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0001193125-16-602283.txt : 20160525 0001193125-16-602283.hdr.sgml : 20160525 20160525161656 ACCESSION NUMBER: 0001193125-16-602283 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20160430 FILED AS OF DATE: 20160525 DATE AS OF CHANGE: 20160525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXA CORP CENTRAL INDEX KEY: 0000890264 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35584 FILM NUMBER: 161674852 BUSINESS ADDRESS: STREET 1: 55 NETWORK DRIVE CITY: BURLINGTON STATE: MA ZIP: 01803 BUSINESS PHONE: 781-676-8500 MAIL ADDRESS: STREET 1: 55 NETWORK DRIVE CITY: BURLINGTON STATE: MA ZIP: 01803 10-Q 1 d153997d10q.htm 10-Q 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2016

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-35584

EXA CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware

04-3139906

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

55 Network Drive

Burlington, MA 01803

(Address of Principal Executive Offices, Including Zip Code)

(781) 564-0200

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of May 20, 2016, 14,719,558 shares of the registrant’s outstanding common stock, $0.001 par value per share, were outstanding.

EXA CORPORATION

FORM 10-Q

FOR THE QUARTER ENDED April 30, 2016

TABLE OF CONTENTS


	Pages
PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS		3

Condensed Consolidated Balance Sheets (Unaudited) as of April 30, 2016 and January 31, 2016		3

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) for the three months ended April 30, 2016 and 2015		4

Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended April 30, 2016 and 2015		5

Notes to Condensed Consolidated Financial Statements (Unaudited)		6

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		13

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		21

ITEM 4. CONTROLS AND PROCEDURES		21

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS		23

ITEM 1A. RISK FACTORS		23

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS		23

ITEM 6. EXHIBITS		24

SIGNATURES		25

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

EXA CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share data)


	April 30, 2016			January 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	39,182		$	27,649
Accounts receivable		13,675			32,072
Prepaid expenses and other current assets		2,428			3,707

Total current assets		55,285			63,428
Property and equipment, net		11,249			12,032
Intangible assets, net		1,957			2,044
Deferred tax assets		440			428
Restricted cash		352			352
Other assets		781			737

Total assets	$	70,064		$	79,021

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	2,235		$	3,462
Accrued expenses		6,465			12,199
Current portion of deferred revenue		33,148			32,849
Current portion of capital lease obligations		2,597			2,823

Total current liabilities		44,445			51,333
Deferred revenue		3,172			4,484
Capital lease obligations		2,024			2,549
Deferred rent		2,482			2,490
Other long-term liabilities		715			678

Total liabilities		52,838			61,534

Commitments and contingencies (Note 9)
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; 14,676,339 and 14,663,621 shares issued, respectively; 14,643,837 and 14,631,119 shares outstanding, respectively		15			15
Additional paid-in capital		92,191			91,626
Accumulated deficit		(74,628	)		(73,685	)
Treasury stock (32,502 common shares, at cost)		0			0
Accumulated other comprehensive loss		(352	)		(469	)

Total stockholders’ equity		17,226			17,487

Total liabilities and stockholders’ equity	$	70,064		$	79,021

The accompanying notes are an integral part of the consolidated financial statements

EXA CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(in thousands, except share and per share data)


	Three Months Ended April 30,
	2016			2015
Revenue:
License revenue	$	14,059		$	12,242
Project revenue		2,726			2,526

Total revenue		16,785			14,768

Operating expenses:
Cost of revenues		4,804			4,643
Sales and marketing		3,331			2,488
Research and development		6,211			6,170
General and administrative		3,449			3,267

Total operating expenses		17,795			16,568

Loss from operations		(1,010	)		(1,800	)

Other income (expense), net:
Foreign exchange gain (loss)		215			(52	)
Interest expense		(47	)		(65	)
Interest income		10			3
Other income, net		9			—

Total other income (expense), net		187			(114	)

Loss before income taxes		(823	)		(1,914	)
(Provision) benefit for income taxes		(120	)		26

Net loss	$	(943	)	$	(1,888	)

Net loss per share:
Basic	$	(0.06	)	$	(0.13	)
Diluted	$	(0.06	)	$	(0.13	)
Weighted average shares outstanding used in computing net loss per share:
Basic		14,636,433			14,301,709
Diluted		14,636,433			14,301,709
Comprehensive loss:
Net loss	$	(943	)	$	(1,888	)
Foreign currency translation adjustment		117			40

Comprehensive loss	$	(826	)	$	(1,848	)

The accompanying notes are an integral part of the consolidated financial statements

EXA CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Three Months Ended April 30,
	2016			2015
Cash flows provided by operating activities:
Net loss	$	(943	)	$	(1,888	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		1,011			750
Stock-based compensation expense		489			614
Deferred rent expense		(6	)		(101	)
Deferred income taxes		(12	)		(6	)
Net change in operating assets and liabilities:
Accounts receivable		17,863			21,097
Prepaid expenses and other current assets		1,242			(1,476	)
Other assets		(45	)		537
Accounts payable		(970	)		4
Accrued expenses		(5,750	)		(1,959	)
Other liabilities		36			(94	)
Deferred revenue		(1,042	)		734

Net cash provided by operating activities		11,873			18,212

Cash flows used in investing activities:
Purchases of property and equipment		(521	)		(141	)

Net cash used in investing activities		(521	)		(141	)

Cash flows used in financing activities:
Proceeds from stock option exercises		57			648
Payments of capital lease obligations		(751	)		(650	)

Net cash used in financing activities		(694	)		(2	)

Effect of exchange rate changes on cash		875			(57	)

Net increase in cash and cash equivalents		11,533			18,012
Cash and cash equivalents, beginning of period		27,649			21,785

Cash and cash equivalents, end of period	$	39,182		$	39,797

Supplemental cash flow disclosures:
Cash paid for interest	$	47		$	65
Cash paid for income taxes	$	1,137		$	958
Supplemental disclosure of non-cash investing activities:
Decrease in unpaid purchases of property and equipment	$	(426	)	$	—

The accompanying notes are an integral part of the consolidated financial statements

EXA CORPORATION

Notes to Condensed Consolidated Financial Statements (Unaudited)

(Dollars in thousands except per share amounts)

1. Description of Business

Exa Corporation (the “Company” or “Exa”), a Delaware corporation, develops, sells and supports simulation software and services used primarily by vehicle manufacturers to enhance the performance of their products, reduce product development costs and improve the efficiency of their design and engineering processes. The Company’s solutions enable engineers and designers to augment or replace conventional methods of evaluating designs that rely on expensive and inefficient physical prototypes and test facilities with accurate digital simulations that are more useful, cost effective and timely. The Company’s simulation solutions enable customers to gain crucial insights about design performance early in the design cycle, reducing the likelihood of expensive redesigns and late-stage engineering changes, which result in cost savings and fundamental improvements in the development process. The Company is primarily focused on the ground transportation market, but is also exploring the application of its capabilities in the aerospace, oil and gas production, chemical processing, architecture, engineering and construction, power generation, biomedical and electronics industries.

Exa has offices and sells directly in the United States and through subsidiaries in France, Germany, Italy, Japan, Korea, China, and the United Kingdom. The Company also conducts business in Sweden, India, Brazil, Russia, Canada, Finland, Spain and Australia.

2. Summary of Significant Accounting Policies

Applicable Accounting Guidance

Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative United States generally accepted accounting principles (“GAAP”) as found in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”).

Basis of Presentation

The interim financial data as of April 30, 2016 and for the three months ended April 30, 2016 and 2015 are unaudited; however, in the opinion of the Company’s management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The condensed consolidated balance sheet presented as of January 31, 2016 has been derived from the audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements presented herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Exa annual report on Form 10-K for the year ended January 31, 2016 filed with the Securities and Exchange Commission on March 21, 2016.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from management’s estimates if future events differ substantially from past experience, or other assumptions, which reasonable when made, do not turn out to be substantially accurate.

Recent Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle, as a result of which more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein. However, in July 2015, the FASB approved a one-year deferral that does not require adoption until calendar year 2018 (fiscal 2019 for the Company). The two permitted transition methods under the new standard are: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative

effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and, further, has not yet determined the method by which it will adopt the standard when it becomes effective.

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under the new guidance, management will be required to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for interim periods therein. This ASU is not expected to have an impact on the Company’s financial statements or disclosures.

In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. The guidance clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software. The standard will be effective for annual reporting periods beginning after December 15, 2016, and for interim periods therein. Early adoption is permitted. This ASU is not expected to have an impact on the Company’s financial statements or disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This standard requires the recognition of lease assets and liabilities for all leases, with certain exceptions, on the balance sheet. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This ASU is effective for annual periods beginning after December 15, 2018, and for interim periods therein. The Company is currently evaluating the requirements of this ASU and has not yet determined its impact on the Company’s consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718)—Improvements to Employee Share-Based Payment Accounting. This standard simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for interim periods therein. Early adoption is permitted. The Company is currently evaluating the requirements of this ASU and has not yet determined its impact on the Company’s consolidated financial statements.

3. Computation of Net Loss Per Share

Net loss per share has been computed using the weighted average number of shares of common stock outstanding during each period. Diluted amounts per share include the impact of the Company’s outstanding potential common shares, such as shares issuable upon exercise of in-the-money stock options or warrants, when dilutive. Potential common shares that are anti-dilutive are excluded from the calculation of diluted net loss per common share.

The following summarizes the calculation of basic and diluted net loss per share:


	Three Months Ended April 30,
	2016			2015
Numerator:
Net loss	$	(943	)	$	(1,888	)

Denominator:
Weighted average common shares, basic and diluted		14,636,433			14,301,709

Basic and diluted net loss per share	$	(0.06	)	$	(0.13	)

The table below represents outstanding options, restricted stock unit awards and warrants that were excluded from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect. All of the Company’s outstanding stock options, unvested restricted stock units and warrants were anti-dilutive for the three months ended April 30, 2016 and 2015 due to the net loss position of the Company.


	Three Months Ended April 30,
	2016		2015
Options, restricted stock unit awards and warrants to purchase common and preferred stock		1,943,562		2,606,097

4. Property and Equipment, net

Property and equipment, net consists of the following:


	April 30, 2016			January 31, 2016
Computer software and equipment	$	18,160		$	17,964
Office equipment and furniture		1,495			1,349
Leasehold improvements		1,619			1,562
Construction-in-process		41			169

Total property and equipment		21,315			21,044
Less accumulated depreciation		(10,066	)		(9,012	)

Property and equipment, net	$	11,249		$	12,032

For the three months ended April 30, 2016 and 2015, depreciation expense was $923 and $662, respectively. Included in computer software and equipment and office equipment and furniture is equipment held pursuant to capital leases with costs of $14,863 and $14,809 and accumulated depreciation of $7,501 and $6,808 as of April 30, 2016 and January 31, 2016, respectively.

5. Accrued Expenses

Accrued expenses consist of the following:


	April 30, 2016		January 31, 2016
Accrued payroll	$	1,861	$	1,828
Sales and value added taxes		1,625		4,075
Accrued commissions and bonuses		961		3,900
Accrued income taxes payable		412		541
Deferred rent, current portion		188		186
Legal and professional		554		805
Other		864		864

Total accrued expenses	$	6,465	$	12,199

6. Deferred Rent

Payment escalations, rent holidays and lease incentives specified in the Company’s non-cancelable operating lease and hosting agreements are recognized on a straight-line basis over the terms of the agreements. The differences arising from straight-line expense recognition and cash payments are recorded as deferred rent in the accompanying consolidated balance sheets. Tenant leasehold improvement allowances received from landlords are recorded as deferred rent and are amortized as operating expense over the applicable lease terms.

Deferred rent consists of the following:


	April 30, 2016			January 31, 2016
Leasehold improvement incentive	$	1,775		$	1,839
Non-cash rent expense		895			837

Total deferred rent		2,670			2,676
Less current portion included in accrued expenses		(188	)		(186	)

Deferred rent, net of current portion	$	2,482		$	2,490

7. Fair Value Measurements

Financial instruments consist primarily of cash and cash equivalents, accounts receivable and capital lease obligations. As of April 30, 2016 and January 31, 2016, the carrying amounts of these instruments approximate their fair values. The estimated fair values have been determined from information obtained from market sources and management estimates.

In determining the fair value of its financial assets and liabilities, the Company uses various valuation approaches. ASC 820, Fair Value Measurements and Disclosures, establishes a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows:

Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly.

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement and that are based on management’s best estimate of inputs market participants would use for pricing the asset or liability at the measurement date, including assumptions about risk.

The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value as of April 30, 2016:


	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	11,027	$	11,027	$	—	$	—

The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value as of January 31, 2016:


	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	11,019	$	11,019	$	—	$	—

The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement.

8. Acquired Intangible Assets

Intangible assets acquired in a business combination are recorded under the purchase method of accounting at their estimated fair values at the date of acquisition. The Company amortizes acquired intangible assets over their estimated useful lives.

