Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Oct. 31, 2013 | Dec. 03, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Oct-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'EXA CORP | ' |
Entity Central Index Key | '0000890264 | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 13,348,099 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 31, 2013 | Jan. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $25,439 | $30,716 | |
Accounts receivable | 7,538 | 27,840 | |
Deferred tax assets | 1,646 | 970 | |
Prepaid expenses and other current assets | 2,107 | 1,938 | |
Total current assets | 36,730 | 61,464 | |
Property and equipment, net | 5,924 | 6,176 | |
Intangible assets, net | 2,833 | 3,096 | |
Deferred tax assets | 13,212 | 12,274 | |
Other assets | 1,115 | 1,060 | |
Total assets | 59,814 | 84,070 | |
Current liabilities: | ' | ' | |
Accounts payable | 852 | 1,743 | |
Accrued expenses | 6,062 | 7,284 | |
Current portion of long-term debt, net of discount | ' | 1,747 | [1] |
Current portion of deferred revenue | 11,674 | 26,013 | |
Current maturities of capital lease obligations | 2,010 | 2,051 | |
Total current liabilities | 20,598 | 38,838 | |
Long-term debt, net of current portion and discount | ' | 5,024 | [1] |
Deferred revenue | 423 | 128 | |
Capital lease obligations | 1,890 | 2,818 | |
Other long-term liabilities | 879 | 1,009 | |
Deferred rent | 981 | 1,482 | |
Total liabilities | 24,771 | 49,299 | |
Commitments and contingencies (Note 10) | ' | ' | |
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 and 195,000,000 shares authorized, respectively; 13,380,361 and 13,319,715 shares issued, respectively; 13,347,859 and 13,287,213 shares outstanding, respectively | 13 | 13 | |
Additional paid-in capital | 84,805 | 83,786 | |
Accumulated deficit | -49,835 | -49,012 | |
Treasury stock (32,502 common shares, at cost) | ' | ' | |
Accumulated other comprehensive income (loss) | 60 | -16 | |
Total stockholders' equity | 35,043 | 34,771 | |
Total liabilities and stockholders' equity | $59,814 | $84,070 | |
[1] | Includes amounts due to a related party, as follows: October 31, 2013 January 31, 2013 Current portion of long-term debt $ - $ 274 Long-term debt, net of current portion $ - $ 499 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 30,000,000 | 195,000,000 |
Common stock, shares issued | 13,380,361 | 13,319,715 |
Common stock, shares outstanding | 13,347,859 | 13,287,213 |
Treasury stock, shares | 32,502 | 32,502 |
Due to related party, current portion of long-term debt | ' | $274 |
Due to related party, long-term debt, net of current portion | ' | $499 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Revenue: | ' | ' | ' | ' |
License revenue | $11,121 | $10,317 | $32,532 | $30,545 |
Project revenue | 2,987 | 2,295 | 6,768 | 5,194 |
Total revenues | 14,108 | 12,612 | 39,300 | 35,739 |
Operating expenses: | ' | ' | ' | ' |
Cost of revenues | 4,023 | 3,644 | 11,527 | 9,979 |
Sales and marketing | 2,243 | 1,529 | 6,539 | 4,838 |
Research and development | 4,428 | 4,113 | 13,264 | 12,410 |
General and administrative | 2,736 | 2,435 | 7,933 | 6,361 |
Total operating expenses | 13,430 | 11,721 | 39,263 | 33,588 |
Income from operations | 678 | 891 | 37 | 2,151 |
Other expense, net: | ' | ' | ' | ' |
Foreign exchange gain (loss) | 31 | -115 | -25 | 211 |
Interest expense | -71 | -403 | -628 | -1,226 |
Interest income | 4 | 1 | 13 | 3 |
Loss on extinguishment of debt | ' | ' | -755 | ' |
Other income, net | 2 | 2 | 7 | 513 |
Total other expense, net | -34 | -515 | -1,388 | -499 |
Income (loss) before income taxes | 644 | 376 | -1,351 | 1,652 |
(Provision) benefit for income taxes | -128 | -217 | 528 | -549 |
Net income (loss) | 516 | 159 | -823 | 1,103 |
Net income (loss) per share: | ' | ' | ' | ' |
Basic | $0.04 | $0.01 | ($0.06) | $0.18 |
Diluted | $0.04 | $0.01 | ($0.06) | $0.09 |
Weighted average shares outstanding used in computing net income (loss) per share: | ' | ' | ' | ' |
Basic | 13,341,235 | 13,264,018 | 13,318,839 | 6,133,987 |
Diluted | 14,704,522 | 14,639,264 | 13,318,839 | 12,303,723 |
Comprehensive income (loss): | ' | ' | ' | ' |
Net income (loss) | 516 | 159 | -823 | 1,103 |
Foreign currency translation adjustments | 64 | 10 | 76 | 13 |
Comprehensive income (loss) | $580 | $169 | ($747) | $1,116 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Cash flows provided by (used in) operating activities: | ' | ' |
Net (loss) income | ($823) | $1,103 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 1,561 | 1,321 |
Stock-based compensation expense | 846 | 710 |
Deferred rent expense | -424 | -142 |
Non-cash interest | 162 | 444 |
Loss on extinguishment of debt, non-cash portion | 465 | ' |
Mark-to-market adjustment of preferred stock warrant liability | ' | -228 |
Mark-to-market adjustment of equity participation right | ' | -276 |
Deferred income taxes | -1,614 | 244 |
Net change in operating assets and liabilities: | ' | ' |
Accounts receivable | 20,398 | 15,780 |
Prepaid expenses and other current assets | -201 | 104 |
Other assets | -55 | 2,053 |
Accounts payable | -887 | -1,722 |
Accrued expenses | -1,107 | -4,391 |
Other liabilities | 84 | -76 |
Deferred revenue | -13,978 | -19,062 |
Net cash provided by (used in) operating activities | 4,427 | -4,138 |
Cash flows used in investing activities: | ' | ' |
Purchases of property and equipment | -674 | -348 |
Net cash used in investing activities | -674 | -348 |
Cash flows (used in) provided by financing activities: | ' | ' |
Net decrease in line of credit | ' | -7,000 |
Proceeds from borrowings under long-term debt | ' | 3,500 |
Proceeds from stock option and warrant exercises | 173 | 31 |
Payments of long-term debt | -7,365 | -816 |
Payments of capital lease obligations | -1,532 | -675 |
Proceeds from initial public offering, net of $4,174 issuance costs | ' | 34,592 |
Payment of debt issuance costs | -213 | -100 |
Net cash (used in) provided by financing activities | -8,937 | 29,532 |
Effect of exchange rate changes on cash | -93 | 66 |
Net (decrease) increase in cash and cash equivalents | -5,277 | 25,112 |
Cash and cash equivalents, beginning of period | 30,716 | 11,468 |
