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ELLIE MAE INC

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2018 10-K, filed Mar 1, 2019. Its latest SEC filing is a SC 13G/A from May 10, 2019.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Sells cloud-based mortgage software and an electronic transaction network used by banks, credit unions and mortgage lenders to originate and close residential loans.

How Did They Make Money?

Mortgage lenders pay monthly subscriptions or fees based on loans closed for Encompass; investors and service providers pay per transaction when originators order services through the Ellie Mae Network. Other revenue comes from transactional software services and consulting, implementation, education and training.

FY2018 revenue

Who Were Their Customers?

Banks, credit unions and mortgage lenders use Encompass to originate and fund mortgages; Ellie Mae's U.S. sales teams manage customer accounts. Mortgage investors and service providers connect with originators through the Ellie Mae Network.

Did Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2018 and turned 21 cents into free cash flow.

Operating income, FY2018
2% of revenue
▼ −74% vs FY2017 ($42.1M, 10%)
Net income, FY2018
5% of revenue
▼ −57% vs FY2017 ($52.9M, 13%)
Free cash flow, FY2018
21% of revenue
▲ +13% vs FY2017 ($87.9M, 21%)

How Were They Changing?

Since the FY2018 annual report
  • Apr 17, 2019 Thoma Bravo completed its acquisition of Ellie Mae Ellie Mae became a wholly owned subsidiary, and its shares ceased trading on the New York Stock Exchange.

Grew. Revenue grew 3.0x in 4 years, from $161.5M in FY2014 to $480.3M in FY2018, about 31% a year.

Broader digital mortgage tools The latest report describes Consumer Connect as an online borrower application and says Velocify adds lead management, engagement and distribution capabilities; the older report listed Consumer Direct and a separate CRM product.

Who Did They Compete With?

Competes with Black Knight, Mortgage Cadence, Wipro Gallagher Solutions, Blue Sage Solutions, Byte Software, Calyx Technology, Finastra, LendingQB, and Mortgage Builder Software

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