Exa Reports Fourth Quarter Fiscal 2014 Financial Results

Exa Reports Fourth Quarter Fiscal 2014 Financial Results

Fourth Quarter Revenue Increases 16% Year-Over-Year, or 18% on a Constant
Currency Basis

BURLINGTON, Mass., March 24, 2014 (GLOBE NEWSWIRE) -- Exa^® Corporation
(Nasdaq:EXA), a global innovator of fluids simulation solutions for product
engineering, today announced financial results for the fourth quarter and full
year fiscal 2014, which ended January 31, 2014.

"We are pleased to report increasing business momentum with fourth quarter
revenue up 16% from a year ago, or 18% on a constant currency basis. This
performance is the product of increasing demand for our simulation technology,
combined with the results of investments in our growth across the
organization," said Stephen Remondi, President and Chief Executive Officer of
Exa. "We are also pleased that for the full year revenue increased 12%, or 14%
on a constant currency basis, as we made progress toward reaching our target
of 15% to 20% top-line growth. With the success of our strategy in fiscal
2014, we plan to step up investments that we believe are driving increasing
revenue growth and strengthening our position in the market. We believe this
is the right strategy to solidify a foundation for delivering continued
healthy growth, and drive shareholder value over the longer-term."

Fourth Quarter Fiscal 2014 Financial Highlights

Revenue

  *Total revenue for the fourth quarter of fiscal 2014, which ended January
    31, 2014, was $15.2 million, an increase of 16% compared to $13.1 million
    in the comparable period in fiscal 2013. Revenue in the fourth quarter
    grew by 18% on a constant currency basis, compared with the corresponding
    period in fiscal 2013.
  *License revenue was $12.0 million for the fourth quarter of fiscal 2014,
    compared to $10.6 million in the comparable period in fiscal 2013,
    representing an increase of 14%, or 15% on a constant currency basis.
  *Project revenue was $3.2 million for the fourth quarter of fiscal 2014,
    compared to $2.5 million in the comparable period in fiscal 2013,
    representing an increase of 26%, or 30% on a constant currency basis.

Profitability

  *GAAP loss from operations was $(0.2) million in the fourth quarter of
    fiscal 2014, compared to GAAP loss from operations of $(0.2) million in
    the comparable period in fiscal 2013.
  *Non-GAAP income from operations was $0.3 million in the fourth quarter of
    fiscal 2014, compared to non-GAAP income from operations of $0.1 million
    in the comparable period in fiscal 2013.
  *Adjusted EBITDA was $0.8 million in the fourth quarter of fiscal 2014,
    compared to $0.7 million in the comparable period in fiscal 2013.
  *GAAP net income was $0.1 million in the fourth quarter of fiscal 2014,
    compared to GAAP net loss of $(0.3) million for the comparable period in
    fiscal 2013. GAAP net income per share was $0.01, based on 14.7 million
    diluted weighted average shares outstanding, compared to GAAP net loss per
    share of $(0.03) for the comparable period in fiscal 2013, based on 13.3
    million diluted weighted average shares outstanding.
  *Non-GAAP net income was $0.4 million, or $0.03 per diluted share in the
    fourth quarter of fiscal 2014, compared to non-GAAP net loss of $(0.1)
    million, or $(0.01) per diluted share, in the comparable period in fiscal
    2013.

Full Year Fiscal 2014 Financial Highlights

Revenue

  *Total revenue for the full year fiscal 2014, which ended January 31, 2014,
    was $54.5 million, an increase of 12% compared to $48.9 million in fiscal
    2013. Revenue in fiscal 2014 grew by 14% on a constant currency basis,
    compared with fiscal 2013. 
  *License revenue was $44.6 million in fiscal 2014, compared to $41.2
    million in fiscal 2013, representing an increase of 8%, or 11% on a
    constant currency basis.
  *Project revenue was $9.9 million in fiscal 2014, compared to $7.7 million
    in fiscal 2013, representing an increase of 29%, or 33% on a constant
    currency basis.