Cash and cash equivalents, end of period | 25,439 | 36,580 |
Supplemental cash flow disclosures: | ' | ' |
Cash paid for interest | 533 | 751 |
Cash paid for income taxes | 289 | 773 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' |
Acquisition of equipment through capital leases | 563 | 2,116 |
Conversion of preferred stock into common stock | ' | 32,685 |
Conversion of preferred stock warrants into common stock warrants | ' | $1,324 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Statement Of Cash Flows [Abstract] | ' | ' |
Initial public offering issuance costs | $4,174 | $4,174 |
Description_of_Business
Description of Business | 9 Months Ended |
Oct. 31, 2013 | |
Accounting Policies [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 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. 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 beginning to explore 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. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2013 | |
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 nongovernmental United States generally accepted accounting principles as found in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and 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 footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended January 31, 2013 included in the Company’s Annual Report on Form 10-K. These financial statements reflect all adjustments (consisting solely of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair statement of results for the interim periods presented. | |
Change in Estimates | |
Property and equipment are stated at cost. Major renewals, additions and betterments are charged to equipment accounts while replacements, maintenance and repairs which do not improve or extend the lives of the respective assets are expensed in the period incurred. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in income from operations. Depreciation is computed using the straight-line method over the estimated useful life of each asset. | |
The Company periodically reviews the estimated useful lives of property and equipment. Changes to the estimated useful lives are recorded prospectively from the date of the change. During the first quarter of fiscal year 2014, the Company reevaluated its network assets, consisting primarily of server equipment utilized in its data centers, and determined that the expected average useful life of those assets had increased from three to five years. The net book value of server assets placed in service as of February 1, 2013 was approximately $2,755. This change resulted in a decrease in depreciation expense on these assets of approximately $142, or $0.01 per share, and $325, or $0.02 per share, on an after-tax basis, for the three and nine months ended October 31, 2013, respectively. | |
Recent Accounting Pronouncements | |
In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210)—Disclosures about Offsetting Assets and Liabilities (ASU No 2011-11). The update requires entities to disclose information about offsetting and related arrangements of financial instruments and derivative instruments. The Company adopted ASU 2011-11 on February 1, 2013. This adoption did not have a material impact on the Company’s consolidated financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). ASU 2013-02 requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Companies are also required to disclose these reclassifications by each respective line item on the statements of operations. ASU 2013-02 is effective prospectively for annual reporting periods beginning after December 15, 2012, and interim periods within those annual periods. The Company adopted ASU 2013-02 on February 1, 2013. This adoption did not have a material impact on the Company’s consolidated financial statements. In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11). ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective for the Company in the first quarter of fiscal year 2015. The Company is currently evaluating the impact of ASU 2013-11 on its consolidated financial statements. |
Computation_of_Net_Income_Loss
Computation of Net Income (Loss) Per Share | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Net Income (Loss) Per Share | ' | ||||||||||||||||
3. Computation of Net Income (Loss) Per Share | |||||||||||||||||
Net income (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 or upon conversion of convertible preferred stock, when dilutive. Potential common shares that are anti-dilutive are excluded from the calculation of diluted net income (loss) per common share. The impact of the accretion of unpaid and undeclared dividends has not been reflected in the weighted average shares used to compute diluted net income (loss) per share for the nine months ended October 31, 2012 as the convertible preferred stock was not entitled to receive undeclared dividends upon such conversion. | |||||||||||||||||
The following summarizes the calculation of basic and diluted net income (loss) per share: | |||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | 516 | $ | 159 | $ | (823 | ) | $ | 1,103 | ||||||||
Denominator: | |||||||||||||||||
Weighted average common shares, basic | 13,341,235 | 13,264,018 | 13,318,839 | 6,133,987 | |||||||||||||
Dilutive effect of: | |||||||||||||||||
Options to purchase common and preferred stock | 1,351,169 | 1,365,658 | — | 1,357,992 | |||||||||||||
Warrants to purchase common stock | 12,118 | 9,588 | — | 51,443 | |||||||||||||
Convertible preferred stock | — | — | — | 4,760,301 | |||||||||||||
Weighted average common shares, diluted | 14,704,522 | 14,639,264 | 13,318,839 | 12,303,723 | |||||||||||||
Basic net income (loss) per share | $ | 0.04 | $ | 0.01 | $ | (0.06 | ) | $ | 0.18 | ||||||||
Diluted net income (loss) per share | $ | 0.04 | $ | 0.01 | $ | (0.06 | ) | $ | 0.09 | ||||||||
The table above reflects options for preferred stock on an as converted to common stock basis. | |||||||||||||||||
The following equity instruments have been excluded from diluted net income (loss) per common share as they would be anti-dilutive: | |||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Options and warrants to purchase common and preferred stock | 692,165 | 561,482 | 2,319,276 | 602,319 |
