Ellie Mae Inc. has reported that total revenue for the first quarter 2011 increased 19 percent to $10.6 million, compared to $8.9 million in the first quarter of 2010. Software and Services revenue increased 18 percent to $8.4 million, compared to $7.1 million in the first quarter of 2010. Network revenue increased 24 percent to $2.2 million, compared to $1.8 million in the year ago period. Net loss for the first quarter of 2011 was $0.8 million, or $0.22 per share, compared to net loss of $1.6 million, or $0.48 per share, in the first quarter of 2010.
"The key metrics driving our results remain the number of active lenders using the Encompass enterprise solution, particularly our SaaS success-based pricing version of Encompass," said Sig Anderman, president and chief executive officer of Ellie Mae Inc. "Increases of 18 percent in the total number of active lenders, 306 percent in SaaS SBP users, and 130 percent in total SaaS users, drove our strong financial performance, despite a 10 percent drop in national residential mortgage volume in the first quarter of 2011 from the first quarter of 2010.
The company reported that the number of lenders actively using the Ellie Mae's Encompass enterprise solution increased 18 percent year-over-year to 41,351. The average revenue per active lender user increased 16 percent to $216. The number of active lenders using the company's SaaS success-based pricing (SBP) version of Encompass grew 306 percent year-over-year to 11,119, resulting in an overall increase of active lender SaaS Encompass users of 130 percent year-over-year to 15,670. Lender Encompass revenue for the first quarter of 2011 increased 37 percent to $8.8 million as compared to the first quarter of 2010.
"Our first quarter results reflect our growth strategy to extend our lender user base, increase their usage of our technology-enabled services, and expand their use of our patented Ellie Mae Network to access the business partners they work with to process and fund mortgages," said Anderman. "Notwithstanding the significant drop in U.S. mortgage volume over the past two years, we continue to grow by leveraging the strength of our end-to-end solutions and capitalizing on the industry trends and investor and regulatory demands driving loan quality and automation. We believe that these trends, combined with our attractive technology solutions, position us well for continued growth."
