TABLEAU SOFTWARE, INC. SEATTLE, July 29, 2015 /PRNewswire/ -- Tableau Software (NYSE: DATA) today reported results for its second quarter ended June 30, 2015.
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-- 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 Six Months Ended June
30, 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
