SEATTLE, May 2, 2019 /PRNewswire/ -- Tableau
Software, Inc. (NYSE: DATA) today reported results for its first
quarter ended March 31, 2019.
Financial Summary
- Total revenue was $282.5 million,
up 15% year over year.
- Total annual recurring revenue was $902.0 million as of March
31, 2019, up 41% year over year.
- Subscription annual recurring revenue was $510.1 million as of March
31, 2019, up 115% year over year.
- Diluted GAAP net loss per share was $1.04.
- Diluted non-GAAP net income per share was $0.02.
"We saw strong subscription momentum during Q1 with our mix at
84 percent and our annual recurring revenue exceeding $900 million, up 41 percent year-over-year," said
Adam Selipsky, President and Chief
Executive Officer of Tableau. "We are seeing more and more
customers cultivate a data-driven culture in their organizations
due to the ease of use and flexibility of Tableau's end-to-end
analytics platform."
Financial Results
Total revenue for the first quarter of 2019 was $282.5 million, up 15% from $246.2 million for the first quarter of 2018.
Total annual recurring revenue increased 41% to $902.0 million as of March
31, 2019, up from $641.9
million as of March 31, 2018.
Subscription annual recurring revenue increased 115% to
$510.1 million as of March 31, 2019, up from $237.5 million as of March
31, 2018.
GAAP operating loss for the first quarter of 2019 was
$93.2 million, compared to a GAAP
operating loss of $50.4 million for
the first quarter of 2018. GAAP net loss for the first quarter of
2019 was $88.9 million, or
$1.04 per diluted common share,
compared to a GAAP net loss of $46.5
million, or $0.57 per diluted
common share, for the first quarter of 2018.
Non-GAAP operating loss was $2.7
million for the first quarter of 2019, compared to non-GAAP
operating income of $5.7 million for
the first quarter of 2018. Non-GAAP net income was $2.0 million for the first quarter of 2019, or
$0.02 per diluted common share,
compared to a non-GAAP net income of $5.8
million, or $0.07 per diluted
common share, for the first quarter of 2018.
During the first quarter of 2019, Tableau repurchased 34,986
shares of its outstanding Class A common stock for a total of
$4.3 million. As of March 31, 2019, the Company was authorized to
repurchase a remaining $275.7 million
of its Class A common stock under the previously authorized
repurchase program.
Recent Business Highlights
- Released Tableau 2019.1, which includes Ask Data, which
leverages natural language processing to enable customers to ask
questions of their data in plain language.
- Expanded Tableau's data preparation capabilities with the
release of Tableau Prep Conductor, which enables organizations to
schedule and manage self-service data preparation at scale. Tableau
Prep Conductor is part of a new offering called the Tableau Data
Management Add-On.
- Recognized as a Leader in the Gartner Magic Quadrant for
Analytics and Business Intelligence Platforms for the seventh
consecutive year.
- Tableau donated 209,384 shares of the Company's Class A common
stock to Tableau Foundation, a donor-advised charitable fund.
Conference Call and Webcast Information
In conjunction with this announcement, Tableau will host a
conference call at 1:30 p.m. PT
(4:30 p.m. ET) today to discuss
Tableau's first quarter 2019 financial results, as well as its
guidance for the second quarter of 2019 and outlook for full year
2019. 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 (833) 241-7252 (U.S.) or (647) 689-4216 (outside the
U.S.) and referencing passcode 5036617. A replay of the call can
also be accessed by dialing (800) 585-8367 (U.S.) or (416) 621-4642
(outside the U.S.), and referencing passcode 5036617.
About Tableau
Tableau (NYSE: DATA) helps people see and understand data.
