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Exa Corporation (NASDAQ:EXA)

Q2 2015 Earnings Conference Call

August 27, 2014, 17:00 PM ET

Executives

Stephen Remondi - President and CEO

Richard Gilbody - CFO

Analysts

Evan Minsky - Canaccord Genuity

James Ricchiuti - Needham & Company

Matt Lemenager - Robert W. Baird

Brad Reback - Stifel Nicolaus

Operator

Good day, ladies and gentlemen, and welcome to the Exa Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time.

I would like to turn the call over to your host, Rick Gilbody, Chief Financial Officer. Please go ahead.

Richard Gilbody

Thank you, operator. Good afternoon and welcome to Exa's earnings conference call for the second quarter of 2015, which ended on July 31. My name is Rick Gilbody, the Chief Financial Officer at Exa. With me on the call is Steve Remondi, Exa's President and Chief Executive Officer.

A more complete disclosure of our results can be found in our press release issued about an hour ago, as well as in our related forms 8-K and 10-K filed with the SEC earlier today. To access the press release and the financial details, please see the Investor Relations section of our website at investor.exa.com. As a reminder, today's call is being recorded and a replay will be available following the conclusion of the call.

During this call, we will make statements related to our business that maybe considered forward-looking under federal securities laws. These statements reflect our views only as of today and should not be reflected upon as representing our views as of any subsequent date. We disclaim any obligation to update any forward-looking statements or outlook. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

For a further discussion of the material risks and other important factors that could affect our actual results, please refer to those contained in our Form 10-K for the year ended January 31, 2014 which is on file with the SEC.

Also during the course of today's call, we will refer to certain non-GAAP financial measures. There is a reconciliation schedule showing GAAP versus non-GAAP results currently available in our press release issued after the close of market today.

With that, let me turn the call over to Steve Remondi for his prepared remarks and then I will provide details regarding our second quarter fiscal 2015 results and our outlook for the third quarter and fiscal 2015.

Stephen Remondi

Thanks, Rick, and thanks to those of you joining our call today. We delivered a strong performance in the second quarter of fiscal 2015 with revenue up 17% from a year ago or 15% on a constant currency basis and at the top end of our guidance range. Continued improvement in execution helps produce adjusted EBITDA that was also at the upper end of our expectations.

Our investment strategy is delivering positive results and we believe that in the coming quarters, we can deliver productivity improvements that will allow us to continue to achieve revenue growth within our target rate of 15% to 20%.

During the second quarter, we saw a number of factors that contributed to our success. As in the first quarter, we experienced an increased pace of customers converting from projects to license subscriptions, which is a result of the increased project activity over the past year.

At the same time, we continue to expand our license revenue pipeline as indicated by continued strong project growth and project revenue. We believe these factors represent more balance across the business in terms of yield from project customers converting to licenses, growth in project activity and overall pipeline development.

More specifically, we saw double-digit growth in both license and project revenue in the second quarter. License revenue in the second quarter was $12.3 million, an increase of 15% from the year ago or 13% on a constant currency basis. Project revenue was $2.5 million in the quarter, an increase of 27% from the year ago or 25% on a constant currency basis.

With project revenue growth that has averaged well over 20% in the last four quarters, our healthy pace of expanding project activity continues to prime the pump for future license subscriptions.

To provide you with additional color on the markets we serve, passenger cars continue to represent our largest market and the most meaningful driver of our overall growth. We believe we remain significantly underpenetrated in this market as auto manufacturers continue to deepen the use of PowerFLOW simulations. We continue to engage these customers and projects to demonstrate the value of enhanced process improvements in new applications, which will help enable further penetration.

While the global heavy vehicle market is showing signs of improvement from the choppiness we had experienced in the past, it continues to constrain our overall growth. Looking forward we see a strengthening highway truck market along with an increasing activity we are generating with a number of off-highway and machinery customers. We are excited about the diversity of new project customers that have recently joined us and we continue to pursue additional opportunities in this broad market.

