Ellie Mae Reports Fourth Quarter and Full Year 2018 Results

PLEASANTON, Calif.–(BUSINESS WIRE)–Ellie Mae® (NYSE:ELLI), the leading cloud-based platform
provider for the mortgage finance industry, today reported results1
for the fourth quarter and full year ended December 31, 2018.

Fourth Quarter 2018 Highlights

  • Revenues of $116.0 million vs. $112.9 million in 2017.
  • Net income of $0.1 million vs. $9.9 million in 2017.
  • Adjusted EBITDA of $25.5 million vs. $28.7 million in 2017.
  • 623,000 loans closed on Encompass.2

Full Year 2018 Highlights

  • Revenues of $480.3 million vs. $417.0 million in 2017.
  • Net income of $22.6 million vs. $52.9 million in 2017.
  • Adjusted EBITDA of $122.5 million vs. $123.9 million in 2017.
  • 2,596,000 loans closed on Encompass.2

“We are pleased to report a solid finish to the year,” said Jonathan
Corr, President & CEO. “Throughout the year we made significant
enhancements to our Encompass Digital Lending Platform in order to drive
increased productivity. Lenders are increasingly looking to technology
to tackle higher origination costs and we are seeing our lenders look to
automate more workflow through Encompass. Entering 2019, we remain
confident in our underlying technology foundation and the growing value
proposition of Encompass.”

______________________________

1 On January 1, 2018, Ellie Mae adopted Accounting Standards
Codification (“ASC”) 606, Revenue from Contracts with Customers, using
the modified retrospective method, which replaced the previous
accounting standard ASC 605, Revenue Recognition. While the financial
results for the fourth quarter and full year 2018 are presented under
ASC 606, financial results for the fourth quarter and full year 2017 are
presented under ASC 605. A reconciliation of the financial results for
the fourth quarter and full year 2018 under ASC 606 and ASC 605, as well
as a reconciliation of other non-GAAP financial measures discussed in
this release, is presented in the “Non-GAAP Reconciliation” table
included in this release.

2 Closed loans consist of loans originated (which excludes
correspondent purchased loans or brokered loans) on the Encompass
Digital Lending Platform, which is calculated by adding the loans
reported to us as originated by our Success Based Pricing lenders and
estimating the number of loans originated by the small percentage of
lenders that are purely on a subscription service.

Financial Results

Revenues for the fourth quarter of 2018 were $116.0 million, compared to
$112.9 million for the fourth quarter of 2017. Net income for the fourth
quarter of 2018 was $0.1 million, or $0.00 per diluted share, compared
to $9.9 million, or $0.28 per diluted share, for the fourth quarter of
2017. Net income for the fourth quarter of 2018 includes the
amortization of acquisition-related intangibles related to the Velocify
acquisition, and one-time costs related to a reorganization of the
technology group.

On a non-GAAP basis, adjusted net income for the fourth quarter of 2018
was $9.5 million, or $0.27 per diluted share, compared to $11.8 million,
or $0.33 per diluted share, for the fourth quarter of 2017. Adjusted
EBITDA for the fourth quarter of 2018 was $25.5 million compared to
$28.7 million for the fourth quarter of 2017.

Total revenue for 2018 was $480.3 million, compared to $417.0
million for 2017. Net income for 2018 was $22.6 million, or $0.63 per
diluted share, compared to $52.9 million, or $1.48 per diluted share,
for 2017. Full year 2018 net income includes the amortization of
acquisition-related intangibles related to the Velocify acquisition.

On a non-GAAP basis, adjusted net income for 2018 was $63.4 million,
or $1.77 per diluted share, compared to $58.9 million, or $1.64 per
diluted share, for 2017. Adjusted EBITDA for 2018 was $122.5 million,
compared to $123.9 million for 2017.

Additional information about the non-GAAP financial measures presented
in this release, including a reconciliation of the non-GAAP financial
measures to their related GAAP financial measures, is set forth below
under the section entitled, “Use of Non-GAAP Financial Measures.”

