Investor News

Tableau Reports Second Quarter 2017 Financial Results

08/02/2017

Results Driven by Strong Customer Demand for Subscription Offering

SEATTLE, Aug. 2, 2017 /PRNewswire/ -- Tableau Software, Inc. (NYSE: DATA) today reported results for its second quarter ended June 30, 2017.

Tableau Software logo www.tableausoftware.com. (PRNewsFoto/Tableau Software)

"Customers accelerated their adoption of our subscription offerings in Q2, and have embraced subscription even faster than we had projected," said Adam Selipsky, President and Chief Executive Officer of Tableau. "The move to a subscription model represents our ongoing commitment to helping our customers adopt and scale Tableau with greater flexibility and reduced risk."

Financial Summary

  • Total revenue grew to $212.9 million, up 7% year over year.
  • Total annual recurring revenue was $483.6 million, up 47% year over year.
  • Subscription annual recurring revenue was $103.5 million, up 175% year over year.
  • Ratable license bookings were 37% of total license bookings, compared to 16% in the second quarter of 2016.
  • Diluted GAAP net loss per share was $0.54; diluted non-GAAP net income per share was $0.10.

Financial Results

Total revenue increased 7% to $212.9 million, up from $198.5 million in the second quarter of 2016. Total annual recurring revenue increased 47% to $483.6 million, up from $328.3 million at the end of the second quarter of 2016. Subscription annual recurring revenue increased 175% to $103.5 million, up from $37.7 million at the end of the second quarter of 2016.

GAAP operating loss for the second quarter of 2017 was $44.9 million, compared to a GAAP operating loss of $46.9 million for the second quarter of 2016. GAAP net loss for the second quarter of 2017 was $42.5 million, or $0.54 per diluted common share, compared to a GAAP net loss of $47.5 million, or $0.64 per diluted common share, for the second quarter of 2016.

Non-GAAP operating income, which excludes stock-based compensation expense and expense related to amortization of acquired intangible assets, was $7.3 million for the second quarter of 2017, compared to a non-GAAP operating loss of $1.4 million for the second quarter of 2016. Non-GAAP net income, which excludes stock-based compensation expense, expense related to amortization of acquired intangible assets and non-GAAP income tax adjustments, was $7.9 million for the second quarter of 2017, or $0.10 per diluted common share, compared to a non-GAAP net loss of $0.3 million, or $0.00 per diluted common share, for the second quarter of 2016.

During the second quarter ended June 30, 2017, Tableau repurchased 319,675 shares of the Company's outstanding Class A common stock for a total of $20.0 million. As of June 30, 2017, the Company was authorized to repurchase a remaining $140.0 million of its Class A common stock under the previously authorized repurchase program.

Recent Business Highlights

  • Introduced new subscription pricing for all of Tableau's products in April, including Tableau Desktop, Tableau Server and Tableau Online. The new subscription pricing reduces initial investment costs, allowing customers to more easily deploy Tableau at scale.
  • Announced the general availability of Tableau 10.3, which adds data-driven alerts, smart database table and join recommendations and also includes Tableau Bridge for Tableau Online customers, which enables a direct connection from Tableau Online to data stored on premises. Tableau 10.3 also comes with six new data connectors, including PDF, Dropbox, ServiceNow ITSM, MongoDB BI, Microsoft OneDrive and Amazon Athena.
  • More than 700 customers and partners joined us at our April Tableau Conference on Tour in Tokyo, and more than 1,100 customers and partners joined us at our June Tableau Conference on Tour in London.
  • In July, we surpassed 1 million vizzes on Tableau Public, Tableau's free service that lets anyone publish interactive data visualizations to the web.

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 second quarter 2017 financial results. 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 (877) 201-0168 (U.S.) or (647) 788-4901 (outside the U.S.) and referencing passcode 51153462. 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 51153462.

