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Ellie Mae just misses second straight $100 million quarter

Saw revenue growth of 42%, net income growth of 70% in 2016

It was another strong year for Ellie Mae, as the company reported Thursday that it saw solid financial results in 2016.

The results shouldn’t come as a surprise, considering the company set revenue records in each of the last two quarters.

In the third quarter, the company broke $100 million in revenue for the first time in its history, eclipsing its previous revenue record set in the second quarter of the year.

And while the company didn’t see a third straight record-breaking quarter from a revenue perspective, the fourth quarter was another solid one for Ellie Mae.

According to the company’s earnings report, Ellie Mae recorded $96.2 million in revenue in the fourth quarter, up 48% from $64.9 million in the same time period in 2015.

The growth was even better from a net income perspective, as the company saw net income of $10.9 million in the fourth quarter, up 126% from $4.8 million in 2015.

Overall, for the full year 2016, Ellie Mae brought in $360.3 million in revenue, up 42% from $253.9 million in 2015.

The company’s net income was up by even more, with the company reporting $37.8 million in net income, up 70% from $22.3 million in 2015.

Along with the company’s strong financial results, Ellie Mae also grew the number of active users of Encompass by 21% year-over-year, to 164,648.

“We finished the year with a great fourth quarter,” said Jonathan Corr, president and CEO of Ellie Mae.

“Fourth quarter year-over-year revenue growth of 48% was driven by increased mortgage volume, the addition of new Encompass users, and the adoption of our services,” Corr added. “Total seat bookings reached 12,000 during the quarter and we grew contracted users to a record 216,000, highlighting our ongoing business momentum.”

Corr also said that the company expects to continue growing in 2017.

“With lenders recognizing the power of the Encompass Lending Platform to increase productivity and efficiency, we expect to see solid growth in 2017 as newer customers ramp loan production on our platform, we add customer seats and drive the adoption of both existing and new services,” Corr said. “We also plan to further drive innovation with the continued introduction of our Encompass Connect suite of solutions and the beginning rollout of Encompass NG.”

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