8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 29, 2014

EXA CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware	001-35584	04-3139906
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

55 Network Drive, Burlington, Massachusetts 01803

(Address of principal executive offices) (Zip Code)

(781) 564-0200

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below).

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On May 29, 2014, Exa Corporation issued a press release announcing its financial results for the first quarter of fiscal 2015. The full text of the press release is attached hereto as Exhibit 99.1 to this Report and is incorporated by reference herein.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers.

On May 29, 2014, Exa Corporation announced that it has appointed Richard F. Gilbody as Chief Financial Officer, effective June 1, 2014. The full text of the press release announcing Mr. Gilbody’s appointment is attached as Exhibit 99.2 to this report and is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

99.1	Press Release, dated May 29, 2014, entitled “Exa Reports First Quarter Fiscal 2015 Financial Results.”
99.2	Press Release, dated May 29, 2014, entitled “Exa Appoints Richard Gilbody as Chief Financial Officer.”

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EXA CORPORATION
By:	/s/ Stephen P. Sarno
	Stephen P. Sarno
	Interim Chief Financial Officer

Date: May 29, 2014

3

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release, dated May 29, 2014, entitled “Exa Reports First Quarter Fiscal 2015 Financial Results.”
99.2	Press Release, dated May 29, 2014, entitled “Exa Appoints Richard Gilbody as Chief Financial Officer.”

4

EX-99.1

Exhibit 99.1

Exa Reports First Quarter Fiscal 2015 Financial Results

Reports 10% Year-over-Year Revenue Growth and Increases Full Year Revenue Guidance

Appoints Richard Gilbody as Chief Financial Officer

Burlington, Mass., May 29, 2014 – Exa^® Corporation (NASDAQ: EXA), a global innovator of fluids simulation solutions for product engineering, today announced financial results for the first quarter of fiscal 2015, which ended April 30, 2014. Separately, the Company also announced that it has appointed Richard Gilbody as Chief Financial Officer, effective June 1, 2014.

“Revenue for the first quarter was $13.8 million, an increase of 10% from a year ago. This was at the lower end of our guidance, as a few customers delayed projects at the end of the quarter,” said Stephen Remondi, President and Chief Executive Officer of Exa. “These delays do not diminish our outlook for project revenue for the year. More importantly, we have converted a number of customers from project-based activity to license subscriptions. These significant transitions are expected to improve our license revenue growth rates to double-digits for the balance of the year and give us confidence to raise the lower end of our prior full year revenue expectations. As we progress through fiscal 2015, we expect investments that we have been making in sales and technology to further strengthen our market position and contribute to healthy growth for the remainder of the year.”

Remondi added, “Additionally, we are pleased to have Rick Gilbody joining our executive team and believe that with his deep experience with public companies in their growth stage, he will be able to make valuable contributions in helping our business continue to scale.”

First Quarter Fiscal 2015 Financial Highlights

Revenue

• Total revenue for the first quarter of fiscal 2015 was $13.8 million, an increase of 10% compared to $12.5 million in the comparable period in fiscal 2014. On a constant currency basis, total revenue also increased 10% when compared with the corresponding period in fiscal 2014.

• License revenue was $11.7 million for the first quarter of fiscal 2015, compared to $10.7 million in the comparable period in fiscal 2014, representing an increase of 9%, or 8% on a constant currency basis.

• Project revenue was $2.1 million for the first quarter of fiscal 2015, an increase of 17%, or 18% on a constant currency basis, compared to $1.8 million in the first quarter of fiscal 2014.

Profitability

• GAAP loss from operations was $(1.6) million in the first quarter of fiscal 2015, compared to GAAP loss from operations of $(0.5) million in the comparable period in fiscal 2014.

• Non-GAAP loss from operations was $(1.2) million in the first quarter of fiscal 2015, compared to non-GAAP loss from operations of $(0.1) million in the comparable period in fiscal 2014.

• Adjusted EBITDA was $(0.6) million in the first quarter of fiscal 2015, compared to adjusted EBITDA of $0.3 million in the comparable period in fiscal 2014.

• GAAP net loss was $(17.2) million in the first quarter of fiscal 2015, compared to a GAAP net loss of $(0.5) million for the comparable period in fiscal 2014. GAAP net loss per share was $(1.28), based on 13.5 million diluted weighted average shares outstanding, compared to GAAP net loss per share of $(0.04) for the comparable period in fiscal 2014, based on 13.3 million diluted weighted average shares outstanding.