Tableau's self-service analytics platform empowers people of any
skill level to work with data. From individuals and non-profits to
government agencies and the Fortune 500, tens of thousands of
customers around the world use Tableau to get rapid insights and
make impactful, data-driven decisions. 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
statements regarding customer demand and customers' continued
scaling of Tableau within their organizations; the Company's
progress and continued transition to subscription and term
licensing and adoption rate by customers of role-based subscription
offerings; new product offerings, features and capabilities to
broaden and expand its analytics platform; continued product
innovation and adoption, including strong subscription adoption and
annual recurring revenue growth; demand, adoption and deployment by
enterprise customers, and the Company's ability to service, execute
and grow that demand in the U.S. and globally; momentum with the
Company's partners; customers' ability to easily scale the
Company's products and broaden the deployment of analytics across
their workforces with tailored solutions for employees; the
Company's research and development investments, costs, continued
innovation and ability to timely release future products and
features; the Company's leadership position in the sector and
ability to address market opportunities as an analytics platform;
the Company's expectations, quarterly and annual outlook, and
guidance regarding future operating results, including revenues,
expenses and net income or loss, and future performance of key
metrics; and the Company's stock repurchase authorization and
timing and ability to repurchase shares of the Company's Class A
common stock under its stock repurchase program. 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: customer demand for Tableau's products and services
and customer response to its subscription offerings; risks
associated with anticipated growth in Tableau's business and
addressable market; competitive factors, including new market
entrants and changes in the competitive environment, pricing
changes, sales cycle time and increased competition; Tableau's
enterprise sales execution and expansion and further transition to
subscription and term licensing; Tableau's ability to attract,
integrate and retain qualified personnel; general economic and
industry conditions, including expenditure trends for business
analytics and productivity tools; new product introductions and
Tableau's ability to develop and deliver innovative, secure and
high-quality products to customers' on-premise, public, private or
hybrid cloud environments; Tableau's ability to provide
high-quality customer service and support offerings to expand its
business and drive customer renewals; risks associated with
international expansion and operations; macroeconomic conditions;
market conditions; and the possibility that the stock repurchase
program may be suspended or discontinued. These and other important
risk factors are described more fully in additional documents filed
with the Securities and Exchange Commission, including Tableau's
most recently filed Annual Report on Form 10-K, 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 gross profit and gross
margin, non-GAAP operating expenses (sales and marketing, research
and development, and general and administrative), non-GAAP
operating income (loss) and operating margin, non-GAAP net income
(loss), non-GAAP net income (loss) per basic and diluted common
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 gross profit is calculated by excluding
stock-based compensation expense and expense related to
amortization of acquired intangible assets, each to the extent
attributable to the cost of revenues, from gross profit. Non-GAAP
gross margin is the ratio calculated by dividing non-GAAP gross
profit by total revenues. Non-GAAP sales and marketing expense is
calculated by excluding stock-based compensation expense
attributable to sales and marketing from sales and marketing
expense. Non-GAAP research and development expense is calculated by
excluding stock-based compensation expense attributable to research
and development from research and development expense. Non-GAAP
general and administrative expense is calculated by excluding
stock-based compensation expense attributable to general and
administrative and expense associated with the donation of the
Company's Class A common stock in the first quarter of 2019 from
general and administrative expense. Non-GAAP operating income
(loss) is calculated by excluding stock-based compensation expense,
expense related to amortization of acquired intangible assets and
expense associated with the donation of the Company's Class A
common stock in the first quarter of 2019 from operating income
(loss). Non-GAAP operating margin is the ratio calculated by
dividing non-GAAP operating income (loss) by total revenues.
Non-GAAP net income (loss) is calculated by excluding stock-based
compensation expense, expense related to amortization of acquired
intangible assets, non-GAAP income tax adjustments and expense
associated with the donation of the Company's Class A common stock
in the first quarter of 2019 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.
