.3 million for the second quarter of fiscal 2017, compared to $2.5 million in the comparable period in fiscal 2016, representing a decrease of 7%, or 8% on a constant currency basis.
Profitability
GAAP loss from operations was $(0.4) million in the second quarter of fiscal 2017, compared to a loss from operations of $(0.8) million in the comparable period in fiscal 2016.
Non-GAAP operating income was $0.1 million in the second quarter of fiscal 2017, compared to an operating loss of $(0.2) million in the comparable period in fiscal 2016.
GAAP net loss was $(0.7) million in the second quarter of fiscal 2017, compared to a net loss of $(1.2) million for the comparable period in fiscal 2016. GAAP net loss per share was $(0.05), based on 14.8 million diluted weighted average shares outstanding, compared to net loss per share of $(0.08) for the comparable period in fiscal 2016, based on 14.5 million diluted weighted average shares outstanding.
Non-GAAP net loss was $(0.3) million, or $(0.02) per diluted share in the second quarter of fiscal 2017, compared to a net loss of $(0.8) million, or $(0.06) per diluted share, in the comparable period in fiscal 2016.
Adjusted EBITDA was $1.0 million in the second quarter of fiscal 2017, compared to $0.5 million in the comparable period in fiscal 2016.
Balance Sheet
Cash and cash equivalents were $33.2 million as of July 31, 2016, compared to $39.2 million as of April 30, 2016.
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