Lastly, the aerospace market is delivering our strongest percentage growth. While opportunities here are still developing, we have laid a solid foundation with key customers making us increasingly optimistic about our long-term prospects. We are seeing continued success in demonstrating the value of our existing capabilities for high-lift aerodynamics and airframe noise. In addition, we have now delivered extended product capabilities for high [market] (ph) flows that are further broadening the applications we can address.

Of course, our business momentum is also dependent upon our continued technology leadership in the simulation market. To that end, we continue to develop and enhance our technology solutions by adding simulation capabilities to address the needs of a broadening set of markets. We’re able to expand on our overall market opportunity. At the same time, we have been building technology to help existing customers use simulation more effectively through automation.

As you know, fuel economy and emissions requirements continue to become more stringent. This is compounded by model proliferation in the industry and new requirements that all variations of the vehicle platform are certified to meet their requirements.

To address this, we are introducing technology to automate the exploration of the design space in order to uncover new solutions required to meet these increasing standards. While we are already embedded in the design process of our customers, we believe we’ll become even more so as they look to automated simulation processes to optimize their designs.

On an organizational note, during the quarter, Bob Burke joined our Board of Directors replacing Jack Smith who had previously retired from this Board position. We believe Bob will be a strong asset to the team as an insightful technology executive for over 35 years having led successful organizations such as Art Technology Group and Banyan Systems.

In summary, we delivered second quarter results that were at the top end of our expectations with growth rates in our target range of 15% to 20%. These results give us increasing confidence in our strategy. We believe that as our customers increasingly formulize the use of our technology in their development processes, we are positioning ourselves to deliver even stronger results as we look ahead.

I’d like to now welcome Rick Gilbody, our new Chief Financial Officer to provide additional financial details in the quarter and our updated guidance, which reflects an improvement from prior expectations.

Richard Gilbody

Thanks, Steve. I’m excited to be here as part of the leadership team that will guide Exa through its next phase of growth. I’ll discuss our second quarter fiscal 2015 results and then will provide our guidance for the third quarter and updated guidance for the fiscal 2015 year.

Revenue in the second quarter was 14.8 million, up 17% from the same period a year ago and up 15% on a constant currency basis. Within revenue, license revenue was 12.3 million, up 15% from a year ago or 13% on a constant currency basis. Project revenue was 2.5 million in the second quarter, an increase of 27% from a year ago or a 25% on a constant currency basis.

From a geographic perspective, 49% of our second quarter revenue was from Europe, 27% from Asia and 24% from the Americas with the highest year-to-year increases in Asia and the Americas. We will discuss our profitability measures on both a GAAP and non-GAAP basis and have provided a reconciliation of our GAAP to non-GAAP measures in our earnings press release issued after the market close today.

Please note that the only differences between our GAAP and non-GAAP measures are stock-based compensation expenses and amortization of acquired intangibles. Total GAAP operating expenses were 15.8 million, an increase of 22% from a year ago reflecting our investments in products and customer facing resources. This resulted in a GAAP loss from operations of 0.9 million compared to a loss of 0.2 million a year ago.

GAAP net loss in the second quarter was 1.0 million or a loss of $0.07 per share based on 13.8 million weighted average diluted shares outstanding. This compares to a GAAP net loss of 0.8 million or a loss of $0.06 per share in the second quarter of fiscal 2014. GAAP expenses included 0.5 million in stock-based compensation expenses and 0.1 million in amortization of intangible assets. Excluding these non-cash items, non-GAAP operating loss was 0.3 million compared to non-GAAP operating income of 0.2 million in the second quarter of fiscal 2014.

For the second quarter, adjusted EBITDA was 0.3 million compared to 0.6 million in the second quarter of fiscal 2014. Non-GAAP net loss in the second quarter was 0.6 million consistent with the same period a year ago. With 13.8 million diluted weighted average shares outstanding, non-GAAP net loss was $0.05 per share in the second quarter compared to a loss of $0.04 per share in the same period a year ago based on 13.3 million diluted weighted average shares outstanding.