Property_and_Equipment_net
Property and Equipment, net | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment, net | ' | ||||||||
4. Property and Equipment, net | |||||||||
Property and equipment, net consists of the following as of October 31, 2013 and January 31, 2013: | |||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Computer software and equipment | $ | 16,740 | $ | 15,718 | |||||
Office equipment and furniture | 377 | 371 | |||||||
Leasehold improvements | 2,636 | 2,732 | |||||||
Total property and equipment | 19,753 | 18,821 | |||||||
Less: accumulated depreciation | (13,829 | ) | (12,645 | ) | |||||
Property and equipment, net | $ | 5,924 | $ | 6,176 | |||||
For the three and nine months ended October 31, 2013, depreciation expense was $434 and $1,298, respectively. For the three and nine months ended October 31, 2012, depreciation expense was $391 and $1,029, respectively. Included in computer software and equipment and office equipment and furniture is equipment held pursuant to capital leases with costs of $14,497 and $14,450 and accumulated amortization of $10,624 and $9,752 as of October 31, 2013 and January 31, 2013, respectively. |
Accrued_Expenses
Accrued Expenses | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
5. Accrued Expenses | |||||||||
Accrued expenses consist of the following: | |||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Accrued payroll | $ | 2,047 | $ | 1,457 | |||||
Sales and withholding taxes | 475 | 2,595 | |||||||
Accrued commissions and bonuses | 1,094 | 1,543 | |||||||
Accrued income taxes payable | 863 | 73 | |||||||
Deferred rent, current portion | 598 | 523 | |||||||
Legal and professional | 495 | 451 | |||||||
Other accrued expenses | 490 | 642 | |||||||
Total accrued expenses | $ | 6,062 | $ | 7,284 | |||||
Deferred_Rent
Deferred Rent | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Deferred Rent | ' | ||||||||
6. Deferred Rent | |||||||||
In connection with its corporate headquarters lease entered into in July 2008, the Company received a tenant improvement allowance of $1,958 from the landlord. This lease incentive was recorded as leasehold improvements and deferred rent and is being amortized as part of rent expense on a straight-line basis over the life of the lease. The Company’s subsidiary Euroxa S.a.r.l. entered into a new office lease in Paris, France in May 2012 with a landlord incentive totaling $148, equivalent to four months free rent, which is also being amortized as rent expense on a straight line basis over the life of the lease. In addition, the Company’s facility leases typically contain other than straight-line payment features. The difference between the straight-line rent expense of the lease and the cash payments is recorded as deferred rent. Deferred rent at October 31, 2013 and January 31, 2013 is as follows: | |||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Leasehold improvements, less incentive | $ | 638 | $ | 836 | |||||
Non-cash rent expense | 941 | 1,169 | |||||||
Total deferred rent | 1,579 | 2,005 | |||||||
Less: current portion included in accrued expenses | (598 | ) | (523 | ) | |||||
Deferred rent, net of current portion | $ | 981 | $ | 1,482 | |||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
7. Fair Value Measurements | |||||||||||||||||
Financial instruments consist primarily of cash and cash equivalents, accounts receivable, capital lease obligations and debt. As of October 31, 2013 and January 31, 2013, 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 October 31, 2013: | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 15,007 | $ | 15,007 | $ | — | $ | — | |||||||||
Other assets – certificate of deposit | $ | 525 | $ | 525 | $ | — | $ | — | |||||||||
The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value as of January 31, 2013: | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Other assets – certificate of deposit | $ | 525 | $ | 525 | $ | — | $ | — | |||||||||
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. |
Acquired_Intangible_Assets
Acquired Intangible Assets | 9 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Acquired Intangible Assets | ' | ||||||||||||
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 October 31, 2013: | |||||||||||||
October 31, 2013 | |||||||||||||
Cost | Accumulated | Net Book | |||||||||||
Amortization | Value | ||||||||||||
Intellectual property | $ | 3,505 | $ | (672 | ) | $ | 2,833 | ||||||
Access to facilities contract | 38 | (38 | ) | — | |||||||||
Total | $ | 3,543 | $ | (710 | ) | $ | 2,833 | ||||||
The following table reflects the carrying value of intangible assets as of January 31, 2013: | |||||||||||||
January 31, 2013 | |||||||||||||
Cost | Accumulated | Net Book | |||||||||||
Amortization | Value | ||||||||||||
Intellectual property | $ | 3,505 | $ | (409 | ) | $ | 3,096 | ||||||
Access to facilities contract | 38 | (38 | ) | — | |||||||||
Total | $ | 3,543 | $ | (447 | ) | $ | 3,096 | ||||||
For the three and nine months ended October 31, 2013, amortization expense of intangible assets was $88 and $263, respectively. For the three and nine months ended October 31, 2012, amortization expense of intangible assets was $98 and $292, respectively. |
Debt
Debt | 9 Months Ended |
Oct. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
9. Debt | |
Long-term Debt | |
On May 31, 2013 the Company repaid, with available cash on hand, all outstanding obligations under its Loan and Security Agreement dated January 28, 2011 with Gold Hill Capital 2008, L.P. and Massachusetts Capital Resource Company. The repayment amount included $6,852 of outstanding principal, $60 of accrued interest and $213 of deferred origination fees that were accrued for in other long-term liabilities in the accompanying consolidated balance sheet. In addition, in accordance with the terms of the agreement, the Company paid a prepayment interest penalty of $290, representing 3% of the amount advanced to the Company under the agreement in January 2011 and 4% of the amount advanced to the Company under the agreement in March 2012. The Company recognized a loss from the extinguishment of this debt of $755 during the second quarter of fiscal year 2014, representing the prepayment interest penalty and the write-off of unamortized debt discount. As a result of this repayment, the Company expects to save cash interest which would otherwise have been incurred under the agreement of approximately $429 for the remainder of fiscal year 2014, and $428, $170 and $31 for fiscal years 2015, 2016 and 2017, respectively. | |