Subsequent Event

On February 12, 2019, the Company announced that it has entered into a
definitive agreement to be acquired by Thoma Bravo, LLC in an all-cash
transaction that values the Company at an aggregate value of
approximately $3.7 billion. Under the terms of the agreement, the
Company’s stockholders will receive $99.00 per share in cash upon the
closing of the transaction. Closing of the transaction is subject to
approval by Ellie Mae stockholders and regulatory authorities and the
satisfaction of customary closing conditions. The transaction is
currently expected to close in the second or third quarter of 2019 and
is not subject to a financial condition.

Upcoming Events

As a result of the proposed merger (the “Merger”), the Company will not
host an earnings conference call or provide financial guidance.
Similarly, the Company will no longer host its Analyst Meeting, which
was scheduled to take place in conjunction with the Company’s user event
in March 2019.

Use of Non-GAAP Financial Measures

Ellie Mae provides investors with the non-GAAP financial measures of
adjusted net income, adjusted net income per share, adjusted EBITDA, and
adjusted gross profit in addition to the traditional GAAP operating
performance measure of net income (loss) as part of its overall
assessment of its performance. In addition, Ellie Mae provides investors
with the non-GAAP financial measures under ASC 605 to compare against
the Company’s GAAP financial measures under ASC 606. Ellie Mae adopted
ASC 606 using the modified retrospective method with the cumulative
effect of initially applying Topic 606 as an adjustment to the opening
balance of retained earnings as of January 1, 2018. The comparative
financial information has not been restated and continues to be reported
under the accounting standards in effect in those prior periods.
Adjusted net income consists of net income (loss) plus stock-based
compensation expense, amortization of acquisition-related intangibles,
acquisition-related costs, and non-GAAP income tax adjustments. EBITDA
consists of net income (loss) plus depreciation and amortization,
amortization of acquisition-related intangibles, and income tax
provision, less other income, net and income tax benefit. Adjusted
EBITDA consists of EBITDA plus stock-based compensation expense and
acquisition-related costs. Adjusted gross profit consists of gross
profit plus stock-based compensation expense and amortization of
acquisition-related intangibles that are included in cost of revenues.
Ellie Mae uses adjusted net income, adjusted net income per share,
adjusted EBITDA, and adjusted gross profit as measures of operating
performance because they enable period to period comparisons by
excluding potential differences caused by variations in the age and
depreciable lives of fixed assets, amortization of acquisition-related
intangibles, acquisition-related costs, and changes in interest expense
and interest income that are influenced by capital market conditions.
Ellie Mae also believes it is useful to exclude stock-based compensation
expense from adjusted net income, adjusted EBITDA, and adjusted gross
profit because the amount of non-cash expense associated with
stock-based awards made at certain prices and points in time (a) do not
necessarily reflect how Ellie Mae’s business is performing at any
particular time and (b) can vary significantly between periods due to
the timing of new stock-based awards. The non-GAAP income tax
adjustments are calculated based on the annual non-GAAP effective tax
rate, which quantifies the tax effects of the non-GAAP adjustments.
These non-GAAP financial measures are not measurements of Ellie Mae’s
financial performance under GAAP and have limitations as analytical
tools. Accordingly, these non-GAAP financial measures should not be
considered a substitute for, or superior to, net income (loss),
operating income (loss), gross profit, or other financial measures
calculated in accordance with GAAP.

Ellie Mae cautions that other companies in Ellie Mae’s industry may
calculate adjusted net income, adjusted net income per share, adjusted
EBITDA, and adjusted gross profit differently than Ellie Mae does,
further limiting their usefulness as comparative measures. A
reconciliation of net income (loss) to adjusted net income, adjusted net
income per share, EBITDA and adjusted EBITDA, and gross profit to
adjusted gross profit is included in the tables below.

