EX-99.1 2 d579743dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

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Tableau Announces Second Quarter 2013 Financial Results

 

SEATTLE, Wash. – August 8, 2013 - Tableau Software (NYSE: DATA), a global leader in rapid-fire, easy-to-use business analytics software, today reported results for its second quarter ended June 30, 2013.

 

   

Total revenues were $49.9 million, up 71% year-over-year

 

   

License revenues were $33.5 million, up 66% year-over-year

 

   

GAAP loss per share was $0.05; Non-GAAP earnings per share were $0.01

“We are pleased with our performance in the second quarter,” said Christian Chabot, CEO and President. “We grew total revenues 71 percent from the prior year second quarter, and we added over 1,500 new customer accounts. Our business continues to experience strong momentum, as customers use Tableau’s software to turn data into revealing insights and stories.”

Financial Highlights for the Second Quarter Ended June 30, 2013

Total revenues for the second quarter of 2013 were $49.9 million, representing a 71% increase from the second quarter of 2012. License revenues were $33.5 million, representing a 66% increase from the second quarter of 2012. Maintenance and services revenues were $16.4 million, representing an 84% increase from the second quarter of 2012.

GAAP operating loss for the second quarter of 2013 was $2.3 million, compared to GAAP operating income of $2.8 million for the second quarter of 2012. GAAP net loss for the second quarter of 2013 was $2.6 million or $0.05 per diluted common share, compared to a GAAP net income of $1.1 million or $0.01 per diluted common share for the second quarter of 2012.

Non-GAAP operating income, which excludes stock-based compensation, was $1.0 million for the second quarter of 2013, compared to non-GAAP operating income of $3.9 million for the second quarter of 2012. Non-GAAP net income was $0.3 million for the second quarter of 2013, or $0.01 per diluted common share, compared to non-GAAP net income of $2.0 million, or $0.03 per diluted common share for the second quarter of 2012.

Free cash flow, which Tableau defines as net cash flow provided by operating activities less net cash used in investing activities for purchases of property and equipment, for the second quarter of 2013 was $2.1 million, compared to free cash flow of $1.9 million for the second quarter of 2012.


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Recent Business Highlights

In addition to growing revenues and customer accounts, Tableau achieved other notable business milestones:

 

   

Launched Tableau Online, a cloud-based business intelligence product that makes it easier than ever for people to adopt Tableau’s products.

 

   

Held its 2013 European Customer Conference in London. The event sold out with more than twice the number of attendees from the prior year.

 

   

Ranked first among “High Growth” vendors in Dresner’s “Wisdom of Crowds” Business Intelligence Market Study.

 

   

Closed 80 sales orders of greater than $100,000 in the second quarter of 2013.

 

   

Appointed Scott Jones as VP, Americas Sales. Mr. Jones spent 11 years in various leadership roles at SAP where he was most recently the Chief Operations Officer of the global Database and Technology Division.

 

   

Announced a new program to provide complimentary software to journalists, to support the mission of journalism and provide state-of-the-art tools to journalists.

 

   

Named one of Austin’s 2013 Best Places to Work by the Austin Business Journal.

 

   

Closed an initial public offering with net proceeds of $177.0 million.

 

   

Joined the Russell Global Index and the Russell 3000 Index.

Conference Call and Webcast Information

In conjunction with this announcement, Tableau will host a conference call at 2:00 p.m. PT (5:00 p.m. ET) today to discuss Tableau’s second quarter 2013 financial results and the outlook for the third quarter of 2013 and full year 2013. A live audio webcast and replay of the call, together with detailed financial information, will be available in the Investor Relations section of Tableau’s website at http://investors.tableausoftware.com. The live call can be accessed by dialing (855) 354-1855 (U.S.) or (817) 382-5960 (outside the U.S.) and referencing passcode: 22575338. A replay of the call can also be accessed by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (outside the U.S.), and referencing passcode: 22575338.

