Tableau Announces Fourth Quarter and Full Year 2013 Financial Results - ABC 8NEWS - WRIC | Richmond, Virginia News & Weather

Tableau Announces Fourth Quarter and Full Year 2013 Financial Results

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SOURCE Tableau Software

SEATTLE, Feb. 4, 2014 /PRNewswire/ -- Tableau Software (NYSE: DATA) today reported results for its fourth quarter and fiscal year ended December 31, 2013.

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

Fourth Quarter 2013 Financial Highlights

  • Total revenues were $81.5 million, up 95% year-over-year
  • License revenues were $58.0 million, up 93% year-over-year
  • Diluted GAAP earnings per share were $0.16; diluted non-GAAP earnings per share were $0.20

Full Year 2013 Financial Highlights

  • Total revenues were $232.4 million, up 82% year-over-year
  • License revenues were $159.9 million, up 78% year-over-year
  • Diluted GAAP earnings per share were $0.12; diluted non-GAAP earnings per share were $0.31

"We're very pleased with our performance in the fourth quarter, as we sustained our rapid growth," said Christian Chabot, CEO and President.  "We continue to see an expansion of our market opportunity and look forward to helping more customers turn data into revealing business insights in the next year."

Financial Highlights for the Fourth Quarter Ended December 31, 2013

Total revenues for the fourth quarter of 2013 were $81.5 million, representing a 95% increase from the fourth quarter of 2012.   License revenues were $58.0 million, representing a 93% increase from the fourth quarter of 2012.  Maintenance and services revenues were $23.4 million, representing a 100% increase from the fourth quarter of 2012. 

GAAP operating income for the fourth quarter of 2013 was $9.2 million, compared to GAAP operating loss of $2.3 million for the fourth quarter of 2012. GAAP net income for the fourth quarter of 2013 was $11.2 million, or $0.16 per diluted common share, compared to a GAAP net loss of $1.1 million, or $0.03 per diluted common share, for the fourth quarter of 2012.

Non-GAAP operating income, which excludes stock-based compensation and, for 2012, the cash and stock-based compensation expense associated with our funding of the Tableau Foundation, was $14.1 million for the fourth quarter of 2013, compared to non-GAAP operating income of $1.2 million for the fourth quarter of 2012.  Non-GAAP net income, which excludes stock-based compensation and, for 2012, the cash and stock-based compensation expense associated with our funding of the Tableau Foundation, each net of tax, was $14.0 million for the fourth quarter of 2013, or $0.20 per diluted common share, compared to non-GAAP net income of $1.5 million, or $0.04 per diluted common share, for the fourth quarter of 2012. 

Financial Highlights for the Fiscal Year Ended December 31, 2013

Total revenues for 2013 were $232.4 million, representing an 82% increase from 2012.   License revenues were $159.9 million, representing a 78% increase from 2012.  Maintenance and services revenues were $72.5 million, representing a 92% increase over 2012. 

GAAP operating income for 2013 was $3.7 million, compared to GAAP operating income of $4.3 million for 2012. GAAP net income for 2013 was $7.1 million, or $0.12 per diluted common share, compared to a GAAP net income of $1.4 million, or $0.00 per diluted common share, for 2012.

Non-GAAP operating income, which excludes stock-based compensation and, for 2012, the cash and stock-based compensation expense associated with our funding of the Tableau Foundation, was $18.1 million for 2013, compared to non-GAAP operating income of $11.0 million in 2012.  Non-GAAP net income, which excludes stock-based compensation and,  for 2012, the cash and stock-based compensation expense associated with our funding of the Tableau Foundation, each net of tax, was $18.0 million for 2013, or $0.31 per diluted common share, compared to non-GAAP net income of $6.9 million, or $0.14 per diluted common share, for 2012. 

Recent Business Highlights

In addition to growing revenues, Tableau achieved other notable business milestones:

  • Launched Tableau 8.1, which delivers new features for the enterprise, improved analytics, and more interactivity on the web and mobile devices.
  • Expanded its relationship with Amazon Web Services (AWS) with support for Tableau Server running on the AWS platform and a new data connector to Amazon Redshift.
  • Ranked #1 in "business benefits" and "business achievements" in the Business Intelligence (BI) Survey 13, conducted by Business Application Research Center (BARC).
  • Partnered with IOCHU Techno-Solutions Corporation (CTC) to distribute Tableau Software in Japan.
  • Closed 179 sales orders of greater than $100,000 and added over 1,800 new customer accounts in the fourth quarter of 2013.

