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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Ellie Mae, Inc. | AMEX:ELLI | AMEX | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From May 2019 to May 2024
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:
“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 $1,066We 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 1,933Accounts 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 1,000Total 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 51,051Total 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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