The following table reflects the carrying value of intangible assets as of April 30, 2016:


	Cost		Accumulated Amortization			Net Book Value
Intellectual property	$	3,505	$	(1,548	)	$	1,957
Access to facilities contract		38		(38	)		—

Total	$	3,543	$	(1,586	)	$	1,957

The following table reflects the carrying value of intangible assets as of January 31, 2016:


	Cost		Accumulated Amortization			Net Book Value
Intellectual property	$	3,505	$	(1,461	)	$	2,044
Access to facilities contract		38		(38	)		—

Total	$	3,543	$	(1,499	)	$	2,044

Amortization expense of intangible assets was $88 for the three months ended April 30, 2016 and 2015.

9. Commitments and Contingencies

Legal Contingencies

From time to time the Company is involved in legal proceedings arising in the ordinary course of business. There is no litigation pending that could, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

Guarantees and Indemnification Obligations

The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with any United States patent, or any copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. The term of these indemnification provisions is generally perpetual after execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is unlimited.

Based on historical experience and information known as of April 30, 2016 and January 31, 2016, the Company has not recorded any liabilities for these guarantees and indemnities.

10. Stock-Based Compensation

The fair value of common stock service-based options for employees and directors is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used:


	Three Months Ended April 30,
	2016			2015
Expected life (years)		6.25			6.25
Risk-free interest rate		1.54	%		1.80	%
Expected volatility		35.3	%		39.0	%
Expected dividend yield		0.0	%		0.0	%

The weighted-average grant date fair value per share for service-based stock options granted in the three months ended April 30, 2016 and 2015 was $4.18 and $4.27, respectively.

For standard service-based stock options, the Company records stock-based compensation expense over the estimated service/vesting period. The amount of stock-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest.

Performance-based stock options are recognized as expense over the requisite service period when it becomes probable that performance measures triggering vesting will be met. Certain grants vested during the first quarter of fiscal year 2017 based on achieved performance metrics for fiscal year 2016, and accordingly, the Company recorded $51 in share-based compensation expense associated with these options in the three months ended April 30, 2016. Furthermore, as of April 30, 2016, the Company has concluded that it is not probable that the required metrics for vesting of the remaining unvested options will be achieved. As such, the Company has not recognized any additional share-based compensation expense associated with the unvested portion of these performance-based options.

During the first quarter of fiscal year 2017, the Company granted performance-based restricted stock units (“PSUs”) for a total of 337,000 shares of common stock. The PSUs are eligible to vest, and will vest over a two-year period, if certain specified targets are met in fiscal year 2017. PSUs are recognized as expense when it becomes probable that performance measures triggering vesting will be achieved. As of April 30, 2016, the Company has concluded that it is not probable that any of the required metrics for vesting of the PSUs will be achieved. As a result, the Company has not recognized any share-based compensation expense associated with these awards.

Total stock-based compensation expense related to stock options and restricted stock units issued by the Company is as follows:


	Three Months Ended April 30,
	2016		2015
Cost of revenues	$	44	$	69
Sales and marketing		90		115
Research and development		183		241
General and administrative		172		189

Total	$	489	$	614

The total unrecognized compensation cost related to outstanding stock options is $2,484 at April 30, 2016. This amount is expected to be recognized over a weighted-average period of 2.07 years.

11. Income Taxes

For the three months ended April 30, 2016, the Company’s income tax provision was $120. The provision primarily consists of the tax effects of foreign operating results and foreign withholding taxes. For the three months ended April 30, 2015, the income tax benefit was $26. The benefit for the three months ended April 30, 2015 primarily consists of the tax effect of foreign losses, offset by withholding taxes.

In determining the realizability of the net United States federal and state deferred tax assets, the Company considers numerous factors including historical profitability, estimated future taxable income, prudent and feasible tax planning strategies and the industry in which it operates. Management reassesses the realization of the deferred tax assets each reporting period, which resulted in a valuation allowance against the full amount of the Company’s United States deferred tax assets in the first quarter of fiscal year 2015. To the extent that the financial results of the United States operations improve in the future and the deferred tax assets become realizable, the Company will reduce the valuation allowance through earnings.

It is reasonably possible within the next nine months that the liability for unrecognized tax benefits relating to transfer pricing in a foreign jurisdiction will decrease by approximately $403, inclusive of interest, primarily as a result of the expiration of the statute of limitations. The Company and one or more of its subsidiaries file United States federal income tax returns and tax returns in various state and foreign jurisdictions. With limited exceptions, the Company is no longer subject to federal, state, local or foreign examinations for years ending prior to January 31, 2012. However, carryforward attributes that were generated in tax years ending prior to January 31, 2013 may still be adjusted upon examination by state or local tax authorities if they either have been or will be used in a future period.

Under Section 382 of the Internal Revenue Code of 1986, as amended, substantial changes in the Company’s ownership may limit the amount of net operating loss carryforwards that could be utilized annually in the future to offset its taxable income. Specifically, this limitation may arise in the event of a cumulative change in ownership of the Company of more than 50% within a three-year period. During the first quarter of fiscal year 2015, management determined that the Company had experienced an ownership change for purposes of Section 382. This ownership change resulted in annual limitations to the amount of net operating loss carryforwards that can be utilized to offset future taxable income, if any, at the federal level. The Company’s management has determined that, as of April 30, 2016, it had not experienced another ownership change for purposes of Section 382. However, future transactions in the Company’s common stock could trigger an ownership change for purposes of Section 382, which could limit the amount of net operating loss carryforwards that could be utilized annually in the future to offset the Company’s taxable income, if any. Any such limitation, whether as the result of sales of common stock by the Company’s existing stockholders or sales of common stock by the Company, could have a material adverse effect on the Company’s results of operations in future years.

12. Geographic Information

Revenue by geographic area, attributed to individual countries based upon location of the external customer, is as follows:


	Three Months Ended April 30,
	2016		2015
United States	$	4,307	$	3,843
Germany		2,549		2,190
Japan		3,426		2,341
France		1,887		1,779
Korea		1,337		1,293
United Kingdom		1,644		1,861
Sweden		418		475
Other		1,217		986

	$	16,785	$	14,768

Net long-lived assets, consisting of net property and equipment, are subject to geographic risks because they are generally difficult to move and to effectively utilize in another geographic area in a reasonable time period and because they are relatively illiquid. Net long-lived assets by principal geographic areas were as follows:


	April 30, 2016		January 31, 2016
United States	$	10,580	$	11,346
France		353		388
Germany		116		110
Japan		124		116
Other		76		72

	$	11,249	$	12,032

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Result of Operations appearing in our Annual Report on Form 10-K, filed with the SEC on March 21, 2016. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, assumptions and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this report. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies and operations, financing plans, potential growth opportunities, potential market opportunities and the effects of competition. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “could,” “seeks,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our management’s plans, estimates, assumptions and beliefs only as of the date of this report. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

As used herein, except as otherwise indicated by context, references to “we,” “us,” “our,” or the “Company” refer to Exa Corporation.

Overview

We develop, sell and support simulation software and services that manufacturers use to enhance the performance of their products, reduce product development costs and improve the efficiency of their design and engineering processes. Our solutions enable engineers and designers to augment or replace conventional methods of evaluating design alternatives that rely on expensive and inefficient physical prototypes and test facilities, such as wind tunnels used in vehicle design, with accurate digital simulations that are more useful and timely. Our simulation solutions enable our customers to gain crucial insights about design performance early in the design cycle, 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 vehicle development process.

We currently focus primarily on the ground transportation market, including manufacturers in the passenger vehicle, highway truck, off-highway vehicle and train markets, as well as their suppliers. Over 150 manufacturers currently utilize our products and services, including 14 of the global top 15 passenger vehicle manufacturer groups such as BMW, Ford, Hyundai, Jaguar Land Rover, Nissan, Porsche, Renault, Toyota and Volkswagen; truck and off-highway vehicle manufacturers such as Hyundai, Kenworth, Kobelco, MAN, Peterbilt, Scania and Volvo Truck; and suppliers to these manufacturers, such as Cummins, Denso and Delphi. We are also beginning to explore other markets in which we believe the capabilities of PowerFLOW have broad application, such as the aerospace, oil and gas production, chemical processing, architecture, engineering and construction, power generation, biomedical and electronics industries.

One of the most critical challenges for our customers in their vehicle development processes is measuring or predicting how a vehicle feature or a mechanical system will interact with air, water or other fluids. For example, developing vehicles with reduced aerodynamic drag is critical to achieving the improvements in fuel efficiency that are increasingly desired by customers and mandated by government regulations. Our core product, PowerFLOW, is an innovative software solution for simulating complex fluid flow problems, including aerodynamics, thermal management, and aeroacoustics, or wind noise. PowerFLOW relies upon proprietary technology that enables it to predict complex fluid flows with a level of reliability comparable to or better than physical testing. The combination of PowerFLOW’s accuracy and timeliness provides results that are superior to those of alternative computational fluid dynamics, or CFD, methods.

We derive our revenue primarily from the sale of our simulation software, using an annual capacity-based licensing model. Our customers usually purchase PowerFLOW simulation capacity under one-year term licenses, with a minority utilizing multi-year arrangements or a “pay as you go” model. Simulation capacity may be purchased as software-only, to be run on the customer’s own computer hardware, or provided in the form of software-as-a-service, via our hosted PowerFLOW ExaCLOUD offering. To introduce new customers to our simulation solutions, we typically perform fixed-price projects that include simulation services, along with engineering and consulting services. ExaCLOUD continues to play an increasingly important role in our new customer acquisition go-to-market model, as virtually all of our projects are now being delivered using that facility, thereby exposing our customers to its capabilities. Customers typically license our products for one application, such as aerodynamics, and over time expand to other applications such as thermal management or aeroacoustics.

During the three months ended April 30, 2016, revenue growth was driven by continued deployment of our simulation solutions in the installed base as well as by the addition of new customers. Investments made in field resources in prior fiscal years are yielding growth in both project and license revenue. The weakening U.S. dollar, particularly against the Euro and yen, had a material positive impact on revenue performance as compared to the same period last year. The geographic mix of revenue outside of the Americas is consistent with historical trends and reflects the impact of the stronger Euro and yen. During the three months ended April 30, 2016 and 2015, 75% of our revenue came from outside of the Americas. Revenue for the three months ended April 30, 2016 was $16.8 million, with growth of 13.7% over the same period a year ago and 12.6% when measured on a constant currency basis. See “— Non-GAAP Measures” below for information about how we calculate and use revenue on a constant currency basis.

As a percent of revenue, our total operating expenses for the three months ended April 30, 2016 decreased approximately 6.2% when compared to the same period last year. This reflects our prior investments in resources to drive top line growth, including sales, marketing and research and development. While the majority of our expense base is in the United States, we have field resources based in our international offices, which provide some natural foreign exchange hedge. As a result, the weakening dollar had a negative impact on total operating expenses when compared to the same period last year. For the three months ended April 30, 2016, total operating expenses were $17.8 million, with growth of 7.4% over the same period a year ago and 7.3% when measured on a constant currency basis. See “— Non-GAAP Measures” below for information about how we calculate and use operating expenses on a constant currency basis.

As a percent of revenue, our loss from operations for the three months ended April 30, 2016 was 6.2% lower than the same period last year, primarily as a result of the foreign currency impacts described above. Adjusted EBITDA for the three months ended April 30, 2016, as described in the Non-GAAP Measures section below, was improved at $0.5 million when compared to $(0.4) million in the same period last year.

We ended the quarter with cash and cash equivalents of $39.2 million compared to $27.6 million as of January 31, 2016. This reflects strong accounts receivable collections activity and normal seasonal cash flows. Capital expenditures increased during the three months ended April 30, 2016 over the same period last year, primarily due to $0.4 million of investments related to renovations to our headquarters office in Burlington, Massachusetts.

Results of operations for the three months ended April 30, 2016 and 2015

The following tables set forth, for the periods presented, data from our consolidated statements of operation, as well as that data as a percentage of revenues.


	Three Months Ended April 30,
(in thousands)	2016			2015
Revenue:
License revenue	$	14,059		$	12,242
Project revenue		2,726			2,526

Total revenues		16,785			14,768

Operating expenses: (1)
Cost of revenues		4,804			4,643
Sales and marketing		3,331			2,488
Research and development		6,211			6,170
General and administrative (2)		3,449			3,267

Total operating expenses		17,795			16,568

Loss from operations		(1,010	)		(1,800	)

Other income (expense), net:
Foreign exchange gain (loss)		215			(52	)
Interest expense		(47	)		(65	)
Interest income		10			3
Other income, net		9			0

Total other income (expense), net		187			(114	)

Loss before income taxes		(823	)		(1,914	)
(Provision) benefit for income taxes		(120	)		26

Net loss	$	(943	)	$	(1,888	)

(1)	Amounts include stock-based compensation expense as follows:


	Three Months Ended April 30,
(in thousands)	2016		2015
Cost of revenues	$	44	$	69
Sales and marketing		90		115
Research and development		183		241
General and administrative		172		189

Total stock-based compensation expense	$	489	$	614

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


	Three Months Ended April 30,
(in thousands)	2016		2015
General and administrative	$	88	$	88


	Three Months Ended April 30,
(as a percent of total revenue)	2016			2015
Revenue:
License revenue		83.8	%		82.9	%
Project revenue		16.2			17.1

Total revenues		100.0			100.0

Operating expenses:
Cost of revenues		28.6			31.4
Sales and marketing		19.8			16.8
Research and development		37.0			41.8
General and administrative		20.5			22.1

Total operating expenses		106.0			112.2

Loss from operations		(6.0	)		(12.2	)

Other income (expense), net:
Foreign exchange gain (loss)		1.3			(0.4	)
Interest expense		(0.3	)		(0.4	)
Interest income		0.1			0.0
Other income, net		0.1			—

Total other income (expense), net		1.1			(0.8	)

Loss before income taxes		(4.9	)		(13.0	)
(Provision) benefit for income taxes		(0.7	)		0.2

Net loss		(5.6	)%		(12.8	)%

Due to rounding, totals may not equal the sum of line items in the table above.