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 fourth quarter and fiscal year 2013 financial results and the outlook for the first quarter of 2014 and full year 2014. 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) 592-5013 (U.S.) or (678) 224-7834 (outside the U.S.) and referencing passcode: 33161821. 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: 33161821. 

About Tableau

Tableau Software (NYSE: DATA) helps people see and understand data. Tableau helps anyone quickly analyze, visualize and share information. More than 17,000 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.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 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; our 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 final prospectus from its initial public offering, subsequently-filed Quarterly Report on Form 10-Q 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) and non-GAAP earnings (loss) per 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 operating income (loss) is calculated by deducting stock-based compensation expense and, for 2012, the cash and stock-based compensation expense associated with its funding of the Tableau foundation, from operating income (loss). Non-GAAP net income (loss) is calculated by deducting stock-based compensation expense and, for 2012, the cash and stock-based compensation expense associated with its funding of the Tableau foundation, from net income (loss).  Non-GAAP earnings (loss) per diluted common share is calculated by dividing non-GAAP net income (loss) by weighted average diluted shares outstanding.  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 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.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)












Three Months Ended December 31, 


Year Ended December 31, 



2013


2012


2013


2012

Revenues









   License


$

58,035


$

30,076


$

159,930


$

89,883

   Maintenance and services


23,424


11,730


72,510


37,850

Total revenues


81,459


41,806


232,440


127,733










Cost of revenues









   License


217


135


740


305

   Maintenance and services


5,833


3,248


17,784


10,057

Total costs of revenues (1)


6,050


3,383


18,524


10,362










Gross profit


75,409


38,423


213,916


117,371










Operating expenses









   Sales and marketing (1)


40,147


23,208


123,573


62,333

   Research and development (1)


18,255


10,359


60,769


33,065

   General and administrative (1)


7,841


7,182


25,905


17,715

Total operating expenses


66,243


40,749


210,247


113,113










Operating income (loss)


9,166


(2,326)


3,669


4,258

Other income (expense), net


(454)


(5)


(804)


(54)

Net income (loss) before provision (benefit) for income taxes


8,712


(2,331)


2,865


4,204

Provision (benefit) for income taxes


(2,533)


(1,275)


(4,211)


2,777










Net income (loss)


$

11,245


$

(1,056)


$

7,076


$

1,427










Net income (loss) per share attributable to common stockholders:









Basic


$

0.18


$

(0.03)


$

0.14


$

-

Diluted


$

0.16


$

(0.03)


$

0.12


$

-










Weighted average shares used to compute net income (loss) per share attributable to common stockholders









Basic


60,863


33,948


50,564


33,744

Diluted


70,250


33,948


59,092


39,562










(1)      Costs and expenses include share-based compensation as follows:











Three Months Ended December 31, 


Year Ended December 31, 



2013


2012


2013


2012



(in thousands)

Cost of revenues


$

182


$

41


$

473


$

107

Sales and marketing


1,923


461


5,429


1,394

Research and development


2,047


670


5,832


2,115

General and administrative


772


371


2,723


1,180



$

4,924


$

1,543


$

14,457


$

4,796

 


Tableau Software, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)
























December 31,
2013



December 31,
2012

Assets







Current assets







   Cash and cash equivalents


$

252,674


$

39,302

   Accounts receivable, net



61,158



30,752

   Prepaid expenses and other current assets



7,180



2,789

   Income taxes receivable



2,033



1,072

   Deferred income taxes



9,136



2,246



Total current assets



332,181



76,161

Property and equipment, net



21,338



10,346

Deferred income taxes



589



66

Deposits and other assets



819



419



Total assets


$

354,927


$

86,992

Liabilities, convertible preferred stock and stockholders' equity







Current liabilities







   Accounts payable 



2,178



2,176

   Accrued liabilities



8,456



4,471

   Accrued compensation and employee related benefits



27,187



13,170

   Income taxes payable



178



129

   Deferred revenue



66,290



31,984



Total current liabilities



104,289



51,930

Deferred income taxes



-



1,353

Deferred revenue



3,264



2,423

Other long-term liabilities



2,714



1,312



Total liabilities



110,267



57,018










Convertible preferred stock



-



20,031

Stockholders' equity







   Common stock



7



4

   Additional paid-in-capital



239,406



11,698

   Accumulated other comprehensive loss



(71)