Line of Credit | |
In May 2010, the Company secured a $10,000 line of credit agreement with a bank bearing interest at the bank’s prime rate plus 1.50% on existing accounts receivable and 2.5% on certain forecasted renewal invoices, expiring one year from closing. On May 23, 2013, the line of credit expired in accordance with its terms. | |
Total interest expense, including interest under the Company’s capital lease obligations, was $71 and $628 for the three and nine months ended October 31, 2013 and $403 and $1,226 for the three and nine months ended October 31, 2012, respectively. Included in interest expense was interest paid to related parties of $0 and $26 for the three and nine months ended October 31, 2013, respectively, and $24 and $91 for the three and nine months ended October 31, 2012, respectively. There were no amounts outstanding under the line of credit agreement as of the expiration date of the line of credit or as of January 31, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
10. 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, have a material adverse effect on the Company’s financial position, results of operations, or cash flows. | |
In 2011, the Company was notified by the Massachusetts Institute of Technology, or MIT, that MIT believes that Exa is utilizing the intellectual property covered by a license agreement between the Company and MIT, and therefore is in arrears in the payment of royalties under the agreement. The Company has advised MIT that it does not believe that the Company utilized the underlying technology at any time since at least 1998, or that any royalties are owed under the agreement. MIT has not commenced suit against the Company with respect to its claims, and if any such suit is commenced by MIT, the Company intends to defend it vigorously. The Company believes that if MIT were to prevail in any such litigation, the royalties due under the terms of the license agreement, after giving effect to the approximately $200 in minimum royalties that the Company has already paid, would not exceed approximately $2,600 (excluding any interest or costs of litigation). The Company is not able to determine whether a loss is probable or estimate the reasonably possible or probable amount of such loss. | |
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 October 31, 2013 and January 31, 2013, the Company has not recorded any liabilities for the above guarantees and indemnities. |
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock Based Compensation | ' | ||||||||||||||||
11. Stock Based Compensation | |||||||||||||||||
The fair value of common stock options for employees and non-employees is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used: | |||||||||||||||||
Nine Months Ended October 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Estimated dividend yield | 0 | % | 0 | % | |||||||||||||
Expected stock price volatility | 50.6 | % | 52.8 | % | |||||||||||||
Weighted-average risk-free interest rate | 2.2 | % | 1.2 | % | |||||||||||||
Expected life of options (in years) | 6.25 | 6.25 | |||||||||||||||
The weighted average grant date fair value per share for stock options granted in the three and nine months ended October 31, 2013 was $7.16 and $6.78, respectively. | |||||||||||||||||
Total stock-based compensation expense related to stock options issued by the Company is as follows: | |||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Cost of revenues | $ | 35 | $ | 28 | $ | 99 | $ | 82 | |||||||||
Sales and marketing | 67 | 49 | 169 | 143 | |||||||||||||
Research and development | 110 | 75 | 264 | 232 | |||||||||||||
General and administrative | 138 | 83 | 314 | 253 | |||||||||||||
Total | $ | 350 | $ | 235 | $ | 846 | $ | 710 | |||||||||
The total unrecognized compensation cost related to outstanding stock options is $2,711 at October 31, 2013. This amount is expected to be recognized over a weighted-average period of 2.87 years. |
Income_Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
12. Income Taxes | |
For the three months ended October 31, 2013, the Company’s income tax provision and effective tax rate, including discrete items, were $128 and 19.9%, respectively. For the nine months ended October 31, 2013, the Company’s income tax benefit and effective tax rate, including discrete items, were $528 and 39.1%, respectively. For the three and nine months ended October 31, 2012, the Company’s income tax provision was $217 and $549, respectively, and the Company’s effective tax rate, including discrete items, was 57.7% and 33.2%, respectively, for the same periods. For the three and nine months ended October 31, 2013, the effective income tax rate differed from the federal statutory rate mainly due to nondeductible compensation offset by the tax benefit of federal and state research and development credits. The effective tax rate for the three and nine months ended October 31, 2012 does not include a benefit for federal research and development credits, as the credit was not extended until the fourth quarter of fiscal year 2013. For the three and nine months ended October 31, 2013 and 2012, the effective income tax rate was impacted discretely by foreign exchange gains and losses, loss on extinguishment of debt, and for 2012 only, mark-to-market adjustments on the Company’s former warrants and former equity participation right, for which there was no tax provision. | |