1

• Non-GAAP net loss was $(16.9) million, or $(1.25) per diluted share in the first quarter of fiscal 2015, compared to a non-GAAP net loss of $(0.3) million, or $(0.02) per diluted share, in the comparable period in fiscal 2014.

• Included in GAAP net loss and non-GAAP net loss for the first quarter is a $14.5 million non-cash charge to record a valuation allowance against net deferred tax assets in the United States, as well as a $0.7 million non-cash write-off of state deferred tax assets associated with a cumulative change in ownership for tax purposes.

Balance Sheet

• The company had $32.6 million in cash and cash equivalents as of April 30, 2014, compared to $28.8 million as of January 31, 2014.

Business Outlook

Based on information available as of May 29, 2014, Exa is providing second quarter and fiscal 2015 guidance as indicated below.

Second Quarter Fiscal 2015:

• Total revenue is expected to be in the range of $14.2 million to $14.8 million.

• Adjusted EBITDA is expected to be in the range of $(0.2) million to $0.3 million.

• GAAP net loss is expected to be in the range of $(0.8) million to $(0.5) million.

• Non-GAAP net loss is expected to be in the range of $(0.5) million to $(0.2) million.

• Basic share count for the second quarter is estimated to be 13.8 million shares.

• Diluted share count for the second quarter is estimated to be 14.8 million shares.

Full Year Fiscal 2015:

• Total revenue is expected to be in the range of $61.0 million to $63.0 million, an increase from prior guidance of $60.5 million to $63.0 million.

• Adjusted EBITDA is expected to be in the range of $2.6 million to $3.2 million.

• GAAP net loss is expected to be in the range of $(16.7) million to $(16.4) million, including non-cash tax charges of $15.2 million in the first quarter.

• Non-GAAP net loss is expected to be in the range of $(15.3) million to $(14.9) million, including non-cash tax charges of $15.2 million in the first quarter.

• 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 1.37 US dollars per Euro and 103.0 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.

2

Conference Call Information

What:	Exa’s first quarter fiscal 2015 financial results conference call
When:	Thursday, May 29, 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 46896935, Domestic
	(404) 537-3406, Passcode 46896935, 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

3

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 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, 2014 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.

4

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

5

EXA CORPORATION

Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share data)

	April 30, 2014			January 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	32,592		$	28,753
Accounts receivable		13,862			27,245
Deferred tax assets		256			2,213
Prepaid expenses and other current assets		2,453			2,108
Total current assets		49,163			60,319
Property and equipment, net		7,043			7,356
Intangible assets, net		2,658			2,745
Deferred tax assets		41			13,306
Other assets		1,168			1,123
Total assets	$	60,073		$	84,849
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	904		$	1,684
Accrued expenses		6,432			10,285
Current portion of deferred revenue		28,164			30,594
Current maturities of capital lease obligations		2,082			2,426
Total current liabilities		37,582			44,989
Deferred revenue		14			273
Capital lease obligations		2,184			2,695
Other long-term liabilities		540			528
Deferred rent		715			831
Total liabilities		41,035			49,316
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 shares authorized; 13,778,697 and 13,388,712 shares issued, respectively; 13,746,195 and 13,356,210 shares outstanding, respectively		14			13
Additional paid-in capital		85,884			85,201
Accumulated deficit		(66,941	)		(49,721	)
Treasury stock (32,502 common shares, at cost)		—			—
Accumulated other comprehensive income		81			40
Total stockholders’ equity		19,038			35,533
Total liabilities and stockholders’ equity	$	60,073		$	84,849

EXA CORPORATION

Consolidated Statements of Operations and Statements of Comprehensive Loss

(Unaudited)

(in thousands, except share and per share data)