Disclosure Information

Ellie Mae uses the investor relations section on its website as the
means of complying with its disclosure obligations under Regulation FD.
Accordingly, the Company recommends that investors monitor Ellie Mae’s
investor relations website in addition to following Ellie Mae’s press
releases, Securities and Exchange Commission (“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, reduce origination costs, and shorten
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.

Additional Information and Where to Find It

In connection with the proposed Merger, Ellie Mae expects to file with
the SEC and furnish to its stockholders a proxy statement on Schedule
14A, as well as other relevant documents concerning the proposed
transaction. Promptly after filing its definitive proxy statement with
the SEC, Ellie Mae will mail the definitive proxy statement and a proxy
card to each stockholder of Ellie Mae entitled to vote at the special
meeting relating to the proposed transaction. The proxy statement will
contain important information about the proposed Merger and related
matters. STOCKHOLDERS AND SECURITY HOLDERS OF ELLIE MAE ARE URGED TO
READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO)
AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE MERGER THAT
ELLIE MAE WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT ELLIE MAE AND THE TRANSACTION.
This communication is not a substitute for the proxy statement or for
any other document that Ellie Mae may file with the SEC and send to its
stockholders in connection with the proposed Merger. The proposed Merger
will be submitted to Ellie Mae’s stockholders for their consideration.
Before making any voting decision, stockholders of Ellie Mae are urged
to read the proxy statement regarding the Merger when it becomes
available and any other relevant documents filed with the SEC, as well
as any amendments or supplements to those documents, because they will
contain important information about the proposed Merger.

Stockholders of Ellie Mae will be able to obtain a free copy of the
proxy statement, as well as other filings containing information about
Ellie Mae and the proposed transaction, without charge, at the SEC’s
website (http://www.sec.gov). Copies of the proxy statement, when
available, and the filings with the SEC that will be incorporated by
reference therein can also be obtained, without charge, by contacting
Ellie Mae’s Investor Relations at (925) 227-7079, by email at
ir@elliemae.com, or by going to Ellie Mae’s Investor Relations page on
its website at investor.elliemae.com and clicking on the link titled
“SEC Filings” to access Ellie Mae’s “SEC Filings.”

Participants in the Solicitation

Ellie Mae and certain of its directors, executive officers and employees
may be deemed to be participants in the solicitation of proxies in
respect of the proposed Merger. Information regarding the interests of
Ellie Mae’s directors and executive officers and their ownership of
Company Common Stock is set forth in Ellie Mae’s proxy statement on
Schedule 14A filed with the SEC on April 4, 2018, will be included in
Ellie Mae’s definitive proxy statement to be filed with the SEC in
connection with the proposed Merger, and certain of its Current Reports
on Form 8-K. Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect interests in
the proposed Merger, by security holdings or otherwise, will be
contained in the proxy statement and other relevant materials to be
filed with the SEC in connection with the proposed Merger. Free copies
of this document may be obtained as described in the preceding paragraph.