While adjusted EBITDA was at the high end of expectations, GAAP and non-GAAP net losses in the quarter reflected our provision for taxes payable in international jurisdictions and our U.S. entities losses which do not reflect the benefit to the provision due to the valuation allowance established and discussed during our first quarter call.

Exa’s balance sheet remains strong. We closed the second quarter with 32 million in cash and cash equivalents compared to 32.6 million at the end of our first quarter reflecting normal cash flow seasonality. Current deferred revenue was 21.5 million at the end of the second quarter, an increase of 20% from a year ago.

However, please note that we do not believe deferred revenue provides a complete view of future revenue since deferred revenue does not include non-cancelable orders that are contractually committed but have not yet been build. We continue to have a debt-free balance sheet.

Turning to our outlook for the third quarter and the full year fiscal '15, we continue to be optimistic about our overall business momentum including the increasing use of simulation capacity at existing customers, conversion of projects to licenses and a growing project pipeline. Based on this, we are increasing the lower end of our fiscal 2015 revenue guidance.

For the third quarter fiscal 2015, we anticipate revenue in the range of 15.8 million to 16.6 million representing a growth of 12% to 18%, adjusted EBITDA in the range of 1.4 million to 1.7 million, GAAP net loss in the range of 0.2 million to breakeven and non-GAAP net income between 0.1 million and 0.4 million. We estimate basic share count of 13.8 million shares and a fully diluted share count of 14.8 million shares for the third quarter.

Looking at fiscal 2015 guidance, we anticipate revenue in the range of 61.3 million to 63.0 million representing growth of 12% to 16% for the year on an absolute basis and an increase of 0.3 million to the lower end of our prior guidance range, adjusted EBITDA in the range of 2.6 million to 3.2 million consistent with prior guidance. We anticipate that full year GAAP and non-GAAP net losses will be slightly larger than prior expectations due to a higher anticipated tax provision for the year.

We anticipate GAAP net loss in the range of 18.5 million to 17.9 million and a non-GAAP net loss in the range of 17.1 million to 16.5 million. We estimate basic share count of 13.7 million shares and fully diluted share count of approximately 14.8 million shares for the year. Our guidance assumes an exchange rate of US$1.35 per euro and 102.0 Japanese yen to the U.S. dollar for the remainder of fiscal 2015.

In summary, we delivered a strong second quarter with results in the upper end of expectations driven by increased license volume at existing customers, conversion of projects to licenses and ongoing project momentum. We remain optimistic about the opportunity ahead as we strengthen our leadership position in the market.

Operator, we are now ready to open the call to questions.

Question-and-Answer Session

Operator

(Operator Instructions). Our first question comes from Richard Davis with Canaccord Genuity. Your line is open.

Evan Minsky - Canaccord Genuity

Hi, guys. This is Evan on for Richard. As you mentioned, your guidance implies an uptick in project revenue and I’m just wondering what type of visibility you have there and how you feel about the pipeline?

Stephen Remondi

We don’t break down the guidance between project and license revenue, so we’re just increasing the guidance for the total revenue for the year. And I think that’s basically coming from the fact that we’ve got now double-digit license revenue growth and this quarter demonstrated and you’re going to see that continue.

Evan Minsky - Canaccord Genuity

Right, okay. And where do you stand on sales hiring standpoint? Is there any excess capacity to grow into there?

Stephen Remondi

Yes, we are not adding additional sales heads to the rest of the year but – and we believe we have existing capacity – we have capacity in the existing team with headroom to cover the expectations for the rest of the year.

Evan Minsky - Canaccord Genuity

Okay, awesome. That’s it from me. Thanks.

Stephen Remondi

Sure.

Operator

Our next question comes from Jim Ricchiuti with Needham & Company. Your line is open.

