Document

0001303652-19-000004.txt : 20190205 0001303652-19-000004.hdr.sgml : 20190205 20190205162246 ACCESSION NUMBER: 0001303652-19-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190205 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190205 DATE AS OF CHANGE: 20190205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Tableau Software Inc CENTRAL INDEX KEY: 0001303652 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 470945740 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35925 FILM NUMBER: 19568220 BUSINESS ADDRESS: STREET 1: 1621 N 34TH ST CITY: SEATTLE STATE: WA ZIP: 98103 BUSINESS PHONE: 206-633-3400 MAIL ADDRESS: STREET 1: 1621 N 34TH ST CITY: SEATTLE STATE: WA ZIP: 98103 8-K 1 q42018earningsrelease.htm 8-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 5, 2019



Tableau Software, Inc.
(Exact name of registrant as specified in its charter)

Delaware	001-35925	47-0945740
(State or other jurisdiction	(Commission File Number)	(IRS Employer Identification No.)
of incorporation)

1621 North 34th Street Seattle, Washington		98103
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (206) 633-3400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).


Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition

On February 5, 2019, Tableau Software, Inc. ("Tableau") issued a press release announcing its financial results for the quarter and year ended December 31, 2018. A copy of the press release, entitled "Tableau Reports Q4 and Full Year 2018 Financial Results" is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.

The information in this current report on Form 8-K and the exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d) Exhibits



99.1	Press Release entitled "Tableau Reports Q4 and Full Year 2018 Financial Results" dated February 5, 2019.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 5, 2019



	Tableau Software, Inc.

	/s/ Keenan M. Conder
	Keenan M. Conder
	Executive Vice President, General Counsel and Corporate Secretary

EX-99.1 2 a991-01q42018.htm EXHIBIT 99.1 Exhibit

Tableau Reports Q4 and Full Year 2018 Financial Results

Tableau's ASC 606 Total Revenue in 2018 Surpasses $1 Billion

SEATTLE, Wash. – February 5, 2019 - Tableau Software, Inc. (NYSE: DATA) today reported results for its fourth quarter and full year ended December 31, 2018.

"Analytics is becoming more ubiquitous as organizations embrace and reap the benefits from data-driven insights," said Adam Selipsky, President and Chief Executive Officer of Tableau. "Our fourth quarter capped a strong year of subscription transition and innovation that helped more and more customers scale Tableau to thousands and tens of thousands of users."

Fourth Quarter 2018

Financial Summary - ASC 606 ⁽¹⁾


•	ASC 606 total revenue was $336.3 million.


•	Total annual recurring revenue was $840.9 million as of December 31, 2018, up 41% year over year.


•	Subscription annual recurring revenue was $443.2 million as of December 31, 2018, up 127% year over year.


•	ASC 606 diluted GAAP net income per share was $0.03.


•	ASC 606 diluted non-GAAP net income per share was $0.59.

Financial Summary - ASC 605 ⁽¹⁾


•	ASC 605 total revenue was $275.7 million, compared to a guided range of $266.0 million to $276.0 million as provided during the Company's earnings call on November 6, 2018.


•	ASC 605 diluted GAAP net loss per share was $0.80.


•	ASC 605 diluted non-GAAP net loss per share was $0.03, compared to a guided range of $0.08 to $0.10 diluted non-GAAP net loss per share as provided during the Company's earnings call on November 6, 2018.

Full Year 2018

Financial Summary - ASC 606 ⁽¹⁾


•	ASC 606 total revenue was $1.16 billion.


•	ASC 606 diluted GAAP net loss per share was $0.93.


•	ASC 606 diluted non-GAAP net income per share was $1.56.

Financial Summary - ASC 605 ⁽¹⁾


•	ASC 605 total revenue was $982.9 million, up 12% year over year.


•	ASC 605 diluted GAAP net loss per share was $3.36.


•	ASC 605 diluted non-GAAP net loss per share was $0.30.

(1) Tableau adopted the new revenue recognition accounting standard Accounting Standards Codification ("ASC") 606 effective January 1, 2018 on a modified retrospective basis. Financial results for reporting periods during 2018 are presented in compliance with the new revenue recognition standard. Historical financial results for reporting periods prior to 2018 are presented in conformity with amounts previously disclosed under the prior revenue recognition standard ASC 605. This press release includes additional information to reconcile the impacts of the adoption of the new revenue recognition standard on the Company's financial results for the three months and full year ended December 31, 2018. This includes the presentation of financial results during 2018 under ASC 605 for comparison to the prior year.

Fourth Quarter 2018

Financial Results - ASC 606 ⁽¹⁾

ASC 606 total revenue for the fourth quarter of 2018 was $336.3 million. Total annual recurring revenue increased 41% to $840.9 million as of December 31, 2018, up from $596.2 million as of December 31, 2017. Subscription annual recurring revenue increased 127% to $443.2 million as of December 31, 2018, up from $195.5 million as of December 31, 2017.

ASC 606 GAAP operating loss for the fourth quarter of 2018 was $3.2 million. ASC 606 GAAP net income for the fourth quarter of 2018 was $2.8 million, or $0.03 per diluted common share.

