Delaware | 001-35140 | 94-3288780 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits. |
Exhibit No. | Description | ||
99.1 | Press Release dated April 28, 2016, titled "Ellie Mae Reports First Quarter 2016 Results" |
Date: April 28, 2016 | Ellie Mae, Inc. | |
By: /s/ Edgar A. Luce | ||
Edgar A. Luce | ||
Executive Vice President, Finance and Administration and Chief Financial Officer |
Exhibit No. | Description | ||
99.1 | Press Release dated April 28, 2016, titled "Ellie Mae Reports First Quarter 2016 Results" |
• | Record revenue of $73.6 million, up 36% from $54.2 million in Q1 2015 |
• | Adjusted EBITDA of $15.6 million, up 7% from $14.6 million in Q1 2015 |
• | Net income of $2.5 million, compared to $3.6 million in Q1 2015 |
• | 15,000 Encompass seats booked |
• | Revenue per average active Encompass® user of $522, up 10% from $474 in Q1 2015 |
• | The total number of active Encompass users increased 22% year-over-year to 144,533; |
• | Contracted revenue increased 44% year-over-year to $46.0 million; and |
• | Revenue per average active Encompass user in the first quarter increased 10% year-over-year to $522. |
Ellie Mae, Inc. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(UNAUDITED) | |||||||
(in thousands, except share and per share amounts) | |||||||
March 31, 2016 | December 31, 2015 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 28,540 | $ | 34,396 | |||
Short-term investments | 43,122 | 48,975 | |||||
Accounts receivable, net of allowances for doubtful accounts of $141 and $124 as of March 31, 2016 and December 31, 2015, respectively | 39,474 | 28,568 | |||||
Prepaid expenses and other current assets | 11,472 | 9,874 | |||||
Total current assets | 122,608 | 121,813 | |||||
Property and equipment, net | 96,673 | 81,360 | |||||
Long-term investments | 42,292 | 55,473 | |||||
Intangible assets, net | 21,353 | 22,810 | |||||
Deposits and other assets | 9,281 | 8,888 | |||||
Goodwill | 74,547 | 74,547 | |||||
Total assets | $ | 366,754 | $ | 364,891 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 8,910 | $ | 9,911 | |||
Accrued and other current liabilities | 22,107 | 37,307 | |||||
Deferred revenue | 17,009 | 15,864 | |||||
Total current liabilities | 48,026 | 63,082 | |||||
Leases payable, net of current portion | 571 | 685 | |||||
Other long-term liabilities | 11,206 | 10,273 | |||||
Total liabilities | 59,803 | 74,040 | |||||
Stockholders’ equity: | |||||||
Common stock, $0.0001 par value per share; 140,000,000 authorized shares, 29,971,612 and 29,566,511 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively | 3 | 3 | |||||
Additional paid-in capital | 298,607 | 285,342 | |||||
Accumulated other comprehensive income (loss) | 71 | (257 | ) | ||||
Retained earnings | 8,270 | 5,763 | |||||
Total stockholders’ equity | 306,951 | 290,851 | |||||
Total liabilities and stockholders’ equity | $ | 366,754 | $ | 364,891 |
Ellie Mae, Inc. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||
(UNAUDITED) | |||||||
(in thousands, except share and per share amounts) | |||||||
Three Months ended March 31, | |||||||
2016 | 2015 | ||||||
Revenues | $ | 73,625 | $ | 54,189 | |||
Cost of revenues(1) | 26,631 | 17,350 | |||||
Gross profit | 46,994 | 36,839 | |||||
Operating expenses: | |||||||
Sales and marketing(1) | 15,287 | 9,760 | |||||
Research and development(1) | 12,453 | 8,297 | |||||
General and administrative(1) | 15,731 | 12,302 | |||||