James Ricchiuti - Needham & Company

Hi. Thanks. Good afternoon. You’ve had a couple of quarters now where you’ve been talking about this conversion to license revenue and I wonder if we could just maybe delve a little bit more deeply into where you’re seeing it, the types of customers, the types of departments within those customers, the applications and maybe geographies? And maybe I have a follow up but why don’t we start there.

Stephen Remondi

Okay. Yes, that’s quite a bit so let’s see. We’re seeing it across the board, so materially in terms of the total growth on an absolute dollar basis. The biggest customers who are increasing have the biggest opportunity to further move that number. So we continue to see increased deployment at our major automotive customers, for example, a number of them within the quarter or within even Q1 starting to upgrade and increase their capacity which they use and so therefore upgrading the level of which we’re recognizing revenue in the second quarter. So that comes from deeper deployment of existing applications. In addition you’re seeing those big existing licensed customers add new departments. So we’ve done a lot of work to add applications and add different functional departments beyond the core. And then also importantly for the future but maybe less significantly for the quarter, we’re adding a lot of new names that have gone from projects in the off-highway segment that have gone from project activity last year and are now moving into a licensed based capacity in fairly relatively small numbers and relatively small dollars but significantly now doing things on their own and moving into an on-growing license capacity and this is really got to be some key new accounts are going to drive future growth. So it’s across those segments by geography. As Rick said in his comments, we saw – certainly Asia saw the strongest growth within the quarter and then followed by North America and then Europe, so in that order, all saw growth but strongest coming from Asia and then also North America heavily driven by the passenger car segment in North America.

Richard Gilbody

I’ll also make a comment that in general the heavy vehicle set of customers continues to be lower than our total growth rate for the quarter. That’s really global.

James Ricchiuti - Needham & Company

Got it. Just on the heavy vehicle market, I mean the sense is that that market is recovering but I don’t know what kind of cycle you’re at with some of those customers?

Stephen Remondi

We definitely see signs of improvement if you look at [SARS] (ph) numbers or their, say, highway truck sales has certainly been rebounding, that’s sustained now – really started the end of last year, that’s sustained to the first half of this year and improving to the point now where we believe that customer base is – financial health is improving their outlook and we’re seeing that now in the resurgence of new product design and more activity coming really from a quotation point of view and business forecast point of view. So hopefully we’ll see that segment perform better in the second half of this year. And we certainly are having more discussion, more activity in the pipeline but now we got to turn that into revenue.

James Ricchiuti - Needham & Company

One final question, I’ll jump back in the queue. I think you guys talked about last quarter that you did anticipate a pickup in project revenue and clearly that came in this quarter, and I know you didn’t give guidance along those lines about how we should expect the balance of the year. But was there anything unusual in this quarter in terms of the pickup in project revenue growth?

Stephen Remondi

I think the project revenue growth was not unusual, it’s what we expected. What we really highlighted in the first quarter was that we were going to see double-digit license revenue growth and we were able to book 15% license revenue growth in the quarter demonstrating sort of that increased usage pattern across the globe and that was really the key piece that we were really building for. We expanded the sales team a year, year and a half ago. That created the surge and our big push in project activity last year. We saw 30% growth in project activity last year. That now is cascading into stronger license revenue growth this year. And that’s just all a continuum part of the strategy and how we expected things to unfold but obviously we’re trying to make that happen and unfold as quickly as we can.

James Ricchiuti - Needham & Company

Okay. Thanks a lot.

Stephen Remondi

Sure.

Operator

Our next question comes from Steve Ashley with Robert Baird. Your line is open.

Matt Lemenager - Robert W. Baird

Great. This is Matt Lemenager on for Steve. You mentioned aerospace being the strongest vertical. Can we just talk about expanding outside of the automotive and just strengthen in aerospace and kind of what’s driving that? Is it certain applications or what you’re seeing there?

