SEATTLE, July 29, 2015 /PRNewswire/ -- Tableau
Software (NYSE: DATA) today reported results for its second quarter
ended June 30, 2015.
- Total revenue grew to $149.9
million, up 65% year over year.
- License revenue grew to $96.7
million, up 60% year over year.
- International revenue grew to $36.7
million, up 83% year over year.
- Added more than 3,000 new customer accounts.
- Closed 233 transactions greater than $100,000.
- Diluted GAAP loss per share was $0.27; diluted non-GAAP earnings per share were
$0.07.
"Tableau executed another strong quarter as we continue to
acquire new customers, expand relationships with existing
customers, grow internationally and rapidly innovate," said
Christian Chabot, Chief Executive
Officer of Tableau Software. "We are seeing a strong demand for
Tableau's products resulting in record customer growth and product
adoption. During the quarter we added more than 3,000 new customer
accounts, bringing the total to more than 32,000 worldwide."
"Our investments in innovation are driving product adoption.
During the quarter, we released Tableau 9.0 containing big advances
in analytics. And in early July, we released the beta for Tableau
9.1 which will bring a new and improved mobile experience, more
data connectors, new enterprise security and authentication
options, and additional analytical functions to customers,"
continued Chabot.
Financial Highlights
Total revenue increased 65% to $149.9
million, up from $90.7 million
in the second quarter of 2014. License revenue increased 60% to
$96.7 million, up from $60.4 million in the second quarter of 2014.
International revenue grew to $36.7
million, up 83%, from $20.1
million in the second quarter of 2014.
GAAP operating loss for the second quarter of 2015 was
$18.0 million, compared to a GAAP
operating loss of $4.1 million for
the second quarter of 2014. GAAP net loss for the second quarter of
2015 was $19.0 million, or
$0.27 per diluted common share,
compared to GAAP net loss of $4.6
million, or $0.07 per diluted
common share for the second quarter of 2014.
Non-GAAP operating income, which excludes stock-based
compensation expense, was $10.5
million for the second quarter of 2015, compared to non-GAAP
operating income of $7.0 million for
the second quarter of 2014. Non-GAAP net income, which excludes
stock-based compensation expense and related income tax
adjustments, was $5.6 million for the
second quarter of 2015, or $0.07 per
diluted common share, compared to non-GAAP net income of
$3.2 million, or $0.04 per diluted common share for the second
quarter of 2014.
Recent Business Highlights
- Released Tableau 9.0, bringing advances in analytics including
visual analytics, performance, scalability, data preparation, and
enterprise capabilities.
- Launched a new version of Tableau Online, bringing improved
performance, smarter analytics, and expanded data access to
organizations moving to the cloud; Enabled single sign on support
using the SAML 2.0 standard.
- Rolled out the Tableau 9.1 beta that includes a new mobile
experience, more data connectors, new enterprise security and
additional analytical functions.
- Announced new data connections with Google Cloud SQL, Spark
on Azure HDInsight, Azure SQL Data Warehouse,
and Azure SQL Database.
- Announced plans to open a new data center in the EU by the end
of the year to support growing international customer base.
- Held three sold-out regional customer conferences in
Singapore, Berlin and London.
- Launched new Tableau Public features, including expanded
support for larger public data sets, an increased storage limit,
and added security; Announced Premium version now free to all
Tableau Public users.
- Appointed Billy Bosworth to
Tableau's board of directors.
- Announced expansion plans in Seattle and the signing of a new lease that
will provide space for more than 1,300 employees in the second half
of 2016.
Conference Call and Webcast Information
In conjunction with this announcement, Tableau will host a
conference call at 5:00am PT
(8:00am ET) today to discuss
Tableau's second quarter 2015 financial results. 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 (877) 201-0168 (U.S.) or (647) 788-4901
(outside the U.S.) and referencing passcode: 80909187. 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:
80909187.
About Tableau
Tableau (NYSE: DATA) helps people see and understand data.
