• While growth has clearly decelerated, Tableau is still the leading data analytics provider.
• The company is making a sensible move towards a subscription-based model. This puts a damper on growth in the near term, but this is an optical effect.
• However, we have one big concern. The company struggles to be profitable on a non-GAAP basis, let alone on a GAAP basis.
• The main culprit, share-based compensation, is nearly a quarter of revenue.

If There Is A Long Case For Tableau, We Can’t See It