Ellie Mae®(NYSE Amex:ELLI), a leading provider of on-demand,
enterprise level automated solutions for the residential mortgage
industry, today reported results for the first quarter ended March
31, 2012.
Total revenue for the first quarter of 2012 increased 97% to
$20.9 million, compared to $10.6 million in the first quarter of
2011. Net income for the first quarter of 2012 was $3.6 million, or
$0.16 per diluted share, compared to a net loss of $(0.8) million,
or $(0.22) per diluted share, in the first quarter of 2011.
On a non-GAAP basis, adjusted net income for the first quarter
of 2012 was $4.6 million, or $0.20 per diluted share, compared to a
net loss of $(0.3) million, or $(0.09) per diluted share, in the
first quarter of 2011. Adjusted EBITDA for the first quarter of
2012 was $5.4 million, compared to $45 thousand for the first
quarter of 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 March
31, 2012:
- On-demand revenue increased 95% year
over year to $17.8 million;
- The total number of users, both lender
and broker, actively using the company’s Encompass® enterprise
solution (“active Encompass users”) increased 15% year over year to
58,844;
- Revenue per active Encompass user
increased 77% year over year to $367;
- Of all active Encompass users, 29,115
or 49%, were using the SaaS version of Encompass, an increase of
72% year over year; and
- Total SaaS revenues increased 137% year
over year to $8.4 million or 40% of total revenue.
“We had a strong first quarter with revenue growth driven by the
addition of 18,000 new and converted SaaS Encompass users in 2011,
and the steady increase in revenue per user,” said Sig Anderman,
CEO of Ellie Mae. “Our results also demonstrate the leverage in our
business model when mortgage volumes increase as we saw this
quarter, when actual volumes increased over expectations.”
“The quarter’s solid performance underscores the value Ellie Mae
is providing our customers as they work to address proliferating
regulatory and operational challenges in today’s mortgage
environment,” Mr. Anderman continued. “Our on-demand solutions,
particularly our success-based pricing offering, continue to
attract both new lender users and our licensed users to our SaaS
platform, as it helps automate and streamline the mortgage
origination process, assure regulatory compliance, facilitate best
practice operations and reduce IT infrastructure and other
operational costs.”
“With the business momentum we experienced in the first quarter,
and improving mortgage origination volume forecasts for the year,
we are raising our full year guidance,” Mr. Anderman concluded.
Second Quarter and Fiscal Year 2012 Financial Outlook
The April 2012 composite forecast of Fannie Mae, Freddie Mac and
the Mortgage Bankers Association for 2012 mortgage origination
volume is $1.2 trillion, which represents a 10% decrease from 2011
and reflects an increase from the January 2012 composite forecast
of $1.0 trillion. These organizations publish monthly updates of
their annual and quarterly forecasts. The April 2012 composite
quarterly forecast for 2012 and 2013 origination volume is as
follows:
($ in billions)
Q1 Q2 Q3 Q4
Annual 2012 $344 $346
$270 $240 $1,200
2013 $238 $306
$294 $228 $1,066
We are providing financial guidance based in part on these
composite quarterly forecasts.
For the second quarter of 2012, revenue is expected to be in the
range of $19.5 million to $20.0 million. Net income is expected to
be in the range of $1.5 million to $1.9 million, or $0.07 to $0.08
per diluted share. Adjusted net income is expected to be in the
range of $2.4 million to $2.8 million, or $0.11 to $0.12 per
diluted share. Adjusted EBITDA is expected to be in the range of
$3.5 million to $3.9 million.
For the full fiscal year 2012, revenue is expected to be in the
range of $78.0 million to $79.0 million. Net income is expected to
be in the range of $5.8 million to $6.3 million, or $0.26 to $0.28
per diluted share. Adjusted net income is expected to be in the
range of $9.6 million to $10.1 million, or $0.42 to $0.45 per
diluted share. Adjusted EBITDA is expected to be in the range of
$13.1 million to $14.1 million.
