Exa (EXA) Reports In-Line Q2 EPS, Slight Miss on Revenues; FY18 Revenue Mid-Point Outlook Above Consensus

Exa (NASDAQ: EXA) reported Q2 EPS of ($0.12), in-line with the analyst estimate of ($0.12). Revenue for the quarter came in at $17.5 million versus the consensus estimate of $17.58 million.

Business Outlook

Based on information available as of today, Exa is providing third quarter and fiscal 2018 guidance as indicated below.

Third Quarter Fiscal 2018:

• Total revenue is expected to be in the range of $19.4 million to $21.2 million.
• Adjusted EBITDA is expected to range from $2.0 million to $3.0 million.
• GAAP net (loss) income is expected to be in the range of $(0.7) million to $0.3 million.
• Non-GAAP net income is expected to be in the range of $0.1 million to $1.1 million.
• Basic share count for the third quarter is estimated to be 15.1 million shares.
• Diluted share count for the third quarter is estimated to be 15.5 million shares.

Full Year Fiscal 2018:

• Total revenue is expected to be in the range of $76.0 million to $80.0 million.
• Adjusted EBITDA is expected to be in the range of $6.0 million to $8.2 million.
• GAAP net loss is expected to be in the range of $(5.7) million to (3.5) million.
• Non-GAAP net loss is expected to be in the range of $(2.7) million to $(0.5) million.
• Basic share count for the full year is estimated to be 15.0 million shares.
• Diluted share count for the full year is estimated to be 15.5 million shares.

GUIDANCE:

Exa sees FY2018 revenue of $76-80 million, versus the consensus of $76.7 million.

Revenue

• Total revenue for the second quarter of fiscal 2018 was $17.5 million, compared to $17.1 million in the comparable period in fiscal 2017. On a constant currency basis, total revenue increased 3% when compared with the corresponding period in fiscal 2017.
• License revenue was $15.2 million for the second quarter of fiscal 2018, compared to $14.8 million in the comparable period in fiscal 2017, representing an increase of 3%, 4% on a constant currency basis.
• Project revenue was $2.3 million for the second quarter of fiscal 2018, compared to $2.3 million in the comparable period in fiscal 2017, representing a decrease of 2%, 2% on a constant currency basis.

Profitability

• GAAP loss from operations was $(2.4) million in the second quarter of fiscal 2018, compared to a loss of $(0.4) million in the comparable period in fiscal 2017.
• Non-GAAP operating loss was $(1.2) million in the second quarter of fiscal 2018, compared to income of $0.1 million in the comparable period in fiscal 2017.
• GAAP net loss was $(2.6) million in the second quarter of fiscal 2018, compared to a loss of $(0.7) million for the comparable period in fiscal 2017. GAAP net loss per share was $(0.18), based on 15.0 million diluted weighted average shares outstanding, compared to GAAP net loss per share of $(0.05) for the comparable period in fiscal 2017, based on 14.8 million diluted weighted average shares outstanding.
• Adjusted EBITDA was $0.0 million in the second quarter of fiscal 2018, compared to $1.0 million in the comparable period in fiscal 2017.
• Non-GAAP net loss was $(1.9) million, or $(0.12) per diluted share in the second quarter of fiscal 2018, compared to a loss of $(0.3) million, or $(0.02) per diluted share, in the comparable period in fiscal 2017.

For earnings history and earnings-related data on Exa (EXA) click here.

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