Ellie Mae Reports Third Quarter 2018 Results
Summary
In calculating the Company’s recognized revenue, ASC 606 requires the Company to estimate a portion of future Encompass closed loan fees, which is considered variable consideration under the standard.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.Ellie Mae uses the investor relations section on its website as the means of complying with its disclosure obligations under Regulation FD.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.(2) Prior period amounts have been adjusted to include the third-party transaction costs incurred for legal and other professional services in relation to an acquisition.