Non-GAAP financial information is adjusted for a tax rate equal
to Tableau's estimated tax rate on non-GAAP income over a
three-year financial projection. This long-term rate is based on
Tableau's estimated annual GAAP income tax rate forecast, adjusted
to account for items excluded from GAAP income in calculating the
non-GAAP financial measures. To determine this long-term non-GAAP
tax rate, Tableau evaluates a three-year financial projection that
excludes the impact of non-cash stock-based compensation expense,
expense related to amortization of acquired intangible assets and
expense associated with the donation of the Company's Class A
common stock in the first quarter of 2019. The long-term non-GAAP
tax rate takes into account other factors including Tableau's
current operating structure, its existing tax positions in various
jurisdictions and key legislation in major jurisdictions where
Tableau operates. The long-term non-GAAP tax rate applied to the
three months ended March 31, 2019 and
2018 was 20%. The long-term non-GAAP tax rate assumes the Company's
deferred income tax assets will be realized based upon projected
future taxable income, excluding stock-based compensation expense,
expense related to amortization of acquired intangible assets and
expense associated with the donation of the Company's Class A
common stock in the first quarter of 2019. The Company anticipates
using this long-term non-GAAP tax rate in future periods and may
provide updates to this rate on an annual basis, or more frequently
if material changes occur.
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 meaningful comparisons between its operating
results from period to period. The expense related to amortization
of acquired intangible assets is dependent upon estimates and
assumptions, which can vary significantly and are unique to each
asset acquired; therefore, Tableau believes non-GAAP measures that
adjust for the amortization of acquired intangible assets provides
investors a consistent basis for comparison across accounting
periods. The non-cash expense related to the donation of the
Company's Class A common stock is not considered by Tableau's
management team when evaluating the Company's operating performance
and is non-recurring in nature as Tableau does not expect to make
additional donations of its common stock in the foreseeable future;
therefore, Tableau believes non-GAAP measures that adjust for the
expense associated with the donation of the Company's Class A
common stock in the first quarter of 2019 allow for 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.
Tableau calculates free cash flow 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
Tableau's business that can be used for strategic opportunities,
including investing in Tableau's business, making strategic
acquisitions, repurchasing Tableau's common stock and strengthening
Tableau's balance sheet. All of Tableau's non-GAAP financial
measures are important tools for financial and operational
decision-making and for evaluating Tableau's operating results over
different periods of time.
Non-GAAP financial measures may not provide information that is
directly comparable to information provided by other companies in
Tableau's industry, as other companies in the industry may
calculate non-GAAP financial measures differently. In addition,
there are limitations in using non-GAAP financial measures because
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.
|
Tableau Software,
Inc.
Condensed
Consolidated Statements of Operations
(In thousands,
except per share data)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
|
Revenues
|
|
|
|
|
License
|
$
|
117,552
|
|
|
$
|
108,793
|
|
|
Maintenance and
services
|
164,908
|
|
|
137,414
|
|
|
Total
revenues
|
282,460
|
|
|
246,207
|
|
|
Cost of
revenues
|
|
|
|
|
License
|
5,627
|
|
|
3,954
|
|
|
Maintenance and
services
|
33,802
|
|
|
28,471
|
|
|
Total cost of
revenues (1)
|
39,429
|
|
|
32,425
|
|
|
Gross
profit
|
243,031
|
|
|
213,782
|
|
|
Operating
expenses
|
|
|
|
|
Sales and marketing
(1)
|
162,342
|
|
|
138,406
|
|
|
Research and
development (1)
|
112,144
|
|
|
93,505
|
|
|
General and
administrative (1)
|
61,725
|
|
|
32,250
|
|
|
Total operating
expenses
|
336,211
|
|
|
264,161
|
|
|
Operating
loss
|
(93,180)
|
|
|
(50,379)
|
|
|
Other income,
net
|
5,186
|
|
|
1,462
|
|
|
Loss before income
tax expense (benefit)
|
(87,994)
|
|
|
(48,917)
|
|
|
Income tax expense
(benefit)
|
888
|
|
|
(2,445)
|
|
|
Net loss
|
$
|
(88,882)
|
|
|
$
|
(46,472)
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
Basic
|
$
|
(1.04)
|
|
|
$
|
(0.57)
|
|
|
Diluted
|
$
|
(1.04)
|
|
|
$
|
(0.57)
|
|
|
|
|
|
|
Weighted average
shares used to compute net loss per share:
|
|
|
|
|
Basic
|
85,434
|
|
|
81,039
|
|
|
Diluted
|
85,434
|
|
|
81,039
|
|
|
|
|
(1)
|
Includes stock-based
compensation expense as follows:
|
|
|
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
|
|
|
|
|
Cost of
revenues
|
$
|
3,852
|
|
|
$
|
2,987
|
|
|
Sales and
marketing
|
22,993
|
|
|
20,015
|
|
|
Research and
development
|
31,641
|
|
|
25,157
|
|
|
General and
administrative
|
7,133
|
|
|
7,604
|
|
|
Tableau Software,
Inc.