Comparison of three months ended April 30, 2016 and 2015

Revenue


	Three Months Ended April 30,
(in thousands, except percentages)	2016		2015		Change		% Change
License revenue	$	14,059	$	12,242	$	1,817		14.8	%
Project revenue		2,726		2,526		200		7.9	%

Total revenues	$	16,785	$	14,768	$	2,017		13.7	%

License revenue increased 14.8% from $12.2 million for the three months ended April 30, 2015 to $14.1 million for the three months ended April 30, 2016. The $1.8 million increase was driven almost entirely by increased consumption of simulation capacity by existing customers and the addition of 14 new license customers during the period. Deployment continues to expand in our core customer base across our portfolio of applications. We experienced particularly strong demand in our Asian markets and in our North America passenger automotive customer base. Project revenue for the three months ended April 30, 2016 increased by approximately $0.2 million due to expanded sales and greater activity with existing customers. We anticipate slowed project revenue growth in fiscal year 2017 as our investment in project capacity has slowed. But our project delivery capability continues to recycle into new opportunities to drive license growth. Both license and project revenue, particularly new customer opportunities, are leveraging the capabilities of our ExaCLOUD platform. Virtually all of our projects are now being delivered using ExaCLOUD exposing our customers to its capabilities. ExaCLOUD continues to play an increasingly important role in our new customer acquisition go-to-market model.

Foreign exchange fluctuations, particularly the strengthening of the Euro and the Japanese yen against the U.S. dollar, positively impacted total revenue in the three months ended April 30, 2016 by $0.2 million as compared to the three months ended April 30, 2015. On a constant currency basis, our total revenues in the three months ended April 30, 2016 increased 12.6% compared with the three months ended April 30, 2015.

Cost of revenues


	Three Months Ended April 30,
(in thousands, except percentages)	2016		2015		Change		% Change
Cost of revenues	$	4,804	$	4,643	$	161		3.5	%

Cost of revenues for the three months ended April 30, 2016 was $4.8 million, an increase of $0.2 million, or 3.5%, compared with $4.6 million during the three months ended April 30, 2015. As a percentage of revenues, cost of revenues decreased to 28.6% for the three months ended April 30, 2016 compared to 31.4% for the three months ended April 30, 2015. The increase is attributable to increased royalty and facility expenses of $0.3 million, primarily related to increased royalty costs associated with higher customer license levels and expanded use of an embedded sublicensed product, along with increased depreciation expense associated with expansions at our high-performance computing data center in New Jersey. The increase was partially offset by a decrease in personnel-related costs of $0.1 million due to the reassignment of certain application engineers into dedicated customer-facing sales procurement roles and net of increased costs related to the net addition of 10 new application engineers.

Sales and marketing


	Three Months Ended April 30,
(in thousands, except percentages)	2016		2015		Change		% Change
Sales and marketing	$	3,331	$	2,488	$	843		33.9	%

Sales and marketing expenses for the three months ended April 30, 2016 were $3.3 million, an increase of $0.8 million, or 33.9%, compared with $2.5 million during the three months ended April 30, 2015. As a percentage of revenues, sales and marketing expenses increased to 19.8% for the three months ended April 30, 2016 compared to 16.8% for the three months ended April 30, 2015. The period-over-period increase was almost entirely attributable to $0.8 million in increases in personnel-related and travel costs, primarily due to a reassignment of certain application engineers into dedicated customer-facing sales procurement roles.

Research and development


	Three Months Ended April 30,
(in thousands, except percentages)	2016		2015		Change		% Change
Research and development	$	6,211	$	6,170	$	41		0.7	%

Research and development expenses for the three months ended April 30, 2016 were $6.2 million and remained relatively flat compared with the same period a year ago. As a percentage of revenues, research and development expense decreased to 37.0% for the three months ended April 30, 2016 compared to 41.8% for the three months ended April 30, 2015.

General and administrative


	Three Months Ended April 30,
(in thousands, except percentages)	2016		2015		Change		% Change
General and administrative	$	3,449	$	3,267	$	182		5.6	%

General and administrative expenses for the three months ended April 30, 2016 were $3.4 million, an increase of $0.2 million, or 5.6%, compared to $3.3 million for the three months ended April 30, 2015. As a percentage of revenues, general and administrative expenses decreased to 20.5% for the three months ended April 30, 2016 compared to 22.1% for the three months ended April 30, 2015. The increase is primarily attributable to $0.1 million of increased employee-related expenses due to the addition of six new employees and annual merit increases, and $0.1 million of other increased costs, including professional fees associated with patent procurement and increased depreciation expense associated with the buildout of our Burlington headquarters.

Total other income (expense), net


	Three Months Ended April 30,
(in thousands, except percentages)	2016		2015			Change		% Change
Total other income (expense), net	$	187	$	(114	)	$	301		(264.0	)%

Total other income (expense), net for the three months ended April 30, 2016 was $0.2 million compared to total other income (expense), net of $(0.1) million for the three months ended April 30, 2015. Total other income (expense), net consists primarily of foreign exchange gains and losses offset by interest expense associated with our capital lease obligations. The period-over-period change in total other income (expense), net is primarily attributed to foreign exchange fluctuations in the Euro and Japanese yen.

(Provision) benefit for income taxes


	Three Months Ended April 30,
(in thousands, except percentages)	2016			2015		Change			% Change
(Provision) benefit for income taxes	$	(120	)	$	26	$	(146	)		(561.5	)%

For the three months ended April 30, 2016, our income tax provision was $0.1 million. The provision primarily consists of the tax effects of foreign operating results and foreign withholding taxes. For the three months ended April 30, 2015, our income tax benefit was less than $0.1 million. The benefit for the three months ended April 30, 2015 primarily consists of the tax effect of foreign losses, offset by withholding taxes.

In determining the realizability of the net United States federal and state deferred tax assets, we consider numerous factors including historical profitability, estimated future taxable income, prudent and feasible tax planning strategies and the industry in which it operates. Management reassesses the realization of the deferred tax assets each reporting period, which resulted in a valuation allowance against the full amount of our United States deferred tax assets in the first quarter of fiscal year 2015. To the extent that the financial results of the United States operations improve in the future and the deferred tax assets become realizable, we will reduce the valuation allowance through earnings.

It is reasonably possible within the next nine months that the liability for unrecognized tax benefits relating to transfer pricing in a foreign jurisdiction will decrease by approximately $0.4 million, inclusive of interest, primarily as a result of the expiration of the statute of limitations. We and one or more of our subsidiaries file United States federal income tax returns and tax returns in various state and foreign jurisdictions. With limited exceptions, we are no longer subject to federal, state, local or foreign examinations for years ending prior to January 31, 2012. However, carryforward attributes that were generated in tax years ending prior to January 31, 2013 may still be adjusted upon examination by state or local tax authorities if they either have been or will be used in a future period.

Under Section 382 of the Internal Revenue Code of 1986, as amended, substantial changes in our ownership may limit the amount of net operating loss carryforwards that could be utilized annually in the future to offset its taxable income. Specifically, this limitation may arise in the event we undergo a cumulative change in ownership of more than 50% within a three-year period. During the first quarter of fiscal year 2015, our management determined that the Company had experienced an ownership change for purposes of Section 382. This ownership change resulted in annual limitations to the amount of net operating loss carryforwards that can be utilized to offset future taxable income, if any, at the federal level. Our management has determined that, as of April 30, 2016, we have not experienced another ownership change for purposes of Section 382. However, future transactions in our common stock could trigger an ownership change for purposes of Section 382, which could limit the amount of net operating loss carryforwards that could be utilized annually in the future to offset our taxable income, if any. Any such limitation, whether as the result of sales of common stock by our existing stockholders or sales of common stock by us, could have a material adverse effect on our results of operations in future years.

Non-GAAP Measures

From time to time we provide certain non-GAAP financial measures to investors as additional information in order to supplement our consolidated financial statements, which are presented in accordance with accounting principles generally accepted in the United States, or GAAP. 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 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 or used by other companies and therefore should not be used to compare our performance to that of other companies.

Revenue and total operating expenses on a constant currency basis. Our international operations generate and incur expenses that are denominated in foreign currencies, and changes in currency exchange rates can materially affect our consolidated results of operations. Our principal exposures are to fluctuations in exchange rates for the United States dollar versus the British pound, Chinese yuan, Euro, Japanese yen, and Korean won. To provide investors with information concerning underlying trends in our business, we disclose revenue and total operating expenses on a constant currency basis, which we define as GAAP revenue or operating expenses, adjusted to reverse the impact of changes in the exchange rates of the principal currencies in which our international operations generated revenue and incurred expenses. We calculate revenue and total operating expenses on a constant currency basis by converting revenue or operating expenses that were generated in the currencies specified above during the three months ended April 30, 2016 to United States dollars at assumed exchange rates equal to the exchange rates in effect for such currencies during the corresponding period of the previous fiscal year, rather than the exchange rates actually in effect during the current fiscal year.

Adjusted EBITDA. We define Adjusted EBITDA as EBITDA, excluding non-cash, stock-based compensation expense. We define EBITDA as net loss, excluding depreciation and amortization, interest expense, net, other income, net, foreign exchange gain (loss) and (provision) benefit for income taxes. The GAAP measure most comparable to Adjusted EBITDA is net loss.

Non-GAAP operating loss. We define non-GAAP operating loss as GAAP operating loss excluding non-cash, stock-based compensation expense and amortization of acquired intangible assets. The GAAP measure most comparable to non-GAAP operating loss is operating loss.

Non-GAAP net loss. We define non-GAAP net loss as GAAP net loss excluding the after tax impact of non-cash, stock-based compensation expense and amortization of acquired intangible assets. The GAAP measure most comparable to non-GAAP net loss is net loss.

Non-GAAP net loss per diluted share. We define non-GAAP net loss per diluted share as GAAP net loss per diluted share excluding the after tax impact of non-cash, stock-based compensation expense and amortization of acquired intangible assets. The GAAP measure most comparable to non-GAAP net loss per diluted share is net loss per diluted share.

Our management uses these non-GAAP financial measures to evaluate our operating performance and for internal planning and forecasting purposes. By excluding material non-cash expenses related to stock-based compensation and depreciation, we believe that these measures more clearly reflect the underlying trends in our business, are useful for comparing current results with prior period results, and are helpful to investors and financial analysts in assessing our operating performance. For example, our management considers Adjusted EBITDA to be an important indicator of our operational strength and the performance of our business, a good measure of our historical operating trends and a more accurate cash outflow measurement than GAAP net loss. However, each of these non-GAAP financial measures may have limitations as an analytical tool. In considering our Adjusted EBITDA, non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per diluted share, investors should take into account the following reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures:


Adjusted EBITDA:	Three Months Ended April 30,
	2016			2015
(in thousands)
Net loss	$	(943	)	$	(1,888	)
Add back:
Depreciation and amortization		1,011			750
Interest expense, net		37			62
Other income, net		(9	)		0
Foreign exchange (gain) loss		(215	)		52
Provision (benefit) for income taxes		120			(26	)

EBITDA		1			(1,050	)
Stock-based compensation expense		489			614

Adjusted EBITDA	$	490		$	(436	)


Non-GAAP operating loss:	Three Months Ended April 30,
	2016			2015
(in thousands)
Operating loss	$	(1,010	)	$	(1,800	)
Add back:
Stock-based compensation expense		489			614
Amortization of acquired intangible assets		88			88

Non-GAAP operating loss	$	(433	)	$	(1,098	)


Non-GAAP net loss:	Three Months Ended April 30,
	2016			2015
(in thousands)
Net loss		(943	)		(1,888	)
Add back:
Stock-based compensation expense		489			614
Amortization of acquired intangible assets		88			88
Income tax effect (1)		(202	)		(246	)

Non-GAAP net loss	$	(568	)	$	(1,432	)


Non-GAAP net loss, per diluted share:	Three Months Ended April 30,
	2016			2015
Net loss, per diluted share (2)	$	(0.06	)	$	(0.13	)
Add back:
Stock-based compensation expense		0.03			0.04
Amortization of acquired intangible assets		0.01			0.01
Income tax effect (1)		(0.01	)		(0.02	)

Non-GAAP net loss, per diluted share (2)(3):	$	(0.04	)	$	(0.10	)

(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 statutory United States federal tax rate and our estimated state tax rate. The tax effect is exclusive of any impact from valuation allowances established against our United States net deferred tax assets and other discrete items. 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 14.6 million and 14.3 million for the three months ended April 30, 2016 and 2015, respectively.

(3)	Due to rounding, totals may not equal the sum of line items in the table above.