Tableau helps anyone quickly analyze, visualize and share
information. More than 32,000 customer accounts get rapid results
with Tableau in the office and on-the-go. And 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.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
regarding the Company's business momentum and customer growth,
product adoption, the Company's research and development efforts
and future product releases, 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 these 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; Tableau's ability to build
and expand its 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 Tableau's ability to develop
and deliver innovative products; Tableau's ability to provide
high-quality service and support offerings; risks associated with
international operations; and macroeconomic conditions. These and
other important risk factors are described more fully in documents
filed with the Securities and Exchange Commission, including
Tableau's Quarterly Report on Form 10-Q filed on May 8, 2015, 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) and non-GAAP net income (loss) per basic
and diluted common share 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 attributable to cost of revenues
from gross profit. Non-GAAP gross margin is the ratio calculated by
dividing non-GAAP gross profit by revenues. Non-GAAP operating
income (loss) is calculated by excluding stock-based compensation
expense from operating income (loss). Non-GAAP operating margin is
the ratio calculated by dividing non-GAAP operating income (loss)
by revenues. Non-GAAP net income (loss) is calculated by excluding
stock-based compensation expense and related 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. 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. 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.
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 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. 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. International revenues as
described above represent revenues outside the United States and Canada.
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,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues
|
|
|
|
|
|
|
|
|
License
|
|
$
|
96,741
|
|
$
|
60,354
|
|
$
|
181,161
|
|
$
|
108,799
|
Maintenance and
services
|
|
53,119
|
|
30,319
|
|
98,844
|
|
56,425
|
Total
revenues
|
|
149,860
|
|
90,673
|
|
280,005
|
|
165,224
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
License
|
|
477
|
|
131
|
|
1,349
|
|
295
|
Maintenance and
services
|
|
16,276
|
|
8,509
|
|
30,825
|
|
15,538
|
Total cost of
revenues (1)
|
|
16,753
|
|
8,640
|
|
32,174
|
|
15,833
|
Gross
profit
|
|
133,107
|
|
82,033
|
|
247,831
|
|
149,391
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Sales and marketing
(1)
|
|
85,061
|
|
50,050
|
|
157,251
|
|
89,371
|
Research and
development (1)
|
|
47,333
|
|
25,990
|
|
89,183
|
|
48,164
|
General and
administrative (1)
|
|
18,674
|
|
10,085
|
|
33,169
|
|
17,842
|
Total operating
expenses
|
|
151,068
|
|
86,125
|
|
279,603
|
|
155,377
|
Operating
loss
|
|
(17,961)
|
|
(4,092)
|
|
(31,772)
|
|
(5,986)
|
Other income
(expense), net
|
|
(623)
|
|
(309)
|
|
1,187
|
|
(516)
|
Loss before income
tax expense (benefit)
|
|
(18,584)
|
|
(4,401)
|
|
(30,585)
|
|
(6,502)
|
Income tax expense
(benefit)
|
|
395
|
|
173
|
|
(1,579)
|
|
3,701
|
Net
loss
|
|
$
|
(18,979)
|
|
$
|
(4,574)
|
|
$
|
(29,006)
|
|
$
|
(10,203)
|
|
|
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.27)
|
|
$
|
(0.07)
|
|
$
|
(0.41)
|
|
$
|
(0.15)
|
Diluted
|
|
$
|
(0.27)
|
|
$
|
(0.07)
|
|
$
|
(0.41)
|
|
$
|