Notice Regarding Forward-Looking Statements

This communication, and any documents to which Ellie Mae refers you in
this communication, contains not only historical information, but also
forward-looking statements made pursuant to the safe-harbor provisions
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements represent Ellie Mae’s current expectations or
beliefs concerning future events, including but not limited to the
expected completion and timing of the proposed transaction, expected
benefits and costs of the proposed transaction, management plans and
other information relating to the proposed transaction, strategies and
objectives of Ellie Mae for future operations and other information
relating to the proposed transaction. Without limiting the foregoing,
the words “believes,” “anticipates,” “plans,” “expects,” “intends,”
“forecasts,” “should,” “estimates,” “contemplate,” “future,” “goal,”
“potential,” “predict,” “project,” “projection,” “target,” “seek,”
“may,” “will,” “could,” “should,” “would,” “assuming,” and similar
expressions are intended to identify forward-looking statements. You
should read any such forward-looking statements carefully, as they
involve a number of risks, uncertainties and assumptions that may cause
actual results to differ significantly from those projected or
contemplated in any such forward-looking statement. Those risks,
uncertainties and assumptions include (i) the risk that the proposed
transaction may not be completed in a timely manner or at all, which may
adversely affect Ellie Mae’s business and the price of the common stock
of Ellie Mae, (ii) the failure to satisfy any of the conditions to the
consummation of the proposed transaction, including the adoption of the
Merger Agreement by the stockholders of Ellie Mae and the receipt of
certain regulatory approvals, (iii) the occurrence of any event, change
or other circumstance or condition that could give rise to the
termination of the Merger Agreement, (iv) the effect of the announcement
or pendency of the proposed transaction on Ellie Mae’s business
relationships, operating results and business generally, (v) risks that
the proposed transaction disrupts current plans and operations and the
potential difficulties in employee retention as a result of the proposed
transaction, (vi) risks related to diverting management’s attention from
Ellie Mae’s ongoing business operations, (vii) the outcome of any legal
proceedings that may be instituted against Ellie Mae related to the
Merger Agreement or the proposed transaction, (viii) unexpected costs,
charges or expenses resulting from the proposed transaction, and (ix)
other risks described in Ellie Mae’s filings with the SEC, such as its
Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K.
Forward-looking statements speak only as of the date of this
communication or the date of any document incorporated by reference in
this document. Except as required by applicable law or regulation, Ellie
Mae does not assume any obligation to update any such forward-looking
statements whether as the result of new developments or otherwise.

© 2019 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.

 
Ellie Mae, Inc.
CONDENSED BALANCE SHEETS
(UNAUDITED)
(in thousands)
 
  December 31,   December 31,
2018 2017
Assets
Current assets:
Cash and cash equivalents $ 181,697 $ 137,698
Short-term investments 120,898 103,345
Accounts receivable, net 43,876 43,121
Prepaid expenses and other current assets 32,905   18,474  
Total current assets 379,376 302,638
Property and equipment, net 233,590 186,991
Long-term investments 61,959 107,363
Intangible assets, net 59,486 80,874
Goodwill 141,168 144,451
Deposits and other long-term assets 36,031   9,290  
Total assets $ 911,610   $ 831,607  
 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 18,539 $ 24,913
Accrued and other current liabilities 39,247 26,188
Contract liabilities 24,357   26,287  
Total current liabilities 82,143 77,388
Other long-term liabilities 25,398   18,880  
Total liabilities 107,541   96,268  
Stockholders’ equity:
Common stock 4 3
Additional paid-in capital 694,607 649,817
Accumulated other comprehensive loss (747 ) (880 )
Retained earnings 110,205   86,399  
Total stockholders’ equity 804,069   735,339  
Total liabilities and stockholders’ equity $ 911,610   $ 831,607  
 
 
Ellie Mae, Inc.
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands, except per share amounts)
       
Quarter Ended December 31, Year Ended December 31,
2018 2017 2018 2017
Revenues $ 116,046 $ 112,886 $ 480,266 $ 417,042
Cost of revenues (1) 49,197   48,272   199,925   160,910  
Gross profit 66,849 64,614 280,341 256,132
Operating expenses:
Sales and marketing (1) 21,247 18,280 84,234 65,042
Research and development (1) 20,450 19,912 88,150 69,266
General and administrative (1) 25,807   23,858   97,077   79,686  
Total operating expenses 67,504   62,050   269,461   213,994  
Income (loss) from operations (655 ) 2,564 10,880 42,138
Other income, net 1,069   853   3,920   3,256  
Income before income taxes 414 3,417 14,800 45,394
Income tax provision (benefit) 330   (6,492 ) (7,775 ) (7,456 )
Net income $ 84   $ 9,909   $ 22,575   $ 52,850  
Net income per share of common stock:
Basic $   $ 0.29   $ 0.66   $ 1.55  
Diluted $   $ 0.28   $ 0.63   $ 1.48  
Weighted average common shares used in computing net income per
share of common stock:
Basic 34,717 34,214 34,441 34,057
Diluted 35,636 35,689 35,787 35,806
 
