Exa Corporation (EXA) swung to a net profit for the quarter ended Jan. 31, 2017. The company has made a net profit of $0.33 million, or $ 0.02 a share in the quarter, against a net loss of $1.29 million, or $0.09 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $0.74 million, or $0.05 a share compared with a net loss of $0.90 million, or $0.06 a share in the last year period. Revenue during the quarter grew 6.93 percent to $19.52 million from $18.26 million in the previous year period. Gross margin for the quarter expanded 462 basis points over the previous year period to 73.95 percent. Operating margin for the quarter period stood at positive 5.57 percent as compared to a negative 0.10 percent for the previous year period.
Operating income for the quarter was $1.09 million, compared with an operating loss of $0.02 million in the previous year period.
However, the adjusted operating income for the quarter stood at $1.71 million compared to $0.58 million in the prior year period. At the same time, adjusted operating margin improved 559 basis points in the quarter to 8.75 percent from 3.17 percent in the last year period.
“We executed well during the fourth quarter, delivering net income and adjusted EBITDA that both exceeded our guidance, with revenue that was within the lower half of our guidance range,” said Stephen Remondi, President and Chief Executive Officer of Exa. “For the full year, we produced top line year over year growth with license revenue increasing 14% or 12% on a constant currency basis. We also continued to realize our operating leverage potential as demonstrated by a 4.2 percentage point increase in adjusted EBITDA margin over FY 16.
For the first-quarter 2017, Exa Corporation expects revenue to be in the range of $16 million to $17 million and the company expects net loss to be in the range of $3.70 million to $3.10 million and its expects adjusted net loss to be in the range of $3.10 million to $2.50.
For fiscal year 2017, Exa Corporation expects revenue to be in the range of $75 million to $80 million and the company expects net loss to be in the range of $6.40 million to $3.70 million its expects adjusted net loss to be in the range of $3.30 million to $0.60 million.
Operating cash flow drops significantlyExa Corporation has generated cash of $2.87 million from operating activities during the year, down 71.19 percent or $7.09 million, when compared with the last year. The company has spent $4.06 million cash to meet investing activities during the year as against cash outgo of $2.08 million in the last year.
The company has spent $1.91 million cash to carry out financing activities during the year as against cash outgo of $1.78 million in the last year period.
Cash and cash equivalents stood at $24.55 million as on Jan. 31, 2017, down 11.20 percent or $3.10 million from $27.65 million on Jan. 31, 2016.
Working capital drops significantly
Exa Corporation has witnessed a decline in the working capital over the last year. It stood at $5.78 million as at Jan. 31, 2017, down 52.20 percent or $6.31 million from $12.09 million on Jan. 31, 2016. Current ratio was at 1.13 as on Jan. 31, 2017, down from 1.24 on Jan. 31, 2016.
Days sales outstanding went down to 57 days for the quarter compared with 81 days for the same period last year.
At the same time, days payable outstanding went up to 42 days for the quarter from 28 for the same period last year.
Debt comes down significantly
Exa Corporation has recorded a decline in total debt over the last one year. It stood at $2.65 million as on Jan. 31, 2017, down 50.65 percent or $2.72 million from $5.37 million on Jan. 31, 2016. Total debt was 3.84 percent of total assets as on Jan. 31, 2017, compared with 6.80 percent on Jan. 31, 2016. Debt to equity ratio was at 0.14 as on Jan. 31, 2017, down from 0.31 as on Jan. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