The Company does not expect that its unrecognized tax benefit will change significantly within the next twelve months. 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 prior to January 31, 2009. However, carryforward attributes that were generated prior to January 31, 2010 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. The Company’s management has determined that, as of October 31, 2013, it had not experienced an 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. |
Geographic_Information
Geographic Information | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Geographic Information | ' | ||||||||||||||||
13. Geographic Information | |||||||||||||||||
Revenue is attributed to individual countries based upon location of the external customer. Revenue by geographic area is as follows: | |||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
United States | $ | 3,099 | $ | 3,300 | $ | 8,588 | $ | 8,369 | |||||||||
Japan | 2,492 | 2,786 | 6,320 | 7,572 | |||||||||||||
Germany | 2,615 | 1,924 | 7,273 | 5,827 | |||||||||||||
France | 2,475 | 1,706 | 6,915 | 5,290 | |||||||||||||
Korea | 1,211 | 1,042 | 3,498 | 2,981 | |||||||||||||
United Kingdom | 1,233 | 936 | 3,497 | 2,793 | |||||||||||||
Sweden | 489 | 532 | 1,716 | 1,592 | |||||||||||||
Other | 494 | 386 | 1,493 | 1,315 | |||||||||||||
Total | $ | 14,108 | $ | 12,612 | $ | 39,300 | $ | 35,739 | |||||||||
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: | |||||||||||||||||
October 31, | January 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
United States | $ | 4,551 | $ | 4,678 | |||||||||||||
Japan | 236 | 204 | |||||||||||||||
Germany | 132 | 144 | |||||||||||||||
France | 918 | 1,068 | |||||||||||||||
Other | 87 | 82 | |||||||||||||||
Total property and equipment, net | $ | 5,924 | $ | 6,176 | |||||||||||||
Stockholders_Equity
Stockholder's Equity | 9 Months Ended |
Oct. 31, 2013 | |
Equity [Abstract] | ' |
Stockholder's Equity | ' |
14. Stockholder’s Equity | |
On August 28, 2013, the Company’s stockholders approved, and the Company effected, an amendment to the Company’s amended and restated certificate of incorporation that reduced the number of authorized shares of common stock from 195,000,000 to 30,000,000. The primary reason for the share reduction was to reduce the amount of the Company’s annual franchise tax in the State of Delaware. Each year, the Company is required to make franchise tax payments to the State of Delaware in an amount determined, in part, by the total number of shares of stock the Company is authorized to issue. Based on the Company’s previous capital structure and current Delaware tax rates, the Company’s annual Delaware state franchise tax was $180. Because of the authorized share reduction, the Company estimates, based on its current asset level, that the annual Delaware state franchise tax would be reduced by over $100. Under Delaware law, however, if an amendment changing the number of shares of authorized stock becomes effective during the year, the amount of franchise tax for that year will be calculated on a prorated basis, based on the date of passage of that amendment. Accordingly, the Company expects that the actual reduction in the Delaware state franchise tax payable with respect to fiscal year 2014 will be approximately $46. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2013 | |
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 nongovernmental United States generally accepted accounting principles as found in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and 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 footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended January 31, 2013 included in the Company’s Annual Report on Form 10-K. These financial statements reflect all adjustments (consisting solely of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair statement of results for the interim periods presented. | |
Change in Estimates | ' |
Change in Estimates | |
Property and equipment are stated at cost. Major renewals, additions and betterments are charged to equipment accounts while replacements, maintenance and repairs which do not improve or extend the lives of the respective assets are expensed in the period incurred. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in income from operations. Depreciation is computed using the straight-line method over the estimated useful life of each asset. | |
The Company periodically reviews the estimated useful lives of property and equipment. Changes to the estimated useful lives are recorded prospectively from the date of the change. During the first quarter of fiscal year 2014, the Company reevaluated its network assets, consisting primarily of server equipment utilized in its data centers, and determined that the expected average useful life of those assets had increased from three to five years. The net book value of server assets placed in service as of February 1, 2013 was approximately $2,755. This change resulted in a decrease in depreciation expense on these assets of approximately $142, or $0.01 per share, and $325, or $0.02 per share, on an after-tax basis, for the three and nine months ended October 31, 2013, respectively. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210)—Disclosures about Offsetting Assets and Liabilities (ASU No 2011-11). The update requires entities to disclose information about offsetting and related arrangements of financial instruments and derivative instruments. The Company adopted ASU 2011-11 on February 1, 2013. This adoption did not have a material impact on the Company’s consolidated financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). ASU 2013-02 requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Companies are also required to disclose these reclassifications by each respective line item on the statements of operations. ASU 2013-02 is effective prospectively for annual reporting periods beginning after December 15, 2012, and interim periods within those annual periods. The Company adopted ASU 2013-02 on February 1, 2013. This adoption did not have a material impact on the Company’s consolidated financial statements. In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11). ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective for the Company in the first quarter of fiscal year 2015. The Company is currently evaluating the impact of ASU 2013-11 on its consolidated financial statements |
