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TheStreet Open House

Ellie Mae Reports Second Quarter 2014 Results

Stock quotes in this article: ELLI

Ellie Mae® (NYSE: ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, today reported results for the second quarter ended June 30, 2014.

Second Quarter Highlights

  • Revenue of $40.0 million compared to $34.3 million in Q2 2013
  • Net income of $4.4 million compared to $3.7 million in Q2 2013
  • Adjusted EBITDA of $13.2 million compared to $11.7 million in Q2 2013
  • 98,996 active Encompass ® users as of June 30, 2014, up 12% year over year
  • 72,085 active SaaS Encompass users as of June 30, 2014, up 29% year over year

“Our second quarter performance was outstanding,” said Sig Anderman, CEO of Ellie Mae. “Our business momentum continued to be driven by onboarding more users to our SaaS Encompass platform and ramping their usage of our on-demand services. Our results also highlighted the upside leverage in our business model when mortgage origination volumes uptick as they did on a sequential basis in the second quarter.”

“Second quarter Encompass seats booked were strong, with particularly notable growth in new customers as lenders continued to embrace our comprehensive solutions to meet their operational efficiency and regulatory compliance needs,” continued Mr. Anderman.

“Our pipeline remains strong and we are maintaining our guidance for the full year despite the forecasts of further declines in mortgage origination volume this year,” concluded Mr. Anderman.

Financial Results

Total revenue for the second quarter of 2014 increased 17% to $40.0 million, compared to $34.3 million in the second quarter of 2013. Net income for the second quarter of 2014 was $4.4 million, or $0.15 per diluted share, compared to net income of $3.7 million, or $0.13 per diluted share, in the second quarter of 2013.

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