(1)

   Retained earnings (accumulated deficit)



5,318



(1,758)



Total stockholders' equity



244,660



9,943



Total liabilities, convertible preferred stock and stockholders' equity 


$

354,927


$

86,992

 

Tableau Software, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)
















Year Ended December 31, 




2013


2012

Operating activities





Net income 


$

7,076


$

1,427

Adjustment to reconcile net income to net cash provided by operating activities





   Depreciation expense


6,850


3,847

   Allowance for doubtful accounts


487


172

   Stock-based compensation expense


14,457


4,796

   Excess tax benefit from stock-based compensation

(5,725)


(1,541)

   Deferred taxes


(3,052)


301

   Donation of common stock to Tableau Foundation

-


1,851

   Changes in operating assets and liabilities






Accounts receivable


(30,488)


(17,567)


Prepaid expenses, deposits and other assets


(4,758)


(1,585)


Income taxes receivable


(961)


(1,072)


Deferred revenue


34,740


15,421


Accounts payable and accrued liabilities


19,037


8,240


Income taxes payable


62


(51)


   Net cash provided by operating activities


37,725


14,239

Investing activities





Purchase of property and equipment


(17,607)


(7,036)


   Net cash used in investing activities


(17,607)


(7,036)

Financing activities





Proceeds from initial public offering


176,974


606

Proceeds from issuance of common stock upon exercise of stock options


10,522


-

Deferred initial public offering costs


-


(271)

Excess tax benefit from stock-based compensation

5,725


1,541


Net cash provided by financing activities


193,221


1,876

Effect of exchange rate changes on cash and cash equivalents

33


-


Net increase in cash and cash equivalents


213,372


9,079

Cash and cash equivalents





Beginning of period


39,302


30,223

End of period


$

252,674


$

39,302

 

Tableau Software, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, except per share data)

(Unaudited)












Three Months Ended December 31, 


Year Ended December 31, 



2013


2012


2013


2012

Reconciliation of operating income (loss) to non-GAAP operating income (loss):


















Operating income (loss)


$

9,166


$

(2,326)


$

3,669


$

4,258

   Excluding: Stock-based compensation expense


4,924


1,543


14,457


4,796

                   Funding of the Tableau Foundation


-


1,951


-


1,951

Non-GAAP operating income 


$

14,090


$

1,168


$

18,126


$

11,005










Reconciliation of net income (loss) to non-GAAP net income (loss):


















Net income (loss)


$

11,245


$

(1,056)


$

7,076


$

1,427

   Excluding: Stock-based compensation expense, net of tax


2,736


1,357


10,967


4,207

                   Funding of the Tableau Foundation, net of tax


-


1,220


-


1,220

Non-GAAP net income


$

13,981


$

1,521


$

18,043


$

6,854










Reconciliation of net income (loss) per share to non-GAAP net income (loss) per share:









GAAP net income (loss) per share - basic


$

0.18


$

(0.03)


$

0.14


$

-

   Excluding: Stock-based compensation expense, net of tax


0.04


0.04


0.22


0.12

                   Funding of the Tableau Foundation, net of tax


-


0.04


-


0.04

Non-GAAP net income per share - basic 


$

0.23


$

0.04


$

0.36


$

0.16










GAAP net income (loss) per share - diluted


$

0.16


$

(0.03)


$

0.12


$

-

   Excluding: Stock-based compensation expense, net of tax


0.04


0.04


0.19


0.11

                   Funding of the Tableau Foundation, net of tax


-


0.04


-


0.03

Non-GAAP net income per share - diluted


$

0.20


$

0.04


$

0.31


$

0.14










Weighted average shares used in computing GAAP and Non-GAAP net income (loss) per share









   Basic


60,863


33,948


50,564


33,744

   Diluted 


70,250


33,948


59,092


39,562

 

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