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Exa Corporation versus Upland Software Inc Head to Head Compare


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This is a head to head compare of Exa Corporation (NASDAQ:EXA) and Upland Software Inc (NASDAQ:UPLD) . We will compare the two companies on revenue growth, earnings, revenue per employee, operating margins, free cash flow and valuation. The head to head compare assigns 100 points in total.



Before we dive into the analysis, we will look at the stock returns for each company over the last three months, six months and the last year. The stock returns do not impact the head to head compare scores which are focused on the fundamentals of each company, but ultimately stock returns are are still a critical piece to a full analysis and compare.


Stock Returns
Symbol 3-Months 6-Months One-Year Fundamentals
EXA -17.3% -6.1% +1.2%
UPLD +63.0% +100.8% +143.5%

Exa Corporation has a higher fundamental rating than Upland Software Inc which has an impact on the head-to-head comparison. The CML Star Rating is an objective, quantifiable measure of a company's operating and financial condition. The rating is computed by measuring numerous elements of the company's current financial data and their associated changes over time.

Now, let's dive into the two companies to compare them.

➤ Income Statement
First we turn to the income statement and compare revenue, earnings and revenue per employee for both companies. We note that simple revenue comparisons do not impact the rating.

Upland Software Inc has larger revenue in the last year than Exa Corporation. Raw revenue comps do not affect the head to head rating.
Revenue

Both EXA and UPLD have negative earnings over the last year. But, the difference in the size of losses has limited impact on the head-to-head comparison.

Net Income


UPLD generates larger revenue per employee ($204,000) than EXA ($203,000), but not enough to affect the comparison rating.

Revenue per Employee
($ Millions)


➤ Margins
Next we create some derived metrics to compare the the amount of revenue earned per dollar of expense and the amount of free cash flow earned per dollar of revenue. Margins are one of the fairest ways to compare companies since they remove some of the bias of large versus small numbers.

Exa Corporation generates $1.04 in revenue for every $1 of expense, while Upland Software Inc generates an operating loss of $0.99 in revenue per $1 of expense.

Revenue per Dollar of Expense


UPLD generates $0.15 in levered free cash flow for every $1 of revenue, substantially higher than EXA's $0.09.

Free Cash Flow
per Dollar of Revenue


➤ Growth
Finally we compare the financial metrics related to growth: revenue growth rates and price to sales.

Both companies are growing revenue. Exa Corporation is growing revenue much faster than Upland Software Inc but on a small revenue base.

Revenue Growth


For every $1 in revenue, the stock market prices in $3.31 in market cap for EXA and $2.93 in market cap for UPLD.

Price to Sales

Exa Corporation (NASDAQ:EXA)
defeats
Upland Software Inc (NASDAQ:UPLD) : 62 to 38