ASC 606 non-GAAP operating income, which excludes stock-based compensation expense and expense related to amortization of acquired intangible assets, was $60.0 million for the fourth quarter of 2018. ASC 606 non-GAAP net income, which excludes stock-based compensation expense, expense related to amortization of acquired intangible assets and non-GAAP income tax adjustments, was $52.2 million for the fourth quarter of 2018, or $0.59 per diluted common share.

During the fourth quarter ended December 31, 2018, Tableau repurchased 259,128 shares of its outstanding Class A common stock for a total of $30.0 million. As of December 31, 2018, Tableau was authorized to repurchase a remaining $280.0 million of its Class A common stock under the previously authorized repurchase program.

Financial Results - ASC 605 ⁽¹⁾

ASC 605 total revenue for the fourth quarter of 2018 was $275.7 million, up 11% from $249.4 million in the fourth quarter of 2017. ASC 605 GAAP operating loss for the fourth quarter of 2018 was $71.5 million, compared to a GAAP operating loss of $43.5 million for the fourth quarter of 2017. ASC 605 GAAP net loss for the fourth quarter of 2018 was $67.3 million, or $0.80 per diluted common share, compared to a GAAP net loss of $41.8 million, or $0.52 per diluted common share, for the fourth quarter of 2017.

ASC 605 non-GAAP operating loss, which excludes stock-based compensation expense and expense related to amortization of acquired intangible assets, was $8.3 million for the fourth quarter of 2018, compared to a non-GAAP operating income of $11.5 million for the fourth quarter of 2017. ASC 605 non-GAAP net loss, which excludes stock-based compensation expense, expense related to amortization of acquired intangible assets and non-GAAP income tax adjustments, was $2.7 million for the fourth quarter of 2018, or $0.03 per diluted common share, compared to a non-GAAP net income of $10.4 million, or $0.12 per diluted common share, for the fourth quarter of 2017.

Full Year 2018

Financial Results - ASC 606 ⁽¹⁾

ASC 606 total revenue for 2018 was $1.16 billion. ASC 606 GAAP operating loss for 2018 was $89.7 million. ASC 606 GAAP net loss for 2018 was $77.0 million, or $0.93 per diluted common share.

ASC 606 non-GAAP operating income, which excludes stock-based compensation expense and expense related to amortization of acquired intangible assets, was $150.8 million for 2018. ASC 606 non-GAAP net income, which excludes stock-based compensation expense, expense related to amortization of acquired intangible assets and non-GAAP income tax adjustments, was $134.9 million for 2018, or $1.56 per diluted common share.

Financial Results - ASC 605 ⁽¹⁾

ASC 605 total revenue for 2018 was $982.9 million, up 12% from $877.1 million in 2017. ASC 605 GAAP operating loss for 2018 was $288.8 million, compared to a GAAP operating loss of $191.0 million for 2017. ASC 605 GAAP net loss for 2018 was $277.2 million, or $3.36 per diluted common share, compared to a GAAP net loss of $185.6 million, or $2.35 per diluted common share, for 2017.

ASC 605 non-GAAP operating loss, which excludes stock-based compensation expense and expense related to amortization of acquired intangible assets, was $48.3 million for 2018, compared to a non-GAAP operating income

of $20.1 million for 2017. ASC 605 non-GAAP net loss, which excludes stock-based compensation expense, expense related to amortization of acquired intangible assets and non-GAAP income tax adjustments, was $24.4 million for 2018, or $0.30 per diluted common share, compared to a non-GAAP net income of $22.7 million, or $0.27 per diluted common share, for 2017.

Recent Business Highlights


•	Released Tableau 2018.3, which includes heatmaps, new dashboarding capabilities and multiple table storage for extracts.


•	Announced a new Tableau embedded solution from Broadridge Financial Solutions, offering their investment management clients enhanced analytics capabilities.


•	During the last few months, we continued to grow our international footprint including expansion into Sweden, the Netherlands and Hong Kong.

Conference Call and Webcast Information

In conjunction with this announcement, Tableau will host a conference call at 1:30 p.m. PT (4:30 p.m. ET) today to discuss Tableau's fourth quarter and full year 2018 financial results, as well as its guidance for the first quarter of 2019 and outlook for full year 2019 under ASC 606. 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.tableau.com. The live call can be accessed by dialing (833) 241-7252 (U.S.) or (647) 689-4216 (outside the U.S.) and referencing passcode: 1974056. A replay of the call can also be accessed by dialing (800) 585-8367 (U.S.) or (416) 621-4642 (outside the U.S.), and referencing passcode: 1974056.

About Tableau

Tableau (NYSE: DATA) helps people see and understand data. Tableau helps anyone quickly analyze, visualize and share information. More than 86,000 customer accounts get rapid results with Tableau in the office and on-the-go. Hundreds of thousands of people have used Tableau Public to share data in their blogs and websites. See how Tableau can help you by downloading the free trial at www.tableau.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.