Computation_of_Net_Income_Loss1
Computation of Net Income (Loss) Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Calculation of Basic and Diluted Net Income (Loss) Per Share | ' | ||||||||||||||||
The following summarizes the calculation of basic and diluted net income (loss) per share: | |||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | 516 | $ | 159 | $ | (823 | ) | $ | 1,103 | ||||||||
Denominator: | |||||||||||||||||
Weighted average common shares, basic | 13,341,235 | 13,264,018 | 13,318,839 | 6,133,987 | |||||||||||||
Dilutive effect of: | |||||||||||||||||
Options to purchase common and preferred stock | 1,351,169 | 1,365,658 | — | 1,357,992 | |||||||||||||
Warrants to purchase common stock | 12,118 | 9,588 | — | 51,443 | |||||||||||||
Convertible preferred stock | — | — | — | 4,760,301 | |||||||||||||
Weighted average common shares, diluted | 14,704,522 | 14,639,264 | 13,318,839 | 12,303,723 | |||||||||||||
Basic net income (loss) per share | $ | 0.04 | $ | 0.01 | $ | (0.06 | ) | $ | 0.18 | ||||||||
Diluted net income (loss) per share | $ | 0.04 | $ | 0.01 | $ | (0.06 | ) | $ | 0.09 | ||||||||
Equity Instruments Excluded from Diluted Net Income (Loss) Per Common Share | ' | ||||||||||||||||
The following equity instruments have been excluded from diluted net income (loss) per common share as they would be anti-dilutive: | |||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Options and warrants to purchase common and preferred stock | 692,165 | 561,482 | 2,319,276 | 602,319 |
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Schedule of Property and Equipment | ' | ||||||||
Property and equipment, net consists of the following as of October 31, 2013 and January 31, 2013: | |||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Computer software and equipment | $ | 16,740 | $ | 15,718 | |||||
Office equipment and furniture | 377 | 371 | |||||||
Leasehold improvements | 2,636 | 2,732 | |||||||
Total property and equipment | 19,753 | 18,821 | |||||||
Less: accumulated depreciation | (13,829 | ) | (12,645 | ) | |||||
Property and equipment, net | $ | 5,924 | $ | 6,176 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
Accrued expenses consist of the following: | |||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Accrued payroll | $ | 2,047 | $ | 1,457 | |||||
Sales and withholding taxes | 475 | 2,595 | |||||||
Accrued commissions and bonuses | 1,094 | 1,543 | |||||||
Accrued income taxes payable | 863 | 73 | |||||||
Deferred rent, current portion | 598 | 523 | |||||||
Legal and professional | 495 | 451 | |||||||
Other accrued expenses | 490 | 642 | |||||||
Total accrued expenses | $ | 6,062 | $ | 7,284 | |||||
Deferred_Rent_Tables
Deferred Rent (Tables) | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Deferred Rent | ' | ||||||||
Deferred rent at October 31, 2013 and January 31, 2013 is as follows: | |||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Leasehold improvements, less incentive | $ | 638 | $ | 836 | |||||
Non-cash rent expense | 941 | 1,169 | |||||||
Total deferred rent | 1,579 | 2,005 | |||||||
Less: current portion included in accrued expenses | (598 | ) | (523 | ) | |||||
Deferred rent, net of current portion | $ | 981 | $ | 1,482 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
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 October 31, 2013: | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 15,007 | $ | 15,007 | $ | — | $ | — | |||||||||
Other assets – certificate of deposit | $ | 525 | $ | 525 | $ | — | $ | — | |||||||||
The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value as of January 31, 2013: | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Other assets – certificate of deposit | $ | 525 | $ | 525 | $ | — | $ | — |
Acquired_Intangible_Assets_Tab
Acquired Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Carrying Value of Intangible Assets | ' | ||||||||||||
The following table reflects the carrying value of intangible assets as of October 31, 2013: | |||||||||||||
October 31, 2013 | |||||||||||||
Cost | Accumulated | Net Book | |||||||||||
Amortization | Value | ||||||||||||
Intellectual property | $ | 3,505 | $ | (672 | ) | $ | 2,833 | ||||||
Access to facilities contract | 38 | (38 | ) | — | |||||||||
Total | $ | 3,543 | $ | (710 | ) | $ | 2,833 | ||||||
The following table reflects the carrying value of intangible assets as of January 31, 2013: | |||||||||||||
January 31, 2013 | |||||||||||||
Cost | Accumulated | Net Book | |||||||||||
Amortization | Value | ||||||||||||
Intellectual property | $ | 3,505 | $ | (409 | ) | $ | 3,096 | ||||||
Access to facilities contract | 38 | (38 | ) | — | |||||||||
Total | $ | 3,543 | $ | (447 | ) | $ | 3,096 | ||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Assumptions Used to Calculate Fair Value of Common Stock Options for Employees and Non-Employees | ' | ||||||||||||||||
The fair value of common stock options for employees and non-employees is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used: | |||||||||||||||||
Nine Months Ended October 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Estimated dividend yield | 0 | % | 0 | % | |||||||||||||
Expected stock price volatility | 50.6 | % | 52.8 | % | |||||||||||||
Weighted-average risk-free interest rate | 2.2 | % | 1.2 | % | |||||||||||||
Expected life of options (in years) | 6.25 | 6.25 | |||||||||||||||
Stock-Based Compensation Expense Related to Stock Options Issued by the Company | ' | ||||||||||||||||
Total stock-based compensation expense related to stock options issued by the Company is as follows: | |||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Cost of revenues | $ | 35 | $ | 28 | $ | 99 | $ | 82 | |||||||||
Sales and marketing | 67 | 49 | 169 | 143 | |||||||||||||
Research and development | 110 | 75 | 264 | 232 | |||||||||||||
General and administrative | 138 | 83 | 314 | 253 | |||||||||||||
Total | $ | 350 | $ | 235 | $ | 846 | $ | 710 | |||||||||
Geographic_Information_Tables
Geographic Information (Tables) | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Revenue by Geographic Area | ' | ||||||||||||||||