Net income $ 84 $ 9,909 $ 22,575 $ 52,850
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) on investments 517   (669 ) 133   (661 )
Comprehensive income $ 601   $ 9,240   $ 22,708   $ 52,189  
 
(1) Includes stock-based compensation expense of the
following for the periods presented:
Cost of revenues $ 2,350 $ 1,857 $ 8,758 $ 6,786
Sales and marketing 2,151 1,443 7,396 5,223
Research and development 596 2,279 8,879 8,281
General and administrative 4,144   3,628   14,942   14,177  
$ 9,241   $ 9,207   $ 39,975   $ 34,467  
 
 
Ellie Mae, Inc.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 
Year Ended December 31,
2018   2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 22,575 $ 52,850
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 49,801 36,482
Amortization of acquisition-related intangibles 21,388 9,515
Stock-based compensation expense 39,975 34,467
Amortization of deferred contract costs 8,927 3,500
Deferred income taxes (8,238 ) (7,849 )
Other 504 (1,704 )
Changes in operating assets and liabilities:
Accounts receivable, net (755 ) (997 )
Prepaid expenses, other current assets, and other long-term assets (7,503 ) (780 )
Deferred contract costs (9,107 ) (4,254 )
Accounts payable (1,250 ) 4,943
Accrued liabilities, other current liabilities, and other long-term
liabilities
9,253 (11,750 )
Contract liabilities (1,897 ) 1,798  
Net cash provided by operating activities 123,673   116,221  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment (24,301 ) (28,355 )
Acquisition of internal-use software (68,881 ) (59,514 )
Purchases of investments (136,162 ) (221,383 )
Maturities of investments 163,980 99,490
Cash paid for acquisitions, net of cash acquired (119,270 )
Other investing activities, net 172    
Net cash used in investing activities (65,192 ) (329,032 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under employee stock plans 19,385 19,306
Payments for repurchase of common stock (14,740 ) (35,244 )
Tax payments related to shares withheld for vested restricted stock
units
(19,042 ) (13,826 )
Other financing activities, net (85 ) (634 )
Net cash used in financing activities (14,482 ) (30,398 )
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 43,999 (243,209 )
 
CASH AND CASH EQUIVALENTS, Beginning of period 137,698   380,907  
CASH AND CASH EQUIVALENTS, End of period $ 181,697   $ 137,698  
 
 
Ellie Mae, Inc.
NON-GAAP RECONCILIATION
(UNAUDITED)
(in thousands, except per share amounts)
               
Quarter Ended December 31, Year Ended December 31,
2018
ASC 606
Adjust-
ments
2018
ASC 605
2017
ASC 605
2018
ASC 606
Adjust-
ments
2018
ASC 605
2017
ASC 605
Revenues $ 116,046 $ (862 ) $ 115,184 $ 112,886 $ 480,266 $ (2,064 ) $ 478,202 $ 417,042
Operating expenses:
Sales and marketing $ 21,247 $ 563 $ 21,810 $ 18,280 $ 84,234 $ 1,548 $ 85,782 $ 65,042
Total operating expenses $ 67,504 $ 563 $ 68,067 $ 62,050 $ 269,461 $ 1,548 $ 271,009 $ 213,994
Income (loss) before income taxes $ 414 $ (1,425 ) $ (1,011 ) $ 3,417 $ 14,800 $ (3,612 ) $ 11,188 $ 45,394
Income tax provision (benefit) $ 330 $ 1,146 $ 1,476 $ (6,492 ) $ (7,775 ) $ (882 ) $ (8,657 ) $ (7,456 )
 
Net income (loss) $ 84 $ (2,571 ) $ (2,487 ) $ 9,909 $ 22,575 $ (2,730 ) $ 19,845 $ 52,850
Depreciation and amortization 14,187 14,187 10,458 50,275 50,275 36,482
Amortization of acquisition-related intangibles 2,694 2,694 6,282 21,389 21,389 9,515
Other income, net (1,069 ) (1,069 ) (853 ) (3,920 ) (3,920 ) (3,256 )
Income tax provision (benefit) 330   1,146   1,476   (6,492 ) (7,775 ) (882 ) (8,657 ) (7,456 )
EBITDA 16,226 (1,425 ) 14,801 19,304 82,544 (3,612 ) 78,932 88,135
 