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 statements regarding customer demand and customers' continued scaling of Tableau within their organizations; the Company's progress and continued transition to subscription and term licensing and adoption rate by customers of role-based subscription offerings; new product offerings, features and capabilities to broaden and expand its analytics platform; continued product innovation and adoption, including strong subscription demand and annual recurring revenue growth; demand, adoption and deployment by enterprise customers, and the Company's ability to service, execute and grow that demand in the U.S. and globally; momentum with the Company's partners; customers' ability to easily scale the Company's products and broaden the deployment of analytics across their workforces with tailored solutions for employees; the Company's research and development investments, costs, continued innovation and ability to timely release future products and features; the Company's leadership position in the sector and ability to address market opportunities as an analytics platform; the Company's expectations, quarterly and annual outlook, and guidance regarding future operating results, including revenues, expenses and net income or loss, and future performance of key metrics; and the Company's stock repurchase authorization and timing and ability to repurchase shares of the Company's Class A common stock under its stock repurchase program. 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 these forward-looking statements include the following: customer demand for Tableau's products and services and customer response to its subscription offerings; risks associated with anticipated growth in Tableau's business and addressable market; competitive factors, including new market entrants and changes in the competitive environment, pricing changes, sales cycle time and increased competition; Tableau's enterprise sales execution and expansion and further transition to subscription and term licensing; Tableau's ability to attract, integrate and retain qualified personnel; general economic and industry conditions, including expenditure trends for business analytics and productivity tools; new product introductions and Tableau's ability to develop and deliver innovative, secure and high-quality products to customers' on-premise, public, private or hybrid cloud environments; Tableau's ability to provide high-quality customer service and support offerings to expand its business and drive customer renewals; risks associated with international expansion and operations; macroeconomic conditions; market conditions; and the possibility that the stock repurchase program may be suspended or discontinued. These and other important risk factors are described more fully in additional documents filed with the Securities and Exchange Commission, including Tableau's most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K 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 gross profit and gross margin, non-GAAP operating income (loss) and operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per basic and diluted common 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 gross profit is calculated by excluding stock-based compensation expense and expense related to amortization of acquired intangible assets, each to the extent attributable to the cost of revenues, from gross profit. Non-GAAP gross margin is the ratio calculated by dividing non-GAAP gross profit by total revenues. Non-GAAP operating income (loss) is calculated by excluding stock-based compensation expense and expense related to amortization of acquired intangible assets from operating income (loss). Non-GAAP operating margin is the ratio calculated by dividing non-GAAP operating income (loss) by total revenues. Non-GAAP net income (loss) is calculated by excluding stock-based compensation expense, expense related to amortization of acquired intangible assets and non-GAAP income tax adjustments from net income (loss). Non-GAAP net income (loss) per basic and diluted common share is calculated by dividing non-GAAP net income (loss) by the basic and diluted weighted average shares outstanding. Non-GAAP diluted weighted average shares outstanding includes the effect of dilutive shares in periods of non-GAAP net income.

Non-GAAP financial information is adjusted for a tax rate equal to Tableau's estimated tax rate on non-GAAP income over a three-year financial projection. This long-term rate is based on Tableau's estimated annual GAAP income tax rate forecast, adjusted to account for items excluded from GAAP income in calculating the non-GAAP financial measures. To determine this long-term non-GAAP tax rate, Tableau evaluates a three-year financial projection that excludes the impact of non-cash stock-based compensation expense and expense related to amortization of acquired intangible assets. The long-term non-GAAP tax rate takes into account other factors including Tableau's current operating structure, its existing tax positions in various jurisdictions and key legislation in major jurisdictions where Tableau operates. The long-term non-GAAP tax rate applied to the year ended December 31, 2018 was 20%. The long-term non-GAAP tax rate applied to the year ended December 31, 2017 was 30%. Tableau applied these same non-GAAP tax rates to its financial results presented in accordance with ASC 606 and ASC 605. The long-term non-GAAP tax rates assume the Company's deferred income tax assets will be realized based upon projected future taxable income excluding stock-based compensation expense. The Company anticipates using the long-term non-GAAP tax rate of 20%, applied to the year ended December 31, 2018, in future periods and may provide updates to this rate on an annual basis, or more frequently if material changes occur.

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 meaningful comparisons between its operating results from period to period. The expense related to amortization of acquired intangible assets is dependent upon estimates and

assumptions, which can vary significantly and are unique to each asset acquired; therefore, Tableau believes non-GAAP measures that adjust for the amortization of acquired intangible assets provides investors a consistent basis for comparison across accounting periods. All of these non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating Tableau's own operating results over different periods of time.

Tableau calculates free cash flow 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 Tableau's business that can be used for strategic opportunities, including investing in Tableau's business, making strategic acquisitions, repurchasing Tableau's common stock and strengthening Tableau's balance sheet. All of Tableau's non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating Tableau's operating results over different periods of time.

Non-GAAP financial measures may not provide information that is directly comparable to information provided by other companies in Tableau's industry, as other companies in the industry may calculate non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because 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 Tableau's 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. Because of the significant impact of the adoption of ASC 606 on the Company's results of operations, non-GAAP financial measures for the year ended December 31, 2018 (computed in accordance with ASC 606) are not as comparable to non-GAAP financial measures for the year ended December 31, 2017 (computed in accordance with ASC 605). 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

ir@tableau.com

Press Contact

pr@tableau.com

Tableau Software, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)