Use of Non-GAAP Financial Measures
Ellie Mae provides investors with adjusted net income and
adjusted EBITDA in conjunction with traditional GAAP operating
performance of net income as part of its overall assessment of its
performance. Adjusted net income consists of net income plus
amortization of acquired intangibles, non-cash, stock-based
compensation expense, acquisition costs and other
acquisition-related adjustments. EBITDA consists of net income plus
depreciation and amortization, interest income and expense and
income tax expense. Adjusted EBITDA consists of EBITDA plus
non-cash, stock-based compensation expense and acquisition costs.
Ellie Mae uses adjusted net income and adjusted EBITDA as measures
of operating performance because they enable period to period
comparisons by excluding potential differences caused by variations
in the age of book depreciation of fixed assets and amortization of
intangibles related to acquisitions, and changes in interest
expense and interest income that are influenced by capital market
conditions. The company also believes it is useful to exclude
non-cash, stock-based compensation expense from adjusted net income
and adjusted EBITDA because the amount of non-cash expense
associated with stock-based awards made at certain prices and
points in time (a) do not necessarily reflect how the company’s
business is performing at any particular time and (b) can vary
significantly between periods due to the timing of new stock-based
awards. These non-GAAP measures are not measurements of the
company’s financial performance under GAAP and have limitations as
analytical tools. Accordingly, these non-GAAP financial measures
should not be considered a substitute for, or superior to, net
income or operating income or other financial measures calculated
in accordance with generally accepted accounting principles in the
United States, or as an alternative to cash flows from operating
activities as a measure of the company’s profitability or
liquidity. The company cautions that other companies in Ellie Mae’s
industry may calculate adjusted net income and adjusted EBITDA
differently than the company does, further limiting their
usefulness as a comparative measure. A reconciliation of net income
to adjusted net income and adjusted EBITDA is included in the
tables below.
Quarterly Conference Call
Ellie Mae will discuss its first quarter 2012 results today via
teleconference at 5:00 p.m. Eastern Time. To access the call,
please dial 877-941-1427 or 480-629-9664 at least five minutes
prior to the 5:00 p.m. Eastern Time start time. A live webcast of
the call will be available on the Investor Relations section of the
company’s website at http://ir.elliemae.com. An audio replay of the
call will be available through May 16, 2012 by dialing 800-406-7325
or 303-590-3030 and entering access code 4532137.
About Ellie Mae
Ellie Mae, Inc. is a leading provider of on-demand automation
solutions for the mortgage industry. The Company offers an
end-to-end solution, delivered using a Software-as-a Service
model that serves as the core operating system for mortgage
originators and spans customer relationship management, loan
origination and business management. The Company also hosts the
Ellie Mae Network™ that allows mortgage professionals to conduct
electronic business transactions with the lenders and settlement
service providers they work with to process and fund loans. The
Company's offerings include the Encompass®, Encompass360® and
DataTrac® mortgage management software systems.
Ellie Mae was founded in 1997 and is based in Pleasanton,
California. To learn more about Ellie Mae, visit www.EllieMae.com
or call 877.355.4362.
