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Ellie Mae Reports Third Quarter 2012 Results

Ellie Mae ® (NYSE: ELLI), a leading provider of on-demand, enterprise level automation solutions for the residential mortgage industry, today reported results for the third quarter and nine months ended September 30, 2012.

Total revenue for the third quarter of 2012 increased 87% to $27.5 million, compared to $14.7 million in the third quarter of 2011. Net income for the third quarter of 2012 was $6.8 million, or $0.25 per diluted share, compared to net income of $2.7 million, or $0.12 per diluted share, in the third quarter of 2011. Included in the GAAP net income for the third quarter 2012 was an income tax benefit of approximately $700 thousand, or $0.03 per diluted share, resulting from the release of a tax valuation allowance relating to deferred tax assets.

On a non-GAAP basis, adjusted net income for the third quarter of 2012 was $9.5 million, or $0.35 per diluted share, compared to $2.0 million, or $0.09 per diluted share, in the third quarter of 2011. Adjusted EBITDA for the third quarter of 2012 was $9.8 million, compared to $2.3 million for the third quarter of 2011.

Total revenue for the nine months ended September 30, 2012 increased 96% to $71.9 million compared to $36.7 million for the nine months ended September 30, 2011. Net income for the nine months ended September 30, 2012 was $15.5 million, or $0.63 per diluted share, compared to net income of $1.8 million, or $0.09 per diluted share, for the nine months ended September 30, 2011. The GAAP results for the nine months ended September 30, 2012 included an income tax benefit of approximately $700 thousand, or $0.03 per diluted share, resulting from the release of a tax valuation allowance relating to deferred tax assets.

On a non-GAAP basis, adjusted net income for the nine months ended September 30, 2012 was $20.3 million, or $0.83 per diluted share, compared to $2.1 million, or $0.11 per diluted share, for the nine months ended September 30, 2011. Adjusted EBITDA for the nine months ended September 30, 2012 was $22.5 million, compared to adjusted EBITDA of $3.2 million for the nine months ended September 30, 2011.

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