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Ellie Mae Reports Third Quarter 2012 Results

Stocks in this article: ELLI

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 September 30, 2012:

  • On-demand revenue increased 92% year over year to $24.0 million, comprising approximately 88% of total revenues for the quarter;
  • The total number of users, both lender and broker, actively using the company’s Encompass ® enterprise solution (“active Encompass users”) increased 30% year over year to 67,201;
  • Revenue per average active Encompass user increased 45% year over year to $419;
  • As of the end of the third quarter, the number of users of the SaaS version of Encompass increased 67% year over year to 35,677, or 53% of all active Encompass users; and
  • Total SaaS Encompass revenues increased 163% year over year to $13.4 million or 49% of total revenue for the quarter.

“We were pleased to deliver exceptional top and bottom line growth in the third quarter,” said Sig Anderman, CEO of Ellie Mae. “Our business momentum continued to be driven by the activation of SaaS Encompass users and increasing revenue per user. And we continued to acquire new SaaS Encompass users and upgrade our existing customers to the SaaS version of Encompass at a solid pace. Also fueling our third quarter performance was the higher than expected mortgage origination volume which accelerated our growth and highlighted the upside leverage in our business model.”

“Customer response to our Encompass solution continues to be very positive. Our end-to-end, comprehensive solution for mortgage lenders meets both the functional as well as the regulatory compliance needs of our customers while addressing key inefficiencies in the mortgage origination process. Our goal remains to be the leader of automation infrastructure for the mortgage industry.”

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