	Three Months Ended April 30,
	2014			2013
Revenue:
License revenue	$	11,660		$	10,692
Project revenue		2,110			1,796
Total revenues		13,770			12,488
Operating expenses (1):
Cost of revenues		4,596			3,671
Sales and marketing		2,567			2,117
Research and development		5,102			4,386
General and administrative (2)		3,122			2,771
Total operating expenses		15,387			12,945
Loss from operations		(1,617	)		(457	)
Other expense, net:
Foreign exchange (loss) gain		(44	)		37
Interest expense		(83	)		(381	)
Interest income		4			4
Other income, net		—			2
Total other expense, net		(123	)		(338	)
Loss before income taxes		(1,740	)		(795	)
(Provision) benefit for income taxes		(15,480	)		254
Net loss	$	(17,220	)	$	(541	)
Net loss per share:
Basic	$	(1.28	)	$	(0.04	)
Diluted	$	(1.28	)	$	(0.04	)
Weighted average shares outstanding used in computing net loss per share:
Basic		13,499,919			13,296,098
Diluted		13,499,919			13,296,098
Comprehensive loss:
Net loss	$	(17,220	)	$	(541	)
Foreign currency translation adjustments		41			(2	)
Comprehensive loss	$	(17,179	)	$	(543	)

(1) Includes stock-based compensation expense as follows:

	Three Months Ended April 30,
	2014		2013
Cost of revenues	$	38	$	31
Sales and marketing		75		50
Research and development		156		77
General and administrative		101		87
Total	$	370	$	245

(2) Includes amortization expense related to intangible assets as follows:

	Three Months Ended April 30,
	2014		2013
General and administrative	$	87	$	88

EXA CORPORATION

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

	Three Months Ended April 30,
	2014			2013
Cash flows provided by operating activities:
Net loss	$	(17,220	)	$	(541	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		663			496
Stock-based compensation expense		370			245
Deferred rent expense		(114	)		(76	)
Non-cash interest		—			122
Deferred income taxes		15,222			(487	)
Net change in operating assets and liabilities:
Accounts receivable		13,352			23,706
Prepaid expenses and other current assets		(346	)		(15	)
Other assets		(45	)		(36	)
Accounts payable		(782	)		(973	)
Accrued expenses		(3,742	)		(2,322	)
Other liabilities		12			33
Deferred revenue		(2,695	)		(1,618	)
Net cash provided by operating activities		4,675			18,534
Cash flows used in investing activities:
Purchases of property and equipment		(366	)		(336	)
Net cash used in investing activities		(366	)		(336	)
Cash flows used in financing activities:
Proceeds from stock option exercises		314			29
Payments of long-term debt		—			(331	)
Payments of capital lease obligations		(855	)		(520	)
Net cash used in financing activities		(541	)		(822	)
Effect of exchange rate changes on cash		71			(154	)
Net increase in cash and cash equivalents		3,839			17,222
Cash and cash equivalents, beginning of period		28,753			30,716
Cash and cash equivalents, end of period	$	32,592		$	47,938
Supplemental cash flow disclosures:
Cash paid for interest	$	83		$	264
Cash paid for income taxes	$	171		$	121
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of equipment through capital leases	$	—		$	43

EXA CORPORATION

Reconciliation of historical Non-GAAP to GAAP measures

(Unaudited)

(in thousands, except per share data)

Adjusted EBITDA:

	Three Months Ended
	April 30,
	2014			2013
Net loss	$	(17,220	)	$	(541	)
Add back:
Depreciation and amortization		663			496
Interest expense, net		79			377
Other income, net		—			(2	)
Foreign exchange loss (gain)		44			(37	)
Provision (benefit) for income taxes		15,480			(254	)
EBITDA		(954	)		39
Stock-based compensation expense		370			245
Adjusted EBITDA	$	(584	)	$	284

Non-GAAP operating loss:

	Three Months Ended
	April 30,
	2014			2013
Operating loss	$	(1,617	)	$	(457	)
Add back:
Stock-based compensation expense		370			245
Amortization of acquired intangible assets		87			88
Non-GAAP operating loss	$	(1,160	)	$	(124	)

Non-GAAP net loss:

	Three Months Ended
	April 30,
	2014			2013
Net loss	$	(17,220	)	$	(541	)
Add back:
Stock-based compensation expense		370			245
Amortization of acquired intangible assets		87			88
Income tax effect (1)		(160	)		(116	)
Non-GAAP net loss	$	(16,923	)	$	(324	)

Non-GAAP net loss, per diluted share:

	Three Months Ended
	April 30,
	2014			2013
Net loss, per diluted share (2)	$	(1.28	)	$	(0.04	)
Add back:
Stock-based compensation expense		0.03			0.02
Amortization of acquired intangible assets		0.01			0.01
Income tax effect (1)		(0.01	)		(0.01	)
Non-GAAP net loss, per diluted share (2)(3):	$	(1.25	)	$	(0.02	)

