Ellie Mae in Pleasanton, Calif., reported net income of $3.6 million for the first quarter, up 350% from the same period a year ago. The mortgage technology provider also once again recorded record revenue growth of 68% year-over-year to $54.2 million.
The technology provider boosted its total number of active Encompass users 25% from the same period in 2014 to 119,000. The number of active users of the software-as-a-service version of Encompass soared 40% to 95,000, representing 80% of all Encompass users.
Revenue from SaaS Encompass jumped 64% from the first quarter of 2014 to $32.5 million, making up 60% of all revenue, while revenue per user grew 38% to $474.
Given the continued strength of Ellie Mae's performance in recent quarters, the company revised its full-year 2015 guidance for revenue to a range of $223 million to $226 million, from $203 million to $206 million.
The upcoming implementation of RESPA-TILA regulations in August weighed heavy on the company's earnings call.
Like many in the industry, Ellie Mae president and chief executive Jonathan Corr said he expected that RESPA-TILA is "going to slow things down for a very finite time frame," but that the company would benefit in the longer term.
"I expect to see revenue per user to drive up through more productivity per user and greater adoption of transactional services across the board to support origination and delivery of those loans," Corr said. He noted that as the regulations make it more difficult to handle the loan process manually, use of electronic services would accelerate.
Corr maintained that the company does not expect any impact from RESPA-TILA on performance during the upcoming quarter, while adding that more customers may come on board knowing their technology will not be adequate come Aug. 1.