Profitability

  *GAAP loss from operations was $(0.1) million in fiscal 2014, compared to
    GAAP income from operations of $2.0 million in fiscal 2013.
  *Non-GAAP income from operations was $1.4 million in fiscal 2014, compared
    to non-GAAP income from operations of $3.3 million in fiscal 2013.
  *Adjusted EBITDA was $3.3 million in fiscal 2014, compared to $4.9 million
    in fiscal 2013.
  *GAAP net loss was $(0.7) million in fiscal 2014, compared to GAAP net
    income of $0.8 million in fiscal 2013. GAAP net loss per share was
    $(0.05), based on 13.3 million diluted weighted average shares
    outstanding, compared to GAAP net income per share of $0.06 in fiscal
    2013, based on 12.9 million diluted weighted average shares outstanding.
  *Non-GAAP net income was $0.3 million, or $0.02 per diluted share, in
    fiscal 2014, compared to non-GAAP net income of $1.6 million, or $0.13 per
    diluted share, in fiscal 2013.

Balance Sheet

  *The company had $28.8 million in cash and cash equivalents at January 31,
    2014, compared to $25.4 million at October 31, 2013 and $30.7 million at
    January 31, 2013.
  *The company exited fiscal 2014 without any debt compared to $6.8 million
    of debt at January 31, 2013.

Business Outlook

Based on information available as of March 24, 2014, Exa is issuing guidance
for the first quarter and full year fiscal 2015 as indicated below.

First Quarter Fiscal 2015:

  *Total revenue is expected to be in the range of $13.8 million to $14.2
    million.
  *GAAP net loss is expected to be in the range of $(1.0) million to $(0.9)
    million.
  *Non-GAAP net loss is expected to be in the range of $(0.7) million to
    $(0.5) million.
  *Adjusted EBITDA is expected to be in the range of $(0.6) million to $(0.3)
    million.
  *Basic share count for the first quarter is estimated to be 13.7 million
    shares.
  *Diluted share count for the first quarter is estimated to be 14.8 million
    shares.

Full Year Fiscal 2015:

  *Total revenue is expected to be in the range of $60.5 million to $63.0
    million.
  *GAAP net loss is expected to be in the range of $(1.6) million to $(1.2)
    million.
  *Non-GAAP net (loss) income is expected to be in the range of $(0.2) to
    $0.3 million.
  *Adjusted EBITDA is expected to be in the range of $2.4 million to $3.2
    million.
  *Basic share count for the full year is estimated to be 13.7 million
    shares.
  *Diluted share count for the full year is estimated to be 14.8 million
    shares.

The above guidance assumes an exchange rate of 1.35 US dollars per Euro and
100.0 Japanese yen per US dollar for fiscal year 2015.

An explanation and reconciliation of historical and forward-looking non-GAAP
measures presented above, including revenue on a constant currency basis,
adjusted EBITDA, non-GAAP income (loss) from operations and non-GAAP net
income (loss), to the comparable GAAP measures is provided below and in the
attachments to this press release. 

Conference Call Information

What:      Exa's fourth quarter and full year fiscal 2014 financial results
           conference call
When:      Monday, March 24, 2014
Time:      5:00 p.m. ET
Webcast:   http://investor.exa.com (live and replay)
Live Call: (877) 878-2664, Domestic
          (970) 315-0423, International
Replay:    (855) 859-2056, Passcode 4958323, Domestic
          (404) 537-3406, Passcode 4958323, International

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are
presented on a GAAP basis, we disclose revenue on a constant currency basis,
non-GAAP income from operations, non-GAAP net income, non-GAAP net income per
diluted share and Adjusted EBITDA. These non-GAAP measures are not in
accordance with, or an alternative for, amounts determined in accordance with
generally accepted accounting principles in the United States. The GAAP
measure most comparable to revenue on a constant currency basis is GAAP
revenue. The GAAP measure most comparable to non-GAAP income from operations
is GAAP income from operations. The GAAP measure most comparable to Non-GAAP
net income and Adjusted EBITDA is GAAP net income.The GAAP measure most
comparable to Non-GAAP net income per diluted share is GAAP net income per
diluted share. A reconciliation of these non-GAAP financial measures to the
corresponding GAAP measure is included below.

We define revenue on a constant currency basis as GAAP revenue, adjusted to
reverse the impact of changes in the average exchange rates of currencies in
which our international operations generated revenue and incurred expenses.

We define Non-GAAP net income as net income, excluding the after tax impact of
non-cash, stock-based compensation expense and the amortization of acquired
intangibles. We define EBITDA as net income, excluding depreciation and
amortization, interest expense, loss on extinguishment of debt, other income
(expense), foreign exchange gain (loss) and provision for income taxes, and we
define Adjusted EBITDA as EBITDA, excluding non-cash, stock-based compensation
expense.