Revenue is attributed to individual countries based upon location of the external customer. Revenue by geographic area is as follows: | |||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
United States | $ | 3,099 | $ | 3,300 | $ | 8,588 | $ | 8,369 | |||||||||
Japan | 2,492 | 2,786 | 6,320 | 7,572 | |||||||||||||
Germany | 2,615 | 1,924 | 7,273 | 5,827 | |||||||||||||
France | 2,475 | 1,706 | 6,915 | 5,290 | |||||||||||||
Korea | 1,211 | 1,042 | 3,498 | 2,981 | |||||||||||||
United Kingdom | 1,233 | 936 | 3,497 | 2,793 | |||||||||||||
Sweden | 489 | 532 | 1,716 | 1,592 | |||||||||||||
Other | 494 | 386 | 1,493 | 1,315 | |||||||||||||
Total | $ | 14,108 | $ | 12,612 | $ | 39,300 | $ | 35,739 | |||||||||
Net Long-Lived Assets by Principal Geographic Areas | ' | ||||||||||||||||
Net long-lived assets by principal geographic areas were as follows: | |||||||||||||||||
October 31, | January 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
United States | $ | 4,551 | $ | 4,678 | |||||||||||||
Japan | 236 | 204 | |||||||||||||||
Germany | 132 | 144 | |||||||||||||||
France | 918 | 1,068 | |||||||||||||||
Other | 87 | 82 | |||||||||||||||
Total property and equipment, net | $ | 5,924 | $ | 6,176 | |||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2013 |
Network Assets [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Average useful life of assets | ' | '3 years | ' |
Server Assets [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Net book value of assets | ' | ' | $2,755 |
Change in estimate on depreciation expense | $142 | $325 | ' |
Change in estimate on earning per share | $0.01 | $0.02 | ' |
Reevaluation [Member] | Network Assets [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Average useful life of assets | ' | '5 years | ' |
Computation_of_Net_Income_Loss2
Computation of Net Income (Loss) Per Share - Calculation of Basic and Diluted Net Income (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Numerator: | ' | ' | ' | ' |
Net income (loss) | $516 | $159 | ($823) | $1,103 |
Denominator: | ' | ' | ' | ' |
Weighted average common shares, basic | 13,341,235 | 13,264,018 | 13,318,839 | 6,133,987 |
Dilutive effect of: | ' | ' | ' | ' |
Options to purchase common and preferred stock | 1,351,169 | 1,365,658 | ' | 1,357,992 |
Warrants to purchase common stock | 12,118 | 9,588 | ' | 51,443 |
Convertible preferred stock | ' | ' | ' | 4,760,301 |
Weighted average common shares, diluted | 14,704,522 | 14,639,264 | 13,318,839 | 12,303,723 |
Basic net income (loss) per share | $0.04 | $0.01 | ($0.06) | $0.18 |
Diluted net income (loss) per share | $0.04 | $0.01 | ($0.06) | $0.09 |
Computation_of_Net_Income_Loss3
Computation of Net Income (Loss) Per Share - Equity Instruments Excluded from Diluted Net Income (Loss) Per Common Share (Detail) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Options and warrants to purchase common and preferred stock | 692,165 | 561,482 | 2,319,276 | 602,319 |
Property_and_Equipment_Net_Sch
Property and Equipment, Net - Schedule of Property and Equipment (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | $19,753 | $18,821 |
Less: accumulated depreciation | -13,829 | -12,645 |
Property and equipment, net | 5,924 | 6,176 |
Computer Software and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 16,740 | 15,718 |
Office Equipment and Furniture [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 377 | 371 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | $2,636 | $2,732 |
Property_and_Equipment_Net_Add
Property and Equipment, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 |
Property Plant And Equipment [Abstract] | ' | ' | ' | ' | ' |
Depreciation expense | $434 | $391 | $1,298 | $1,029 | ' |
Cost of equipment held pursuant to capital leases | 14,497 | ' | 14,497 | ' | 14,450 |
Accumulated amortization | ' | ' | $10,624 | ' | $9,752 |
Accrued_Expenses_Accrued_Expen
Accrued Expenses - Accrued Expenses (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued payroll | $2,047 | $1,457 |
Sales and withholding taxes | 475 | 2,595 |
Accrued commissions and bonuses | 1,094 | 1,543 |
Accrued income taxes payable | 863 | 73 |
Deferred rent, current portion | 598 | 523 |
Legal and professional | 495 | 451 |
Other accrued expenses | 490 | 642 |
Total accrued expenses | $6,062 | $7,284 |
Deferred_Rent_Additional_Infor
Deferred Rent - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Deferred Revenue Disclosure [Abstract] | ' |
Tenant improvement allowance | $1,958 |
Amortization of lease incentive | $148 |
Amortization of lease incentive period | '4 months |
Deferred_Rent_Deferred_Rent_De
Deferred Rent - Deferred Rent (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Disclosure [Abstract] | ' | ' |
Leasehold improvements, less incentive | $638 | $836 |
Non-cash rent expense | 941 | 1,169 |
Total deferred rent | 1,579 | 2,005 |
Less: current portion included in accrued expenses | -598 | -523 |
Deferred rent, net of current portion | $981 | $1,482 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Money market funds | $15,007 | ' |
Other assets - certificate of deposit | 525 | 525 |
Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Money market funds | 15,007 | ' |
Other assets - certificate of deposit | 525 | 525 |
Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Money market funds | ' | ' |
Other assets - certificate of deposit | ' | ' |
Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Money market funds | ' | ' |
Other assets - certificate of deposit | ' | ' |
Acquired_Intangible_Assets_Car
Acquired Intangible Assets - Carrying Value of Intangible Assets (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $3,543 | $3,543 |
Accumulated Amortization | -710 | -447 |
Net Book Value | 2,833 | 3,096 |
Intellectual Property [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 3,505 | 3,505 |
Accumulated Amortization | -672 | -409 |
Net Book Value | 2,833 | 3,096 |
Access to Facilities Contract [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 38 | 38 |
Accumulated Amortization | -38 | -38 |
Net Book Value | ' | ' |
Acquired_Intangible_Assets_Add
