(NYSE: ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, today reported results for the first quarter ended March 31, 2014.
First Quarter Highlights
- Revenue of $32.2 million compared to $30.9 million in Q1 2013
- Adjusted EBITDA of $6.0 million compared to $10.0 million in Q1 2013
- 94,971 active Encompass ® users as of March 31, 2014, up 18% year over year
- 67,416 active SaaS Encompass users as of March 31, 2014, up 40% year over year
“Our first quarter results were a strong start to the year with better than expected revenue and profits,” said Sig Anderman, CEO of Ellie Mae. “Our performance continues to be driven by lenders embracing our comprehensive on-demand solutions to meet the ever increasing needs for regulatory compliance and operational efficiency.”
“We have strong business momentum and a robust sales pipeline. So despite the recent forecasts of further declines in mortgage origination volume this year, we are maintaining our revenue guidance for the full year,” continued Mr. Anderman. “However, following the outage we experienced on March 31, we incurred forensic and consulting fees, and have decided to accelerate our investments to bolster our infrastructure and enhance our system capacity, reliability and security. With the additional expenses anticipated in the second quarter and for the remainder of the year, we are lowering our GAAP and non-GAAP earnings guidance for the year.”
“Serving our customers and providing them with the functionality, reliability and scalability they need to run their businesses are top priorities for the Company. At the same time, we remain intently focused on driving top-line growth and delivering profitability even with the increased levels of investments,” concluded Mr. Anderman.