Our management uses these non-GAAP measures when evaluating our operating
performance and for internal planning and forecasting purposes. We believe
that these measures help indicate underlying trends in our business, are
important in comparing current results with prior period results, and are
useful to investors and financial analysts in assessing our operating
performance. For example, our international operations generate revenue and
incur expenses that are denominated in foreign currencies. These amounts could
be materially affected by currency fluctuations. Our principal exposures are
to fluctuations in exchange rates for the United States dollar versus the
Euro, British pound, Japanese yen, Chinese yuan and Korean won. Changes in
currency exchange rates that are beyond our control can significantly affect
our consolidated results of operations. We believe that disclosure of our
revenue on a constant currency basis is useful as an indicator of demand for
our solutions independent of the influence of currency exchange fluctuations.
Management considers Adjusted EBITDA to be an important indicator of our
operational strength and the performance of our business and a good measure of
our historical operating trends. The non-GAAP financial information presented
here should be considered in conjunction with, and not as a substitute for, or
superior to, the financial information presented in accordance with GAAP and,
in particular, should not be considered a measure of our liquidity. There are
significant limitations associated with the use of non-GAAP financial
measures. Further, these measures may differ from the non-GAAP information,
even where similarly titled, used by other companies and therefore should not
be used to compare our performance to that of other companies. Investors
should carefully consider the attached reconciliation of these non-GAAP
financial measures to the comparable GAAP financial measures.

About Exa Corporation

Exa Corporation develops, sells and supports simulation software and services
to enhance product performance, reduce product development costs and improve
the efficiency of design and engineering processes. Exa's simulation solutions
enable their customers to gain crucial insight into design performance early
in the design cycle, thus reducing the likelihood of expensive redesigns and
late-stage engineering changes. As a result, Exa's customers realize
significant cost savings and fundamental improvements in their engineering
development process. Our products include, PowerFLOW^®, PowerDELTA^®,
PowerCLAY^®, PowerVIZ^®, PowerSPECTRUM^®, PowerACOUSTICS^®, PowerINSIGHT^®,
PowerCASE™, PowerCOOL^® and PowerTHERM^® along with professional engineering
consulting services. A partial customer list includes: BMW, Ford, Hyundai,
Kenworth, MAN, Nissan, Peterbilt, Renault, Scania, Toyota, Volkswagen, and
Volvo Trucks.

Safe Harbor Statement

This press release, including the section entitled "Business Outlook,"
contains forward-looking statements describing our expectations concerning
future events and our future financial performance. These statements are only
predictions and may be inaccurate. Actual events or results may differ
materially. In evaluating these statements, you should specifically consider
various factors, including the risks outlined under "Risk Factors" in our
Annual Report on Form 10-K for the year ended January 31, 2013, and Form 10-Q
for the quarter-ended October 31, 2013, and in our other SEC filings. These
factors may cause our actual results to differ materially from those described
in our forward-looking statements.Although we believe that the expectations
reflected in the forward-looking statements are reasonable, our future
results, levels of activity, performance or achievements may differ from our
expectations. Other than as required by law, we do not undertake a
responsibility to update any of the forward-looking statements after the date
of this press release, even though our situation may change in the future.

EXA CORPORATION
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share data)
                                                                   
                                                          January 31,
                                                          2014      2013
ASSETS                                                              
Current assets:                                                     
Cash and cash equivalents                                  $28,753 $30,716
Accounts receivable                                        27,245   27,840
Deferred tax assets                                        2,213    970
Prepaid expenses and other current assets                  2,108    1,938
Total current assets                                       60,319   61,464
Property and equipment, net                                7,356    6,176
Intangible assets, net                                     2,745    3,096
Deferred tax assets                                        13,306   12,274
Other assets                                               1,123    1,060
Total assets                                               $84,849 $84,070
                                                                   
LIABILITIES AND STOCKHOLDERS' EQUITY                                
Current liabilities:                                                
Accounts payable                                           $1,684  $1,743
Accrued expenses                                           10,285   7,284
Current portion of long-term debt, net of discount (1)     --      1,747
Current portion of deferred revenue                        30,594   26,013
Current maturities of capital lease obligations            2,426    2,051
Total current liabilities                                  44,989   38,838
Long-term debt, net of current portion and discount (1)    --      5,024
Deferred revenue                                           273      128
Capital lease obligations                                  2,695    2,818
Other long-term liabilities                                528      1,009
Deferred rent                                              831      1,482
Total liabilities                                          49,316   49,299
                                                                   
