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Lending

Ellie Mae reports record $128.5 million revenue for 2013

Ellie Mae CEO happy with company's ongoing market penetration

profits up
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Ellie Mae Inc.(ELLI) reported total revenue for the year ended Dec. 31, 2013 of $128.5 million compared to $101.8 million for the year ended Dec. 31, 2012.

Net income for 2013 was $12.6 million, or $0.44 per diluted share, compared to net income of $19.5 million, or $0.76 per diluted share, for 2012.

Total revenue for the fourth quarter of 2013 was $30.4 million, compared to $29.9 million for the fourth quarter of 2012.  Net income for the fourth quarter of 2013 was $1.6 million, or $0.06 per diluted share, compared to net income of $4.0 million, or $0.14 per diluted share, for the fourth quarter of 2012. 

Diluted share count for the fourth quarter of 2013 was 28.9 million as compared to 27.9 million during the fourth quarter of 2012.

“We delivered strong operating results in 2013,” said Sig Anderman, CEO of Ellie Mae.  “Revenues were up 26% to a record $128.5 million, despite a year over year national mortgage volume decline of 14%.  Adjusted EBITDA increased to $39.4 million, up 20% from 2012.

“Key to our long-term growth strategy, we booked a record 39,000 new SaaS Encompass seats during the year.  Contracted SaaS seats, the primary driver of our recurring revenues, increased to 95,000 up almost 60% from a year ago.  We ended the year with 92,000 active Encompass seats, a 25% increase from 2012, with many of the newly booked seats still to be implemented during 2014.” Anderman said. “We are very pleased with our steady market penetration, as new lenders, driven by ever increasing regulations and operational challenges, are attracted to our comprehensive offerings.”

Ellie Mae, Inc. is a leading provider of on-demand automation solutions for the mortgage industry.   The Company offers an end-to-end solution, delivered using a Software-as-a Service model, that serves as the core operating system for mortgage originators and spans customer relationship management, loan origination, and business management.

Also in the report:

·      On-demand revenue increased 2% year over year to $27.0 million, comprising approximately 89% of total revenues for the quarter;

·      Contracted revenue increased to 69% of total revenue, or $20.9 million in the fourth quarter, up from 47%, or $14.1 million in the prior year’s fourth quarter; 

·      Contracted SaaS users increased 58% year over year to 95,044.  Contracted SaaS users reflect the total number of SaaS seats booked; 

·      The total number of active Encompass users increased 25% year over year to 92,161;

·      Revenue per average active Encompass user decreased 21% year over year to $327, reflecting the drop in mortgage volume for the quarter and the increase in  active users during the past two quarters;

·      At the end of the fourth quarter, the number of active users of the SaaS version of Encompass increased 54% year over year to 63,695, or 69% of all active Encompass users; and

·      Total SaaS Encompass revenues increased 19% year over year to $18.4 million, representing 61% of total revenue for the quarter.

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