- With U.S. mortgage origination volume now expected to be down 41% this year to $1.1T (a prior forecast was at $1.2T), the Street was quite pleased with Ellie Mae's (NYSE:ELLI +7%) Q2 beat and healthy full-year guidance: The company expects 2014 revenue of $150M-$153.5M and EPS of $0.98-$1.01 vs. a consensus of $151.1M and $0.99.
- Q3 guidance is softer: Revenue of $39.5M-$41M and EPS of $0.21-$0.23 vs. a consensus of $41.1M and $0.30.
- Active users of Ellie's Encompass mortgage origination software platform rose 12% Y/Y in Q2 to 99K, and active SaaS Encompass users rose 29% to 72.1K; those growth rates are down from Q1's 18% and 40%. But revenue per active user rose 3% to $410, a turnaround from Q1's 13% decline.
- Contracted revenue was 61% of total revenue vs. 70% in Q1 and 49% a year ago. GAAP opex grew 12% Y/Y to $22.1M.
- Q2 results, PR