Condensed
Consolidated Balance Sheets
(In
thousands)
(Unaudited)
|
|
|
March 31,
2019
|
|
December 31,
2018
|
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
$
|
501,056
|
|
|
$
|
653,022
|
|
|
Short-term
investments
|
554,042
|
|
|
369,355
|
|
|
Accounts receivable,
net
|
177,188
|
|
|
236,063
|
|
|
Prepaid expenses and
other current assets
|
172,498
|
|
|
155,012
|
|
|
Income taxes
receivable
|
2,422
|
|
|
2,268
|
|
|
Total current
assets
|
1,407,206
|
|
|
1,415,720
|
|
|
Long-term
investments
|
4,668
|
|
|
26,278
|
|
|
Property and
equipment, net
|
102,477
|
|
|
94,537
|
|
|
Operating lease
right-of-use assets
|
217,796
|
|
|
—
|
|
|
Goodwill
|
45,430
|
|
|
42,530
|
|
|
Deferred income
taxes
|
5,633
|
|
|
4,733
|
|
|
Other long-term
assets
|
56,446
|
|
|
50,927
|
|
|
Total
assets
|
$
|
1,839,656
|
|
|
$
|
1,634,725
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
$
|
12,201
|
|
|
$
|
6,652
|
|
|
Accrued compensation
and employee-related benefits
|
89,380
|
|
|
105,155
|
|
|
Other accrued
liabilities
|
72,457
|
|
|
55,896
|
|
|
Income taxes
payable
|
1,312
|
|
|
2,982
|
|
|
Deferred
revenue
|
362,740
|
|
|
377,892
|
|
|
Total current
liabilities
|
538,090
|
|
|
548,577
|
|
|
Deferred
revenue
|
19,445
|
|
|
16,306
|
|
|
Operating lease
liabilities
|
251,904
|
|
|
—
|
|
|
Other long-term
liabilities
|
11,232
|
|
|
56,257
|
|
|
Total
liabilities
|
820,671
|
|
|
621,140
|
|
|
Stockholders'
equity
|
|
|
|
|
Common
stock
|
9
|
|
|
8
|
|
|
Additional paid-in
capital
|
1,432,437
|
|
|
1,340,628
|
|
|
Accumulated other
comprehensive loss
|
(8,986)
|
|
|
(11,458)
|
|
|
Accumulated
deficit
|
(404,475)
|
|
|
(315,593)
|
|
|
Total stockholders'
equity
|
1,018,985
|
|
|
1,013,585
|
|
|
Total liabilities and
stockholders' equity
|
$
|
1,839,656
|
|
|
$
|
1,634,725
|
|
|
Tableau Software,
Inc.