Liquidity

Overview

Our primary sources of liquidity during the three months ended April 30, 2016 were cash and cash equivalents on hand, cash flows provided by operating activities and cash proceeds from stock option exercises. Our primary uses of cash during the three months ended April 30, 2016 were capital expenditures and payments of capital lease obligations. As of April 30, 2016, we had $39.2 million in cash and cash equivalents.

On December 10, 2013, we filed a shelf registration statement on Form S-3, which included a base prospectus relating to, among other things, the registration of $75 million of our common stock that may be offered and sold by us from time to time pursuant to Rule 415 promulgated under the Act, in amounts, at prices and on terms to be determined at the time of the offering.

Net Cash Flows from Operating Activities

Variations in the amount of our net cash provided or used by operating activities are primarily the result of changes in the amount of our working capital accounts, mainly accounts receivable and deferred revenue, the timing of cash payments from our customers and of our cash expenditures, principally employee salaries, accounts payable and payments of value added taxes and consumption taxes on the receivables of our foreign subsidiaries.

Cash payments from our customers fluctuate due to timing of new and renewal license sales, which typically coincide with our customers’ budget cycles. The fourth quarter of each fiscal year generally has the highest license sales, with payment of the license fee typically becoming due at the commencement of the license term. As a result, our cash flows from operations are typically highest in the first quarter of each fiscal year. Generally, customers are invoiced in advance for their annual subscription fee and the invoices are recorded in accounts receivable and deferred revenue, with deferred revenues being recognized ratably over the term of the subscription agreement.

Net cash provided by operating activities for the three months ended April 30, 2016 and 2015 was $11.9 million and $18.2 million, respectively. The decrease during the current year period is primarily the result of fluctuations in accounts receivable and deferred revenue, which typically vary depending on the timing of our receipt and invoicing of customer orders and the timing of cash payments to us from customers.

Net Cash Flows from Investing Activities

Net cash used in investing activities for the three months ended April 30, 2016 and 2015 was $0.5 million and $0.1 million, respectively. Capitalized renovations to our Burlington, Massachusetts headquarter office accounted for the majority of the increase in purchases of property and equipment during the current year period.

Net Cash Flows from Financing Activities

Net cash used in financing activities for the three months ended April 30, 2016 was $0.7 million, and consists of payments on our capital lease obligations of $0.8 million, partially offset by proceeds from stock option exercises of less than $0.1 million. Net cash used in financing activities for the three months ended April 30, 2015 was $0.1 million, and consisted primarily of payments on our capital lease obligations of $0.7 million, partially offset by proceeds from stock option exercises of $0.6 million.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of either April 30, 2016 or January 31, 2016.

Capital Resources

Our future capital requirements may vary materially from those now planned and will depend on many factors, including the costs to develop and implement new solutions and applications, the sales and marketing resources needed to further penetrate our market and gain acceptance of new solutions and applications we develop, the expansion of our operations in the United States and internationally and the response of competitors to our solutions and applications. Historically, we have experienced increases in our expenditures consistent with the growth in our operations and personnel, and we anticipate that our expenditures will continue to increase as we grow our business. Our practice has been to reinvest the undistributed earnings of our foreign subsidiaries in their local jurisdictions, and we currently do not intend to repatriate such earnings. As of April 30, 2016 and January 31, 2016, $10.8 million and $12.8 million, respectively, of our cash is held in bank accounts outside the United States and may not be available to fund our domestic operations and obligations without paying taxes upon repatriation.

We expect to be able to meet the funding needs of our United States operations and do not currently intend to repatriate undistributed earnings that have been indefinitely reinvested in our international subsidiaries.

We believe our cash on hand and cash flows from our operations will be sufficient to meet our working capital and capital expenditure requirements for the foreseeable future, including at least the next twelve months.

Seasonality

We have experienced and expect to continue to experience seasonal variations in the timing of customers’ purchases of our software products. Many customers make purchase decisions based on their budget cycles, which typically coincide with the calendar year, except in Japan, where our customer budget cycles typically begin on April 1. Because our software products are sold pursuant to annual subscription agreements and we recognize revenue from these subscriptions over the term of the agreement, downturns or upturns in invoices may not be immediately reflected in our operating results. However, these seasonal trends materially affect the timing of our cash flows, as we generally receive the annual license fee at the time the license term commences. As a result, our cash flows from operations are typically highest in the first quarter of each fiscal year.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Foreign Currency Exchange Risk

As we conduct business in multiple international currencies throughout the world, our international operations generate 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 British pound, Chinese yuan, Euro, Japanese yen, and Korean won. Changes in currency exchange rates could adversely affect our consolidated results of operations or financial position. Additionally, our international operations maintain cash balances denominated in foreign currencies. To reduce the risk associated with translation of foreign cash balances into our reporting currency, we typically avoid maintaining excess cash balances in foreign currencies. To date, we have not hedged our exposure to changes in foreign currency exchange rates and, as a result, we could incur unanticipated translation gains and losses.

The Euro was approximately 0.5% stronger against the United States dollar, on average, for the three months ended April 30, 2016, when compared with the three months ended April 30, 2015. The resulting net overall impact to revenue and operating expense was an increase of less than $0.1 million, respectively, during the three months ended April 30, 2016.

The exchange rate impact of other currencies for the three months ended April 30, 2016, primarily driven by a stronger Japanese yen, was an increase to revenue of approximately $0.1 million and a decrease to operating expense of less than $0.1 million.

For the three months ended April 30, 2016, a 10% change in the exchange rates for the United States dollar versus the British pound, Chinese yuan, Euro, Japanese yen, and Korean won would have resulted in a $0.9 million change in revenue.

Interest Rate Sensitivity

Our interest expense consists solely of fixed-rate interest under our outstanding capital lease obligations. As a result, we do not believe that we are exposed to material interest rate risk at this time. Interest income is sensitive to changes in the general level of United States and international interest rates. The primary objective of our investment activities is to preserve principal while maximizing income without significantly increasing risk. Our cash and cash equivalents are relatively insensitive to interest rate changes. In future periods, we will continue to evaluate our investment policy in order to ensure that we continue to meet our overall objectives.

We do not believe that a 10% change in interest rates would have a material impact on our financial position or results of operations.

ITEM 4.

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the rules and forms, and that such information is accumulated and communicated to us, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, as ours are designed to do, and we necessarily were required to apply our judgment in evaluating whether the benefits of the controls and procedures that we adopt outweigh their costs.

As required by Rule 13a-15(b) under the Exchange Act, an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of April 30, 2016 was conducted under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of April 30, 2016.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the fiscal quarter ended April 30, 2016 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

We are not a party to any pending material legal proceedings. However, because of the nature of our business, we may be subject at any particular time to lawsuits or other claims arising in the ordinary course of our business, and we expect that this will continue to be the case in the future.

ITEM 1A.

RISK FACTORS

You should carefully consider the risks and uncertainties described in our Annual Report on Form 10-K for the fiscal year ended January 31, 2016, filed with the SEC on March 21, 2016 and other documents we file with the SEC. The risks and uncertainties described are those that we have identified as material, but are not the only risks and uncertainties facing us. Our business is also subject to general risks and uncertainties that affect many other companies, such as overall U.S. and non-U.S. economic and industry conditions including a global economic slowdown, geopolitical events, changes in laws or accounting rules, fluctuations in interest and exchange rates, terrorism, international conflicts, major health concerns, natural disasters or other disruptions of expected economic and business conditions. Additional risks and uncertainties not currently known to us or that we currently believe are immaterial also may impair our business operations and liquidity.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(b) Use of Proceeds

On July 3, 2012, we completed the initial public offering of our common stock pursuant to our Registration Statement on Form S-1 (File No. 333-176019), which was declared effective by the Securities and Exchange Commission on June 27, 2012. The underwriters for the offering were Stifel Nicolaus & Company, Incorporated, Robert W. Baird & Co. Incorporated, Canaccord Genuity Inc. and Needham & Company, LLC. We did not use any of the net proceeds from this offering during the three months ended April 30, 2016.

ITEM 6.

EXHIBITS


Exhibit Number		Description

3.1		Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, event date June 27, 2012, filed on July 3, 2012).

3.2		Amended and Restated By-laws (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, event date June 27, 2012, filed on July 3, 2012).

3.3		Amendment to Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.3 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2013).

31.1*		Rule 13a-14(a)/15d-14(a) Certification, executed by Stephen A. Remondi, President and Chief Executive Officer of Exa Corporation.

31.2*		Rule 13a-14(a)/15d-14(a) Certification, executed by Richard F. Gilbody, Chief Financial Officer of Exa Corporation.

32.1**		Section 1350 Certification, executed by Stephen A. Remondi, President and Chief Executive Officer of Exa Corporation.

32.2**		Section 1350 Certification, executed by Richard F. Gilbody, Chief Financial Officer of Exa Corporation.

101*		Interactive Data Files pursuant to Rule 405 of Regulation S-T (XBRL)

*	Filed herewith.

**	Furnished herewith.

EXA CORPORATION

SIGNATURE

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


EXA CORPORATION (Registrant)

By:		/s/ Richard F. Gilbody
		Richard F. Gilbody
		*Chief Financial Officer*

		Date: May 25, 2016

EX-31.1 2 d153997dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

CERTIFICATION

I, Stephen A. Remondi, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Exa Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter is the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and to the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


By:		/s/ Stephen A. Remondi
		Stephen A. Remondi
		President and Chief Executive Officer (Principal Executive Officer)

Date:		May 25, 2016

EX-31.2 3 d153997dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

CERTIFICATION

I, Richard F. Gilbody, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Exa Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and to the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


By:		/s/ Richard F. Gilbody
		Richard F. Gilbody
		Chief Financial Officer (Principal Financial Officer)

Date:		May 25, 2016

EX-32.1 4 d153997dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

STATEMENT REQUIRED BY 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

This certificate is being delivered pursuant to the requirements of Section 1350 of Chapter 63 (Mail Fraud) of Title 18 (Crimes and Criminal Procedures) of the United States Code and shall not be relied on by any person for any other purpose.

In connection with the Quarterly Report on Form 10-Q of Exa Corporation (the “Company”) for the period ended April 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Stephen A. Remondi, President, Chief Executive Officer and Director of the Company, certifies that:

•

the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

•

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 25, 2016

/s/ Stephen A. Remondi

Stephen A. Remondi

President and Chief Executive Officer

(Principal Executive Officer)

The foregoing certification is being furnished with the Company’s Quarterly Report on Form 10-Q for the period ended April 30, 2016, pursuant to 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and it is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general information language in such filing.

EX-32.2 5 d153997dex322.htm EX-32.2 EX-32.2

Exhibit 32.2

STATEMENT REQUIRED BY 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Exa Corporation (the “Company”) for the period ended April 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Richard F. Gilbody, Chief Financial Officer of the Company, certifies that:

•

the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

•

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 25, 2016

/s/ Richard F. Gilbody

Richard F. Gilbody

Chief Financial Officer

(Principal Financial Officer)

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<div> 1. Description of Business Exa Corporation (the “Company” or “Exa”), a Delaware corporation, develops, sells and supports simulation software and services used primarily by vehicle manufacturers to enhance the performance of their products, reduce product development costs and improve the efficiency of their design and engineering processes. The Company’s solutions enable engineers and designers to augment or replace conventional methods of evaluating designs that rely on expensive and inefficient physical prototypes and test facilities with accurate digital simulations that are more useful, cost effective and timely. The Company’s simulation solutions enable customers to gain crucial insights about design performance early in the design cycle, reducing the likelihood of expensive redesigns and late-stage engineering changes, which result in cost savings and fundamental improvements in the development process. The Company is primarily focused on the ground transportation market, but is also exploring the application of its capabilities in the aerospace, oil and gas production, chemical processing, architecture, engineering and construction, power generation, biomedical and electronics industries. Exa has offices and sells directly in the United States and through subsidiaries in France, Germany, Italy, Japan, Korea, China, and the United Kingdom. The Company also conducts business in Sweden, India, Brazil, Russia, Canada, Finland, Spain and Australia. </div>

11873000

2016 false

<div> Net long-lived assets by principal geographic areas were as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="78%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">April 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">January 31, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> United States </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,580</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,346</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> France </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">353</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">388</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Germany </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">116</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">110</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Japan </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">124</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">116</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Other </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">76</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">72</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,249</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,032</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Revenue by geographic area, attributed to individual countries based upon location of the external customer, is as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="80%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Three Months Ended April 30,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> United States </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,307</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,843</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Germany </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,549</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,190</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Japan </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,426</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,341</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> France </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,887</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,779</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Korea </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,337</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,293</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> United Kingdom </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,644</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,861</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Sweden </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">418</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">475</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,217</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">986</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,785</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">14,768</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

With limited exceptions, the Company is no longer subject to federal, state, local or foreign examinations for years ending prior to January 31, 2012. However, carryforward attributes that were generated in tax years ending prior to January 31, 2013 may still be adjusted upon examination by state or local tax authorities if they either have been or will be used in a future period.