	Three Months Ended December 31,						Year Ended December 31,
	2018			2017			2018			2017
Revenues
License	$	170,813		$	129,240		$	555,581		$	429,204
Maintenance and services	165,463			120,116			599,771			447,855
Total revenues	336,276			249,356			1,155,352			877,059
Cost of revenues
License	7,597			4,060			21,407			13,534
Maintenance and services	32,598			26,250			121,217			100,025
Total cost of revenues⁽¹⁾	40,195			30,310			142,624			113,559
Gross profit	296,081			219,046			1,012,728			763,500
Operating expenses
Sales and marketing⁽¹⁾	169,101			151,426			593,786			517,446
Research and development ⁽¹⁾	97,409			84,285			382,886			334,148
General and administrative⁽¹⁾	32,750			26,854			125,805			102,871
Total operating expenses	299,260			262,565			1,102,477			954,465
Operating loss	(3,179		)	(43,519		)	(89,749		)	(190,965		)
Other income, net	5,163			3,335			17,872			12,266
Income (loss) before income tax expense (benefit)	1,984			(40,184		)	(71,877		)	(178,699		)
Income tax expense (benefit)	(849		)	1,654			5,165			6,861
Net income (loss)	$	2,833		$	(41,838	)	$	(77,042	)	$	(185,560	)

Net income (loss) per share:
Basic	$	0.03		$	(0.52	)	$	(0.93	)	$	(2.35	)
Diluted	$	0.03		$	(0.52	)	$	(0.93	)	$	(2.35	)

Weighted average shares used to compute net income (loss) per share:
Basic	83,941			80,074			82,632			78,869
Diluted	88,051			80,074			82,632			78,869

(1) Includes stock-based compensation expense as follows:



	Three Months Ended December 31,				Year Ended December 31,
	2018		2017		2018		2017
Cost of revenues	$	3,618	$	2,777	$	13,392	$	11,029
Sales and marketing	22,583		18,844		87,105		74,065
Research and development	30,045		27,780		111,965		104,280
General and administrative	6,464		5,259		26,269		20,909

Tableau Software, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)



	December 31, 2018			December 31, 2017
Assets
Current assets
Cash and cash equivalents	$	653,022		$	627,878
Short-term investments	369,355			226,787
Accounts receivable, net	236,063			203,366
Prepaid expenses and other current assets	155,012			30,514
Income taxes receivable	2,268			673
Total current assets	1,415,720			1,089,218
Long-term investments	26,278			148,364
Property and equipment, net	94,537			106,753
Goodwill	42,530			35,083
Deferred income taxes	4,733			5,287
Other long-term assets	50,927			14,090
Total assets	$	1,634,725		$	1,398,795
Liabilities and stockholders' equity
Current liabilities
Accounts payable	$	6,652		$	4,448
Accrued compensation and employee-related benefits	105,155			96,390
Other accrued liabilities	55,896			37,722
Income taxes payable	2,982			4,743
Deferred revenue	377,892			419,426
Total current liabilities	548,577			562,729
Deferred revenue	16,306			28,058
Other long-term liabilities	56,257			54,385
Total liabilities	621,140			645,172
Stockholders' equity
Common stock	8			8
Additional paid-in capital	1,340,628			1,168,563
Accumulated other comprehensive loss	(11,458		)	(11,991		)
Accumulated deficit	(315,593		)	(402,957		)
Total stockholders' equity	1,013,585			753,623
Total liabilities and stockholders' equity	$	1,634,725		$	1,398,795

Tableau Software, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)



	Year Ended December 31,
	2018			2017
Operating activities
Net loss	$	(77,042	)	$	(185,560	)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization expense	35,787			44,746
Amortization (accretion) on investments, net	(424		)	359
Stock-based compensation expense	238,731			210,283
Deferred income taxes	(2,180		)	(2,988		)
Changes in operating assets and liabilities
Accounts receivable, net	(36,519		)	12,493
Prepaid expenses and other assets	(95,347		)	8,054
Income taxes receivable	(1,675		)	(515		)
Deferred revenue	56,555			123,938
Accounts payable and accrued liabilities	38,396			13,529
Income taxes payable	(1,586		)	2,528
Net cash provided by operating activities	154,696			226,867
Investing activities
Purchases of property and equipment	(20,446		)	(61,823		)
Business combination, net of cash acquired	(10,947		)	(23,966		)
Purchases of investments	(285,277		)	(421,719		)
Maturities of investments	262,835			30,630
Sales of investments	2,171			14,916
Net cash used in investing activities	(51,664		)	(461,962		)
Financing activities
Proceeds from issuance of common stock	44,710			38,856
Repurchases of common stock	(120,024		)	(79,991		)
Net cash used in financing activities	(75,314		)	(41,135		)
Effect of exchange rate changes on cash and cash equivalents	(2,574		)	(4,609		)
Net increase (decrease) in cash and cash equivalents	25,144			(280,839		)
Cash and cash equivalents
Beginning of year	627,878			908,717
End of year	$	653,022		$	627,878

Supplemental Information Regarding Adoption of ASC 606

Tableau Software, Inc.

