• Growth is still very solid and the picture is considerably better due to a business model change.
• But we don’t see any leverage on the horizon with margins flat to downward and share-based compensation exceeding free cash flow.
• There is still substantial dilution. While we suppose leverage will kick in at some point, the lack of visibility makes us hesitant recommending the shares here.

Source: Tableau Still Lacks Leverage – Tableau Software (NYSE:DATA) | Seeking Alpha