Commitments and contingencies                                       
                                                                   
Stockholders' equity :                                              
Preferred stock, $0.001 par value; 5,000,000 shares        --      --
authorized; no shares issued and outstanding
Common stock, $0.001 par value; 30,000,000 and 195,000,000
shares authorized, respectively; 13,388,712 and 13,319,715 13       13
shares issued, respectively; 13,356,210 and 13,287,213
shares outstanding, respectively
Additional paid-in capital                                 85,201   83,786
Accumulated deficit                                        (49,721) (49,012)
Treasury stock (32,502 common shares, at cost)             --      --
Accumulated other comprehensive income (loss)              40       (16)
Total stockholders' equity                                 35,533   34,771
Total liabilities and stockholders' equity                 $84,849 $84,070
                                                                   
(1) Includes amounts due to a related party, as follows:
                                                          January 31,
                                                          2014      2013
                                                                   
Current portion of long-term debt                          $--    $274
Long-term debt, net of current portion                     $--    $499



EXA CORPORATION
Consolidated Statements of Operations and Statements of Comprehensive Income
(Loss)
(Unaudited)
(in thousands, except share and per share data)
                                                               
                       Three Months Ended January 31, Years Ended January 31,
                       2014            2013           2014        2013
                                                               
Revenue:                                                        
License revenue         $12,047       $10,606      $44,579   $41,151
Project revenue         3,167          2,523         9,935      7,717
                                                               
Total revenues          15,214         13,129        54,514     48,868
Operating expenses (1):                                         
Cost of revenues        4,432          4,175         15,959     14,154
Sales and marketing     3,004          2,277         9,543      7,115
Research and            4,976          4,277         18,240     16,687
development
General and             2,961          2,591         10,894     8,952
administrative (2)
                                                               
Total operating         15,373         13,320        54,636     46,908
expenses
                                                               
(Loss) income from      (159)          (191)         (122)      1,960
operations
Other expense, net:                                             
Foreign exchange (loss) (58)           (194)         (83)       17
gain
Interest expense        (66)           (409)         (694)      (1,635)
Interest income         2              1             15         4
Loss on extinguishment  --            --           (755)      --
of debt
Other income, net       3              16            10         529
                                                               
Total other expense,    (119)          (586)         (1,507)    (1,085)
net
                                                               
(Loss) income before    (278)          (777)         (1,629)    875
income taxes
Benefit (provision) for 392            437           920        (112)
income taxes
                                                               
Net income (loss)     $114          $(340)       $(709)    $763
                                                               
Net income (loss) per                                           
share:
Basic                   $0.01         $(0.03)      $(0.05)   $0.10
Diluted                 $0.01         $(0.03)      $(0.05)   $0.06
                                                               
Weighted average shares
outstanding used in                                             
computing net income
(loss) per share:
Basic                   13,350,753     13,276,463    13,326,883 7,929,364
Diluted                 14,738,356     13,276,463    13,326,883 12,896,487
                                                               
                                                               
Comprehensive (loss)                                            
income:
Net income (loss)       $114          $(340)       $(709)    $763
Foreign currency        (20)           24            56         37
translation adjustments
Comprehensive income    $94           $(316)       $(653)    $800
(loss)
                                                               
                                                               
(1) Includes stock-based compensation expense as follows:
                                                               
                       Three Months Ended January 31, Years Ended January 31,
                       2014            2013           2014        2013
                                                               
Cost of revenues        $38           $29          $137      $111
Sales and marketing     70             48            239        190
Research and            112            75            376        308
development
General and             144            62            458        315
administrative
                                                               
Total                  $364          $214         $1,210    $924
                                                               
(2) Includes amortization expense related to intangible assets as follows:
                                                               
                       Three Months Ended January 31, Years Ended January 31,
                       2014            2013           2014        2013
                                                               