Condensed Consolidated Statements of Operations

Reconciliation of the Impacts from the Adoption of the New Revenue Recognition Standard

(In thousands, except per share data)

(Unaudited)



	Three Months Ended December 31,
	2018									2017
	As Reported (ASC 606)			Impacts from Adoption			Without Adoption (ASC 605)			As Reported (ASC 605)
Revenues
License	$	170,813		$	(19,042	)	$	151,771		$	129,240
Maintenance and services	165,463			(41,486		)	123,977			120,116
Total revenues	336,276			(60,528		)	275,748			249,356
Cost of revenues
License	7,597			(220		)	7,377			4,060
Maintenance and services	32,598			199			32,797			26,250
Total cost of revenues	40,195			(21		)	40,174			30,310
Gross profit	296,081			(60,507		)	235,574			219,046
Operating expenses
Sales and marketing	169,101			7,981			177,082			151,426
Research and development	97,409			—			97,409			84,285
General and administrative	32,750			(119		)	32,631			26,854
Total operating expenses	299,260			7,862			307,122			262,565
Operating loss	(3,179		)	(68,369		)	(71,548		)	(43,519		)
Other income, net	5,163			(158		)	5,005			3,335
Income (loss) before income tax expense (benefit)	1,984			(68,527		)	(66,543		)	(40,184		)
Income tax expense (benefit)	(849		)	1,654			805			1,654
Net income (loss)	$	2,833		$	(70,181	)	$	(67,348	)	$	(41,838	)

Net income (loss) per share:
Basic	$	0.03					$	(0.80	)	$	(0.52	)
Diluted	$	0.03					$	(0.80	)	$	(0.52	)

Weighted average shares used to compute net income (loss) per share:
Basic	83,941						83,941			80,074
Diluted	88,051						83,941			80,074



	Year Ended December 31,
	2018									2017
	As Reported (ASC 606)			Impacts from Adoption			Without Adoption (ASC 605)			As Reported (ASC 605)
Revenues
License	$	555,581		$	(57,531	)	$	498,050		$	429,204
Maintenance and services	599,771			(114,872		)	484,899			447,855
Total revenues	1,155,352			(172,403		)	982,949			877,059
Cost of revenues
License	21,407			(484		)	20,923			13,534
Maintenance and services	121,217			514			121,731			100,025
Total cost of revenues	142,624			30			142,654			113,559
Gross profit	1,012,728			(172,433		)	840,295			763,500
Operating expenses
Sales and marketing	593,786			26,768			620,554			517,446
Research and development	382,886			—			382,886			334,148
General and administrative	125,805			(119		)	125,686			102,871
Total operating expenses	1,102,477			26,649			1,129,126			954,465
Operating loss	(89,749		)	(199,082		)	(288,831		)	(190,965		)
Other income, net	17,872			(46		)	17,826			12,266
Loss before income tax expense	(71,877		)	(199,128		)	(271,005		)	(178,699		)
Income tax expense	5,165			1,068			6,233			6,861
Net loss	$	(77,042	)	$	(200,196	)	$	(277,238	)	$	(185,560	)

Net loss per share:
Basic	$	(0.93	)				$	(3.36	)	$	(2.35	)
Diluted	$	(0.93	)				$	(3.36	)	$	(2.35	)

Weighted average shares used to compute net loss per share:
Basic	82,632						82,632			78,869
Diluted	82,632						82,632			78,869

Supplemental Information Regarding Adoption of ASC 606

Tableau Software, Inc.

Condensed Consolidated Balance Sheets

Reconciliation of the Impacts from the Adoption of the New Revenue Recognition Standard

(In thousands)

(Unaudited)



	December 31, 2018									December 31, 2017
	As Reported (ASC 606)			Impacts from Adoption			Without Adoption (ASC 605)			As Reported (ASC 605)
Assets
Current assets
Cash and cash equivalents	$	653,022		$	—		$	653,022		$	627,878
Short-term investments	369,355			—			369,355			226,787
Accounts receivable, net	236,063			—			236,063			203,366
Prepaid expenses and other current assets	155,012			(121,418		)	33,594			30,514
Income taxes receivable	2,268			97			2,365			673
Total current assets	1,415,720			(121,321		)	1,294,399			1,089,218
Long-term investments	26,278			—			26,278			148,364
Property and equipment, net	94,537			—			94,537			106,753
Goodwill	42,530			—			42,530			35,083
Deferred income taxes	4,733			3,170			7,903			5,287
Other long-term assets	50,927			(34,871		)	16,056			14,090
Total assets	$	1,634,725		$	(153,022	)	$	1,481,703		$	1,398,795
Liabilities and stockholders' equity
Current liabilities
Accounts payable	$	6,652		$	—		$	6,652		$	4,448
Accrued compensation and employee-related benefits	105,155			—			105,155			96,390
Other accrued liabilities	55,896			—			55,896			37,722
Income taxes payable	2,982			(46		)	2,936			4,743
Deferred revenue	377,892			199,210			577,102			419,426
Total current liabilities	548,577			199,164			747,741			562,729
Deferred revenue	16,306			12,232			28,538			28,058
Other long-term liabilities	56,257			(1,718		)	54,539			54,385
Total liabilities	621,140			209,678			830,818			645,172
Stockholders' equity
Common stock	8			—			8			8
Additional paid-in capital	1,340,628			—			1,340,628			1,168,563
Accumulated other comprehensive loss	(11,458		)	1,902			(9,556		)	(11,991		)
Accumulated deficit	(315,593		)	(364,602		)	(680,195		)	(402,957		)
Total stockholders' equity	1,013,585			(362,700		)	650,885			753,623
Total liabilities and stockholders' equity	$	1,634,725		$	(153,022	)	$	1,481,703		$	1,398,795

Supplemental Information Regarding Adoption of ASC 606

Tableau Software, Inc.