Condensed
Consolidated Statements of Cash Flows
(In
thousands)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
|
Operating
activities
|
|
|
|
|
Net loss
|
$
|
(88,882)
|
|
|
$
|
(46,472)
|
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities
|
|
|
|
|
Depreciation and
amortization expense
|
14,863
|
|
|
9,647
|
|
|
Amortization
(accretion) on investments, net
|
(723)
|
|
|
118
|
|
|
Stock-based
compensation expense
|
65,619
|
|
|
55,763
|
|
|
Donation of Class A
common stock
|
24,230
|
|
|
—
|
|
|
Deferred income
taxes
|
(1,597)
|
|
|
(4,226)
|
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
Accounts receivable,
net
|
58,184
|
|
|
73,012
|
|
|
Prepaid expenses and
other assets
|
(22,864)
|
|
|
(22,891)
|
|
|
Income taxes
receivable
|
(137)
|
|
|
(194)
|
|
|
Deferred
revenue
|
(10,176)
|
|
|
(7,507)
|
|
|
Accounts payable and
accrued liabilities
|
(12,717)
|
|
|
(4,279)
|
|
|
Income taxes
payable
|
(1,651)
|
|
|
(356)
|
|
|
Net cash provided by
operating activities
|
24,149
|
|
|
52,615
|
|
|
Investing
activities
|
|
|
|
|
Purchases of property
and equipment
|
(12,042)
|
|
|
(5,251)
|
|
|
Business
combination
|
(4,500)
|
|
|
—
|
|
|
Purchases of
investments
|
(254,019)
|
|
|
(102,450)
|
|
|
Maturities of
investments
|
92,371
|
|
|
77,385
|
|
|
Sales of
investments
|
—
|
|
|
99
|
|
|
Net cash used in
investing activities
|
(178,190)
|
|
|
(30,217)
|
|
|
Financing
activities
|
|
|
|
|
Proceeds from
issuance of common stock
|
6,287
|
|
|
2,492
|
|
|
Repurchases of common
stock
|
(4,326)
|
|
|
(30,007)
|
|
|
Net cash provided by
(used in) financing activities
|
1,961
|
|
|
(27,515)
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
114
|
|
|
1,233
|
|
|
Net decrease in cash
and cash equivalents
|
(151,966)
|
|
|
(3,884)
|
|
|
Cash and cash
equivalents
|
|
|
|
|
Beginning of
period
|
653,022
|
|
|
627,878
|
|
|
End of
period
|
$
|
501,056
|
|
|
$
|
623,994
|
|
|
Non-GAAP
Reconciliation Tables
|
|
Tableau Software,
Inc.
Reconciliation of
GAAP to Non-GAAP Financial Measures
(In thousands,
except per share data)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
|
Reconciliation
of gross profit to non-GAAP gross profit:
|
|
|
|
|
Gross
profit
|
$
|
243,031
|
|
|
$
|
213,782
|
|
|
Excluding:
Stock-based compensation expense
|
3,852
|
|
|
2,987
|
|
|
Excluding:
Amortization of acquired intangible assets
|
602
|
|
|
349
|
|
|
Non-GAAP gross
profit
|
$
|
247,485
|
|
|
$
|
217,118
|
|
|
|
|
|
|
Reconciliation
of gross margin to non-GAAP gross margin:
|
|
|
|
|
Gross
margin
|
86.0
|
%
|
|
86.8
|
%
|
|
Excluding:
Stock-based compensation expense
|
1.4
|
%
|
|
1.2
|
%
|
|
Excluding:
Amortization of acquired intangible assets
|
0.2
|
%
|
|
0.1
|
%
|
|
Non-GAAP gross
margin
|
87.6
|
%
|
|
88.2
|
%
|
|
|
|
|
|
Reconciliation
of operating expenses to non-GAAP operating
expenses:
|
|
|
|
|
Sales and
marketing
|
$
|
162,342
|
|
|
$
|
138,406
|
|
|
Excluding:
Stock-based compensation expense
|
(22,993)
|
|
|
(20,015)
|
|
|
Non-GAAP sales and
marketing
|
$
|
139,349
|
|
|
$
|
118,391
|
|
|
|
|
|
|
Research and
development
|
$
|
112,144
|
|
|
$
|
93,505
|
|
|
Excluding:
Stock-based compensation expense
|
(31,641)
|
|
|
(25,157)
|
|
|
Non-GAAP research and
development
|
$
|
80,503
|
|
|
$
|
68,348
|
|
|
|
|
|
|
General and