Stephen Remondi

So, we mentioned just to highlight that, it’s still a very small percentage of our revenue, total revenue booked but it’s growing at a very fast pace which is what we’d expect to build a new vertical into our customer base, we expect that to grow at a much faster pace and that’s exactly what we’re seeing. So we’re just trying to add a little color that we’re seeing and experiencing strong growth in that area and see strong prospects. We’re really just getting our product installed into a number of key accounts in their product development process. We have both licenses and project revenue in that segment. And a large part of it as you can imagine in aerospace it’s a fairly conservative industry as you can imagine and don’t change the development process very quickly. They take a lot of scrutiny and tool the technology. So we’ve been going through – in a paid process going through that technology validation and proof and methodology rollout within these organizations and that’s what’s generating that growth, giving us very positive signs as they move us into the design process. So the applications are what we call high-lift aerodynamics. High-lift aerodynamics is when the flops and slots are deployed, takeoff, landing configurations. These are the challenging areas that the aerospace industry has challenges predicting and simulating and also the attributes are on airframe noise. So that comes in takeoff and landing and also landing appendages like landing gear. And this is noise calculated – we can calculate exactly what the community will hear. It’s not really what the passengers hear, that’s not the primary concern. The primary concern is whether the community around the airport hear as the plane is on approach for landing.

Matt Lemenager - Robert W. Baird

That’s really helpful. Looking at geography, I know you mentioned North America and I think you said – did you say passenger car was what drove that? It looked like Americas were strong this quarter.

Stephen Remondi

That’s correct. North America is strong in particular in passenger car. As you can imagine, the passenger car market, the OEMs in the U.S., include the big three in Detroit and including Tesla, all experiencing very strong growth, very strong profitability. They’re making strong investments in product to support their future market position and so that continues to drive the cycle and that’s heavily driven also by the new fuel economy standards coming to the U.S. where they now each of our customers – and this is worldwide but each of our customers have to work much harder for new vehicle design to meet the new targets and that’s a trend that’s going to continue for the next 15 years or 20 years based on the current regulation.

Matt Lemenager - Robert W. Baird

That’s great. Thank you.

Stephen Remondi

Yes.

Operator

Our next question comes from Brad Reback with Stifel Financial. Your line is open.

Brad Reback - Stifel Nicolaus

Hi, guys. How are you?

Stephen Remondi

Good.

Richard Gilbody

Good.

Brad Reback - Stifel Nicolaus

Steve, are they a handful of things you could point to that would really help you guys get to the top end of your 15% to 20% guidance consistently? So let's say that 20% range…

Stephen Remondi

We lost you, Brad.

Brad Reback - Stifel Nicolaus

Okay. Can you hear me?

Stephen Remondi

Now I can, yes.

Brad Reback - Stifel Nicolaus

Okay. The question was are there a handful of things that you potentially could point to that you need to happen to get to your 20% growth target at the top end of your range consistently?

Stephen Remondi

Yes. So I think in the past – this is a very good point here. So in the past we really had passenger cars and highway truck were really the two groups and end markets that we were servicing and we had both of those perform at significant levels in order to achieve that 15% to 20% range. Now we’ve added the off-highway segment and the supplier chain and then also now aerospace. So one thing that will clearly bring us up to that range is take the existing growth from the other markets having heavy vehicle perform better, not even at the target range, better would help us move us up from the 15% to 17% growth up into the 20%-ish point range. And we’re seeing signs of that. But in addition, we’ve added this off-highway segment which should now start to build in a significant dollar basis and we’re also adding very high growth rate in aerospace which while small as a percentage of our total revenue can add points of growth and help close that gap as well. So that’s really sort of helping across the board having three or four irons in the fire, if you will, that will help us sort of get that growth gap closed between the 15% to 20%.

Brad Reback - Stifel Nicolaus

Great. Thanks very much.

Stephen Remondi

Sure.

Operator

Your next question comes from Jim Ricchiuti with Needham & Company. Your line is open.

James Ricchiuti - Needham & Company

Thanks. You had said you weren’t planning on adding any additional headcount in sales, but can you give us some numbers to give us a sense as to where you are in terms of sales exec and total – whether it’s field engineers and application engineers? I’m just trying to get a sense of where you might be.