-0.06

1943562

10-Q 0000890264

<div> The table below represents outstanding options, restricted stock unit awards and warrants that were excluded from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect. All of the Company’s outstanding stock options, unvested restricted stock units and warrants were anti-dilutive for the three months ended April 30, 2016 and 2015 due to the net loss position of the Company.   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" align="center"> <tr> <td width="76%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1.00pt solid #000000"> Three Months Ended April 30,</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2015</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Options, restricted stock unit awards and warrants to purchase common and preferred stock </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,943,562</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,606,097</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> </table> </div>

Accelerated Filer

<div> Basis of Presentation The interim financial data as of April 30, 2016 and for the three months ended April 30, 2016 and 2015 are unaudited; however, in the opinion of the Company’s management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The condensed consolidated balance sheet presented as of January 31, 2016 has been derived from the audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements presented herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Exa annual report on Form 10-K for the year ended January 31, 2016 filed with the Securities and Exchange Commission on March 21, 2016. </div>

<div> 5. Accrued Expenses Accrued expenses consist of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="79%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">April 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">January 31, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accrued payroll </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,861</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,828</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Sales and value added taxes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,625</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,075</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accrued commissions and bonuses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">961</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,900</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Accrued income taxes payable </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">412</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">541</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Deferred rent, current portion </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">188</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">186</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Legal and professional </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">554</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">805</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Other </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">864</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">864</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total accrued expenses </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,465</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,199</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Accrued expenses consist of the following:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="79%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">April 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">January 31, 2016</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Accrued payroll </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,861</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,828</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Sales and value added taxes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,625</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,075</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Accrued commissions and bonuses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">961</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,900</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Accrued income taxes payable </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">412</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">541</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Deferred rent, current portion </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">188</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">186</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Legal and professional </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">554</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">805</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Other </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">864</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">864</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total accrued expenses </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,465</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,199</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> 8. Acquired Intangible Assets Intangible assets acquired in a business combination are recorded under the purchase method of accounting at their estimated fair values at the date of acquisition. The Company amortizes acquired intangible assets over their estimated useful lives. The following table reflects the carrying value of intangible assets as of April 30, 2016:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Cost</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Accumulated Amortization</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Net Book Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Intellectual property </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,505</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,548</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,957</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Access to facilities contract </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">38</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(38</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,543</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,586</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,957</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The following table reflects the carrying value of intangible assets as of January 31, 2016:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Cost</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Accumulated Amortization</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Net Book Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Intellectual property </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,505</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,461</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,044</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Access to facilities contract </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">38</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(38</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,543</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,499</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,044</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   Amortization expense of intangible assets was $88 for the three months ended April 30, 2016 and 2015. </div>

<div> 4. Property and Equipment, net Property and equipment, net consists of the following:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="76%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">April 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">January 31, 2016</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Computer software and equipment </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18,160</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,964</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Office equipment and furniture </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,495</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,349</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Leasehold improvements </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,619</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,562</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Construction-in-process </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">41</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">169</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total property and equipment </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">21,315</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">21,044</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Less accumulated depreciation </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(10,066</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,012</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Property and equipment, net </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,249</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,032</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> For the three months ended April 30, 2016 and 2015, depreciation expense was $923 and $662, respectively. Included in computer software and equipment and office equipment and furniture is equipment held pursuant to capital leases with costs of $14,863 and $14,809 and accumulated depreciation of $7,501 and $6,808 as of April 30, 2016 and January 31, 2016, respectively. </div>

<div> 7. Fair Value Measurements Financial instruments consist primarily of cash and cash equivalents, accounts receivable and capital lease obligations. As of April 30, 2016 and January 31, 2016, the carrying amounts of these instruments approximate their fair values. The estimated fair values have been determined from information obtained from market sources and management estimates.   In determining the fair value of its financial assets and liabilities, the Company uses various valuation approaches. ASC 820, Fair Value Measurements and Disclosures, establishes a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement and that are based on management’s best estimate of inputs market participants would use for pricing the asset or liability at the measurement date, including assumptions about risk. The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value as of April 30, 2016:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Money market funds </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,027</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,027</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value as of January 31, 2016:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Money market funds </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,019</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,019</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. </div>

<div> 12. Geographic Information Revenue by geographic area, attributed to individual countries based upon location of the external customer, is as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="80%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Three Months Ended April 30,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> United States </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,307</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,843</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Germany </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,549</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,190</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Japan </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,426</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,341</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> France </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,887</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,779</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Korea </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,337</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,293</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> United Kingdom </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,644</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,861</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Sweden </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">418</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">475</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,217</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">986</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,785</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">14,768</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> Net long-lived assets, consisting of net property and equipment, are subject to geographic risks because they are generally difficult to move and to effectively utilize in another geographic area in a reasonable time period and because they are relatively illiquid. Net long-lived assets by principal geographic areas were as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="78%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">April 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">January 31, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> United States </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,580</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,346</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> France </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">353</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">388</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Germany </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">116</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">110</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Japan </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">124</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">116</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Other </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">76</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">72</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,249</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,032</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Property and equipment, net consists of the following:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="76%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">April 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">January 31, 2016</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Computer software and equipment </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18,160</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,964</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Office equipment and furniture </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,495</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,349</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Leasehold improvements </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,619</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,562</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Construction-in-process </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">41</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">169</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total property and equipment </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">21,315</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">21,044</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Less accumulated depreciation </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(10,066</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,012</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Property and equipment, net </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,249</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,032</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> The following summarizes the calculation of basic and diluted net loss per share:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="72%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1.00pt solid #000000">Three Months Ended April 30,</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2015</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Numerator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net loss </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(943</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,888</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Denominator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Weighted average common shares, basic and diluted </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14,636,433</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14,301,709</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Basic and diluted net loss per share </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.06</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.13</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Total stock-based compensation expense related to stock options and restricted stock units issued by the Company is as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1.00pt solid #000000"> Three Months Ended April 30,</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2015</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Cost of revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">44</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">69</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Sales and marketing </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">90</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">115</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Research and development </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">183</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">241</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> General and administrative </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">172</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">189</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">489</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">614</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

--01-31 EXA CORP

14636433

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 11. Income Taxes <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> For the three months ended April 30, 2016, the Company’s income tax provision was $120. The provision primarily consists of the tax effects of foreign operating results and foreign withholding taxes. For the three months ended April 30, 2015, the income tax benefit was $26. The benefit for the three months ended April 30, 2015 primarily consists of the tax effect of foreign losses, offset by withholding taxes. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In determining the realizability of the net United States federal and state deferred tax assets, the Company considers numerous factors including historical profitability, estimated future taxable income, prudent and feasible tax planning strategies and the industry in which it operates. Management reassesses the realization of the deferred tax assets each reporting period, which resulted in a valuation allowance against the full amount of the Company’s United States deferred tax assets in the first quarter of fiscal year 2015. To the extent that the financial results of the United States operations improve in the future and the deferred tax assets become realizable, the Company will reduce the valuation allowance through earnings. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> It is reasonably possible within the next nine months that the liability for unrecognized tax benefits relating to transfer pricing in a foreign jurisdiction will decrease by approximately $403, inclusive of interest, primarily as a result of the expiration of the statute of limitations. The Company and one or more of its subsidiaries file United States federal income tax returns and tax returns in various state and foreign jurisdictions. With limited exceptions, the Company is no longer subject to federal, state, local or foreign examinations for years ending prior to January 31, 2012. However, carryforward attributes that were generated in tax years ending prior to January 31, 2013 may still be adjusted upon examination by state or local tax authorities if they either have been or will be used in a future period. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Under Section 382 of the Internal Revenue Code of 1986, as amended, substantial changes in the Company’s ownership may limit the amount of net operating loss carryforwards that could be utilized annually in the future to offset its taxable income. Specifically, this limitation may arise in the event of a cumulative change in ownership of the Company of more than 50% within a three-year period. During the first quarter of fiscal year 2015, management determined that the Company had experienced an ownership change for purposes of Section 382. This ownership change resulted in annual limitations to the amount of net operating loss carryforwards that can be utilized to offset future taxable income, if any, at the federal level. The Company’s management has determined that, as of April 30, 2016, it had not experienced another ownership change for purposes of Section 382. However, future transactions in the Company’s common stock could trigger an ownership change for purposes of Section 382, which could limit the amount of net operating loss carryforwards that could be utilized annually in the future to offset the Company’s taxable income, if any. Any such limitation, whether as the result of sales of common stock by the Company’s existing stockholders or sales of common stock by the Company, could have a material adverse effect on the Company’s results of operations in future years. </div>

<div> The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value as of April 30, 2016:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Money market funds </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,027</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,027</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value as of January 31, 2016:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Money market funds </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,019</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,019</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> </div>

<div> 9. Commitments and Contingencies Legal Contingencies From time to time the Company is involved in legal proceedings arising in the ordinary course of business. There is no litigation pending that could, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Guarantees and Indemnification Obligations The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with any United States patent, or any copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. The term of these indemnification provisions is generally perpetual after execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is unlimited. Based on historical experience and information known as of April 30, 2016 and January 31, 2016, the Company has not recorded any liabilities for these guarantees and indemnities. </div>

<div> The following table reflects the carrying value of intangible assets as of April 30, 2016:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Cost</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Accumulated Amortization</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Net Book Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Intellectual property </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,505</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,548</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,957</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Access to facilities contract </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">38</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(38</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,543</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,586</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,957</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The following table reflects the carrying value of intangible assets as of January 31, 2016:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Cost</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Accumulated Amortization</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Net Book Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Intellectual property </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,505</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,461</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,044</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Access to facilities contract </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">38</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(38</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,543</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,499</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,044</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

14636433

4.18

2016-04-30

<div> Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from management’s estimates if future events differ substantially from past experience, or other assumptions, which reasonable when made, do not turn out to be substantially accurate. </div>

<div> 10. Stock-Based Compensation The fair value of common stock service-based options for employees and directors is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1.00pt solid #000000"> Three Months Ended April 30,</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2016</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2015</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Expected life (years) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.25</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.25</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Risk-free interest rate </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.54</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.80</td> <td nowrap="nowrap" valign="bottom">% </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Expected volatility </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">35.3</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">39.0</td> <td nowrap="nowrap" valign="bottom">% </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Expected dividend yield </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.0</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.0</td> <td nowrap="nowrap" valign="bottom">% </td> </tr> </table> The weighted-average grant date fair value per share for service-based stock options granted in the three months ended April 30, 2016 and 2015 was $4.18 and $4.27, respectively. For standard service-based stock options, the Company records stock-based compensation expense over the estimated service/vesting period. The amount of stock-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Performance-based stock options are recognized as expense over the requisite service period when it becomes probable that performance measures triggering vesting will be met. Certain grants vested during the first quarter of fiscal year 2017 based on achieved performance metrics for fiscal year 2016, and accordingly, the Company recorded $51 in share-based compensation expense associated with these options in the three months ended April 30, 2016. Furthermore, as of April 30, 2016, the Company has concluded that it is not probable that the required metrics for vesting of the remaining unvested options will be achieved. As such, the Company has not recognized any additional share-based compensation expense associated with the unvested portion of these performance-based options. During the first quarter of fiscal year 2017, the Company granted performance-based restricted stock units (“PSUs”) for a total of 337,000 shares of common stock. The PSUs are eligible to vest, and will vest over a two-year period, if certain specified targets are met in fiscal year 2017. PSUs are recognized as expense when it becomes probable that performance measures triggering vesting will be achieved. As of April 30, 2016, the Company has concluded that it is not probable that any of the required metrics for vesting of the PSUs will be achieved. As a result, the Company has not recognized any share-based compensation expense associated with these awards.   Total stock-based compensation expense related to stock options and restricted stock units issued by the Company is as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1.00pt solid #000000"> Three Months Ended April 30,</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2015</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Cost of revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">44</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">69</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Sales and marketing </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">90</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">115</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Research and development </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">183</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">241</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> General and administrative </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">172</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">189</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">489</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">614</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The total unrecognized compensation cost related to outstanding stock options is $2,484 at April 30, 2016. This amount is expected to be recognized over a weighted-average period of 2.07 years. </div>

<div> Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle, as a result of which more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein. However, in July 2015, the FASB approved a one-year deferral that does not require adoption until calendar year 2018 (fiscal 2019 for the Company). The two permitted transition methods under the new standard are: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and, further, has not yet determined the method by which it will adopt the standard when it becomes effective. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under the new guidance, management will be required to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for interim periods therein. This ASU is not expected to have an impact on the Company’s financial statements or disclosures. In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. The guidance clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software. The standard will be effective for annual reporting periods beginning after December 15, 2016, and for interim periods therein. Early adoption is permitted. This ASU is not expected to have an impact on the Company’s financial statements or disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This standard requires the recognition of lease assets and liabilities for all leases, with certain exceptions, on the balance sheet. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This ASU is effective for annual periods beginning after December 15, 2018, and for interim periods therein. The Company is currently evaluating the requirements of this ASU and has not yet determined its impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718)—Improvements to Employee Share-Based Payment Accounting. This standard simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for interim periods therein. Early adoption is permitted. The Company is currently evaluating the requirements of this ASU and has not yet determined its impact on the Company’s consolidated financial statements. </div>