© 2012 Ellie Mae, Inc. Ellie Mae®, Encompass®, Encompass360®,
DataTrac®, Ellie Mae Network™ and the Ellie Mae
logo are registered trademarks or trademarks of Ellie Mae,
Inc. or its subsidiaries. All rights reserved. Other company and
product names may be trademarks or copyrights of
their respective owners
Forward-Looking Statements
This press release contains forward-looking statements under the
safe harbor provisions under The Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
discussions regarding projected revenue, net income, adjusted
EBITDA and adjusted net income for the second quarter and fiscal
year 2012. These statements involve known and unknown risks,
uncertainties and other factors which may cause Ellie Mae’s results
to be materially different than those expressed or implied in such
statements. Such differences may be based on factors such as
changes in strategic planning decisions by management, reallocation
of internal resources, changes in the volume of residential
mortgage volume in the United States, the risk that the anticipated
benefits, growth prospects and synergies expected from the Del Mar
Datatrac acquisition may not be fully realized or may take longer
to realize than expected; the possibility that economic benefits of
future opportunities in an emerging industry may never materialize,
including unexpected variations in market growth and demand for the
acquired products and technologies; delays, disruptions, including
changing relationships with partners, customers, employees or
suppliers; the amount of costs incurred in connection with the
supporting and integrating new customers and partners; ongoing
personnel and logistical challenges of managing a larger
organization; changes in other macroeconomic factors affecting the
residential real estate industry and other risk factors included in
documents that Ellie Mae has filed with the Securities and Exchange
Commission, including but not limited to its Annual Report on Form
10-K for the year ended December 31, 2011. Other unknown or
unpredictable factors also could have material adverse effects on
Ellie Mae’s future results. The forward-looking statements included
in this press release are made only as of the date hereof. Ellie
Mae cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, you should not place
undue reliance on these forward-looking statements. Finally, Ellie
Mae expressly disclaims any intent or obligation to update any
forward-looking statements to reflect subsequent events or
circumstances.
ELLIE MAE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
March 31, December 31, 2012
2011 (unaudited)
(1)
Assets Current assets Cash and cash equivalents $ 27,507 $
23,732 Short-term investments 2,095 1,933
Accounts receivable, net of allowances for
doubtful accounts of $60 and $47, as of March 31, 2012 and December
31, 2011, respectively
7,276 6,819 Prepaid expenses and other 1,325 1,381 Note receivable
1,000 1,000
Total current assets
39,203 34,865 Property and equipment, net 5,767 5,539 Deposits and
other assets 135 135 Note receivable 14 15 Other intangibles, net
7,757 8,166 Goodwill 51,051 51,051
Total assets
$ 103,927 $ 99,771 Liabilities and
Stockholders' Equity Current liabilities Accounts payable $ 1,886 $
2,255 Accrued and other current liabilities 3,713 4,931 Acquisition
holdback, net of discount 2,969 2,948 Deferred revenue 4,596 4,548
Deferred rent 221 212 Leases payable 7 6
Total current liabilities 13,392 14,900 Deferred revenue,
net of current portion 90 62 Deferred rent, net of current portion
565 624 Acquisition holdback, net of current portion and discount
4,758 4,725 Other long-term liabilities 601 598 Leases payable, net
of current portion 2 4 Total
liabilities 19,408 20,913 Commitments
and contingencies Stockholders' equity:
Common stock, $0.0001 par value per share;
140,000,000 authorized shares, 21,593,018 and 21,019,590 shares
issued and outstanding as of March 31, 2012 and December 31, 2011,
respectively
2 2 Additional paid-in capital 118,031 116,012 Accumulated deficit
(33,514 ) (37,156 ) Total stockholders' equity
84,519 78,858 Total liabilities and
stockholders' equity $ 103,927 $ 99,771
(1) Derived from audited financial statements.
