Manhattan Associates Reports Record First Quarter Results
- Manhattan Associates achieved a record first quarter with revenue of $254.6 million.
- GAAP diluted earnings per share for Q1 2024 were $0.86, a significant improvement from $0.62 in Q1 2023.
- Non-GAAP adjusted diluted earnings per share for Q1 2024 stood at $1.03, showing a notable increase from $0.80 in Q1 2023.
- RPO bookings surged by 31% over the prior year, indicating strong demand for the company's solutions.
- Manhattan Associates president and CEO, Eddie Capel, expressed satisfaction with the first quarter results and highlighted the company's robust fundamentals and positive revenue momentum.
- The company raised its 2024 full-year guidance, demonstrating confidence in its performance and growth prospects.
- None.
Insights
The 31% increase in RPO bookings for Manhattan Associates is a testament to the company's ability to adapt and thrive amid industry challenges. The raised full-year guidance suggests strong confidence in their business model, indicating that the firm is not only growing but also capable of predicting and capitalizing on future market trends.
From a financial perspective, the jump from GAAP earnings per share of
Despite 'macro volatility,' Manhattan Associates' performance provides a buffer, potentially making it an attractive prospect for investors seeking growth in uncertain times. Furthermore, the focus on supply chain solutions is particularly relevant given global logistics disruptions, underscoring the company's strategic positioning.
Manhattan Associates' business focus on supply chain and omnichannel commerce solutions is more critical than ever in today's market. With the e-commerce boom and the need for integrated physical and digital sales channels, their services are in high demand.
Their position in the market is getting stronger, making them a key player in a sector that investors might want to watch. As retail giants and SMBs alike scramble to streamline their supply chains and improve customer experience, providers like Manhattan Associates become pivotal to their operations.
Their financial performance, especially the increase in RPO bookings, indicates not just one-time deals but sustained contracts which can offer more predictable streams of revenue. For retail investors, this suggests a potential for stability and growth in an otherwise volatile market.
RPO Bookings Increase
Company Raises 2024 Full-Year Guidance
“We are very pleased with our solid start to 2024 and better than expected first quarter results. Manhattan’s fundamentals are strong, as demand continues to drive favorable pipeline and revenue momentum,” said Manhattan Associates president and CEO Eddie Capel.
“While macro volatility persists, we are optimistic about our growing market opportunity. Our global teams are executing very well for our customers and are focused on delivering leading innovation across supply chain execution, Omni-channel solutions, and retail point of sale markets,” Mr. Capel concluded.
FIRST QUARTER 2024 FINANCIAL SUMMARY:
-
Consolidated total revenue for the three months ended March 31, 2024, was
$254.6 million $221.0 million -
Cloud subscription revenue was
$78.0 million $57.2 million -
License revenue was
$2.8 million $5.4 million -
Services revenue was
$132.2 million $116.2 million
-
Cloud subscription revenue was
-
GAAP diluted earnings per share for the three months ended March 31, 2024, was
$0.86 $0.62 -
Adjusted diluted earnings per share, a non-GAAP measure, was
$1.03 $0.80 -
GAAP operating income was
$57.6 million $47.1 million -
Adjusted operating income, a non-GAAP measure, was
$79.7 million $63.7 million -
Cash flow from operations was
$54.7 million $58.7 million -
Cash totaled
$207.5 million $270.7 million -
During the three months ended March 31, 2024, the Company repurchased 293,592 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of
$73.4 million $75.0 million
2024 GUIDANCE
Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2024:
|
|
Guidance Range - 2024 Full Year |
|||||||||||||
|
($'s in millions, except operating margin and EPS) |
$ Range |
|
% Growth Range |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Total revenue - current guidance |
$ |
1,026 |
|
|
$ |
1,034 |
|
|
10 |
% |
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Operating margin: |
|
|
|
|
|
|
|
|
||||||
|
GAAP operating margin - current guidance |
|
20.8 |
% |
|
|
21.2 |
% |
|
|
|
|
|
||
|
Equity-based compensation |
|
8.8 |
% |
|
|
8.7 |
% |
|
|
|
|
|
||
|
Adjusted operating margin(1) - current guidance |
|
29.6 |
% |
|
|
29.9 |
% |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted earnings per share (EPS): |
|
|
|
|
|
|
|
|
||||||
|
GAAP EPS - current guidance |
$ |
2.78 |
|
|
$ |
2.86 |
|
|
-1 |
% |
|
1 |
% |
|
|
Equity-based compensation, net of tax |
|
1.22 |
|
|
|
1.22 |
|
|
|
|
|
|
||
|
Excess tax benefit on stock vesting(2) |
|
(0.14 |
) |
|
|
(0.14 |
) |
|
|
|
|
|
||
|
Adjusted EPS(1) - current guidance |
$ |
3.86 |
|
|
$ |
3.94 |
|
|
3 |
% |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
(1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based |
|
|||||||||||||
|
compensation and related income tax effects. |
|
|||||||||||||
|
(2) Excess tax benefit on stock vesting expected to occur primarily in the first quarter of 2024. |
|
|||||||||||||
|
|
|
|||||||||||||
Manhattan Associates currently intends to publish in each quarterly earnings release certain expectations with respect to future financial performance. Those statements, including the guidance provided above, are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below.
