Mortgage software provider Ellie Mae reported a 126% increase in net income during the fourth quarter, driven by an increase in users and loan volume.
The Pleasanton, Calif-based company's net income rose to $10.9 million from $4.8 million a year earlier.
Revenue for the quarter expanded 48% year over year to $96.2 million. Expenses similarly rose 34% from 2015 to $49 million.
For the full fiscal year, Ellie Mae earned net profits of $37.8 million, up 70% from $22.3 million in 2015.
Ellie Mae also reported that it had a record 216,000 contracted users of its Encompass lending platform as of the fourth quarter, with revenue per average active user up to $587 from $475 a year ago. Total Encompass seat bookings in the fourth quarter were 12,000.
"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," Ellie Mae CEO and President Jonathan Corr said in a news release.
The company forecast that its net income for the full fiscal year 2017 will rise to the range of $45 million to $50 million, and that revenue will come in the range of $433 million to $440 million.
"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."