Richard Gilbody

Yes, Jim it’s Rick. We’re at 30 sales execs at this point, about 117 application engineers at this point and as Steve said there is still inherent capacity in that field facing resource base.

Stephen Remondi

But we’ll continue to add – you’ll see us add to the application engineers in the field for the rest of the year but not at the sales executives. And as we reach that sort of efficiency level and productivity level, I would suspect our plan for next year will include further expansion of that sales executive team and sales leadership team. But we’re okay for the balance of the year and that’s what’s key right now.

James Ricchiuti - Needham & Company

Okay. And Steve, from a productivity standpoint, which geography are you seeing the most productivity per sales exec?

Stephen Remondi

It’s all over the board. It’s been a variety of starts and restarts in a couple of places, so don’t really have a specific answer for that.

James Ricchiuti - Needham & Company

But you do think looking out to next year the plan is you think you’ll be adding some capacity?

Stephen Remondi

That’s what I would believe. If we hit our targets this year and [seed] (ph) the pipeline and obviously it will depend on our forecast in pipeline and opportunity that we see. But as we get towards the end of the year and begin our planning process here this fall, I would be expecting to increase that capacity to go after additional markets. There’s lots of customers and targets we’re not addressing, we’re not chasing. We’re not really heavily working on the supply chain side of this market and even automotive or the heavy vehicle side, we’re doing some work. There’s a lot of off-highway segments beyond this, there’s a lot of OEMs in China that we are not supporting and pursuing at this point. So there are a lot of potential targets within our core market have ground [justification] (ph) that we could use additional resources to go after. We balance between that and the profitability targets that we’re trying to set to not try to capture everything all at once, we think we have the time to sort of spread this out and want to make sure that we stay at our EBITDA targets before going after and investing in more resources.

James Ricchiuti - Needham & Company

Okay. Thanks a lot. That’s helpful.

Operator

Our next question comes from Steve Ashley with Robert Baird. Your line is open.

Matt Lemenager - Robert W. Baird

Hi. This is Matt again. Just a quick question. Everywhere we look, we see the push towards mobile adoption. I was just wondering if we could get a quick update on your mobile strategy and what you guys have going on there and maybe how that could benefit you?

Stephen Remondi

Well, so we’ve talked quite a bit about moving our product to the cloud. We’ve had an on-demand facility for a long time which allows people to run sort of as a transaction simulation-based engine on the cloud and now we’re moving to a full cloud access capability which means you only need a browser or a lightweight device to access the product and access all the capabilities. We think getting access to customers that data as they’re out testing in different design reviews as they’re working around their organization not having to be at their desktop to review results, discuss and collaborate with designers and engineers, testers, customers, they’ll be able to access all that via the cloud and the Internet if they work with us on the cloud environment. That will all be available and it will have even – you’ll see us even have apps that will support job control and submission so that people can work in a variety of different environments.

Matt Lemenager - Robert W. Baird

That’s helpful. And what is the impact to the customer total cost of ownership versus the legacy offering?

Stephen Remondi

Same, right. So roughly we’re making – basically the only difference is the hardware platform that we’re providing in terms of cost structure which is relatively small relative to the total costs of ownership and you have to have the hardware in-house anyway. So we feel that from a cost point of view it’s very, very similar.

Matt Lemenager - Robert W. Baird

Great. Thank you.

Stephen Remondi

Yes.

Operator

Thank you. This ends the Q&A session for today. I will turn it back to Steve Remondi for closing remarks.

Stephen Remondi

Okay. Thanks for joining our call today. We are excited about our growing momentum and believe that our strategy and ongoing investments position us well for continued growth solidly within our target ranges as we look forward to moving ahead. We look forward to speaking with you again soon. Goodbye.

Operator

Ladies and gentlemen, thank you for participating in today's program. This concludes the program. You may all disconnect.

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Source: Exa's (EXA) CEO Stephen Remondi on Q2 2015 Results - Earnings Call Transcript

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