Tableau Announces Second Quarter 2013 Financial Results
SEATTLE, Aug. 8, 2013 /PRNewswire/ -- 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.
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- 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.
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.
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.
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.
| 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 |
|||||||||
| 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 |
|||||||||
| 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 |
|||||
| 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) |
||||||||
| 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 |
||||
SOURCE Tableau Software
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