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Ellie Mae Reports Full Year And Fourth Quarter 2013 Results

Stocks in this article: ELLI

Ellie Mae ® (NYSE: ELLI), a leading provider of enterprise level, on-demand automated solutions for the residential mortgage industry, today reported results for the full year and fourth quarter ended December 31, 2013.

  • Full year 2013 Highlights:
    • Record revenue of $128.5 million, up 26% from $101.8 million in 2012
    • Adjusted EBITDA of $39.4 million, up 20% from $32.8 million in 2012
    • $32.0 million increase in cash and investments
    • 39,000 new SaaS Encompass ® seats booked
    • 92,000 active Encompass users, up 25%
    • 64,000 active SaaS Encompass users, up 54%
  • Fourth Quarter 2013 Highlights:
    • Revenue of $30.4 million compared to $29.9 million in Q4 of 2012
    • Adjusted EBITDA of $7.3 million compared to $10.3 million in Q4 of 2012
    • 9,800 new SaaS Encompass seats booked, including a record 6,500 seats at new customers

“We delivered strong operating results in 2013,” said Sig Anderman, CEO of Ellie Mae. “Revenues were up 26% to a record $128.5 million, despite a year over year national mortgage volume decline of 14%. Adjusted EBITDA increased to $39.4 million, up 20% from 2012.”

“Key to our long-term growth strategy, we booked a record 39,000 new SaaS Encompass seats during the year. Contracted SaaS seats, the primary driver of our recurring revenues, increased to 95,000 up almost 60% from a year ago. We ended the year with 92,000 active Encompass seats, a 25% increase from 2012, with many of the newly booked seats still to be implemented during 2014. We are very pleased with our steady market penetration, as new lenders, driven by ever increasing regulations and operational challenges, are attracted to our comprehensive offerings.”

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