General and             $88           $91          $351      $383
administrative



EXA CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
                                                                 
                                                      Years Ended January 31,
                                                      2014        2013
Cash flows provided by (used in) operating activities:            
Net (loss) income                                      $(709)    $763
Adjustments to reconcile net (loss) income to net cash            
provided by (used in) operating activities:
Depreciation and amortization                          2,185      2,009
Stock-based compensation expense                       1,210      924
Deferred rent expense                                  (555)      (148)
Non-cash interest                                      162        579
Loss on extinguishment of debt, non-cash portion       465        --
Mark-to-market adjustment of preferred stock warrant   --        (228)
liability
Mark-to-market adjustment of equity participation      --        (276)
right
Deferred income taxes                                  (2,171)    (767)
Net change in operating assets and liabilities:                   
Accounts receivable                                    610        (8,648)
Prepaid expenses and other current assets              (199)      (728)
Other assets                                           (61)       2,117
Accounts payable                                       (57)       (773)
Accrued expenses                                       2,921      (1,609)
Other liabilities                                      (221)      (65)
Deferred revenue                                       4,847      (2,575)
Net cash provided by (used in) operating activities    8,427      (9,425)
                                                                 
Cash flows used in investing activities:                          
Purchases of property and equipment                    (746)      (419)
Net cash used in investing activities                  (746)      (419)
                                                                 
Cash flows (used in) provided by financing activities:            
Net decrease in line of credit                         --        (7,000)
Proceeds from borrowings under long-term debt          --        3,500
Proceeds from stock option and warrant exercises       205        92
Payments of long-term debt                             (7,365)    (1,135)
Payments of capital lease obligations                  (2,106)    (1,060)
Proceeds from initial public offering, net of $4,174   --        34,576
issuance costs
Payment of debt and line of credit issuance costs      (213)      (100)
Net cash (used in) provided by financing activities    (9,479)    28,873
                                                                 
Effect of exchange rate changes on cash                (165)      219
                                                                 
Net (decrease) increase in cash and cash equivalents   (1,963)    19,248
                                                                 
Cash and cash equivalents, beginning of period         30,716     11,468
Cash and cash equivalents, end of period               $28,753   $30,716
                                                                 
Supplemental cash flow disclosures:                               
Cash paid for interest                                 $599      $1,036
Cash paid for income taxes                             $821      $1,609
Supplemental disclosure of non-cash investing and                 
financing activities:
Acquisition of equipment through capital leases        $2,358    $3,821
Conversion of preferred stock into common stock        $--      $32,685
Conversion of preferred stock warrants into common     $--      $1,324
stock warrants



EXA CORPORATION
Reconciliation of historical Non-GAAP to GAAP measures
(Unaudited)
(in thousands, except per share data)
                                                               
Adjusted EBITDA:                                                
                         Three Months Ended          Years Ended
                          January 31,                 January 31,
                         2014          2013          2014         2013
                                                               
Net income (loss)         $114        $(340)      $(709)     $763
Add back:                                                       
Depreciation and          624          688          2,185       2,009
amortization
Interest expense, net     64           408          679         1,631
Loss on extinguishment of --          --          755         --
debt
Other income, net         (3)          (16)         (10)        (529)
Foreign exchange loss     58           194          83          (17)
(gain)
(Benefit) provision for   (392)        (437)        (920)       112
income taxes
EBITDA                    465          497          2,063       3,969
Stock-based compensation  364          214          1,210       924
expense
                                                               
Adjusted EBITDA           $829        $711        $3,273     $4,893
                                                               
Non-GAAP operating                                              
income:
                         Three Months Ended          Years Ended
                          January 31,                 January 31,
                         2014          2013          2014         2013
                                                               
Operating (loss) income   $(159)      $(191)      $(122)     $1,960
Add back:                                                       
Stock-based compensation  364          214          1,210       924
expense
Amortization of acquired  88           91           351         383
intangible assets
                                                               
Non-GAAP operating income $293        $114        $1,439     $3,267
                                                               
Non-GAAP net income                                             
(loss):
                         Three Months Ended          Years Ended
                          January 31,                 January 31,
                         2014          2013          2014         2013
                                                               
Net income (loss)         $114        $(340)      $(709)     $763
Add back:                                                       
Stock-based compensation  364          214          1,210       924
expense
Amortization of acquired  88           91           351         383
intangible assets
Income tax effect (1)     (158)        (106)        (546)       (454)
                                                               
Non-GAAP net income       $408        $(141)      $306       $1,616
(loss)
                                                               
