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.
- 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.
Forward-Looking Statements
This press release contains, and statements made during the above referenced conference call will contain, "forwardlooking" 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.
- 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.
Forward-Looking Statements
This press release contains, and statements made during the above referenced conference call will contain, "forwardlooking" 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.