<div> 2. Summary of Significant Accounting Policies Applicable Accounting Guidance Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative United States generally accepted accounting principles (“GAAP”) as found in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). Basis of Presentation The interim financial data as of April 30, 2016 and for the three months ended April 30, 2016 and 2015 are unaudited; however, in the opinion of the Company’s management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The condensed consolidated balance sheet presented as of January 31, 2016 has been derived from the audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements presented herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Exa annual report on Form 10-K for the year ended January 31, 2016 filed with the Securities and Exchange Commission on March 21, 2016. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from management’s estimates if future events differ substantially from past experience, or other assumptions, which reasonable when made, do not turn out to be substantially accurate. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle, as a result of which more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein. However, in July 2015, the FASB approved a one-year deferral that does not require adoption until calendar year 2018 (fiscal 2019 for the Company). The two permitted transition methods under the new standard are: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and, further, has not yet determined the method by which it will adopt the standard when it becomes effective. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under the new guidance, management will be required to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for interim periods therein. This ASU is not expected to have an impact on the Company’s financial statements or disclosures. In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. The guidance clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software. The standard will be effective for annual reporting periods beginning after December 15, 2016, and for interim periods therein. Early adoption is permitted. This ASU is not expected to have an impact on the Company’s financial statements or disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This standard requires the recognition of lease assets and liabilities for all leases, with certain exceptions, on the balance sheet. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This ASU is effective for annual periods beginning after December 15, 2018, and for interim periods therein. The Company is currently evaluating the requirements of this ASU and has not yet determined its impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718)—Improvements to Employee Share-Based Payment Accounting. This standard simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for interim periods therein. Early adoption is permitted. The Company is currently evaluating the requirements of this ASU and has not yet determined its impact on the Company’s consolidated financial statements. </div>

EXA

14636433

-0.06

<div> 3. Computation of Net Loss Per Share Net loss per share has been computed using the weighted average number of shares of common stock outstanding during each period. Diluted amounts per share include the impact of the Company’s outstanding potential common shares, such as shares issuable upon exercise of in-the-money stock options or warrants, when dilutive. Potential common shares that are anti-dilutive are excluded from the calculation of diluted net loss per common share. The following summarizes the calculation of basic and diluted net loss per share:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Three Months Ended April 30,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Numerator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Net loss </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(943</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,888</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Denominator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Weighted average common shares, basic and diluted </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14,636,433</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14,301,709</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Basic and diluted net loss per share </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.06</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.13</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The table below represents outstanding options, restricted stock unit awards and warrants that were excluded from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect. All of the Company’s outstanding stock options, unvested restricted stock units and warrants were anti-dilutive for the three months ended April 30, 2016 and 2015 due to the net loss position of the Company.   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="76%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> Three Months Ended April 30,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Options, restricted stock unit awards and warrants to purchase common and preferred stock </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,943,562</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,606,097</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> </div>

P2Y26D

751000

521000

-943000

16785000

47000

-1242000

-1010000

45000

14059000

1137000

9000

187000

-17863000

215000

2726000

-826000

117000

-823000

10000

6000

120000

489000

-1042000

3331000

11533000

17795000

47000

-521000

-694000

6211000

-5750000

36000

57000

3449000

875000

88000

-970000

923000

1011000

-12000

4804000

0.50 <div> Applicable Accounting Guidance Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative United States generally accepted accounting principles (“GAAP”) as found in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). </div> <div> Deferred rent consists of the following:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="78%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">April 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">January 31, 2016</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Leasehold improvement incentive </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,775</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,839</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Non-cash rent expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">895</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">837</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total deferred rent </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,670</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,676</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Less current portion included in accrued expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(188</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(186</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Deferred rent, net of current portion </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,482</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,490</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div> -426000 P3Y <div> 6. Deferred Rent Payment escalations, rent holidays and lease incentives specified in the Company’s non-cancelable operating lease and hosting agreements are recognized on a straight-line basis over the terms of the agreements. The differences arising from straight-line expense recognition and cash payments are recorded as deferred rent in the accompanying consolidated balance sheets. Tenant leasehold improvement allowances received from landlords are recorded as deferred rent and are amortized as operating expense over the applicable lease terms. Deferred rent consists of the following:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="78%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">April 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">January 31, 2016</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Leasehold improvement incentive </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,775</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,839</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Non-cash rent expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">895</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">837</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total deferred rent </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,670</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,676</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Less current portion included in accrued expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(188</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(186</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Deferred rent, net of current portion </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,482</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,490</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

90000

44000

172000

183000

418000

1644000

1337000

4307000

2549000

1887000

3426000

1217000

51000

337000

P2Y

P6Y3M

0.0154

0.353

0.000

<div> The fair value of common stock service-based options for employees and directors is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1.00pt solid #000000"> Three Months Ended April 30,</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2016</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2015</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Expected life (years) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.25</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6.25</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Risk-free interest rate </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.54</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.80</td> <td nowrap="nowrap" valign="bottom">% </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Expected volatility </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">35.3</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">39.0</td> <td nowrap="nowrap" valign="bottom">% </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Expected dividend yield </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.0</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.0</td> <td nowrap="nowrap" valign="bottom">% </td> </tr> </table> </div>

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Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Document Period End Date Document Period End Date Document Type Document Type Earnings Per Share [Abstract] Net loss per share: Earnings Per Share, Basic Basic Earnings Per Share, Basic and Diluted Basic and diluted net loss per share Earnings Per Share, Diluted Diluted Earnings Per Share [Text Block] Computation of Net Loss Per Share Effect of Exchange Rate on Cash and Cash Equivalents Effect of exchange rate changes on cash Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition Weighted-average period Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options Total unrecognized compensation cost Entity Central Index Key Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Entity Filer Category Entity Filer Category Entity Registrant Name Entity Registrant Name Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, by Balance Sheet Grouping [Table Text Block] Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value Fair Value, Hierarchy [Axis] Fair Value, Hierarchy [Axis] Fair Value Disclosures [Abstract] Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] Fair Value Measurements Fair Value, Inputs, Level 1 [Member] Level 1 [Member] Fair Value Hierarchy [Domain] Fair Value Hierarchy [Domain] Finite-Lived Intangible Assets, Accumulated Amortization Accumulated Amortization Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Gross Cost Finite-Lived Intangible Assets [Line Items] Finite-Lived Intangible Assets [Line Items] Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Net Intangible assets, net Net Book Value Foreign Currency Transaction Gain (Loss), before Tax Foreign exchange gain (loss) FRANCE France [Member] Furniture and Fixtures [Member] Office Equipment and Furniture [Member] UNITED KINGDOM United Kingdom [Member] General and Administrative Expense General and administrative General and Administrative Expense [Member] General and Administrative [Member] Goodwill and Intangible Assets Disclosure [Abstract] Goodwill and Intangible Assets Disclosure [Abstract] Guarantor Obligations, Current Carrying Value Recorded liabilities for guarantees and indemnities Incentive from Lessor Leasehold improvement incentive Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Loss before income taxes Income Statement [Abstract] Income Statement [Abstract] Income Statement Location [Axis] Income Statement Location [Axis] Income Statement Location [Domain] Income Statement Location [Domain] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Income Taxes Income Taxes Paid Cash paid for income taxes Income Tax Examination, Description Income tax examination, description Income Tax Expense (Benefit) Provision (benefit) for income taxes (Provision) benefit for income taxes Increase (Decrease) in Accounts Payable Accounts payable Increase (Decrease) in Accounts Receivable Accounts receivable Increase (Decrease) in Accrued Liabilities Accrued expenses Increase decrease in capital expenditures incurred but not yet paid. Increase Decrease In Capital Expenditures Incurred But Not Yet Paid Decrease in unpaid purchases of property and equipment Increase (Decrease) in Deferred Revenue Deferred revenue Increase (Decrease) in Operating Capital [Abstract] Net change in operating assets and liabilities: Increase (Decrease) in Other Operating Assets Other assets Increase (Decrease) in Other Operating Liabilities Other liabilities Increase (Decrease) in Prepaid Expense and Other Assets Prepaid expenses and other current assets Intangible Assets Disclosure [Text Block] Acquired Intangible Assets Intellectual Property [Member] Intellectual Property [Member] Interest Expense Interest expense Interest Paid Cash paid for interest Investment Income, Interest Interest income JAPAN Japan [Member] KOREA, REPUBLIC OF Korea [Member] Leasehold Improvements [Member] Leasehold Improvements [Member] Liabilities Total liabilities Liabilities and Equity Total liabilities and stockholders' equity Liabilities and Equity [Abstract] LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities, Current Total current liabilities Liabilities, Current [Abstract] Current liabilities: Licenses Revenue License revenue Long-lived Assets by Geographic Areas [Table Text Block] Net Long-Lived Assets by Principal Geographic Area Money Market Funds [Member] Money Market Funds [Member] Nature of Operations [Text Block] Description of Business Net Cash Provided by (Used in) Financing Activities [Abstract] Cash flows used in financing activities: Net Cash Provided by (Used in) Financing Activities, Continuing Operations Net cash used in financing activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows used in investing activities: Net Cash Provided by (Used in) Investing Activities, Continuing Operations Net cash used in investing activities Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows provided by operating activities: Net Cash Provided by (Used in) Operating Activities, Continuing Operations Net cash provided by operating activities Net Income (Loss) Attributable to Parent Net loss Net loss New Accounting Pronouncements, Policy [Policy Text Block] Recent Accounting Pronouncements Non cash deferred rent. Non Cash Deferred Rent Non-cash rent expense Nonoperating Income (Expense) Total other income (expense), net Numerator. Numerator [Abstract] Numerator: Operating Expenses Total operating expenses Operating Expenses [Abstract] Operating expenses: Operating Income (Loss) Loss from operations Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Other Accrued Liabilities, Current Other Other Assets, Noncurrent Other assets Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax Foreign currency translation adjustment Other Liabilities, Noncurrent Other long-term liabilities Other Nonoperating Income (Expense) Other income, net Other Nonoperating Income (Expense) [Abstract] Other income (expense), net: Others. Others [Member] Other [Member] Payables and Accruals [Abstract] Payables and Accruals [Abstract] Payments to Acquire Property, Plant, and Equipment Purchases of property and equipment Performance Shares [Member] Performance Based Options [Member] Preferred Stock, Par or Stated Value Per Share Preferred stock, par value Preferred Stock, Shares Authorized Preferred stock, shares authorized Preferred Stock, Shares Issued Preferred stock, shares issued Preferred Stock, Shares Outstanding Preferred stock, shares outstanding Preferred Stock, Value, Issued Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding Prepaid Expense and Other Assets, Current Prepaid expenses and other current assets Proceeds from Stock Options Exercised Proceeds from stock option exercises Property, Plant and Equipment [Abstract] Property, Plant and Equipment [Abstract] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment Disclosure [Text Block] Property and Equipment, net Property, Plant and Equipment, Gross Total property and equipment Property, Plant and Equipment [Line Items] Property, Plant and Equipment [Line Items] Property, Plant and Equipment, Net Property and equipment, net Property and equipment, net Property, Plant and Equipment [Table Text Block] Schedule of Property and Equipment Property, Plant and Equipment, Type [Domain] Property, Plant and Equipment, Type [Domain] Repayments of Long-term Capital Lease Obligations Payments of capital lease obligations Research and Development Expense Research and development Research and Development Expense [Member] Research and Development [Member] Restricted Cash and Cash Equivalents Restricted cash Cash and Cash Equivalents [Domain] Cash and Cash Equivalents [Domain] Restricted Stock Units (RSUs) [Member] Performance Based Restricted Stock Units (PSUs) [Member] Retained Earnings (Accumulated Deficit) Accumulated deficit Revenue from External Customers by Geographic Areas [Table Text Block] Revenues by Geographic Area Revenues Revenue Total revenue Revenues [Abstract] Revenue: Revenues from External Customers and Long-Lived Assets [Line Items] Revenues from External Customers and Long-Lived Assets [Line Items] Sales and Excise Tax Payable, Current Sales and value added taxes EX-101.PRE 11 exa-20160430_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Apr. 30, 2016	May. 20, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Trading Symbol	EXA
Entity Registrant Name	EXA CORP
Entity Central Index Key	0000890264
Current Fiscal Year End Date	--01-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		14,719,558

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Current assets:
Cash and cash equivalents	$ 39,182	$ 27,649
Accounts receivable	13,675	32,072
Prepaid expenses and other current assets	2,428	3,707
Total current assets	55,285	63,428
Property and equipment, net	11,249	12,032
Intangible assets, net	1,957	2,044
Deferred tax assets	440	428
Restricted cash	352	352
Other assets	781	737
Total assets	70,064	79,021
Current liabilities:
Accounts payable	2,235	3,462
Accrued expenses	6,465	12,199
Current portion of deferred revenue	33,148	32,849
Current portion of capital lease obligations	2,597	2,823
Total current liabilities	44,445	51,333
Deferred revenue	3,172	4,484
Capital lease obligations	2,024	2,549
Deferred rent	2,482	2,490
Other long-term liabilities	715	678
Total liabilities	$ 52,838	$ 61,534
Commitments and contingencies (Note 9)
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; 14,676,339 and 14,663,621 shares issued, respectively; 14,643,837 and 14,631,119 shares outstanding, respectively	$ 15	$ 15
Additional paid-in capital	92,191	91,626
Accumulated deficit	(74,628)	(73,685)
Treasury stock (32,502 common shares, at cost)	0	0
Accumulated other comprehensive loss	(352)	(469)
Total stockholders' equity	17,226	17,487
Total liabilities and stockholders' equity	$ 70,064	$ 79,021

