Ellie Mae witnessed a strong first-quarter, posting record revenue of $73.6 million, up 36% from $54.2 million in first quarter 2015.
Net income for the first quarter of 2016 dropped to $2.5 million, or $0.08 per diluted share, down from net income of $3.6 million, or $0.12 per diluted share, for the first quarter of 2015.
Despite the drop in EPS, Ellie Mae still beat expectations by $0.03. The company also beat revenue expectations by $4.86 million.
In its last earnings round, Ellie Mae also beat revenue and EPS expectations.
“We had a great start to the year with continued momentum across our business,” said Jonathan Corr, president and CEO of Ellie Mae. “In addition to growing revenue by 36% in the face of a 10% decline in origination volume, we continued to see robust adoption throughout the lender community.”
The total number of active Encompass users increased 22% year-over-year to 144,533. Revenue per average active Encompass user increased to $522, up 10% from $474 in first quarter 2015.
Looking ahead, Ellie Mae expects second quarter 2016 revenue to be in the range of $84.0 million to $86.0 million and full year 2016 revenue to be in the range of $325.0 million to $329.0 million.