About Tableau

Tableau (NYSE: DATA) helps people see and understand data. Tableau helps anyone quickly analyze, visualize and share information. More than 61,000 customer accounts get rapid results with Tableau in the office and on-the-go. Hundreds of thousands of people have used Tableau Public to share data in their blogs and websites. 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 regarding the Company's transition to subscription licensing and continued product adoption, including strong customer demand and accelerated adoption of our subscription offerings; demand, adoption and deployment by enterprise customers, and the Company's ability to continue to innovate, execute and grow that demand in the U.S. and globally; the Company's further transition to subscription and term licensing and its expected increase in demand for its products as a result of its subscription license pricing; the willingness and ability of its partners to sell its subscription licenses; the Company's research and development investments, costs, efforts and future product releases; the Company's leadership position in the sector and ability to address market opportunities as a visual analytics platform; the Company's expectations regarding future revenues, expenses and net income or loss; 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: risks associated with anticipated growth in Tableau's business and addressable market; customer demand for Tableau's products and services and customer response to its subscription pricing offerings; competitive factors, including new market entrants and changes in the competitive environment, pricing changes, sales cycle time and increased competition; Tableau's enterprise sales 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; Tableau's ability to provide high-quality customer service and support offerings; 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 Quarterly Report on Form 10-Q, Annual Report on Form 10-K 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 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 operating income (loss) is calculated by excluding stock-based compensation expense and expense related to amortization of acquired intangible assets 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 and non-GAAP income tax adjustments 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 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 and expense related to amortization of acquired intangible assets. 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 and six months ended June 30, 2017 and 2016 was 30%. 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. 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 more 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. 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 that provided by other companies in Tableau's industry, as other companies in the industry may calculate non-GAAP financial results differently. 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 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 June 30,


Six Months Ended June 30,




2017


2016


2017


2016


Revenues














   License


$

103,296


$

116,349


$

200,540


$

212,764


 Maintenance and services


109,584


82,186


212,246


157,469


Total revenues


212,880


198,535


412,786


370,233


Cost of revenues






 License


2,942


1,602


6,209


2,633


 Maintenance and services


23,723


23,262


47,111


44,724


Total cost of revenues (1)


26,665


24,864


53,320


47,357


Gross profit


186,215


173,671


359,466


322,876


Operating expenses






 Sales and marketing (1)


124,160


119,889


242,178


226,053


 Research and development (1)


81,067


77,516


165,369


148,409


 General and administrative (1)


25,875


23,141


50,320


41,673


Total operating expenses


231,102


220,546


457,867


416,135


Operating loss


(44,887)


(46,875)


(98,401)


(93,259)


Other income, net


4,029


1,019


5,254


2,682


Loss before income tax expense


(40,858)


(45,856)


(93,147)


(90,577)


Income tax expense


1,664


1,666


4,022


2,523


Net loss


$

(42,522)


$

(47,522)


$

(97,169)


$

(93,100)








 Net loss per share:






   Basic


$

(0.54)


$

(0.64)


$

(1.25)


$

(1.25)


   Diluted


$

(0.54)


$

(0.64)


$

(1.25)


$

(1.25)








 Weighted average shares used to compute net loss per share:






   Basic


78,511


74,756


77,966


74,286


   Diluted


78,511


74,756


77,966


74,286


















(1)

Includes stock-based compensation expense as follows:





Three Months Ended June 30,


Six Months Ended June 30,



2017


2016


2017


2016














Cost of revenues


$

2,790


$

2,642


$

5,367


$

5,446

Sales and marketing


18,526


16,605


36,618


33,550

Research and development


25,648


22,409


49,163


44,508

General and administrative


5,150


3,715


10,161


7,067














 

Tableau Software, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)



June 30, 2017


December 31, 2016

Assets




Current assets




Cash and cash equivalents

$

992,904



$

908,717


Accounts receivable, net

137,588



206,765


Prepaid expenses and other current assets

20,055



36,011


Income taxes receivable

237



131


Total current assets

1,150,784



1,151,624


Property and equipment, net

92,968



106,637


Goodwill

15,531



15,531


Deferred income taxes

1,591



1,449


Deposits and other assets

10,203



11,958


Total assets

$

1,271,077



$

1,287,199


Liabilities and stockholders' equity




Current liabilities




Accounts payable

$

2,912



$

17,637


Accrued compensation and employee related benefits

60,891



70,230


Other accrued liabilities

41,600



53,418


Income taxes payable

2,505



1,893


Deferred revenue

318,512



285,543


Total current liabilities

426,420



428,721


Deferred revenue

30,199



26,930


Other long-term liabilities

45,188



39,700


Total liabilities

501,807



495,351


Stockholders' equity




Common stock

8



8


Additional paid-in capital

1,089,444



1,007,205


Accumulated other comprehensive income (loss)

(5,615)



1,593


Accumulated deficit

(314,567)



(216,958)


Total stockholders' equity

769,270



791,848


Total liabilities and stockholders' equity

$

1,271,077



$

1,287,199


 

Tableau Software, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)




Six Months Ended June 30,



2017


2016

Operating activities





Net loss


$

(97,169)



$

(93,100)


Adjustments to reconcile net loss to net cash provided by operating activities





Depreciation and amortization expense


23,837



16,001


Stock-based compensation expense


101,309



90,571


Deferred income taxes


465



239


Changes in operating assets and liabilities





Accounts receivable, net


72,493



(2,176)