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 30, 2016	Jan. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	14,676,339	14,663,621
Common stock, shares outstanding	14,643,837	14,631,119
Treasury stock, shares	32,502	32,502

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Revenue:
License revenue	$ 14,059	$ 12,242
Project revenue	2,726	2,526
Total revenue	16,785	14,768
Operating expenses:
Cost of revenues	4,804	4,643
Sales and marketing	3,331	2,488
Research and development	6,211	6,170
General and administrative	3,449	3,267
Total operating expenses	17,795	16,568
Loss from operations	(1,010)	(1,800)
Other income (expense), net:
Foreign exchange gain (loss)	215	(52)
Interest expense	(47)	(65)
Interest income	10	3
Other income, net	9
Total other income (expense), net	187	(114)
Loss before income taxes	(823)	(1,914)
(Provision) benefit for income taxes	(120)	26
Net loss	$ (943)	$ (1,888)
Net loss per share:
Basic	$ (0.06)	$ (0.13)
Diluted	$ (0.06)	$ (0.13)
Weighted average shares outstanding used in computing net loss per share:
Basic	14,636,433	14,301,709
Diluted	14,636,433	14,301,709
Comprehensive loss:
Net loss	$ (943)	$ (1,888)
Foreign currency translation adjustment	117	40
Comprehensive loss	$ (826)	$ (1,848)

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Cash flows provided by operating activities:
Net loss	$ (943)	$ (1,888)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,011	750
Stock-based compensation expense	489	614
Deferred rent expense	(6)	(101)
Deferred income taxes	(12)	(6)
Net change in operating assets and liabilities:
Accounts receivable	17,863	21,097
Prepaid expenses and other current assets	1,242	(1,476)
Other assets	(45)	537
Accounts payable	(970)	4
Accrued expenses	(5,750)	(1,959)
Other liabilities	36	(94)
Deferred revenue	(1,042)	734
Net cash provided by operating activities	11,873	18,212
Cash flows used in investing activities:
Purchases of property and equipment	(521)	(141)
Net cash used in investing activities	(521)	(141)
Cash flows used in financing activities:
Proceeds from stock option exercises	57	648
Payments of capital lease obligations	(751)	(650)
Net cash used in financing activities	(694)	(2)
Effect of exchange rate changes on cash	875	(57)
Net increase in cash and cash equivalents	11,533	18,012
Cash and cash equivalents, beginning of period	27,649	21,785
Cash and cash equivalents, end of period	39,182	39,797
Supplemental cash flow disclosures:
Cash paid for interest	47	65
Cash paid for income taxes	1,137	$ 958
Supplemental disclosure of non-cash investing activities:
Decrease in unpaid purchases of property and equipment	$ (426)

XML 17 R6.htm IDEA: XBRL DOCUMENT

Description of Business	3 Months Ended
Description of Business	Apr. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Exa Corporation (the “Company” or “Exa”), a Delaware corporation, develops, sells and supports simulation software and services used primarily by vehicle manufacturers to enhance the performance of their products, reduce product development costs and improve the efficiency of their design and engineering processes. The Company’s solutions enable engineers and designers to augment or replace conventional methods of evaluating designs that rely on expensive and inefficient physical prototypes and test facilities with accurate digital simulations that are more useful, cost effective and timely. The Company’s simulation solutions enable customers to gain crucial insights about design performance early in the design cycle, reducing the likelihood of expensive redesigns and late-stage engineering changes, which result in cost savings and fundamental improvements in the development process. The Company is primarily focused on the ground transportation market, but is also exploring the application of its capabilities in the aerospace, oil and gas production, chemical processing, architecture, engineering and construction, power generation, biomedical and electronics industries. Exa has offices and sells directly in the United States and through subsidiaries in France, Germany, Italy, Japan, Korea, China, and the United Kingdom. The Company also conducts business in Sweden, India, Brazil, Russia, Canada, Finland, Spain and Australia.

XML 18 R7.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Apr. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Applicable Accounting Guidance Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative United States generally accepted accounting principles (“GAAP”) as found in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). Basis of Presentation The interim financial data as of April 30, 2016 and for the three months ended April 30, 2016 and 2015 are unaudited; however, in the opinion of the Company’s management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The condensed consolidated balance sheet presented as of January 31, 2016 has been derived from the audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements presented herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Exa annual report on Form 10-K for the year ended January 31, 2016 filed with the Securities and Exchange Commission on March 21, 2016. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from management’s estimates if future events differ substantially from past experience, or other assumptions, which reasonable when made, do not turn out to be substantially accurate. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle, as a result of which more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein. However, in July 2015, the FASB approved a one-year deferral that does not require adoption until calendar year 2018 (fiscal 2019 for the Company). The two permitted transition methods under the new standard are: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and, further, has not yet determined the method by which it will adopt the standard when it becomes effective. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under the new guidance, management will be required to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for interim periods therein. This ASU is not expected to have an impact on the Company’s financial statements or disclosures. In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. The guidance clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software. The standard will be effective for annual reporting periods beginning after December 15, 2016, and for interim periods therein. Early adoption is permitted. This ASU is not expected to have an impact on the Company’s financial statements or disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This standard requires the recognition of lease assets and liabilities for all leases, with certain exceptions, on the balance sheet. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This ASU is effective for annual periods beginning after December 15, 2018, and for interim periods therein. The Company is currently evaluating the requirements of this ASU and has not yet determined its impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718)—Improvements to Employee Share-Based Payment Accounting. This standard simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for interim periods therein. Early adoption is permitted. The Company is currently evaluating the requirements of this ASU and has not yet determined its impact on the Company’s consolidated financial statements.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Computation of Net Loss Per Share

3 Months Ended

Apr. 30, 2016

Earnings Per Share [Abstract]

Computation of Net Loss Per Share

3. Computation of Net Loss Per Share

The following summarizes the calculation of basic and diluted net loss per share:


	Three Months Ended April 30,
	2016			2015
Numerator:
Net loss	$	(943	)	$	(1,888	)

Denominator:
Weighted average common shares, basic and diluted		14,636,433			14,301,709

Basic and diluted net loss per share	$	(0.06	)	$	(0.13	)


	Three Months Ended April 30,
	2016		2015
Options, restricted stock unit awards and warrants to purchase common and preferred stock		1,943,562		2,606,097

XML 20 R9.htm IDEA: XBRL DOCUMENT

Property and Equipment, net

3 Months Ended

Apr. 30, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment, net

4. Property and Equipment, net

Property and equipment, net consists of the following:


	April 30, 2016			January 31, 2016
Computer software and equipment	$	18,160		$	17,964
Office equipment and furniture		1,495			1,349
Leasehold improvements		1,619			1,562
Construction-in-process		41			169

Total property and equipment		21,315			21,044
Less accumulated depreciation		(10,066	)		(9,012	)

Property and equipment, net	$	11,249		$	12,032

XML 21 R10.htm IDEA: XBRL DOCUMENT

Accrued Expenses

3 Months Ended

Apr. 30, 2016

Payables and Accruals [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses consist of the following:


	April 30, 2016		January 31, 2016
Accrued payroll	$	1,861	$	1,828
Sales and value added taxes		1,625		4,075
Accrued commissions and bonuses		961		3,900
Accrued income taxes payable		412		541
Deferred rent, current portion		188		186
Legal and professional		554		805
Other		864		864

Total accrued expenses	$	6,465	$	12,199

XML 22 R11.htm IDEA: XBRL DOCUMENT

Deferred Rent

3 Months Ended

Apr. 30, 2016

Text Block [Abstract]

Deferred Rent

6. Deferred Rent

Deferred rent consists of the following:


	April 30, 2016			January 31, 2016
Leasehold improvement incentive	$	1,775		$	1,839
Non-cash rent expense		895			837

Total deferred rent		2,670			2,676
Less current portion included in accrued expenses		(188	)		(186	)

Deferred rent, net of current portion	$	2,482		$	2,490

XML 23 R12.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

3 Months Ended

Apr. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. Fair Value Measurements

Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value as of April 30, 2016:


	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	11,027	$	11,027	$	—	$	—

The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value as of January 31, 2016:


	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	11,019	$	11,019	$	—	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 24 R13.htm IDEA: XBRL DOCUMENT

Acquired Intangible Assets

3 Months Ended

Apr. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Intangible Assets

8. Acquired Intangible Assets

The following table reflects the carrying value of intangible assets as of April 30, 2016:


	Cost		Accumulated Amortization			Net Book Value
Intellectual property	$	3,505	$	(1,548	)	$	1,957
Access to facilities contract		38		(38	)		—

Total	$	3,543	$	(1,586	)	$	1,957

The following table reflects the carrying value of intangible assets as of January 31, 2016:


	Cost		Accumulated Amortization			Net Book Value
Intellectual property	$	3,505	$	(1,461	)	$	2,044
Access to facilities contract		38		(38	)		—

Total	$	3,543	$	(1,499	)	$	2,044

Amortization expense of intangible assets was $88 for the three months ended April 30, 2016 and 2015.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Apr. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Legal Contingencies From time to time the Company is involved in legal proceedings arising in the ordinary course of business. There is no litigation pending that could, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Guarantees and Indemnification Obligations The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with any United States patent, or any copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. The term of these indemnification provisions is generally perpetual after execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is unlimited. Based on historical experience and information known as of April 30, 2016 and January 31, 2016, the Company has not recorded any liabilities for these guarantees and indemnities.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

3 Months Ended

Apr. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation


	Three Months Ended April 30,
	2016			2015
Expected life (years)		6.25			6.25
Risk-free interest rate		1.54	%		1.80	%
Expected volatility		35.3	%		39.0	%
Expected dividend yield		0.0	%		0.0	%

The weighted-average grant date fair value per share for service-based stock options granted in the three months ended April 30, 2016 and 2015 was $4.18 and $4.27, respectively.

Total stock-based compensation expense related to stock options and restricted stock units issued by the Company is as follows:


	Three Months Ended April 30,
	2016		2015
Cost of revenues	$	44	$	69
Sales and marketing		90		115
Research and development		183		241
General and administrative		172		189

Total	$	489	$	614

The total unrecognized compensation cost related to outstanding stock options is $2,484 at April 30, 2016. This amount is expected to be recognized over a weighted-average period of 2.07 years.

XML 27 R16.htm IDEA: XBRL DOCUMENT

Income Taxes	3 Months Ended
Income Taxes	Apr. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes For the three months ended April 30, 2016, the Company’s income tax provision was $120. The provision primarily consists of the tax effects of foreign operating results and foreign withholding taxes. For the three months ended April 30, 2015, the income tax benefit was $26. The benefit for the three months ended April 30, 2015 primarily consists of the tax effect of foreign losses, offset by withholding taxes. In determining the realizability of the net United States federal and state deferred tax assets, the Company considers numerous factors including historical profitability, estimated future taxable income, prudent and feasible tax planning strategies and the industry in which it operates. Management reassesses the realization of the deferred tax assets each reporting period, which resulted in a valuation allowance against the full amount of the Company’s United States deferred tax assets in the first quarter of fiscal year 2015. To the extent that the financial results of the United States operations improve in the future and the deferred tax assets become realizable, the Company will reduce the valuation allowance through earnings. It is reasonably possible within the next nine months that the liability for unrecognized tax benefits relating to transfer pricing in a foreign jurisdiction will decrease by approximately $403, inclusive of interest, primarily as a result of the expiration of the statute of limitations. The Company and one or more of its subsidiaries file United States federal income tax returns and tax returns in various state and foreign jurisdictions. With limited exceptions, the Company is no longer subject to federal, state, local or foreign examinations for years ending prior to January 31, 2012. However, carryforward attributes that were generated in tax years ending prior to January 31, 2013 may still be adjusted upon examination by state or local tax authorities if they either have been or will be used in a future period. Under Section 382 of the Internal Revenue Code of 1986, as amended, substantial changes in the Company’s ownership may limit the amount of net operating loss carryforwards that could be utilized annually in the future to offset its taxable income. Specifically, this limitation may arise in the event of a cumulative change in ownership of the Company of more than 50% within a three-year period. During the first quarter of fiscal year 2015, management determined that the Company had experienced an ownership change for purposes of Section 382. This ownership change resulted in annual limitations to the amount of net operating loss carryforwards that can be utilized to offset future taxable income, if any, at the federal level. The Company’s management has determined that, as of April 30, 2016, it had not experienced another ownership change for purposes of Section 382. However, future transactions in the Company’s common stock could trigger an ownership change for purposes of Section 382, which could limit the amount of net operating loss carryforwards that could be utilized annually in the future to offset the Company’s taxable income, if any. Any such limitation, whether as the result of sales of common stock by the Company’s existing stockholders or sales of common stock by the Company, could have a material adverse effect on the Company’s results of operations in future years.

