Ellie Mae reported fourth-quarter earnings of $4.3 million, more than double that of the same period in 2013. The company had record revenue of $47 million in the quarter as the number of users of its Encompass loan origination system increased 18% on a year-over-year basis.
The Pleasanton, Calif.-based technology provider earned $1.7 million and had revenue of over $30 million in the fourth quarter of 2013. Full-year net income was $14.8 million off revenue of $162 million in 2014. A year ago, Ellie Mae earned net income of $13.3 million from revenue of $129 million.
Users of the software-as-a-service version of Encompass grew 33% over the fourth quarter of 2013 and now make up 78% of all of the system’s users.
Total SaaS Encompass revenue in the fourth quarter increased 48% year over year to $20 million, representing 60% of Ellie Mae’s total revenue.
“We again outperformed the overall mortgage market as we continued to grow our active user base and increased average revenue per user by 32% over last year’s fourth quarter. Our results demonstrate the upside leverage of our model as we benefited from an uptick in the volume of loan applications during the quarter,” said Ellie Mae CEO Jonathan Corr in a press release.
He noted the company’s business growth took place in an environment where mortgage volume in 2014 was down 38% from the previous year.