Ellie Mae Reports First Quarter 2012 Results

Revenue up 97% year over year to $20.9 million



PLEASANTON, CA, May 2, 2012, Ellie Mae® (NYSE Amex: ELLI), a leading provider of on-demand, enterprise level automated solutions for the residential mortgage industry, today reported results for the first quarter ended March 31, 2012.



Total revenue for the first quarter of 2012 increased 97% to $20.9 million, compared to $10.6 million in the first quarter of 2011. Net income for the first quarter of 2012 was $3.6 million, or $0.16 per diluted share, compared to a net loss of $(0.8) million, or $(0.22) per diluted share, in the first quarter of 2011.



On a non-GAAP basis, adjusted net income for the first quarter of 2012 was $4.6 million, or $0.20 per diluted share, compared to a net loss of $(0.3) million, or $(0.09) per diluted share, in the first quarter of 2011. Adjusted EBITDA for the first quarter of 2012 was $5.4 million, compared to $45 thousand for the first quarter of 2011.



A reconciliation of the non-GAAP financial measures to their related GAAP financial measures is set forth below.



Key Operating Metrics as of and for the quarter ended March 31, 2012:

  • On-demand revenue increased 95% year over year to $17.8 million;
  • The total number of users, both lender and broker, actively using the company's Encompass® enterprise solution (active Encompass user) increased 15% year over year to 58,844;
  • Revenue per active Encompass user increased 77% year over year to $367;
  • Of all active Encompass users, 29,115 or 49%, were using the SaaS version of Encompass, an increase of 72% year over year; and
  • Total SaaS revenues increased 137% year over year to $8.4 million or 40% of total revenue.
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