In its first earnings report as a publicly-traded company, Seattle-based Tableau wowed Wall Street, posting revenues of $49.9 million for the quarter. That was up 71 percent over the same period last year.
Tableau, a maker of data visualization products, also added 1,500 new customer accounts, bringing to the total to more than 13,500. The company posted a net loss of $2.5 million, compared to net income of $1 million for the same period last year.
In a conference call with analysts, CFO Tom Walker said that the company would continue to operate at a loss, “investing for the long term.”
In a press release, Tableau CEO Christian Chabot said that the business is experiencing strong momentum as customers use the software “to turn data into revealing insights and stories.”
The stock jumped more than eight percent in after hours trading, giving it a market value of $3.5 billion. The stock, which priced its IPO at $31 per share, is now trading around $66.
Here’s the full press release:
SEATTLE, Aug. 8, 2013 /PRNewswire/ — 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
– 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
– Named one of Austin’s 2013 Best Places to Work by the Austin Business
– 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.
Tableau Software (NYSE: DATA) helps people see and understand data. Tableau helps anyone quickly analyze, visualize and share information. More than 13,500 customer accounts get rapid results with Tableau in the office and on-the-go. 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.