Acquired Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Intangible assets amortization expense | $88 | $98 | $263 | $292 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | 31-May-13 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 |
Subsequent Event [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Accounts Receivable Securitization Facility [Member] | Renewed and Extended [Member] | |||||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining outstanding principal | $6,852 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred origination fees | 213 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment interest penalty | 290 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional interest penalties after second anniversary | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional interest penalties prior second year | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from the extinguishment of debt | ' | ' | ' | -755 | ' | ' | 755 | ' | ' | ' | ' | ' | ' |
Expected savings of cash interest | ' | ' | ' | 429 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected savings of cash interest, year one | ' | ' | ' | 428 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected savings of cash interest, year two | ' | ' | ' | 170 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected savings of cash interest, year three | ' | ' | ' | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement amount | ' | 10,000 | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.50% |
Line of credit, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23-May-13 |
Interest expense | ' | 71 | 403 | 628 | 1,226 | ' | ' | 0 | 24 | 26 | 91 | ' | ' |
Line of credit, outstanding amount | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Oct. 31, 2013 |
In Thousands, unless otherwise specified | |
Contingencies And Commitments [Line Items] | ' |
Royalties expenses already paid | $200 |
Maximum [Member] | ' |
Contingencies And Commitments [Line Items] | ' |
Royalties due | $2,600 |
Stock_Based_Compensation_Assum
Stock Based Compensation - Assumptions Used to Calculate Fair Value of Common Stock Options for Employees and Non-Employees (Detail) | 9 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Estimated dividend yield | 0.00% | 0.00% |
Expected stock price volatility | 50.60% | 52.80% |
Weighted-average risk-free interest rate | 2.20% | 1.20% |
Expected life of options (in years) | '6 years 3 months | '6 years 3 months |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Weighted average grant date per share for stock options | $7.16 | $6.78 |
Total unrecognized compensation cost | $2,711 | $2,711 |
Weighted-average period | ' | '2 years 10 months 13 days |
Stock_Based_Compensation_Stock
Stock Based Compensation - Stock-Based Compensation Expense Related to Stock Options Issued by the Company (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $350 | $235 | $846 | $710 |
Cost of Revenues [Member] | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 35 | 28 | 99 | 82 |
Sales and Marketing [Member] | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 67 | 49 | 169 | 143 |
Research and Development [Member] | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 110 | 75 | 264 | 232 |
General and Administrative [Member] | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $138 | $83 | $314 | $253 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate | 19.90% | 57.70% | 39.10% | 33.20% |
(Provision) benefit for income taxes | ($128) | ($217) | $528 | ($549) |
Income tax examination, description | ' | ' | 'With limited exceptions, the Company is no longer subject to federal, state, local or foreign examinations for years prior to January 31, 2009. However, carryforward attributes that were generated prior to January 31, 2010 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. | ' |
Threshold percentage for change in ownership | ' | ' | 50.00% | ' |
Period of change in ownership | ' | ' | '3 years | ' |
Geographic_Information_Revenue
Geographic Information - Revenue by Geographic Area (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Revenue | $14,108 | $12,612 | $39,300 | $35,739 |
United States [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Revenue | 3,099 | 3,300 | 8,588 | 8,369 |
Japan [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Revenue | 2,492 | 2,786 | 6,320 | 7,572 |
Germany [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Revenue | 2,615 | 1,924 | 7,273 | 5,827 |
France [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Revenue | 2,475 | 1,706 | 6,915 | 5,290 |
Korea [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Revenue | 1,211 | 1,042 | 3,498 | 2,981 |
United Kingdom [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Revenue | 1,233 | 936 | 3,497 | 2,793 |
Sweden [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Revenue | 489 | 532 | 1,716 | 1,592 |
Other [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Revenue | $494 | $386 | $1,493 | $1,315 |
Geographic_Information_Net_Lon
Geographic Information - Net Long-Lived Assets by Principal Geographic Areas (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property and equipment, net | $5,924 | $6,176 |
United States [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property and equipment, net | 4,551 | 4,678 |
Japan [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property and equipment, net | 236 | 204 |
Germany [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property and equipment, net | 132 | 144 |
France [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property and equipment, net | 918 | 1,068 |
Other [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Property and equipment, net | $87 | $82 |
Stockholders_Equity_Additional
Stockholder's Equity - Additional Information (Detail) (USD $) | 1 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Aug. 28, 2013 | Oct. 31, 2013 | Aug. 27, 2013 | Jan. 31, 2013 |
Equity [Abstract] | ' | ' | ' | ' |
Common stock, shares authorized | 30,000,000 | 30,000,000 | 195,000,000 | 195,000,000 |
Franchise annual tax | $180 | ' | ' | ' |
Tax reduction | 100 | ' | ' | ' |
Tax payable | $46 | ' | ' | ' |