About Tableau

Tableau Software (NYSE: DATA) helps people see and understand data. Tableau helps anyone quickly analyze, visualize and share information. More than 13,500 customer accounts get rapid results with Tableau in the office and on-the-go. Tens of thousands of people use Tableau Public to share data in their blogs and websites. See how Tableau can help you by downloading the free trial at www.tableausoftware.com/trial.

Tableau and Tableau Software are trademarks of Tableau Software, Inc. All other company and product names may be trademarks of the respective companies with which they are associated.


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Forward-Looking Statements

This press release contains, and statements made during the above referenced conference call will contain, “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including regarding the company’s growth momentum and the company’s expectations regarding future revenues, expenses and net income or loss. These statements are not guarantees of future performance, but are based on management’s expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by our forward-looking statements include the following: risks associated with anticipated growth in Tableau’s addressable market; competitive factors, including changes in the competitive environment, pricing changes, sales cycle time and increased competition; our ability to build and expand our direct sales efforts and reseller distribution channels; general economic and industry conditions, including expenditure trends for business intelligence and productivity tools; new product introductions and our ability to develop and deliver innovative products; our ability to provide high- quality service and support offerings; risks associated with international operations; and macro-economic conditions. These and other important risk factors are described more fully in documents filed with the Securities and Exchange Commission, including Tableau’s final prospectus from its initial public offering and other reports and filings with the Securities and Exchange Commission, and could cause actual results to vary from expectations. All information provided in this release and in the conference call is as of the date hereof and Tableau undertakes no duty to update this information except as required by law.

Non-GAAP Financial Measures

Tableau believes that the use of non-GAAP operating income (loss), non-GAAP net income (loss), non-GAAP diluted earnings (loss) per share and free cash flow is helpful to its investors. These measures, which are referred to as non-GAAP financial measures, are not prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Non-GAAP operating income (loss) is calculated by deducting stock-based compensation expense from operating income (loss). Non-GAAP net income (loss) is calculated by deducting stock-based compensation expense from net income (loss). Non-GAAP earnings (loss) per share (basic or diluted) is calculated by dividing non-GAAP net income (loss) by weighted average shares outstanding (basic or diluted). Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Tableau believes that providing non-GAAP financial measures that exclude stock-based compensation expense allow for more meaningful comparisons between its operating results from period to period. Free cash flow is calculated as net cash provided by operating activities less net cash used in investing activities for purchases of property and equipment. Tableau considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by its business that can be used for strategic opportunities, including investing in its business, making strategic acquisitions and strengthening its balance sheet. All of these non-GAAP financial measures are important tools for financial and operational decision making and for evaluating our own operating results over different periods of time.


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Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in Tableau’s industry, as other companies in the industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on our reported financial results. Further, stock-based compensation expense has been and will continue to be for the foreseeable future a significant recurring expense in Tableau’s business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Tableau’s business.

Investor Contact:

Carolyn Bass or Jacob Moelter

Market Street Partners

415-445-3232 or 415-445-3235

tableau@marketstreetpartners.com

Press Contact:

Doreen Jarman

Tableau PR Manager

206.633.3400 x5648

djarman@tableausoftware.com


Tableau Software, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2013     2012     2013     2012  

Revenues

        

License

   $ 33,518      $ 20,239      $ 59,944      $ 37,695   

Maintenance and services

     16,366        8,877        29,958        16,106   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     49,884        29,116        89,902        53,801   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cost of revenues

        

License

     110        93        286        149   

Maintenance and services

     4,236        2,406        7,610        4,021   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total costs of revenues (1)

     4,346        2,499        7,896        4,170   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     45,538        26,617        82,006        49,631   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

        

Sales and marketing (1)

     27,565        12,983        51,237        23,560   

Research and development (1)

     14,135        7,493        27,076        14,218   

General and administrative (1)

     6,118        3,340        11,719        6,255   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     47,818        23,816        90,032        44,033   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

     (2,280     2,801        (8,026     5,598   

Other income (expense), net

     (119     (16     (173     (27
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income tax expense (benefit)