Prepaid expenses, deposits and other assets


19,519



(419)


Income taxes receivable


(97)



72


Deferred revenue


30,072



31,654


Accounts payable and accrued liabilities


(16,421)



18,086


Income taxes payable


523



105


Net cash provided by operating activities(1)


134,531



61,033


Investing activities





Purchases of property and equipment


(33,860)



(23,452)


Business combination




(16,399)


Net cash used in investing activities


(33,860)



(39,851)


Financing activities





Proceeds from issuance of common stock


21,646



18,040


Repurchases of common stock


(40,014)




Net cash provided by (used in) financing activities(1)


(18,368)



18,040


Effect of exchange rate changes on cash and cash equivalents


1,884



(375)


Net increase in cash and cash equivalents


84,187



38,847


Cash and cash equivalents





Beginning of period


908,717



795,900


End of period


$

992,904



$

834,747




(1)

Tableau adopted Accounting Standards Update ("ASU") 2016-09 in the first quarter of 2017. Prior to the adoption of ASU 2016-09, excess tax benefits related to stock awards were required to be presented as an inflow from financing activities and an outflow from operating activities on the statement of cash flows. Under the new standard, all tax-related cash flows resulting from share-based payments are reported as operating activities. Tableau adopted the new requirement retrospectively, and for the six months ended June 30, 2016, this resulted in an increase to net cash provided by operating activities of $0.6 million and a corresponding decrease to net cash provided by (used in) financing activities of $0.6 million.

 

Tableau Software, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share data)
(Unaudited)



Three Months Ended June 30,


Six Months Ended June 30,


2017


2016


2017


2016

Reconciliation of gross profit to non-GAAP gross profit:








Gross profit

$

186,215



$

173,671



$

359,466



$

322,876


Excluding: Stock-based compensation expense attributable to cost of revenues

2,790



2,642



5,367



5,446


Excluding: Amortization of acquired intangible assets

95



103



190



132


Non-GAAP gross profit

$

189,100



$

176,416



$

365,023



$

328,454










Reconciliation of gross margin to non-GAAP gross margin:








Gross margin

87.5

%


87.5

%


87.1

%


87.2

%

Excluding: Stock-based compensation expense attributable to cost of revenues

1.3

%


1.3

%


1.3

%


1.5

%

Excluding: Amortization of acquired intangible assets

0.0

%


0.1

%


0.0

%


0.0

%

Non-GAAP gross margin

88.8

%


88.9

%


88.4

%


88.7

%









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








Operating loss

$

(44,887)



$

(46,875)



$

(98,401)



$

(93,259)


 Excluding: Stock-based compensation expense

52,114



45,371



101,309



90,571


 Excluding: Amortization of acquired intangible assets

95



103



190



132


Non-GAAP operating income (loss)

$

7,322



$

(1,401)



$

3,098



$

(2,556)










Reconciliation of operating margin to non-GAAP operating margin:








Operating margin

(21.1)%



(23.6)%



(23.8)%



(25.2)%


Excluding: Stock-based compensation expense

24.5

%


22.9

%


24.5

%


24.5

%

Excluding: Amortization of acquired intangible assets

0.0

%


0.1

%


0.0

%


0.0

%

Non-GAAP operating margin

3.4

%


(0.7)%



0.8

%


(0.7)%


 






Three Months Ended June 30,


Six Months Ended June 30,


2017


2016


2017


2016

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








Net loss

$

(42,522)



$

(47,522)



$

(97,169)



$

(93,100)


Excluding: Stock-based compensation expense

52,114



45,371



101,309



90,571


Excluding: Amortization of acquired intangible assets

95



103



190



132


Income tax adjustments

(1,742)



1,780



1,516



2,485


Non-GAAP net income (loss)

$

7,945



$

(268)



$

5,846



$

88










Weighted average shares used to compute non-GAAP basic net income (loss) per share

78,511



74,756



77,966



74,286


Effect of potentially dilutive shares: stock awards

3,925





3,772



4,941


Weighted average shares used to compute non-GAAP diluted net income (loss) per share

82,436



74,756



81,738



79,227










Non-GAAP net income (loss) per share:








Basic

$

0.10



$

(0.00)



$

0.07



$

0.00


Diluted

$

0.10



$

(0.00)



$

0.07



$

0.00















Six Months Ended June 30,






2017


2016

Reconciliation of net cash provided by operating activities to free cash flow:








Net cash provided by operating activities(1)





