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Mortgage

Ellie Mae revenue surges 65%

Beats earnings estimates

Ellie Mae (ELLI) registered another strong quarter on its books, with its second-quarter revenue surging to $65.9 million, up 65% from $40 million for the same period a year ago.

Net income for the second quarter of 2015 jumped to $7.6 million, or $0.25 per diluted share, compared to net income of $4.7 million, or $0.16 per diluted share, for the second quarter of 2014.

This beat EPS estimates of $0.48 by $0.16, and revenue estimates of $65.94 million by $5.9 million.

"Ellie Mae had a very strong second quarter with financial results that exceeded expectations and record seat bookings of 11,800," said Jonathan Corr, president and CEO of Ellie Mae. 

In addition, the total number of active Encompass users increased 28% year-over-year to 127,000, while the total number of active users of the SaaS version of
Encompass increased 47% year-over-year to 106,000, or 84% of all active Encompass users.

"With a healthy pick up in the purchase market, our customers continued to grow their businesses and close more loans during the quarter. The increased productivity of our customer base and continued adoption across our product portfolio drove a 28% year-over-year increase in average revenue per user. Our highly differentiated approach to meeting lenders' needs for loan quality, regulatory compliance and operating efficiency has resulted in growth that outpaced the overall mortgage origination market as we continued to capture market share," Corr continued.

For the third quarter of 2015, Ellie Mae expects revenue to be in the range of $61 million to $62 million, and for the full year 2015, revenue is expected to be in the range of $237.5 million to $238.5 million. 

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