Condensed Consolidated Statements of Cash Flows

Reconciliation of the Impacts from the Adoption of the New Revenue Recognition Standard

(In thousands)

(Unaudited)



	Year Ended December 31,
	2018									2017
	As Reported (ASC 606)			Impacts from Adoption			Without Adoption (ASC 605)			As Reported (ASC 605)
Operating activities
Net loss	$	(77,042	)	$	(200,196	)	$	(277,238	)	$	(185,560	)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization expense	35,787			—			35,787			44,746
Amortization (accretion) on investments, net	(424		)	—			(424		)	359
Stock-based compensation expense	238,731			—			238,731			210,283
Deferred income taxes	(2,180		)	942			(1,238		)	(2,988		)
Changes in operating assets and liabilities
Accounts receivable, net	(36,519		)	—			(36,519		)	12,493
Prepaid expenses and other assets	(95,347		)	91,351			(3,996		)	8,054
Income taxes receivable	(1,675		)	(99		)	(1,774		)	(515		)
Deferred revenue	56,555			108,141			164,696			123,938
Accounts payable and accrued liabilities	38,396			—			38,396			13,529
Income taxes payable	(1,586		)	(49		)	(1,635		)	2,528
Net cash provided by operating activities	154,696			90			154,786			226,867
Investing activities
Purchases of property and equipment	(20,446		)	—			(20,446		)	(61,823		)
Business combination, net of cash acquired	(10,947		)	—			(10,947		)	(23,966		)
Purchases of investments	(285,277		)	—			(285,277		)	(421,719		)
Maturities of investments	262,835			—			262,835			30,630
Sales of investments	2,171			—			2,171			14,916
Net cash used in investing activities	(51,664		)	—			(51,664		)	(461,962		)
Financing activities
Proceeds from issuance of common stock	44,710			—			44,710			38,856
Repurchases of common stock	(120,024		)	—			(120,024		)	(79,991		)
Net cash used in financing activities	(75,314		)	—			(75,314		)	(41,135		)
Effect of exchange rate changes on cash and cash equivalents	(2,574		)	(90		)	(2,664		)	(4,609		)
Net increase (decrease) in cash and cash equivalents	25,144			—			25,144			(280,839		)
Cash and cash equivalents
Beginning of year	627,878			—			627,878			908,717
End of year	$	653,022		$	—		$	653,022		$	627,878

Non-GAAP Reconciliation Tables

Tableau Software, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures and

Reconciliation of the Impacts from the Adoption of the New Revenue Recognition Standard

(In thousands, except per share data)

(Unaudited)



	Three Months Ended December 31,
	2018									2017
	As Reported (ASC 606)			Impacts from Adoption			Without Adoption (ASC 605)			As Reported (ASC 605)
Reconciliation of gross profit to non-GAAP gross profit:
Gross profit	$	296,081		$	(60,507	)	$	235,574		$	219,046
Excluding: Stock-based compensation expense attributable to cost of revenues	3,618			—			3,618			2,777
Excluding: Amortization of acquired intangible assets	513			—			513			346
Non-GAAP gross profit	$	300,212		$	(60,507	)	$	239,705		$	222,169

Reconciliation of gross margin to non-GAAP gross margin:
Gross margin	88.0		%				85.4		%	87.8		%
Excluding: Stock-based compensation expense attributable to cost of revenues	1.1		%				1.3		%	1.1		%
Excluding: Amortization of acquired intangible assets	0.2		%				0.2		%	0.1		%
Non-GAAP gross margin	89.3		%				86.9		%	89.1		%

Reconciliation of operating loss to non-GAAP operating income (loss):
Operating loss	$	(3,179	)	$	(68,369	)	$	(71,548	)	$	(43,519	)
Excluding: Stock-based compensation expense	62,710			—			62,710			54,660
Excluding: Amortization of acquired intangible assets	513			—			513			346
Non-GAAP operating income (loss)	$	60,044		$	(68,369	)	$	(8,325	)	$	11,487

Reconciliation of operating margin to non-GAAP operating margin:
Operating margin	(0.9		)%				(25.9		)%	(17.5		)%
Excluding: Stock-based compensation expense	18.6		%				22.7		%	21.9		%
Excluding: Amortization of acquired intangible assets	0.2		%				0.2		%	0.1		%
Non-GAAP operating margin	17.9		%				(3.0		)%	4.6		%



	Three Months Ended December 31,
	2018									2017
	As Reported (ASC 606)			Impacts from Adoption			Without Adoption (ASC 605)			As Reported (ASC 605)
Reconciliation of net income (loss) to non-GAAP net income (loss):
Net income (loss)	$	2,833		$	(70,181	)	$	(67,348	)	$	(41,838	)
Excluding: Stock-based compensation expense	62,710			—			62,710			54,660
Excluding: Amortization of acquired intangible assets	513			—			513			346
Income tax adjustments	(13,890		)	15,359			1,469			(2,792		)
Non-GAAP net income (loss)	$	52,166		$	(54,822	)	$	(2,656	)	$	10,376

Weighted average shares used to compute non-GAAP basic net income (loss) per share	83,941						83,941			80,074
Effect of potentially dilutive shares: stock awards	4,110						—			4,427
Weighted average shares used to compute non-GAAP diluted net income (loss) per share	88,051						83,941			84,501

Non-GAAP net income (loss) per share:
Basic	$	0.62					$	(0.03	)	$	0.13
Diluted	$	0.59					$	(0.03	)	$	0.12