Non-GAAP net income
(loss), per diluted                                             
share:
                         Three Months Ended          Years Ended
                          January 31,                 January 31,
                         2014          2013          2014         2013
                                                               
Net income (loss), per    $0.01       $(0.03)     $(0.05)    $0.06
diluted share (2)
Add back:                                                       
Stock-based compensation  0.02         0.02         0.09        0.07
expense
Amortization of acquired  0.01         0.01         0.03        0.03
intangible assets
Income tax effect (1)     (0.01)       (0.01)       (0.04)      (0.04)
                                                               
Non-GAAP netincome
(loss), per diluted share $0.03       $(0.01)     $0.02      $0.13
(2)(3):
                                                               
                                                               
(1)The tax effect of non-cash stock-based compensation expense and non-cash
amortization of acquired intangibles is estimated using a blended rate
equivalent to our annual estimated United States federal tax rate and our
state tax rate, exclusive of our net federal benefit.This rate is based on
our estimated annual GAAP income tax rate forecast. Our estimated tax rate on
non-GAAP income is determined annually and may be adjusted during the year to
take into account events or trends that we believe materially impact the
estimated annual rate including, but not limited to, significant changes
resulting from tax legislation, revenues and expenses and other significant
events.Due to the differences in the tax treatment of items excluded from
non-GAAP earnings, as well as the methodology applied to our estimated annual
tax rates as described above, our estimated tax rate on non-GAAP income may
differ from our GAAP tax rate and from our actual tax liabilities.
                                                               
(2)Share amounts utilized on a fully diluted basis were approximately 14.7
million and 13.3 million for the three months ended January 31, 2014 and 2013,
respectively, and approximately 13.3 million and 12.9 million for the fiscal
years ended January 31, 2014 and 2013, respectively.
                                                               
(3)Due to rounding, totals may not equal the sum of line items in the table
above.



EXA CORPORATION
Reconciliation of forward looking Non-GAAP to GAAP measures
                                                        
EBITDA and Adjusted EBITDA:                              
                                                        
(in millions)                     Three Months Ended      Year Ended
                                  April 30, 2014          January 31, 2015
                                                        
Net loss                          $ (1.0) - (0.9)         $ (1.6) - (1.2)
Add back:                                                
Depreciation and amortization     0.7                    3.0
Interest expense, net             0.1                    0.4
Benefit for income taxes          (0.8) - (0.6)           (1.2) - (0.8)
EBITDA                            (1.0) - (0.7)           0.6 - 1.4
Stock-based compensation expense  0.4                    1.8
Adjusted EBITDA                   $ (0.6) - (0.3)         $ 2.4 - 3.2
                                                        
                                                        
Non-GAAP net (loss) income:                              
                                                        
(in millions)                     Three Months Ended      Year Ended
                                  April 30, 2014          January 31, 2015
                                                        
Net loss                          $ (1.0) - (0.9)         $ (1.6) - (1.2)
Add back:                                                
Stock-based compensation expense  0.4                     1.8
Amortization of acquired          0.1                     0.4
intangibles
Income tax effect (1)             (0.2) - (0.1)           (0.8) - (0.7)
Non-GAAP net (loss) income        $ (0.7) - (0.5)         $ (0.2) - 0.3
                                                        
(1) Non-GAAP financial information for the quarter is adjusted using a blended
tax rate equivalent to our annual estimated United States federal tax rate and
our state tax rate, exclusive of our net federal benefit. This rate is based
on our estimated annual GAAP income tax rate forecast.Our estimated tax rate
on non-GAAP income is determined annually and may be adjusted during the year
to take into account events or trends that we believe materially impact the
estimated annual rate including, but not limited to, significant changes
resulting from tax legislation, material changes in the geographic mix of
revenues and expenses and other significant events. Due to the differences in
the tax treatment of items excluded from non-GAAP earnings, as well as the
methodology applied to our estimated annual tax rates as described above, our
estimated tax rate on non-GAAP income may differ from our GAAP tax rate and
from our actual tax liabilities.

CONTACT: Media Contact:
         Michelle Murray-Ross, Exa Corporation
         +1 (781) 564-0251
         michelle@exa.com
        
         Investor Relations Contact:
         Garo Toomajanian, ICR
         +1 (781) 564-0337
         investor@exa.com

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