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, email@example.com; or Press, Doreen Jarman, Tableau PR Manager, 206.633.3400 x5648, firstname.lastname@example.org
Tableau Announces Second Quarter 2013 Financial Results
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