Ellie Mae Reports Fourth Quarter and Full Year 2017 Results
February 8, 2018 at 4:05 PM EST
PLEASANTON, Calif.--(BUSINESS WIRE)--Feb. 8, 2018-- Ellie Mae® (NYSE:ELLI), the leading cloud-based platform provider for the mortgage finance industry, today reported results for the fourth quarter and full year ended December 31, 2017.
Fourth Quarter 2017 Highlights
Revenues of $112.9 million, up 17% from $96.2 million in 2016
Net income of $9.9 million1, down from $10.9 million in 2016
Adjusted EBITDA of $28.5 million, down from $29.4 million in 2016
11,000 Encompass seats booked
Full Year 2017 Highlights
Revenues of $417.0 million, up 16% from $360.3 million in 2016
Net income of $52.9 million1, up from $37.8 million in 2016
Adjusted EBITDA of $122.6 million, up from $113.1 million in 2016
40,800 Encompass seats booked
“It was a great finish to the year as we continued to gain market share and extend Encompass further into the enterprise segment,” said Jonathan Corr, president and CEO of Ellie Mae. “Our fourth quarter financial results exceeded expectations while seat bookings of 11,000 were also better than expected as more lenders are recognizing the power of the Encompass NG Lending Platform to increase productivity and efficiency.”
“During the year we made significant progress extending our leadership position. We introduced new products, including our Encompass Connect Suite of solutions, which leverage our new open and scalable architecture, completed the acquisition of Velocify which accelerates our delivery of the front end digital experience, and continued the development and rollout of our next generation lending platform. We see tremendous long-term growth opportunities as we drive toward our goal of end-to-end automation of the mortgage process,” concluded Mr. Corr.
Ellie Mae Reports Fourth Quarter and Full Year 2017 Results | Ellie Mae