Total operating expenses | 43,471 | 30,359 | |||||
Income from operations | 3,523 | 6,480 | |||||
Other income, net | 199 | 132 | |||||
Income before income taxes | 3,722 | 6,612 | |||||
Income tax provision | 1,216 | 3,028 | |||||
Net income | $ | 2,506 | $ | 3,584 | |||
Net income per share of common stock: | |||||||
Basic | $ | 0.09 | $ | 0.12 | |||
Diluted | $ | 0.08 | $ | 0.12 | |||
Weighted average common shares used in computing net income per share of common stock: | |||||||
Basic | 29,471,214 | 28,768,144 | |||||
Diluted | 31,080,314 | 30,442,163 | |||||
Net income | $ | 2,506 | $ | 3,584 | |||
Other comprehensive income, net of taxes: | |||||||
Unrealized gain on investments | 328 | 171 | |||||
Comprehensive income | $ | 2,834 | $ | 3,755 | |||
(1)Includes stock-based compensation expense of the following for the periods presented: | |||||||
Cost of revenues | $ | 970 | $ | 615 | |||
Sales and marketing | 878 | 517 | |||||
Research and development | 1,504 | 1,147 | |||||
General and administrative | 3,338 | 2,728 | |||||
$ | 6,690 | $ | 5,007 |
Ellie Mae, Inc. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(UNAUDITED) | |||||||
(in thousands) | |||||||
Three Months ended March 31, | |||||||
2016 | 2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 2,506 | $ | 3,584 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 3,954 | 1,767 | |||||
Provision for uncollectible accounts receivable | 33 | 38 | |||||
Amortization of intangible assets | 1,457 | 1,332 | |||||
Stock-based compensation expense | 6,690 | 5,007 | |||||
Excess tax benefit from stock-based compensation | — | (2,906 | ) | ||||
Deferred income taxes | 1,172 | — | |||||
Loss on disposal of property and equipment | 5 | — | |||||
Amortization of investment premium | 239 | 275 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (10,939 | ) | (5,188 | ) | |||
Prepaid expenses and other current assets | (1,598 | ) | 3,007 | ||||
Deposits and other assets | (1,565 | ) | — | ||||
Accounts payable | 625 | 379 | |||||
Accrued, other current and other liabilities | (13,817 | ) | 846 | ||||
Deferred revenue | 1,178 | 2,805 | |||||
Net cash provided by (used in) operating activities | (10,060 | ) | 10,946 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Acquisition of property and equipment | (13,298 | ) | (10,253 | ) | |||
Acquisition of internal-use software | (7,112 | ) | (5,762 | ) | |||
Purchases of investments | (18,971 | ) | (15,816 | ) | |||
Maturities of investments | 18,094 | 15,665 | |||||
Sale of investments | 20,000 | — | |||||
Net cash used in investing activities | (1,287 | ) | (16,166 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Payment of capital lease obligations | (868 | ) | (1,320 | ) | |||
Proceeds from issuance of common stock under employee stock plans | 6,719 | 5,071 | |||||
Payments for repurchase of common stock | — | (2,520 | ) | ||||
Tax payments related to shares withheld for vested restricted stock units | (360 | ) | (320 | ) | |||
Excess tax benefit from stock-based compensation | — | 2,906 | |||||
Net cash provided by financing activities | 5,491 | 3,817 | |||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (5,856 | ) | (1,403 | ) | |||
CASH AND CASH EQUIVALENTS, Beginning of period | 34,396 | 26,756 | |||||
CASH AND CASH EQUIVALENTS, End of period | $ | 28,540 | $ | 25,353 |
Ellie Mae, Inc. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (continued) | |||||||
(UNAUDITED) | |||||||