(0.15)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used to compute net loss per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
71,426
|
|
68,292
|
|
70,961
|
|
65,882
|
Diluted
|
|
71,426
|
|
68,292
|
|
70,961
|
|
65,882
|
|
|
(1)
|
Includes stock-based
compensation expense as follows:
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
$
|
1,644
|
|
$
|
504
|
|
$
|
2,948
|
|
$
|
843
|
Sales and
marketing
|
|
10,790
|
|
4,302
|
|
19,299
|
|
7,461
|
Research and
development
|
|
12,462
|
|
4,817
|
|
22,548
|
|
8,221
|
General and
administrative
|
|
3,561
|
|
1,425
|
|
5,909
|
|
2,486
|
Tableau Software,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(In
thousands)
|
(Unaudited)
|
|
|
June 30,
2015
|
|
December 31,
2014
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
729,506
|
|
$
|
680,613
|
Accounts receivable,
net
|
97,998
|
|
99,910
|
Prepaid expenses and
other current assets
|
15,594
|
|
10,777
|
Income taxes
receivable
|
150
|
|
229
|
Deferred income
taxes
|
21,752
|
|
18,732
|
Total current
assets
|
865,000
|
|
810,261
|
Property and
equipment, net
|
56,168
|
|
45,627
|
Deferred income
taxes
|
6,371
|
|
5,879
|
Deposits and other
assets
|
6,181
|
|
3,895
|
Total
assets
|
$
|
933,720
|
|
$
|
865,662
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
|
4,582
|
|
$
|
1,978
|
Accrued compensation
and employee related benefits
|
33,353
|
|
40,164
|
Other accrued
liabilities
|
28,126
|
|
15,769
|
Income taxes
payable
|
413
|
|
378
|
Deferred
revenue
|
139,435
|
|
121,985
|
Total current
liabilities
|
205,909
|
|
180,274
|
Deferred
revenue
|
11,381
|
|
7,825
|
Other long-term
liabilities
|
8,868
|
|
5,557
|
Total
liabilities
|
226,158
|
|
193,656
|
Stockholders'
equity
|
|
|
|
Common
stock
|
7
|
|
7
|
Additional paid-in
capital
|
724,905
|
|
660,668
|
Accumulated other
comprehensive income
|
465
|
|
140
|
Retained earnings
(accumulated deficit)
|
(17,815)
|
|
11,191
|
Total stockholders'
equity
|
707,562
|
|
672,006
|
Total liabilities
and stockholders' equity
|
$
|
933,720
|
|
$
|
865,662
|
Tableau Software,
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(In
thousands)
|
(Unaudited)
|
|
|
|
Six Months Ended
June 30,
|
|
|
2015
|
|
2014
|
Operating
activities
|
|
|
|
|
Net loss
|
|
$
|
(29,006)
|
|
$
|
(10,203)
|
Adjustments to
reconcile net loss to net cash provided by operating
activities
|
|
|
|
|
Depreciation and
amortization expense
|
|
10,146
|
|
5,542
|
Stock-based
compensation expense
|
|
50,704
|
|
19,011
|
Excess tax benefit
from stock-based compensation
|
|
(633)
|
|
(3,146)
|
Deferred income
taxes
|
|
(2,884)
|
|
3,176
|
Changes in operating
assets and liabilities
|
|
|
|
|
Accounts receivable,
net
|
|
605
|
|
4,704
|
Prepaid expenses,
deposits and other assets
|
|
(7,173)
|
|
(455)
|
Income taxes
receivable
|
|
77
|
|
(36)
|
Deferred
revenue
|
|
22,783
|
|
14,036
|
Accounts payable and
accrued liabilities
|
|
10,383
|
|
(212)
|
Income taxes
payable
|
|
49
|
|
53
|
Net cash provided by
operating activities
|
|
55,051
|
|
32,470
|
Investing
activities
|
|
|
|
|
Purchase of property
and equipment
|
|
(19,117)
|
|
(14,478)
|
Net cash used in
investing activities
|
|
(19,117)
|
|
(14,478)
|
Financing
activities
|
|
|
|
|
Proceeds from public
offering, net of underwriters discount and offering
costs
|
|
—
|
|
344,097
|
Proceeds from
exercise of stock options
|
|
12,900
|
|
9,388
|
Excess tax benefit
from stock-based compensation
|
|
633
|
|
3,146
|
Net cash provided by
financing activities
|
|
13,533
|
|
356,631
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(574)
|
|
17
|
Net increase in cash
and cash equivalents
|
|
48,893
|
|
374,640
|
Cash and cash
equivalents
|
|
|
|
|
Beginning of
period
|
|
680,613
|
|
252,674
|
End of
period
|
|
$
|
729,506
|
|
$
|
627,314
|
Tableau Software,
Inc.