administrative
|
$
|
61,725
|
|
|
$
|
32,250
|
|
|
Excluding:
Stock-based compensation expense
|
(7,133)
|
|
|
(7,604)
|
|
|
Excluding: Donation
of Class A common stock
|
(24,230)
|
|
|
—
|
|
|
Non-GAAP general and
administrative
|
$
|
30,362
|
|
|
$
|
24,646
|
|
|
|
|
|
|
Reconciliation
of operating loss to non-GAAP operating income
(loss):
|
|
|
|
|
Operating
loss
|
$
|
(93,180)
|
|
|
$
|
(50,379)
|
|
|
Excluding:
Stock-based compensation expense
|
65,619
|
|
|
55,763
|
|
|
Excluding: Donation
of Class A common stock
|
24,230
|
|
|
—
|
|
|
Excluding:
Amortization of acquired intangible assets
|
602
|
|
|
349
|
|
|
Non-GAAP operating
income (loss)
|
$
|
(2,729)
|
|
|
$
|
5,733
|
|
|
|
|
|
|
Reconciliation
of operating margin to non-GAAP operating
margin:
|
|
|
|
|
Operating
margin
|
(33.0)
|
%
|
|
(20.5)
|
%
|
|
Excluding:
Stock-based compensation expense
|
23.2
|
%
|
|
22.6
|
%
|
|
Excluding: Donation
of Class A common stock
|
8.6
|
%
|
|
—
|
%
|
|
Excluding:
Amortization of acquired intangible assets
|
0.2
|
%
|
|
0.1
|
%
|
|
Non-GAAP operating
margin
|
(1.0)
|
%
|
|
2.3
|
%
|
|
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
|
Reconciliation
of net loss to non-GAAP net income:
|
|
|
|
|
Net loss
|
$
|
(88,882)
|
|
|
$
|
(46,472)
|
|
|
Excluding:
Stock-based compensation expense
|
65,619
|
|
|
55,763
|
|
|
Excluding: Donation
of Class A common stock
|
24,230
|
|
|
—
|
|
|
Excluding:
Amortization of acquired intangible assets
|
602
|
|
|
349
|
|
|
Income tax
adjustments
|
397
|
|
|
(3,884)
|
|
|
Non-GAAP net
income
|
$
|
1,966
|
|
|
$
|
5,756
|
|
|
|
|
|
|
Weighted average
shares used to compute non-GAAP basic net income per
share
|
85,434
|
|
|
81,039
|
|
|
Effect of potentially
dilutive shares: stock awards
|
4,217
|
|
|
4,020
|
|
|
Weighted average
shares used to compute non-GAAP diluted net income per
share
|
89,651
|
|
|
85,059
|
|
|
|
|
|
|
Non-GAAP net income
per share:
|
|
|
|
|
Basic
|
$
|
0.02
|
|
|
$
|
0.07
|
|
|
Diluted
|
$
|
0.02
|
|
|
$
|
0.07
|
|
|
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
|
Reconciliation
of net cash provided by operating activities to free cash
flow:
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
24,149
|
|
|
$
|
52,615
|
|
|
Less: Purchases of
property and equipment
|
(12,042)
|
|
|
(5,251)
|
|
|
Free cash
flow
|
$
|
12,107
|
|
|
$
|
47,364
|
|
|
Net cash used in
investing activities
|
$
|
(178,190)
|
|
|
$
|
(30,217)
|
|
|
Net cash provided by
(used in) financing activities
|
$
|
1,961
|
|
|
$
|
(27,515)
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
$
|
114
|
|
|
$
|
1,233
|
|
Tableau Software, Inc.
Trended
Metrics
The following metrics are intended as a supplement to the
financial statements found in this release and other information
furnished or filed with the SEC. In the event of discrepancies
between amounts in these tables and the Company's historical
disclosures or financial statements, readers should rely on the
Company's filings with the SEC and financial statements in the
Company's most recent earnings release.
Tableau intends to periodically review and refine the
definition, methodology and appropriateness of each of these
supplemental metrics. As a result, metrics are subject to removal
and/or change, and such changes could be material.
