Tableau Software continues to grow at a rapid pace, though that growth is causing the Seattle maker of data visualization products to move into the red. The company swung to a net loss of $2.5 million during the third quarter, which compares to net income of $1 million for the same period last year.
But Wall Street is nonetheless smitten with the company, which in addition to announcing earnings today filed for a $450 million secondary offering. The company declined to comment on the offering, which comes four months after its IPO, which brought in about $250 million.
During the third quarter, Tableau posted revenues of $61.1 million, a 90 percent increase over the same period last year. That’s a far higher growth rate than the previous quarter when Tableau’s revenues were up 71 percent.
“We’re excited about the momentum we’re seeing in the market and look forward to extending our market leadership,” CEO Christian Chabot said in a statement.
The new cash will presumably be used to help on that front.
Tableau went public in May at $31 per share, and since then the stock has been on the rise. Shares are now trading at $68.99 in after hours trading, up nearly 10 percent. The company’s market value stands at $3.74 billion, and it now employs 1,039 full-time employees worldwide.
That’s up from 188 in December 2010 and 749 in December 2012.
Full press release here:
SEATTLE, Oct. 28, 2013 /PRNewswire/ — Tableau Software (NYSE: DATA), a global leader in rapid-fire, easy-to-use business analytics software, today reported results for its third quarter ended September 30, 2013.
- Total revenues were $61.1 million, up 90% year-over-year
- License revenues were $42.0 million, up 90% year-over-year
- Diluted GAAP earnings per share were $0.03; diluted Non-GAAP earnings per share were $0.08
“Tableau delivered an exceptional quarter across all fronts,” said Christian Chabot, CEO and President. “We’re excited about the momentum we’re seeing in the market and look forward to extending our market leadership.”
Financial Highlights for the Third Quarter Ended September 30, 2013
Total revenues for the third quarter of 2013 were $61.1 million, representing a 90% increase from the third quarter of 2012. License revenues were $42.0 million, representing a 90% increase from the third quarter of 2012. Maintenance and services revenues were $19.1 million, representing a 91% increase from the third quarter of 2012.
GAAP operating income for the third quarter of 2013 was $2.5 million, compared to GAAP operating income of $1.0 million for the third quarter of 2012. GAAP net income for the third quarter of 2013 was $2.4 million, or $0.03 per diluted common share, compared to a GAAP net income of $0.4 million, or $0.00 per diluted common share, for the third quarter of 2012.
Non-GAAP operating income, which excludes stock-based compensation, was $6.3 million for the third quarter of 2013, compared to non-GAAP operating income of $2.2 million for the third quarter of 2012. Non-GAAP net income, which excludes stock-based compensation, was $5.6 million for the third quarter of 2013, or $0.08 per diluted common share, compared to non-GAAP net income of $1.4 million, or $0.03 per diluted common share, for the third quarter of 2012.
Recent Business Highlights
In addition to growing revenues, Tableau achieved other notable business milestones:
- Held its 2013 Annual Customer Conference in Washington, DC with over 3,000 customer and partner attendees.
- Named Washington’s Best Workplace in the extra-large company category (>500 employees) by the Puget Sound Business Journal.
- Closed 119 sales orders of greater than $100,000 and added over 1,500 new customer accounts in the third quarter of 2013.
- Launched Tableau Public Author Profiles and extended Tableau Public user dataset capacity to 1 million rows.
- Announced strategic collaborations with Informatica, Lavastorm Analytics, Pragmatics, SnapLogic, Syncsort, and 1010data.
- Expanded Global OEM Partner Program with new partners including DataSelf, eNate, icix, Lightbeam Health Solutions, Prodagio, and TimeTrade.
- Partnered with Google to visualize big data at the Gartner IT Symposium.
Goldman, Sachs & Co. and Morgan Stanley & Co. LLC, the lead joint book-running managers and representatives of the underwriters for Tableau’s initial public offering in May 2013, have consented to the release of lock-up restrictions with respect to approximately 4.9 million shares of Tableau’s Class B common stock and options to purchase approximately 14.1 million (7.4 million of which are vested) shares of Tableau’s Class A and Class B common stock held by existing stockholders and optionholders as of September 30, 2013, including employees, officers and directors of Tableau, who executed 170-day lock-up agreements with the underwriters. The release will take effect on October 31, 2013, and the shares may be sold on or after that date.
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 third quarter 2013 financial results and the outlook for the fourth 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) 592-5013 (U.S.) or (678) 224-7834 (outside the U.S.) and referencing passcode: 81097710. 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: 81097710.
Tableau Software (NYSE: DATA) helps people see and understand data. Tableau helps anyone quickly analyze, visualize and share information. More than 15,000 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.