Tableau Announces Second Quarter 2013 Financial Results

           Tableau Announces Second Quarter 2013 Financial Results

PR Newswire

SEATTLE, Aug. 8, 2013

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.

(Logo: http://photos.prnewswire.com/prnh/20130718/SF48964LOGO)

  oTotal revenues were $49.9 million, up 71% year-over-year
  oLicense revenues were $33.5 million, up 66% year-over-year
  oGAAP 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:

  oLaunched Tableau Online, a cloud-based business intelligence product that
    makes it easier than ever for people to adopt Tableau's products.
  oHeld its 2013 European Customer Conference in London. The event sold out
    with more than twice the number of attendees from the prior year.
  oRanked first among "High Growth" vendors in Dresner's "Wisdom of Crowds"
    Business Intelligence Market Study.
  oClosed 80 sales orders of greater than $100,000 in the second quarter of
    2013.
  oAppointed 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.
  oAnnounced a new program to provide complimentary software to journalists,
    to support the mission of journalism and provide state-of-the-art tools to
    journalists.
  oNamed one of Austin's 2013 Best Places to Work by the Austin Business
    Journal.
  oClosed an initial public offering with net proceeds of $177.0 million.
  oJoined 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 withthe
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   Six Months Ended June
                               30,                      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    14,135       7,493        27,076     14,218
(1)
 General and administrative  6,118        3,340        11,719     6,255
(1)
 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    (2,399)      2,785        (8,199)    5,571
tax expense (benefit)
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   Six Months Ended June
                               30,                      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  December31, 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  12,986         13,170
benefits
 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   $ 280,622      $ 86,992
   stock and stockholders' equity



Tableau Software, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
                                Three Months Ended June  Six Months Ended June
                                30,                      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       11             36        29           50
accounts
 Stock-based compensation     3,304          1,105     5,803        2,056
expense
 Excess tax benefit from      (265)          -         (308)        1
stock-based compensation
 Deferred income taxes        192            -         256          -
 Changes in operating assets
and liabilities
     Accounts receivable        (5,425)        (3,484)   (2,835)      (4,956)
     Prepaid expenses,          (1,252)        (554)     (1,799)      (782)
     deposits and other assets
     Income taxes receivable    (225)          -         (2,761)      -
     Deferred revenue           5,430          2,690     10,991       5,427
     Accounts payable and       4,697          1,526     3,949        624
     accrued liabilities
     Income taxes payable       159            276       199          1,815
      Net cash provided by    5,447          3,525     9,652        7,973
     operating activities
Investing activities
Purchase of property and        (3,306)        (1,637)   (6,344)      (3,236)
equipment
      Net cash used in        (3,306)        (1,637)   (6,344)      (3,236)
     investing activities
Financing activities
Proceeds from initial public    176,974        -         176,974      -
offering
Proceeds from issuance of
common stock upon exercise of   520            97        1,572        204
stock options
Deferred initial public         1,050          -         -            -
offering costs
Excess tax benefit from         265            -         308          (1)
stock-based compensation
     Net cash provided by       178,809        97        178,854      203
     financing activities
Effect of exchange rate
changes on cash and cash        (19)           -         (53)         -
equivalents
     Net increase in cash and   180,931        1,985     182,109      4,940
     cash equivalents
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  Six Months Ended June
                                30,                     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       3,304          1,105     5,803        2,056
compensation expense
Non-GAAP operating income       $ 1,024       $ 3,906   $(2,223)     $ 7,654
(loss)
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    2,891          966       5,118        1,794
tax
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 -       $ (0.05)      $ 0.01   $ (0.16)    $ 0.03
basic
 Excluding: Stock-based
compensation expense, net of    0.06           0.03      0.13         0.05
tax
Non-GAAP net income (loss) per  $  0.01       $ 0.04   $ (0.03)    $ 0.08
share - basic
GAAP net loss per share -       $ (0.05)      $ 0.01   $ (0.16)    $ 0.03
diluted
 Excluding: Stock-based
compensation expense, net of    0.06           0.02      0.13         0.05
tax
Non-GAAP net income (loss) per  $  0.01       $ 0.03   $ (0.03)    $ 0.08
share - diluted
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  $ 5,447       $ 3,525   $ 9,652     $ 7,973
activities
 Less: Purchases of property  3,306          1,637     6,344        3,236
and equipment
Free cash flow (non-GAAP)       $ 2,141       $ 1,888   $ 3,308     $ 4,737



SOURCE Tableau Software

Website: http://www.tableausoftware.com
Contact: Investors, Carolyn Bass or Jacob Moelter, Market Street Partners,
415-445-3232 or 415-445-3235, tableau@marketstreetpartners.com; or Press,
Doreen Jarman, Tableau PR Manager, 206.633.3400 x5648,
djarman@tableausoftware.com