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Ellie Mae Reports Fourth Quarter And Fiscal Year 2012 Results

Stocks in this article: ELLI

“Our strong 2012 financial results reflect the demand we are experiencing for our end-to-end, comprehensive solution that meets the functional as well as regulatory compliance needs of lenders,” continued Mr. Anderman. “During the year, we grew our SaaS users by 71% to 41,458. Even with this impressive growth in users, we believe we will continue to have good runway for both new SaaS customer acquisitions and existing customer conversions.”

“As we enter 2013, we are excited about our growth opportunities even in the face of the currently expected decline in 2013 mortgage origination volumes. The rapidly evolving mortgage landscape is creating new requirements for our clients that we believe expand the long-term growth opportunities for Ellie Mae. We expect our growth to continue to be fueled by activating and ramping usage of SaaS Encompass users, adding more SaaS Encompass users and driving adoption of our on-demand solutions,” Mr. Anderman concluded.

First Quarter and Fiscal Year 2013 Financial Outlook

The January 2013 composite forecast of Fannie Mae, Freddie Mac and the Mortgage Bankers Association for 2013 mortgage origination volume is approximately $1.6 trillion, which represents a 17% decrease from estimated mortgage volume in 2012, but a 4% increase from the October 2012 composite forecast for 2013 of $1.5 trillion. These organizations publish monthly updates of their annual and quarterly forecasts. The January 2013 composite quarterly forecast for origination volume is as follows:

($ in billions) Q1 Q2 Q3 Q4 Annual
2013 $461 $438 $357 $298 $1,554

Approximately 50% of our revenue is sensitive to fluctuations in mortgage volumes and we are therefore providing financial guidance for the first quarter and full fiscal year 2013 based in part on these composite quarterly forecasts.

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