ELLIE MAE,
INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited) (in thousands, except share and per share
amounts) Three months ended March 31,
2012 2011 Revenues
$ 20,906 $ 10,603 Cost of revenues 5,257 3,363
Gross profit 15,649 7,240 Operating expenses: Sales and
marketing 4,000 2,451 Research and development 4,133 2,804 General
and administrative 3,676 2,805 Total
operating expenses 11,809 8,060 Income
(loss) from operations 3,840 (820 ) Other income (expense), net
(20 ) 32 Income (loss) before income taxes
3,820 (788 ) Income tax provision 178 11
Net income (loss) $ 3,642 $ (799 ) Net income
(loss) per share of common stock: Basic $ 0.17 $ (0.22 )
Diluted $ 0.16 $ (0.22 )
Weighted average common shares used in
computing net income (loss) per share of common stock:
Basic 21,404,789 3,641,880 Diluted
22,513,854 3,641,880
ELLIE MAE,
INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) (in thousands) Three
months ended March 31, 2012
2011 CASH FLOWS FROM OPERATING ACTIVITIES: Net
income (loss) $ 3,642 $ (799 )
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 611 377 Provision for uncollectible
accounts receivable 36 84 Amortization of intangible assets 409 125
Amortization of discount related to holdback 54 - Stock-based
compensation 517 363 Changes in operating assets and liabilities:
Accounts receivable (493 ) 318 Prepaid expenses and other 56 (49 )
Deferred offering costs - (145 ) Deposits and other assets - 525
Accounts payable (380 ) 151 Accrued and other liabilities (1,215 )
(796 ) Deferred revenue 76 (61 ) Deferred rent (50 )
(47 )
Net cash provided by operating activities 3,263
46 CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment (828 ) (784 ) Purchase of
short-term investments (1,112 ) (2,072 ) Acquisitions, net of cash
acquired - (1,000 ) Maturities of short-term investments 950 1,080
Other investing activities 1 (19 )
Net cash
used in investing activities (989 ) (2,795 ) CASH
FLOWS FROM FINANCING ACTIVITIES: Payment of capital lease
obligations (1 ) (63 ) Proceeds from issuance of common stock under
employee stock plans 1,447 210 Excess tax benefit from exercise of
stock options 55 -
Net cash provided
by financing activities 1,501 147
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,775 (2,602 )
CASH AND CASH EQUIVALENTS, Beginning of period 23,732
14,349 CASH AND CASH EQUIVALENTS, End of period $
27,507 $ 11,747
ELLIE MAE, INC. NON-GAAP
RECONCILIATION (unaudited) (in thousands, except
share and per share amounts) Three months
ended March 31, 2012 2011
Net income (loss) $ 3,642 $
(799 ) Depreciation and amortization 611 377
Amortization of intangible assets 409 125 Other income (expense),
net 20 (32 ) Income tax provision 178 11
EBITDA 4,860 (318 ) Non-cash, stock-based compensation expenses
517 363
Adjusted EBITDA $
5,377 $ 45 Net income (loss) $
3,642 $ (799 ) Non-cash, stock-based compensation expenses 517 363
Amortization of intangible assets 409 125
Adjusted net income (loss) $ 4,568 $
(311 ) Shares used to compute non-GAAP net
income (loss) per share Basic 21,404,789 3,641,880 Diluted
22,513,854 3,641,880 Adjusted net income (loss) per share
Basic $ 0.21 $ (0.09 ) Diluted $ 0.20 $ (0.09 )
ELLIE MAE,
INC. NON-GAAP RECONCILIATION (unaudited) (in
thousands, except share and per share amounts)
Second quarter 2012 projected range Fiscal
2012 projected range Net income $
1,500 $ 1,900 $ 5,800 $
6,300 Depreciation and amortization 1,000 1,000 3,300
3,600 Amortization of intangible assets 400 400 1,600 1,600 Income
tax provision 100 100 200 400 EBITDA
3,000 3,400 10,900 11,900 Non-cash, stock-based compensation
expenses 500 500 2,200 2,200
Adjusted EBITDA $ 3,500 $ 3,900
$ 13,100 $ 14,100
Net income $ 1,500 $ 1,900
$ 5,800 $ 6,300 Non-cash, stock-based
compensation expenses 500 500 2,200 2,200 Amortization of
intangible assets 400 400 1,600 1,600
Adjusted net income $ 2,400 $
2,800 $ 9,600 $ 10,100
Shares used to compute non-GAAP net income per share Diluted
22,600,000 22,600,000 22,600,000 22,600,000 Projected net
income per share Diluted $ 0.07 $ 0.08 $ 0.26 $ 0.28
Adjusted net income per share Diluted $ 0.11 $ 0.12 $ 0.42 $ 0.45
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