XML 28 R17.htm IDEA: XBRL DOCUMENT

Geographic Information

3 Months Ended

Apr. 30, 2016

Segment Reporting [Abstract]

Geographic Information

12. Geographic Information

Revenue by geographic area, attributed to individual countries based upon location of the external customer, is as follows:


	Three Months Ended April 30,
	2016		2015
United States	$	4,307	$	3,843
Germany		2,549		2,190
Japan		3,426		2,341
France		1,887		1,779
Korea		1,337		1,293
United Kingdom		1,644		1,861
Sweden		418		475
Other		1,217		986

	$	16,785	$	14,768


	April 30, 2016		January 31, 2016
United States	$	10,580	$	11,346
France		353		388
Germany		116		110
Japan		124		116
Other		76		72

	$	11,249	$	12,032

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

XML 29 R18.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Apr. 30, 2016
Accounting Policies [Abstract]
Applicable Accounting Guidance	Applicable Accounting Guidance Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative United States generally accepted accounting principles (“GAAP”) as found in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”).
Basis of Presentation	Basis of Presentation The interim financial data as of April 30, 2016 and for the three months ended April 30, 2016 and 2015 are unaudited; however, in the opinion of the Company’s management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The condensed consolidated balance sheet presented as of January 31, 2016 has been derived from the audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements presented herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Exa annual report on Form 10-K for the year ended January 31, 2016 filed with the Securities and Exchange Commission on March 21, 2016.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from management’s estimates if future events differ substantially from past experience, or other assumptions, which reasonable when made, do not turn out to be substantially accurate.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle, as a result of which more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein. However, in July 2015, the FASB approved a one-year deferral that does not require adoption until calendar year 2018 (fiscal 2019 for the Company). The two permitted transition methods under the new standard are: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and, further, has not yet determined the method by which it will adopt the standard when it becomes effective. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under the new guidance, management will be required to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for interim periods therein. This ASU is not expected to have an impact on the Company’s financial statements or disclosures. In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. The guidance clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software. The standard will be effective for annual reporting periods beginning after December 15, 2016, and for interim periods therein. Early adoption is permitted. This ASU is not expected to have an impact on the Company’s financial statements or disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This standard requires the recognition of lease assets and liabilities for all leases, with certain exceptions, on the balance sheet. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This ASU is effective for annual periods beginning after December 15, 2018, and for interim periods therein. The Company is currently evaluating the requirements of this ASU and has not yet determined its impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718)—Improvements to Employee Share-Based Payment Accounting. This standard simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for interim periods therein. Early adoption is permitted. The Company is currently evaluating the requirements of this ASU and has not yet determined its impact on the Company’s consolidated financial statements.

XML 30 R19.htm IDEA: XBRL DOCUMENT

Computation of Net Loss Per Share (Tables)

3 Months Ended

Apr. 30, 2016

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Net (Loss) Income Per Share

The following summarizes the calculation of basic and diluted net loss per share:


	Three Months Ended April 30,
	2016			2015
Numerator:
Net loss	$	(943	)	$	(1,888	)

Denominator:
Weighted average common shares, basic and diluted		14,636,433			14,301,709

Basic and diluted net loss per share	$	(0.06	)	$	(0.13	)

Outstanding Options, Restricted Stock Unit Awards and Warrants Excluded from Computation of Diluted Net Loss Per Share


	Three Months Ended April 30,
	2016		2015
Options, restricted stock unit awards and warrants to purchase common and preferred stock		1,943,562		2,606,097

XML 31 R20.htm IDEA: XBRL DOCUMENT

Property and Equipment, net (Tables)

3 Months Ended

Apr. 30, 2016

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net consists of the following:


	April 30, 2016			January 31, 2016
Computer software and equipment	$	18,160		$	17,964
Office equipment and furniture		1,495			1,349
Leasehold improvements		1,619			1,562
Construction-in-process		41			169

Total property and equipment		21,315			21,044
Less accumulated depreciation		(10,066	)		(9,012	)

Property and equipment, net	$	11,249		$	12,032

XML 32 R21.htm IDEA: XBRL DOCUMENT

Accrued Expenses (Tables)

3 Months Ended

Apr. 30, 2016

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consist of the following:


	April 30, 2016		January 31, 2016
Accrued payroll	$	1,861	$	1,828
Sales and value added taxes		1,625		4,075
Accrued commissions and bonuses		961		3,900
Accrued income taxes payable		412		541
Deferred rent, current portion		188		186
Legal and professional		554		805
Other		864		864

Total accrued expenses	$	6,465	$	12,199

XML 33 R22.htm IDEA: XBRL DOCUMENT

Deferred Rent (Tables)

3 Months Ended

Apr. 30, 2016

Text Block [Abstract]

Deferred Rent

Deferred rent consists of the following:


	April 30, 2016			January 31, 2016
Leasehold improvement incentive	$	1,775		$	1,839
Non-cash rent expense		895			837

Total deferred rent		2,670			2,676
Less current portion included in accrued expenses		(188	)		(186	)

Deferred rent, net of current portion	$	2,482		$	2,490

XML 34 R23.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value

The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value as of April 30, 2016:


	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	11,027	$	11,027	$	—	$	—

The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value as of January 31, 2016:


	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	11,019	$	11,019	$	—	$	—

XML 35 R24.htm IDEA: XBRL DOCUMENT

Acquired Intangible Assets (Tables)

3 Months Ended

Apr. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Value of Intangible Assets

The following table reflects the carrying value of intangible assets as of April 30, 2016:


	Cost		Accumulated Amortization			Net Book Value
Intellectual property	$	3,505	$	(1,548	)	$	1,957
Access to facilities contract		38		(38	)		—

Total	$	3,543	$	(1,586	)	$	1,957

The following table reflects the carrying value of intangible assets as of January 31, 2016:


	Cost		Accumulated Amortization			Net Book Value
Intellectual property	$	3,505	$	(1,461	)	$	2,044
Access to facilities contract		38		(38	)		—

Total	$	3,543	$	(1,499	)	$	2,044

XML 36 R25.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Tables)

3 Months Ended

Apr. 30, 2016

Stock-Based Compensation Expense Related to Stock Options Issued and Restricted Stock Units by the Company

Total stock-based compensation expense related to stock options and restricted stock units issued by the Company is as follows:


	Three Months Ended April 30,
	2016		2015
Cost of revenues	$	44	$	69
Sales and marketing		90		115
Research and development		183		241
General and administrative		172		189

Total	$	489	$	614

Service Based Stock Options [Member]

Assumptions Used to Calculate Fair Value of Common Stock Options for Employees, Directors and Executive Team Members


	Three Months Ended April 30,
	2016			2015
Expected life (years)		6.25			6.25
Risk-free interest rate		1.54	%		1.80	%
Expected volatility		35.3	%		39.0	%
Expected dividend yield		0.0	%		0.0	%

XML 37 R26.htm IDEA: XBRL DOCUMENT

Geographic Information (Tables)

3 Months Ended

Apr. 30, 2016

Segment Reporting [Abstract]

Revenues by Geographic Area

Revenue by geographic area, attributed to individual countries based upon location of the external customer, is as follows:


	Three Months Ended April 30,
	2016		2015
United States	$	4,307	$	3,843
Germany		2,549		2,190
Japan		3,426		2,341
France		1,887		1,779
Korea		1,337		1,293
United Kingdom		1,644		1,861
Sweden		418		475
Other		1,217		986

	$	16,785	$	14,768

Net Long-Lived Assets by Principal Geographic Area

Net long-lived assets by principal geographic areas were as follows:


	April 30, 2016		January 31, 2016
United States	$	10,580	$	11,346
France		353		388
Germany		116		110
Japan		124		116
Other		76		72

	$	11,249	$	12,032

XML 38 R27.htm IDEA: XBRL DOCUMENT

Computation of Net Loss Per Share - Calculation of Basic and Diluted Net Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Numerator:
Net loss	$ (943)	$ (1,888)
Denominator:
Weighted average common shares, basic and diluted	14,636,433	14,301,709
Basic and diluted net loss per share	$ (0.06)	$ (0.13)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 39 R28.htm IDEA: XBRL DOCUMENT

Computation of Net Loss Per Share - Outstanding Options, Restricted Stock Unit Awards and Warrants Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Earnings Per Share [Abstract]
Options, restricted stock unit awards and warrants to purchase common and preferred stock	1,943,562	2,606,097

XML 40 R29.htm IDEA: XBRL DOCUMENT

Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 21,315	$ 21,044
Less accumulated depreciation	(10,066)	(9,012)
Property and equipment, net	11,249	12,032
Computer Software and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	18,160	17,964
Office Equipment and Furniture [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	1,495	1,349
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	1,619	1,562
Construction in Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 41	$ 169

XML 41 R30.htm IDEA: XBRL DOCUMENT

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Jan. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 923	$ 662
Cost of equipment held pursuant to capital leases	14,863	$ 14,809
Accumulated amortization	10,066		$ 9,012
Assets Held under Capital Leases [Member]
Property, Plant and Equipment [Line Items]
Accumulated amortization	$ 7,501		$ 6,808

XML 42 R31.htm IDEA: XBRL DOCUMENT

Accrued Expenses - Accrued Expenses (Detail) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Payables and Accruals [Abstract]
Accrued payroll	$ 1,861	$ 1,828
Sales and value added taxes	1,625	4,075
Accrued commissions and bonuses	961	3,900
Accrued income taxes payable	412	541
Deferred rent, current portion	188	186
Legal and professional	554	805
Other	864	864
Total accrued expenses	$ 6,465	$ 12,199

XML 43 R32.htm IDEA: XBRL DOCUMENT

Deferred Rent - Deferred Rent (Detail) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Deferred Revenue Disclosure [Abstract]
Leasehold improvement incentive	$ 1,775	$ 1,839
Non-cash rent expense	895	837
Total deferred rent	2,670	2,676
Less current portion included in accrued expenses	(188)	(186)
Deferred rent, net of current portion	2,482	2,490
Total deferred rent	$ 2,670	$ 2,676

XML 44 R33.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value (Detail) - Money Market Funds [Member] - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Assets:
Money market funds	$ 11,027	$ 11,019
Level 1 [Member]
Assets:
Money market funds	$ 11,027	$ 11,019

XML 45 R34.htm IDEA: XBRL DOCUMENT

Acquired Intangible Assets - Carrying Value of Intangible Assets (Detail) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Cost	$ 3,543	$ 3,543
Accumulated Amortization	(1,586)	(1,499)
Net Book Value	1,957	2,044
Intellectual Property [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	3,505	3,505
Accumulated Amortization	(1,548)	(1,461)
Net Book Value	1,957	2,044
Access to Facilities Contract [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	38	38
Accumulated Amortization	$ (38)	$ (38)

XML 46 R35.htm IDEA: XBRL DOCUMENT

Acquired Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets amortization expense	$ 88	$ 88

XML 47 R36.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Apr. 30, 2016	Jan. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Recorded liabilities for guarantees and indemnities	$ 0	$ 0

XML 48 R37.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Assumptions Used to Calculate Fair Value of Common Stock Options for Employees, Directors and Executive Team Members (Detail) - Service Based Stock Options [Member]	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	6 years 3 months	6 years 3 months
Risk-free interest rate	1.54%	1.80%
Expected volatility	35.30%	39.00%
Expected dividend yield	0.00%	0.00%

XML 49 R38.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date per share for stock options	$ 4.18	$ 4.27
Total unrecognized compensation cost	$ 2,484
Weighted-average period	2 years 26 days
Performance Based Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 51
Performance Based Restricted Stock Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, granted	337,000
Vesting period	2 years

XML 50 R39.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Stock Based Compensation [Line Items]
Stock-based compensation expense	$ 489	$ 614
Cost of Revenues [Member]
Stock Based Compensation [Line Items]
Stock-based compensation expense	44	69
Sales and Marketing [Member]
Stock Based Compensation [Line Items]
Stock-based compensation expense	90	115
Research and Development [Member]
Stock Based Compensation [Line Items]
Stock-based compensation expense	183	241
General and Administrative [Member]
Stock Based Compensation [Line Items]
Stock-based compensation expense	$ 172	$ 189

XML 51 R40.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 120	$ (26)
Income tax examination, description	With limited exceptions, the Company is no longer subject to federal, state, local or foreign examinations for years ending prior to January 31, 2012. However, carryforward attributes that were generated in tax years ending prior to January 31, 2013 may still be adjusted upon examination by state or local tax authorities if they either have been or will be used in a future period.
Decrease in the liability for unrecognized tax benefits	$ 403
Threshold percentage for change in ownership	50.00%
Period of change in ownership	3 years

XML 52 R41.htm IDEA: XBRL DOCUMENT

Geographic Information - Revenues by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 16,785	$ 14,768
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	4,307	3,843
Germany [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	2,549	2,190
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	3,426	2,341
France [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,887	1,779
Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,337	1,293
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,644	1,861
Sweden [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	418	475
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,217	$ 986

XML 53 R42.htm IDEA: XBRL DOCUMENT

Geographic Information - Net Long-Lived Assets by Principal Geographic Area (Detail) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 11,249	$ 12,032
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	10,580	11,346
France [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	353	388
Germany [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	116	110
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	124	116
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 76	$ 72

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Large accelerated filer

Accelerated filer

Non-accelerated filer

¨ (Do not check if a smaller reporting company)

Smaller reporting company