Stock-based compensation expense 9,241 9,241 9,207 39,975 39,975 34,467
Acquisition-related costs(2)       161         1,282  
Adjusted EBITDA $ 25,467   $ (1,425 ) $ 24,042   $ 28,672   $ 122,519   $ (3,612 ) $ 118,907   $ 123,884  
 
Gross profit $ 66,849 $ (862 ) $ 65,987 $ 64,614 $ 280,341 $ (2,064 ) $ 278,277 $ 256,132
Stock-based compensation expense(1) 2,350 2,350 1,857 8,758 8,758 6,786
Amortization of acquisition-related intangibles(1) 2,028     2,028   5,438   18,738     18,738   7,739  
Adjusted gross profit $ 71,227   $ (862 ) $ 70,365   $ 71,909   $ 307,837   $ (2,064 ) $ 305,773   $ 270,657  
 
Net income (loss) $ 84 $ (2,571 ) $ (2,487 ) $ 9,909 $ 22,575 $ (2,730 ) $ 19,845 $ 52,850
Stock-based compensation expense 9,241 9,241 9,207 39,975 39,975 34,467
Amortization of acquisition-related intangibles 2,694 2,694 6,282 21,389 21,389 9,515
Acquisition-related costs(2) 161 1,282
Non-GAAP income tax adjustments(3) (2,531 ) 1,327   (1,204 ) (13,787 ) (20,586 ) 1   (20,585 ) (39,254 )
Adjusted net income (2) $ 9,488   $ (1,244 ) $ 8,244   $ 11,772   $ 63,353   $ (2,729 ) $ 60,624   $ 58,860  
 
Shares used to compute adjusted net income per share
Basic 34,717     34,717   34,214   34,441     34,441   34,057  
Diluted 35,636     35,636   35,689   35,787     35,787   35,806  
 
Adjusted net income per share (2)
Basic $ 0.27   $ (0.03 ) $ 0.24   $ 0.34   $ 1.84   $ (0.08 ) $ 1.76   $ 1.73  
Diluted $ 0.27   $ (0.04 ) $ 0.23   $ 0.33   $ 1.77   $ (0.08 ) $ 1.69   $ 1.64  
 
 
(1) Amount represents the cost of revenues portion of
stock-based compensation expense and amortization of
acquisition-related intangibles.
(2) Acquisition-related costs include third-party
transaction costs incurred for legal and other professional services
in relation to an acquisition. These costs are non-recurring and are
not related to the on-going operating results in the period.
(3) For the quarter and year ended December 31, 2018, the
non-GAAP effective tax rates are 23.2% and 16.8%, respectively,
under ASC 606. For the quarter and year ended December 31, 2018, the
non-GAAP effective tax rates are 24.5% and 16.4%, respectively,
under ASC 605. For the quarter and year ended December 31, 2017, the
non-GAAP effective tax rates are 38.3% and 35.1%, respectively,
under ASC 605. The non-GAAP income tax adjustments are calculated
based on the annual non-GAAP effective tax rate, which quantifies
the tax effects of the non-GAAP adjustments described above, and
eliminates the effects of non-recurring items which can vary in size
and frequency.

Contacts

IR CONTACTS:

Alex Hughes
VP of Investor Relations
Ellie Mae, Inc.
(925)
227-7079
IR@elliemae.com

Lisa Laukkanen
The Blueshirt Group for Ellie Mae, Inc.
(415)
217-4967
lisa@blueshirtgroup.com

PRESS CONTACT:

Erica Harvill
Ellie Mae, Inc.
(925) 227-5913
Erica.Harvill@elliemae.com

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