Ellie Mae 2Q Profits Climb on Higher Sales
Ellie Mae in Pleasanton, Calif., reported a rise in second-quarter profits compared to last year, boosted by sales of its mortgage origination software.
The $249 million-asset mortgage technology company reported net income of $4.4 million, up 18% from the same time last year. Earnings were 15 cents per diluted share.
The number of active users of Encompass, its loan origination system, rose 12% from last year, to 98,996.
Higher sales volume drove the profit increase, as revenue climbed 17%, to $40 million.
"Our business momentum continued to be driven by onboarding more users to our SaaS Encompass platform," said Sig Anderman, the company's chief executive, in a July 31 press release.
Income growth offset an uptick in operating expenses, which jumped 12%, to $22 million.