(in thousands) | |||||||
Three Months ended March 31, | |||||||
2016 | 2015 | ||||||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest | $ | 79 | $ | 33 | |||
Cash paid for income taxes | $ | 97 | $ | 50 | |||
Supplemental disclosure of non-cash investing and financing activities: | |||||||
Fixed asset purchases accrued but not paid | $ | 2,036 | $ | 2,628 | |||
Stock-based compensation capitalized to property and equipment | $ | 488 | $ | 207 | |||
Acquisition of property and equipment under capital leases | $ | — | $ | 5,996 |
Ellie Mae, Inc. | |||||||
NON-GAAP RECONCILIATION | |||||||
(UNAUDITED) | |||||||
(in thousands, except share and per share amounts) | |||||||
Three Months ended March 31, | |||||||
2016 | 2015 | ||||||
Net income | $ | 2,506 | $ | 3,584 | |||
Depreciation | 3,954 | 1,767 | |||||
Amortization of intangible assets | 1,457 | 1,332 | |||||
Other income, net | (199 | ) | (132 | ) | |||
Income tax provision | 1,216 | 3,028 | |||||
EBITDA | 8,934 | 9,579 | |||||
Stock-based compensation expense | 6,690 | 5,007 | |||||
Adjusted EBITDA | $ | 15,624 | $ | 14,586 | |||
Net income | $ | 2,506 | $ | 3,584 | |||
Stock-based compensation expense | 6,690 | 5,007 | |||||
Amortization of intangible assets | 1,457 | 1,332 | |||||
Adjusted net income | $ | 10,653 | $ | 9,923 | |||
Shares used to compute non-GAAP net income per share | |||||||
Basic | 29,471,214 | 28,768,144 | |||||
Diluted | 31,080,314 | 30,442,163 | |||||
Adjusted net income per share | |||||||
Basic | $ | 0.36 | $ | 0.34 | |||
Diluted | $ | 0.34 | $ | 0.33 | |||
Net cash provided by (used in) operating activities | $ | (10,060 | ) | $ | 10,946 | ||
Acquisition of property and equipment and internal-use software, net | (20,410 | ) | (16,015 | ) | |||
Free cash flow | $ | (30,470 | ) | $ | (5,069 | ) |
Ellie Mae, Inc. | |||||||||||||||
NON-GAAP RECONCILIATION | |||||||||||||||
(UNAUDITED) | |||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||
Second Quarter 2016 Projected Range | Fiscal 2016 Projected Range | ||||||||||||||
Net income | $ | 7,500 | $ | 8,000 | $ | 23,500 | $ | 25,500 | |||||||
Depreciation | 4,400 | 4,600 | 19,000 | 19,800 | |||||||||||
Amortization of intangible assets | 1,500 | 1,500 | 5,900 | 5,900 | |||||||||||
Income tax provision/other | 4,500 | 4,800 | 15,600 | 16,300 | |||||||||||
EBITDA | 17,900 | 18,900 | 64,000 | 67,500 | |||||||||||
Stock-based compensation expense | 7,600 | 8,100 | 29,000 | 30,000 | |||||||||||
Adjusted EBITDA | $ | 25,500 | $ | 27,000 | $ | 93,000 | $ | 97,500 | |||||||
Net income | $ | 7,500 | $ | 8,000 | $ | 23,500 | $ | 25,500 | |||||||
Stock-based compensation expense | 7,600 | 8,100 | 29,000 | 30,000 | |||||||||||
Amortization of intangible assets | 1,500 | 1,500 | 5,900 | 5,900 | |||||||||||
Adjusted net income | $ | 16,600 | $ | 17,600 | $ | 58,400 | $ | 61,400 | |||||||
Shares used to compute non-GAAP net income per share | |||||||||||||||
Basic | 29,700,000 | 29,800,000 | 30,300,000 | 30,500,000 | |||||||||||
Diluted | 31,400,000 | 31,500,000 | 31,800,000 | 32,000,000 | |||||||||||
Projected net income per share | |||||||||||||||
Basic | $ | 0.25 | $ | 0.27 | $ | 0.78 | $ | 0.84 | |||||||
Diluted | $ | 0.24 | $ | 0.25 | $ | 0.74 | $ | 0.80 | |||||||
Adjusted net income per share | |||||||||||||||
Basic | $ | 0.56 | $ | 0.59 | $ | 1.93 | $ | 2.01 | |||||||
Diluted | $ | 0.53 | $ | 0.56 | $ | 1.84 | $ | 1.92 |
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