EXA CORP (CIK: 890264) (IPO:EXA)

Company Description
We develop, sell and support simulation software and services that vehicle
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 our customers to augment or

replace inefficient
and expensive methods of evaluating alternative designs, such as wind tunnel
testing using physical prototypes, with accurate digital simulations that are
more useful and timely. We believe, based on feedback from our customers and
data published by them, that use of our software solutions enables significant
cost savings and fundamental improvements in their vehicle development process
by allowing their engineers and designers to gain crucial insights about design
performance early in the design cycle.

Our core product, PowerFLOW R, is an innovative software solution for
simulating complex fluid flow problems, including aerodynamics, thermal
management, and aeroacoustics, or wind noise. PowerFLOW relies upon our
proprietary technology that we refer to as Digital Physics R, which is based on
algorithms known as the lattice Boltzmann method (for a description of the
lattice Boltzmann method, see Businessâ€"Our Technology). Our proprietary
technology enables PowerFLOW to predict complex fluid flows with a level of
reliability comparable to or better than physical testing, with results that
are more accurate and useful than those of alternative computational fluid
dynamics, or CFD, methods.

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 90 manufacturers currently
utilize our products and services, including 13 of the global top 15 passenger
vehicle manufacturers, based on motor vehicle production volume for 2010, as
reported by the Organisation Internationale des Constructeurs d'Automobiles, or
the International Organization of Vehicle Manufacturers. Global vehicle
manufacturers face increasing pressure, from government mandates as well as
from consumers, to improve the efficiency of their products. This requires
different powertrain choices, changes in the shape of the vehicle, and
reductions in vehicle weight, all of which we believe favor the adoption of
simulation-driven design.

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. We offer
our solutions through annual capacity-based licenses, either as software-only,
to be run on the customer's own computer hardware, or in the form of software-
as-a-service, via our hosted PowerFLOW OnDemand offering.

We sell our products and services primarily through our direct sales force,
including sales executives and applications engineering teams deployed near our
customers in the United States, Europe, Japan, Korea and China, through a
distributor in India and through a sales agent in Brazil.

We have a predictable business model based on recurring revenue from a growing
customer base. For fiscal year 2012, we recorded total revenues, net income and
Adjusted EBITDA of $45.9 million, $14.5 million and $7.1 million. Since
generating our first commercial revenue in 1994, our annual revenue has
increased for 18 consecutive years. We were profitable in fiscal years 2011 and
2012, after recording net losses in the three preceding fiscal years. Our total
revenues and Adjusted EBITDA in fiscal year 2012 increased 21% and 51%,
respectively, compared with fiscal year 2011.

Our net income in fiscal year 2012 was favorably affected by a benefit from
income taxes of $11.0 million, primarily due to the relea

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