     (2,399     2,785        (8,199     5,571   

Income tax expense (benefit)

     176        1,726        (1,589     3,455   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ (2,575   $ 1,059      $ (6,610   $ 2,116   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per share attributable to common stockholders:

        

Basic

   $ (0.05   $ 0.01      $ (0.16   $ 0.03   

Diluted

   $ (0.05   $ 0.01      $ (0.16   $ 0.03   

Weighted average shares used to compute net income (loss) per share attributable to common stockholders

        

Basic

     46,893        33,834        40,867        33,592   

Diluted

     46,893        39,789        40,867        39,450   

(1)    Costs and expenses include share-based compensation as follows:

       

     Three Months Ended June 30,     Six Months Ended June 30,  
     2013     2012     2013     2012  
     (in thousands)  

Cost of revenues

   $ 105      $ 23      $ 178      $ 38   

Sales and marketing

     1,245        318        2,064        583   

Research and development

     1,277        488        2,312        914   

General and administrative

     677        276        1,249        521   
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ 3,304      $ 1,105      $ 5,803      $ 2,056   
  

 

 

   

 

 

   

 

 

   

 

 

 


Tableau Software, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

     June 30,
2013
    December 31,
2012
 

Assets

    

Current assets

    

Cash and cash equivalents

   $ 221,411      $ 39,302   

Accounts receivable, net

     33,423        30,752   

Prepaid expenses and other current assets

     4,302        2,789   

Income taxes receivable

     3,829        1,072   

Deferred income taxes

     2,250        2,246   
  

 

 

   

 

 

 

Total current assets

     265,215        76,161   

Property and equipment, net

     14,619        10,346   

Deferred income taxes

     110        66   

Deposits and other non-current assets

     678        419   
  

 

 

   

 

 

 

Total assets

   $ 280,622      $ 86,992   
  

 

 

   

 

 

 

Liabilities, convertible preferred stock and stockholders’ equity

    

Current liabilities

    

Accounts payable

     3,524        2,176   

Accrued and other current liabilities

     7,007        4,471   

Accrued compensation and employee related benefits

     12,986        13,170   

Income taxes payable

     317        129   

Deferred revenue

     42,431        31,984   
  

 

 

   

 

 

 

Total current liabilities

     66,265        51,930   

Deferred income taxes

     1,353        1,353   

Deferred revenue

     2,914        2,423   

Other long-term liabilities

     2,107        1,312   
  

 

 

   

 

 

 

Total liabilities

     72,639        57,018   
  

 

 

   

 

 

 

Convertible preferred stock

     —          20,031   

Stockholders’ equity

    

Common stock

     6        4   

Additional paid-in-capital

     216,382        11,698   

Accumulated other comprehensive loss

     (37     (1

Accumulated deficit

     (8,368     (1,758
  

 

 

   

 

 

 

Total stockholders’ equity

     207,983        9,943   
  

 

 

   

 

 

 

Total liabilities, convertible preferred stock and stockholders’ equity

   $ 280,622      $ 86,992   
  

 

 

   

 

 

 


Tableau Software, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2013     2012     2013     2012  

Operating activities

        

Net income (loss)

   $ (2,575   $ 1,059      $ (6,610   $ 2,116   

Adjustment to reconcile net income (loss) to net cash provided by operating activities:

        

Depreciation expense

     1,396        871        2,738        1,622   

Provision for doubtful accounts

     11        36        29        50   

Stock-based compensation expense

     3,304        1,105        5,803        2,056   

Excess tax benefit from stock-based compensation

     (265     —          (308     1   

Deferred income taxes

     192        —          256        —     

Changes in operating assets and liabilities

        

Accounts receivable

     (5,425     (3,484     (2,835     (4,956

Prepaid expenses, deposits and other assets

     (1,252     (554     (1,799     (782

Income taxes receivable

     (225     —          (2,761     —     

Deferred revenue

     5,430        2,690        10,991        5,427   

Accounts payable and accrued liabilities

     4,697        1,526        3,949        624   

Income taxes payable

     159        276        199        1,815   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     5,447        3,525        9,652        7,973   
  