(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 13.5 million and 13.3 million for the three months ended April 30, 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 July 31, 2014	Year Ended January 31, 2015
Net loss	$(0.8) - (0.5)	$(16.7) - (16.4)
Add back:
Depreciation and amortization	0.7	3.0
Interest expense, net	0.1	0.4
(Benefit) provision for income taxes	(0.6) - (0.4)	14.1 - 14.4
EBITDA	(0.6) - (1.0)	0.8 - 1.4
Stock-based compensation expense	0.4	1.8
Adjusted EBITDA	$(0.2) - 0.3	$2.6 - 3.2

Non-GAAP net loss:

(in millions)	Three Months Ended July 31, 2014	Year Ended January 31, 2015
Net loss	$(0.8) - (0.5)	$(16.7) - (16.4)
Add back:
Stock-based compensation expense	0.4	1.8
Amortization of acquired intangibles	0.1	0.4
Income tax effect (1)	(0.2)	(0.8) - (0.7)
Non-GAAP net loss	$(0.5) - (0.2)	$(15.3) - (14.9)

(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.

EX-99.2

Exhibit 99.2

PRESS RELEASE

Exa Appoints Richard Gilbody as Chief Financial Officer

BURLINGTON, MA, USA May 29, 2014 Exa^® Corporation (NASDAQ:EXA), a global innovator of fluid simulation solutions for product engineering, announced today the appointment of Richard F. Gilbody as Chief Financial Officer. Exa anticipates Mr. Gilbody will assume his position with the Company on June 1, 2014. In this role, Mr. Gilbody will report to the President and Chief Executive Officer, Stephen Remondi, and be part of Exa’s executive team.

With over 30 years of finance and operations experience and 22 years focused on the software and technology sectors, Mr. Gilbody brings broad and relevant insight to the company. He comes to Exa from Agencyport Software, where he held the positions of Chief Financial and Operating Officers and was a member of its Board of Directors. Prior to that, he held senior finance and operating executive positions at IBM, including Vice President of the Business Analytics Division, and at Cognos Corporation, as President of Cognos Americas and Senior Vice President of Finance and Operations.

“Richard brings deep experience with public companies in their growth stage,” remarked Stephen Remondi, President and CEO of Exa. “We believe he has the skills and leadership to help us execute our immediate and long term financial goals. He is joining Exa at a pivotal point in our evolution as we continue to expand our offerings and market reach.”

“Exa’s strategic deployment plans, notable global transportation industry customers, and opportunities in new markets made this a clear choice for me,” stated Richard Gilbody. “I look forward to this opportunity to work with a talented team of people and assist a company poised for growth. I am energized by the challenge and look forward to contributing to the Company’s success.”

Mr. Gilbody holds both a Bachelor of Science and a Masters in Business Administration from Boston College.

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. Our simulation solutions enable our customers to gain crucial insights about design performance early in the design cycle, thus reducing the likelihood of expensive redesigns and late-stage engineering changes. As a result, our customers realize significant cost savings and fundamental improvements in their engineering development process. Our products include, PowerFLOW^®, PowerDELTA^® with PowerCLAY^®, PowerVIZ^®, PowerSPECTRUM^®, PowerACOUSTICS^®, PowerINSIGHT^®,

PowerCOOL^® and PowerTHERM^® along with professional engineering consulting services. A partial customer list includes: BMW, Ford, Hyundai, Jaguar Land Rover, Kenworth, MAN, Nissan, Peterbilt, Renault, Scania, Toyota, Volkswagen, and Volvo Trucks.

Founded in 1991, the company is headquartered at 55 Network Drive, Burlington, MA, USA 01803. Tel: 1.781.564.0200; Fax: 1.781.564.0299; Email: info@exa.com; URL: www.exa.com; NASDAQ:EXA

For more information about Exa Corporation or images please contact:

Michelle Murray-Ross, Exa Corporation, 1.781.564.0251; michelle@exa.com

Exa, PowerFLOW, PowerCLAY, PowerTHERM, PowerCOOL, PowerSPECTRUM, PowerDELTA, PowerVIZ, PowerACOUSTICS and PowerINSIGHT are registered trademarks of Exa Corporation.

Source: Exa Corporation