|
Q1`18
|
Q2`18
|
Q3`18
|
Q4`18
|
FY
2018
|
Q1`19
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
Annual recurring
revenue metrics
|
|
|
|
|
|
|
|
Total annual
recurring revenue (1)
|
$
|
641,946
|
|
$
|
697,700
|
|
$
|
762,641
|
|
$
|
840,859
|
|
$
|
840,859
|
|
$
|
901,977
|
|
|
Subscription annual
recurring revenue (2)
|
$
|
237,533
|
|
$
|
291,292
|
|
$
|
362,360
|
|
$
|
443,214
|
|
$
|
443,214
|
|
$
|
510,135
|
|
|
|
|
|
|
|
|
|
Geographic revenue
metrics
|
|
|
|
|
|
|
|
United States and
Canada
|
$
|
167,799
|
|
$
|
196,992
|
|
$
|
207,166
|
|
$
|
225,917
|
|
$
|
797,874
|
|
$
|
196,902
|
|
|
International
|
$
|
78,408
|
|
$
|
85,297
|
|
$
|
83,414
|
|
$
|
110,359
|
|
$
|
357,478
|
|
$
|
85,558
|
|
|
United States and
Canada as % of total revenue
|
68
|
%
|
70
|
%
|
71
|
%
|
67
|
%
|
69
|
%
|
70
|
%
|
|
International as % of
total revenue
|
32
|
%
|
30
|
%
|
29
|
%
|
33
|
%
|
31
|
%
|
30
|
%
|
|
|
|
|
|
|
|
|
Additional
metrics
|
|
|
|
|
|
|
|
Customer accounts
that purchased greater than $1 million during the quarter
(3)
|
13
|
|
22
|
|
23
|
|
36
|
|
|
16
|
|
|
Contract assets
(4)
|
$
|
60,666
|
|
$
|
72,559
|
|
$
|
89,843
|
|
$
|
105,593
|
|
$
|
105,593
|
|
$
|
121,599
|
|
|
Remaining performance
obligations (5)
|
$
|
114,523
|
|
$
|
138,498
|
|
$
|
191,942
|
|
$
|
240,077
|
|
$
|
240,077
|
|
$
|
253,962
|
|
|
Services revenues as
a % of maintenance and services revenue (6)
|
9
|
%
|
10
|
%
|
10
|
%
|
11
|
%
|
10
|
%
|
9
|
%
|
|
|
|
|
|
|
|
|
Headcount
metrics
|
|
|
|
|
|
|
|
Worldwide
employees
|
3,663
|
|
3,896
|
|
4,101
|
|
4,181
|
|
4,181
|
|
4,286
|
|
|
|
|
(1)
|
Tableau defines total
annual recurring revenue ("Total ARR") as the annualized recurring
value of all active contracts at the end of a reporting period.
Total ARR includes subscription annual recurring revenue
("Subscription ARR") and the annualized value of all maintenance
contracts related to perpetual licenses active at the end of a
reporting period.
|
|
|
|
(2)
|
Tableau defines
Subscription ARR as the annualized recurring value of all active
subscription contracts at the end of a reporting period.
Subscription ARR includes term license agreements and renewals and
Tableau Online subscriptions and renewals.
|
|
|
|
(3)
|
Tableau defines a
customer account as a single purchaser of its products. Customer
accounts are typically organizations. In some cases, organizations
will have multiple groups purchasing Tableau software, which count
as discrete customer accounts. This operating metric is based on
Tableau's definition of bookings, which is defined as the first
year of contracted revenue only and does not include additional
years beyond the first year unless a customer pays for those years
up front. Bookings includes both new sales and renewals. Tableau's
bookings may not be comparable to similarly named measures
disclosed by other companies in the software
industry. Bookings is not a measure of revenue or an
indication of actual revenue results. Revenues ultimately
recognized could be affected by a number of factors.
|
|
|
|
(4)
|
Contract assets
represent amounts related to performance obligations that are
satisfied but not yet billed. These amounts are recorded as
contract assets rather than receivables when receipt of the
consideration is conditional on something other than the passage of
time and are included in prepaid expenses and other current assets
in the consolidated balance sheets.
|
|
|
|
(5)
|
Remaining performance
obligations represent amounts from contracts with customers
allocated to performance obligations that will be satisfied at a
later date. These amounts include additional performance
obligations that are not yet recorded in the consolidated balance
sheets. These amounts do not include deferred revenue, which is
already included within the consolidated balance sheets.
|
|
|
|
(6)
|
Services revenues are
recognized upon delivery of professional services and
training.
|
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SOURCE Tableau Software