 

 

   

 

 

   

 

 

   

 

 

 

Investing activities

        

Purchase of property and equipment

     (3,306     (1,637     (6,344     (3,236
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (3,306     (1,637     (6,344     (3,236
  

 

 

   

 

 

   

 

 

   

 

 

 

Financing activities

        

Proceeds from initial public offering

     176,974        —          176,974        —     

Proceeds from issuance of common stock upon exercise of stock options

     520        97        1,572        204   

Deferred initial public offering costs

     1,050        —          —          —     

Excess tax benefit from stock-based compensation

     265        —          308        (1
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by financing activities

     178,809        97        178,854        203   
  

 

 

   

 

 

   

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (19     —          (53     —     

Net increase in cash and cash equivalents

     180,931        1,985        182,109        4,940   

Cash and cash equivalents

        

Beginning of period

     40,480        33,178        39,302        30,223   
  

 

 

   

 

 

   

 

 

   

 

 

 

End of period

   $ 221,411      $ 35,163      $ 221,411      $ 35,163   
  

 

 

   

 

 

   

 

 

   

 

 

 


Tableau Software, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, except per share data)

(Unaudited)

 

     Three Months Ended June 30,      Six Months Ended June 30,  
     2013     2012      2013     2012  

Reconciliation of operating income (loss) to non-GAAP operating income (loss):

         

Operating income (loss)

   $ (2,280   $ 2,801       $ (8,026   $ 5,598   

Excluding: Stock-based compensation expense

     3,304        1,105         5,803        2,056   
  

 

 

   

 

 

    

 

 

   

 

 

 

Non-GAAP operating income (loss)

   $ 1,024      $ 3,906       $ (2,223   $ 7,654   
  

 

 

   

 

 

    

 

 

   

 

 

 

Reconciliation of net income (loss) to non-GAAP net income (loss):

         

Net income (loss)

   $ (2,575   $ 1,059       $ (6,610   $ 2,116   

Excluding: Stock-based compensation expense, net of tax

     2,891        966         5,118        1,794   
  

 

 

   

 

 

    

 

 

   

 

 

 

Non-GAAP net income (loss)

   $ 316      $ 2,025       $ (1,492   $ 3,910   
  

 

 

   

 

 

    

 

 

   

 

 

 

Reconciliation of net income (loss) per share to non-GAAP net income (loss) per share:

         

GAAP net loss per share - basic

   $ (0.05   $ 0.01       $ (0.16   $ 0.03   

Excluding: Stock-based compensation expense, net of tax

     0.06        0.03         0.13        0.05   
  

 

 

   

 

 

    

 

 

   

 

 

 

Non-GAAP net income (loss) per share - basic

   $ 0.01      $ 0.04       $ (0.03   $ 0.08   
  

 

 

   

 

 

    

 

 

   

 

 

 

GAAP net loss per share - diluted

   $ (0.05   $ 0.01       $ (0.16   $ 0.03   

Excluding: Stock-based compensation expense, net of tax

     0.06        0.02         0.13        0.05   
  

 

 

   

 

 

    

 

 

   

 

 

 

Non-GAAP net income (loss) per share - diluted

   $ 0.01      $ 0.03       $ (0.03   $ 0.08   
  

 

 

   

 

 

    

 

 

   

 

 

 

Weighted average shares used in computing GAAP and Non-GAAP net income (loss) per share

         

Basic

     46,893        33,834         40,867        33,592   

Diluted

     46,893        39,789         40,867        39,450   

Reconciliation of cash provided by operating activities to free cash flow (non-GAAP):

         

Net cash provided by operating activities

   $ 5,447      $ 3,525       $ 9,652      $ 7,973   

Less: Purchases of property and equipment

     3,306        1,637         6,344        3,236   
  

 

 

   

 

 

    

 

 

   

 

 

 

Free cash flow (non-GAAP)

   $ 2,141      $ 1,888       $ 3,308      $ 4,737