$

134,531



$

61,033


Less: Purchases of property and equipment





33,860



23,452


Free cash flow (1)





$

100,671



$

37,581


Net cash used in investing activities





$

(33,860)



$

(39,851)


Net cash provided by (used in) financing activities(1)





$

(18,368)



$

18,040




(1)

Tableau adopted ASU 2016-09 in the first quarter of 2017. Prior to the adoption of ASU 2016-09, excess tax benefits related to stock awards were required to be presented as an inflow from financing activities and an outflow from operating activities on the statement of cash flows. Under the new standard, all tax-related cash flows resulting from share-based payments are reported as operating activities. Tableau adopted the new requirement retrospectively, and for the six months ended June 30, 2016, this resulted in an increase to net cash provided by operating activities of $0.6 million and a corresponding decrease to net cash provided by (used in) financing activities of $0.6 million.

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 our historical disclosures or financial statements, readers should rely on our filings with the SEC and financial statements in our most recent earnings release.

We intend to periodically review and refine the definition, methodology and appropriateness of each of our supplemental metrics. As a result, metrics are subject to removal and/or change, and such changes could be material.


 Q1`16

 Q2`16

 Q3`16

 Q4`16

 FY 2016

 Q1`17

 Q2`17


(Dollars in thousands)


(Unaudited)

Customer metrics








Customer accounts (1)

42,000+


46,000+


50,000+


54,000+


54,000+


57,000+


61,000+


Customer accounts added in period (1)

 3,500+


 3,900+


 3,600+


 4,000+


15,000+


3,300+


4,000+


Deals greater than $100,000 (2)

268


332


360


589


1,549


294


372


Customer accounts that purchased greater than $1 million during the quarter (1,2)

10


16


10


25



10


15










Geographic revenue metrics








United States and Canada

$

123,648


$

141,478


$

147,820


$

173,548


$

586,494


$

141,496


$

146,102


International

$

48,050


$

57,057


$

58,237


$

77,105


$

240,449


$

58,410


$

66,778


United States and Canada as % of total revenue

72

%

71

%

72

%

69

%

71

%

71

%

69

%

International as % of total revenue

28

%

29

%

28

%

31

%

29

%

29

%

31

%









Additional revenue metrics








Total annual recurring revenue (3)

$

295,513


$

328,316


$

361,382


$

411,192


$

411,192


$

439,001


$

483,578


Subscription annual recurring revenue (4)

$

32,285


$

37,690


$

45,735


$

58,355


$

58,355


$

71,950


$

103,538


Ratable revenue as % of total revenue (5)

42

%

40

%

44

%

40

%

41

%

54

%

56

%

Ratable license revenue as % of total license revenue (6)

9

%

9

%

11

%

10

%

10

%

19

%

23

%

Services revenues as a % of maintenance and services revenue (7)

15

%

16

%

14

%

15

%

15

%

12

%

13

%









Bookings metrics








License bookings year-over-year growth % (2)

24

%

28

%

11

%

25

%

22

%

6

%

0

%

Normalized license bookings year-over-year growth (2,8)

27

%

29

%

14

%

30

%

25

%

20

%

20

%

Ratable bookings as % of total bookings (2)

45

%

47

%

48

%

51

%

48

%

55

%

61

%

Ratable license bookings as % of total license bookings (2)

12

%

16

%

16

%

20

%

17

%

26

%

37

%









Other metrics








Worldwide employees

3,168


3,248


3,280


3,223


3,223


3,193


3,305




(1)

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.



(2)

These operating metrics are 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. License bookings include sales of software licenses and subscriptions to Tableau Online. Ratable bookings are sales transactions that result in revenues which will be amortized over a period of time.



(3)

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.



(4)

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 licenses and renewals, subscription enterprise license agreements and Tableau Online subscriptions and renewals, and excludes distribution original equipment manufacturer ("OEM") license agreements and perpetual-style enterprise license agreements.



(5)

Ratable revenues were amortized during the respective periods. For example, sales of Tableau Online, enterprise license agreements, term licenses and OEM license arrangements, as well as maintenance and support, are recognized ratably.



(6)

Ratable license revenues were amortized during the respective periods. For example, sales of Tableau Online, enterprise license agreements, term licenses and OEM license arrangements are recognized ratably.



(7)

Services revenues were recognized upon delivery of professional services and training.



(8)

Tableau calculates normalized license bookings by applying the equivalent ratio of perpetual prices to subscription bookings, assuming demand and discount are held constant, to adjust term license and renewals, subscription enterprise license agreements and Tableau Online subscriptions and renewals.

 

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SOURCE Tableau Software

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