	Year Ended December 31,
	2018									2017
	As Reported (ASC 606)			Impacts from Adoption			Without Adoption (ASC 605)			As Reported (ASC 605)
Reconciliation of gross profit to non-GAAP gross profit:
Gross profit	$	1,012,728		$	(172,433	)	$	840,295		$	763,500
Excluding: Stock-based compensation expense attributable to cost of revenues	13,392			—			13,392			11,029
Excluding: Amortization of acquired intangible assets	1,782			—			1,782			800
Non-GAAP gross profit	$	1,027,902		$	(172,433	)	$	855,469		$	775,329

Reconciliation of gross margin to non-GAAP gross margin:
Gross margin	87.7		%				85.5		%	87.1		%
Excluding: Stock-based compensation expense attributable to cost of revenues	1.2		%				1.4		%	1.3		%
Excluding: Amortization of acquired intangible assets	0.2		%				0.2		%	0.1		%
Non-GAAP gross margin	89.0		%				87.0		%	88.4		%

Reconciliation of operating loss to non-GAAP operating income (loss):
Operating loss	$	(89,749	)	$	(199,082	)	$	(288,831	)	$	(190,965	)
Excluding: Stock-based compensation expense	238,731			—			238,731			210,283
Excluding: Amortization of acquired intangible assets	1,782			—			1,782			800
Non-GAAP operating income (loss)	$	150,764		$	(199,082	)	$	(48,318	)	$	20,118

Reconciliation of operating margin to non-GAAP operating margin:
Operating margin	(7.8		)%				(29.4		)%	(21.8		)%
Excluding: Stock-based compensation expense	20.7		%				24.3		%	24.0		%
Excluding: Amortization of acquired intangible assets	0.2		%				0.2		%	0.1		%
Non-GAAP operating margin	13.0		%				(4.9		)%	2.3		%



	Year Ended December 31,
	2018									2017
	As Reported (ASC 606)			Impacts from Adoption			Without Adoption (ASC 605)			As Reported (ASC 605)
Reconciliation of net loss to non-GAAP net income (loss):
Net loss	$	(77,042	)	$	(200,196	)	$	(277,238	)	$	(185,560	)
Excluding: Stock-based compensation expense	238,731			—			238,731			210,283
Excluding: Amortization of acquired intangible assets	1,782			—			1,782			800
Income tax adjustments	(28,562		)	40,893			12,331			(2,854		)
Non-GAAP net income (loss)	$	134,909		$	(159,303	)	$	(24,394	)	$	22,669

Weighted average shares used to compute non-GAAP basic net income (loss) per share	82,632						82,632			78,869
Effect of potentially dilutive shares: stock awards	4,096						—			4,092
Weighted average shares used to compute non-GAAP diluted net income (loss) per share	86,728						82,632			82,961

Non-GAAP net income (loss) per share:
Basic	$	1.63					$	(0.30	)	$	0.29
Diluted	$	1.56					$	(0.30	)	$	0.27



	Year Ended December 31,
	2018									2017
	As Reported (ASC 606)			Impacts from Adoption			Without Adoption (ASC 605)			As Reported (ASC 605)
Reconciliation of net cash provided by operating activities to free cash flow:
Net cash provided by operating activities	$	154,696		$	90		$	154,786		$	226,867
Less: Purchases of property and equipment	(20,446		)	—			(20,446		)	(61,823		)
Free cash flow	$	134,250		$	90		$	134,340		$	165,044
Net cash used in investing activities	$	(51,664	)	$	—		$	(51,664	)	$	(461,962	)
Net cash used in financing activities	$	(75,314	)	$	—		$	(75,314	)	$	(41,135	)
Effect of exchange rate changes on cash and cash equivalents	$	(2,574	)	$	(90	)	$	(2,664	)	$	(4,609	)

Tableau Software, Inc.

Trended Metrics

The following metrics are intended as a supplement to the financial statements found in this release and other information furnished or filed with the SEC. In the event of discrepancies between amounts in these tables and the Company's historical disclosures or financial statements, readers should rely on the Company's filings with the SEC and financial statements in the Company's most recent earnings release.

Tableau intends to periodically review and refine the definition, methodology and appropriateness of each of these supplemental metrics. As a result, metrics are subject to removal and/or change, and such changes could be material.



	Q1`17			Q2`17			Q3`17			Q4`17			FY 2017			Q1`18			Q2`18			Q3`18			Q4`18			FY 2018
	(Dollars in thousands)
	(Unaudited)
Customer metrics
Customer accounts ⁽¹⁾	57,000+			61,000+			65,000+			70,000+			70,000+			74,000+			78,000+			82,000+			86,000+			86,000+
Customer accounts added in period⁽¹⁾	3,300+			4,000+			4,100+			4,700+			16,100+			3,900+			4,100+			3,800+			3,900+			15,700+
Deals greater than $100,000⁽²⁾	294			372			337			590			1,593			301			436			378			634			1,749
Customer accounts that purchased greater than $1 million during the quarter^(1,2)	10			15			13			27						13			22			23			36

Annual recurring revenue metrics
Total annual recurring revenue⁽³⁾	$	439,001		$	483,578		$	526,211		$	596,244		$	596,244		$	641,946		$	697,700		$	762,641		$	840,859		$	840,859
Subscription annual recurring revenue⁽⁴⁾	$	71,950		$	103,538		$	139,210		$	195,488		$	195,488		$	237,533		$	291,292		$	362,360		$	443,214		$	443,214