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Reconciliation
of gross profit to non-GAAP gross profit:
|
|
|
|
|
|
|
|
Gross
profit
|
$
|
133,107
|
|
|
$
|
82,033
|
|
|
$
|
247,831
|
|
|
$
|
149,391
|
|
Excluding: Stock-based
compensation expense attributable to cost of revenues
|
1,644
|
|
|
504
|
|
|
2,948
|
|
|
843
|
|
Non-GAAP gross
profit
|
$
|
134,751
|
|
|
$
|
82,537
|
|
|
$
|
250,779
|
|
|
$
|
150,234
|
|
|
|
|
|
|
|
|
|
Reconciliation
of gross margin to non-GAAP gross margin:
|
|
|
|
|
|
|
|
Gross
margin
|
88.8
|
%
|
|
90.5
|
%
|
|
88.5
|
%
|
|
90.4
|
%
|
Excluding: Stock-based
compensation expense attributable to cost of revenues
|
1.1
|
%
|
|
0.6
|
%
|
|
1.1
|
%
|
|
0.5
|
%
|
Non-GAAP gross
margin
|
89.9
|
%
|
|
91.0
|
%
|
|
89.6
|
%
|
|
90.9
|
%
|
|
|
|
|
|
|
|
|
Reconciliation
of operating loss to non-GAAP operating income:
|
|
|
|
|
|
|
|
Operating
loss
|
$
|
(17,961)
|
|
|
$
|
(4,092)
|
|
|
$
|
(31,772)
|
|
|
$
|
(5,986)
|
|
Excluding:
Stock-based compensation expense
|
28,457
|
|
|
11,048
|
|
|
50,704
|
|
|
19,011
|
|
Non-GAAP operating
income
|
$
|
10,496
|
|
|
$
|
6,956
|
|
|
$
|
18,932
|
|
|
$
|
13,025
|
|
|
|
|
|
|
|
|
|
Reconciliation
of operating margin to non-GAAP operating
margin:
|
|
|
|
|
|
|
|
Operating
margin
|
(12.0)%
|
|
|
(4.5)%
|
|
|
(11.3)%
|
|
|
(3.6)%
|
|
Excluding: Stock-based
compensation expense
|
19.0
|
%
|
|
12.2
|
%
|
|
18.1
|
%
|
|
11.5
|
%
|
Non-GAAP operating
margin
|
7.0
|
%
|
|
7.7
|
%
|
|
6.8
|
%
|
|
7.9
|
%
|
|
|
|
|
|
|
|
|
Reconciliation
of net loss to non-GAAP net income:
|
|
|
|
|
|
|
|
Net loss
|
$
|
(18,979)
|
|
|
$
|
(4,574)
|
|
|
$
|
(29,006)
|
|
|
$
|
(10,203)
|
|
Excluding:
Stock-based compensation expense
|
28,457
|
|
|
11,048
|
|
|
50,704
|
|
|
19,011
|
|
Income tax adjustment
(1)
|
(3,850)
|
|
|
(3,284)
|
|
|
(10,230)
|
|
|
(5,969)
|
|
Non-GAAP net
income
|
$
|
5,628
|
|
|
$
|
3,190
|
|
|
$
|
11,468
|
|
|
$
|
2,839
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used to compute non-GAAP basic net income per
share
|
71,426
|
|
|
68,292
|
|
|
70,961
|
|
|
65,882
|
|
Effect of potentially
dilutive shares: stock awards (2)
|
6,250
|
|
|
7,185
|
|
|
6,163
|
|
|
7,902
|
|
Weighted average
shares used to compute non-GAAP diluted net income per
share
|
77,676
|
|
|
75,477
|
|
|
77,124
|
|
|
73,784
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.08
|
|
|
$
|
0.05
|
|
|
$
|
0.16
|
|
|
$
|
0.04
|
|
Diluted
|
$
|
0.07
|
|
|
$
|
0.04
|
|
|
$
|
0.15
|
|
|
$
|
0.04
|
|
|
|
(1)
|
During fiscal
2015, the Company began to utilize a fixed projected non-GAAP tax
rate for each quarter in a fiscal year in its computation of
non-GAAP net income (loss) in order to provide better consistency
across interim reporting periods by eliminating the effects of
non-recurring and period-specific items, because each of these
items can vary in size and frequency. To determine this long-term
rate, the Company evaluated a three-year financial projection that
excludes the impact of non-cash stock-based compensation expense.
The projected rate takes into account other factors including the
Company's current tax structure, its existing tax positions in
various jurisdictions and key legislation in major jurisdictions
where the Company operates. The non-GAAP tax rate the Company will
utilize for fiscal 2015 is 43%. The non-GAAP tax rate assumes
the federal R&D tax credit is not extended. The Company will
provide updates to this tax rate on an annual basis, or if material
changes occur, such as the extension of the R&D tax
credit.
|
|
|
(2)
|
During fiscal 2015,
the Company updated our calculation of non-GAAP diluted net income
(loss) per share which now includes the effect of potentially
dilutive shares related to stock awards in periods of non-GAAP net
income and GAAP net loss. This change impacted the three months
ended June 30, 2014 diluted non-GAAP net income per share by $0.01.
There were no other impacts to the comparable prior year
periods.
|
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SOURCE Tableau Software