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Ellie Mae reports record revenue in first quarter.

Pleasanton, California-based Ellie Mae posted record revenue of $54.2 million in the first quarter and earned net income of $3.6 million. The revenue number was up 68 percent from the $32.2 million in last year's first quarter. Net income also increased dramatically from one year ago when the company earned $0.8 million.

Jonathan Corr, president and chief executive officer of Ellie Mae, deemed the results "an outstanding first quarter."

Corr said, "Our clients closed more loans than expected due to origination volumes that were above initial industry forecasts, but our customers also outpaced the mortgage industry as a whole. On top of this, our active user base increased by nearly 10,000 seats and we continue to drive customer adoption across our product portfolio. Combined, these factors helped grow average revenue per user by 38 percent."

The company reported on April 30 that its revenue per average active Encompass[R] user was $474 in the first quarter. That was up from $343 in last year's opening quarter.

Corr said the company beat its first-quarter goals for revenue, net income and adjusted EBITDA (earnings before interest, tax, depreciation and amortization).

Other key metrics in the quarter included the fact that the total number of active Encompass users grew by 25 percent year-over-year to 119,000. The total number of active users of the software as a service (SaaS) version of Encompass increased 40 percent to 95,000 on a year-over-year basis in the first quarter. That represents 80 percent of all active Encompass users, the company said.

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Title Annotation:NEWS ROOM
Comment:Ellie Mae reports record revenue in first quarter.(NEWS ROOM)
Publication:Mortgage Banking
Article Type:Financial report
Date:Jun 1, 2015
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