Ellie Mae Reports Fourth Quarter And Fiscal Year 2012 Results

Ellie Mae ^® (NYSE: ELLI), a leading provider of on-demand, enterprise level automation solutions for the residential mortgage industry, today reported results for the fourth quarter and fiscal year ended December 31, 2012.

Total revenue for the fourth quarter of 2012 increased 60% to $29.9 million, compared to $18.8 million in the fourth quarter of 2011. Net income for the fourth quarter of 2012 was $4.0 million, or $0.14 per diluted share, compared to net income of $1.8 million, or $0.08 per diluted share, in the fourth quarter of 2011.

On a non-GAAP basis, adjusted net income for the fourth quarter of 2012 was $7.6 million, or $0.27 per diluted share, compared to $2.8 million, or $0.13 per diluted share, in the fourth quarter of 2011. Adjusted EBITDA for the fourth quarter of 2012 was $10.3 million, compared to $3.4 million for the fourth quarter of 2011.

Total revenue for the full year 2012 increased 84% to $101.8 million, compared to $55.5 million in 2011. Net income for the full year 2012 was $19.5 million, or $0.76 per diluted share, compared to net income of $3.6 million, or $0.18 per diluted share, in 2011.

On a non-GAAP basis, adjusted net income for the full year 2012 was $27.9 million, or $1.09 per diluted share, compared to $4.9 million, or $0.24 per diluted share, in 2011. Adjusted EBITDA in 2012 was $32.8 million, compared to $6.6 million in 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 December 31, 2012:

• On-demand revenue increased 70% year over year to $26.6 million, comprising approximately 89% of total revenues for the quarter;
• The total number of users actively using the company’s Encompass ^® enterprise solution (“active Encompass users”) increased 37% year over year to 73,687;
• Revenue per average active Encompass user increased 17% year over year to $414;
• As of the end of the fourth quarter, the number of users of the SaaS version of Encompass increased 71% year over year to 41,458, or 56% of all active Encompass users; and
• Total SaaS Encompass revenues increased 106% year over year to $15.4 million or 52% of total revenue for the quarter.

“Ellie Mae’s 60% revenue growth in the fourth quarter was a spectacular finish to 2012,” said Sig Anderman, CEO of Ellie Mae. “Our strong financial and operating performance for the fourth quarter was driven by new SaaS Encompass user activation and increasing revenue per user. We are very pleased with the pace at which we added new SaaS Encompass users and upgraded existing customers to our SaaS platform during the quarter.”

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