Geographic revenue metrics - ASC 606
United States and Canada	—			—			—			—			—			$	167,799		$	196,992		$	207,166		$	225,917		$	797,874
International	—			—			—			—			—			$	78,408		$	85,297		$	83,414		$	110,359		$	357,478
United States and Canada as % of total revenue	—			—			—			—			—			68		%	70		%	71		%	67		%	69		%
International as % of total revenue	—			—			—			—			—			32		%	30		%	29		%	33		%	31		%

Geographic revenue metrics - ASC 605
United States and Canada	$	141,496		$	146,102		$	150,059		$	168,116		$	605,773		$	154,443		$	169,234		$	169,552		$	189,844		$	683,073
International	$	58,410		$	66,778		$	64,858		$	81,240		$	271,286		$	69,601		$	74,332		$	70,039		$	85,904		$	299,876
United States and Canada as % of total revenue	71		%	69		%	70		%	67		%	69		%	69		%	69		%	71		%	69		%	69		%
International as % of total revenue	29		%	31		%	30		%	33		%	31		%	31		%	31		%	29		%	31		%	31		%

Additional revenue metrics - ASC 606
Contract assets ⁽⁵⁾	—			—			—			—			$	40,854		$	60,666		$	72,559		$	89,843		$	105,593		$	105,593
Remaining performance obligations ⁽⁶⁾	—			—			—			—			$	99,580		$	114,523		$	138,498		$	191,942		$	240,077		$	240,077

Additional revenue metrics - ASC 605
Ratable revenue as % of total revenue⁽⁷⁾	54		%	56		%	63		%	60		%	59		%	72		%	72		%	80		%	75		%	75		%
Ratable license revenue as % of total license revenue ⁽⁸⁾	19		%	23		%	34		%	34		%	28		%	54		%	56		%	72		%	67		%	63		%
Services revenues as a % of maintenance and services revenue⁽⁹⁾	12		%	13		%	12		%	13		%	13		%	11		%	12		%	12		%	15		%	13		%

Bookings metrics - ASC 605
Ratable bookings as % of total bookings⁽²⁾	55		%	61		%	65		%	70		%	64		%	72		%	76		%	83		%	83		%	79		%
Ratable license bookings as % of total license bookings ⁽²⁾	26		%	37		%	45		%	51		%	41		%	59		%	67		%	81		%	79		%	73		%

Other metrics
Worldwide employees	3,193			3,305			3,418			3,489			3,489			3,663			3,896			4,101			4,181			4,181

(1) Tableau defines a customer account as a single purchaser of its products. Customer accounts are typically organizations. In some cases, organizations will have multiple groups purchasing Tableau software, which count as discrete customer accounts.

(2) These operating metrics are based on Tableau's definition of bookings, which is defined as the first year of contracted revenue only and does not include additional years beyond the first year unless a customer pays for those years up front. Bookings includes both new sales and renewals. Tableau's bookings may not be comparable to similarly named measures disclosed by other companies in the software industry. Bookings is not a measure of revenue or an indication of actual revenue results. Revenues ultimately recognized could be affected by a number of factors. License bookings include sales of software licenses and subscriptions to Tableau Online. Ratable bookings are sales transactions that result in revenues, which will be amortized over a period of time.

(3) Tableau defines total annual recurring revenue ("Total ARR") as the annualized recurring value of all active contracts at the end of a reporting period. Total ARR includes subscription annual recurring revenue ("Subscription ARR") and the annualized value of all maintenance contracts related to perpetual licenses active at the end of a reporting period.

(4) Tableau defines Subscription ARR as the annualized recurring value of all active subscription contracts at the end of a reporting period. Subscription ARR includes term licenses and renewals, subscription enterprise license agreements and Tableau Online subscriptions and renewals, and excludes distribution original equipment manufacturer ("OEM") license agreements and perpetual-style enterprise license agreements.

(5) Contract assets represent amounts related to performance obligations that are satisfied but not yet billed. These amounts are recorded as contract assets rather than receivables when receipt of the consideration is conditional on something other than the passage of time and are included in other current assets in the consolidated balance sheets. Contract assets presented under FY 2017 represents the balance as of January 1, 2018 upon adoption of ASC 606.

(6) Remaining performance obligations represent amounts from contracts with customers allocated to performance obligations that will be satisfied at a later date. These amounts include additional performance obligations that are not yet recorded in the consolidated balance sheets. Remaining performance obligations presented under FY 2017 represents the balance as of January 1, 2018 upon adoption of ASC 606. These amounts do not include deferred revenue, which is already included within the consolidated balance sheets.

(7) Ratable revenues were amortized during the respective periods. For example, sales of Tableau Online, as well as maintenance and support, are recognized ratably. Excluding the impacts of adopting the new revenue recognition standard, enterprise license agreements, on-premises term licenses and OEM license arrangements are also recognized ratably.

(8) Ratable license revenues were amortized during the respective periods. For example, sales of Tableau Online are recognized ratably. Excluding the impacts of adopting the new revenue recognition standard, enterprise license agreements, on-premises term licenses and OEM license arrangements are also recognized ratably.

(9) Services revenues were recognized upon delivery of professional services and training.

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