No Change to Guidance for Second Quarter or Full Year 2018
PLEASANTON, Calif.--(BUSINESS WIRE)--May 31, 2018--
Mae® (NYSE:ELLI), the leading cloud-based platform provider for the
mortgage finance industry, announced today that Matthew LaVay, Executive
Vice President and Chief Financial Officer (CFO), is leaving the company
effective June 15, 2018 for personal reasons. There are no issues
involving the company’s financial results, internal controls or
financial reporting procedures that led to Mr. LaVay’s departure. The
company also announced that there is no change to its financial guidance
for the second quarter and full year 2018 which it first provided when
it reported its first quarter earnings on April 26, 2018.
The company has commenced an executive search process for a successor.
Popi Heron, Vice President and Corporate Controller is assuming the role
of interim CFO. Ms. Heron has more than 26 years of finance and
accounting experience. She has served as the company’s Vice President
and Corporate Controller since 2016. Prior to joining the company, Ms.
Heron served as the Corporate Controller and Senior Director, Finance
for GoPro, Inc. for over four years.
Additionally, Ed Luce, the company’s former CFO, is joining the company
as an advisor to support the company’s finance and accounting
organization and assist in its search for a successor.
“We have a strong bench of talent in our finance organization and are
pleased to have Popi lead our financial operations on an interim basis
to ensure a smooth transition as we conduct a search for our next CFO,”
stated Jonathan Corr, President & CEO. “We thank Matt for his
contributions to Ellie Mae over the last six years.”
Ellie Mae uses the investor relations section on its website as means of
complying with its disclosure obligations under Regulation FD.
Accordingly, investors should monitor Ellie Mae’s investor relations
website in addition to following Ellie Mae’s press releases, SEC filings
and public conference calls and webcasts.
About Ellie Mae
Ellie Mae (NYSE:ELLI) is the leading cloud-based platform provider for
the mortgage finance industry. Ellie Mae’s technology solutions enable
lenders to originate more loans, lower origination costs, and reduce the
time to close, all while ensuring the highest levels of compliance,
quality and efficiency. Visit EllieMae.com
or call (877) 355-4362 to learn more.
This press release contains forward-looking statements under the safe
harbor provisions under The Private Securities Litigation Reform Act of
1995, including the statement that there is no change to Ellie Mae’s
guidance for the second quarter and full year 2018 from that provided on
April 26, 2018. These statements involve known and unknown risks,
uncertainties, and other factors that may cause Ellie Mae’s results to
be materially different than those expressed or implied in such
statements. Such differences may be based on factors such as changes in
the volume of residential mortgages in the United States; changes in
other macroeconomic factors affecting the residential real estate
industry; the impact of the Company’s implementation of ASC 606 on its
results of operations, including its projected revenue, net income,
adjusted EBITDA, and adjusted net income for the second quarter and
fiscal year 2018; changes in strategic planning decisions by management;
the Company’s ability to manage growth and expenses as it continues to
scale its business; reallocation of internal resources; costs incurred
and delays in developing new products; changes in anticipated rates of
closed loans, changes in the rate of new customer acquisitions; and the
possibility that economic benefits of future opportunities may never
materialize, including unexpected variations in market growth and demand
for the acquired products and technologies; delays and disruptions,
including changing relationships with partners, customers, employees or
suppliers; the satisfactory performance, reliability and availability of
the Company’s products and services; the amount of costs incurred in
connection with supporting and integrating new customers and partners;
ongoing personnel and logistical challenges of managing a larger
organization; changes in other macroeconomic factors affecting the
residential real estate industry, and other risk factors included in
documents that Ellie Mae has filed with the U.S. Securities and Exchange
Commission (“SEC”), including but not limited to its Annual Report on
Form 10-K for the year ended December 31, 2017, as updated from time to
time by the Company’s quarterly reports on Form 10-Q and its other
filings with the SEC. Other unknown or unpredictable factors also could
have material adverse effects on Ellie Mae’s future results. The
forward-looking statements included in this press release are made only
as of the date hereof. Ellie Mae cannot guarantee future results, levels
of activity, performance or achievements. Accordingly, you should not
place undue reliance on these forward-looking statements. Finally, Ellie
Mae expressly disclaims any intent or obligation to update any
forward-looking statements to reflect subsequent events or
circumstances, unless otherwise required by law.
© 2018 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, Mavent®,
Velocify®, the Ellie Mae logo and other trademarks or service marks of
Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or
its subsidiaries. All rights reserved. Other company and product names
may be trademarks or copyrights of their respective owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180531006210/en/
Source: Ellie Mae, Inc.
Ellie Mae, Inc.
Alex Hughes, 925-227-7079
of Investor Relations
Blueshirt Group for Ellie Mae, Inc.
Lisa Laukkanen, 415-217-4967
Ellie Mae, Inc.
Erica Harvill, 925-227-5913