Manhattan Associates will make this earnings release and published expectations available on the investor relations section of the Manhattan Associates website at ir.manh.com. Following publication of this earnings release, any expectations with respect to future financial performance contained in this release, including the guidance, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.
CONFERENCE CALL
Manhattan Associates’ conference call regarding its first quarter financial results will be held today, April 23, 2024, at 4:30 p.m. Eastern Time. The Company will also discuss its business and expectations for the year and next quarter in additional detail during the call. We invite investors to a live webcast of the conference call through the Investor Relations section of the Manhattan Associates website at ir.manh.com. To listen to the live webcast, please go to the website at least 15 minutes before the call to download and install any necessary audio software. The Internet webcast will be available until Manhattan Associates’ second quarter 2024 earnings release.
GAAP VERSUS NON-GAAP PRESENTATION
Manhattan Associates provides adjusted operating income and margin, adjusted income tax provision, adjusted net income, and adjusted diluted earnings per share in this press release as additional information regarding the Company’s historical and projected operating results. These measures are not in accordance with, or alternatives to, GAAP, and may be different from similarly titled non-GAAP measures used by other companies. The Company believes the presentation of these non-GAAP financial measures facilitates investors’ ability to understand and compare the Company’s results and guidance, because the measures provide supplemental information in evaluating the operating results of its business, as distinct from results that include items not indicative of ongoing operating results, and because the Company believes its peers typically publish similar non-GAAP measures. This release should be read in conjunction with the Company’s Form 8-K earnings release filing for the three months ended March 31, 2024.
Non-GAAP adjusted operating income and margin, adjusted income tax provision, adjusted net income and adjusted diluted earnings per share exclude the impact of equity-based compensation – net of income tax effects. They also exclude the tax benefits or deficiencies of vested stock awards caused by differences in the amount deductible for tax purposes from the compensation expense recorded for financial reporting purposes. We include reconciliations of the Company’s GAAP financial measures to non-GAAP adjustments in the supplemental information attached to this release.
ABOUT MANHATTAN ASSOCIATES
Manhattan Associates is a global technology leader in supply chain and omnichannel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology and unmatched experience help drive both top-line growth and bottom-line profitability for our customers.
Manhattan Associates designs, builds and delivers leading edge cloud solutions so that across the store, through your network or from your fulfillment center, you are ready to reap the rewards of the omnichannel marketplace. For more information, please visit www.manh.com.
This press release contains “forward-looking statements” relating to Manhattan Associates, Inc. Forward-looking statements in this press release include, without limitation, the information set forth under “2024 Guidance” and statements identified by words such as “may,” “expect,” “forecast,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “project,” “estimate” and similar expressions. Prospective investors are cautioned that any of those forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by those forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by those forward-looking statements are: economic conditions, including inflation; disruption and transformation in the retail sector and our vertical markets; delays in product development; competitive and pricing pressures; software errors and information technology failures, disruption and security breaches; risks related to our products’ technology and customer implementations; global instability, including the wars in
###
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES |
||||||
Condensed Consolidated Statements of Income |
||||||
(in thousands, except per share amounts) |
||||||
|
|
Three Months Ended March 31, |
||||
|
|
2024 |
|
2023 |
||
|
|
(unaudited) |
|
(unaudited) |
||
Revenue: |
|
|
|
|
||
Cloud subscriptions |
|
$ |
78,027 |
|
$ |
57,220 |
Software license |
|
|
2,810 |
|
|
5,352 |
Maintenance |
|
|
34,972 |
|
|
35,650 |
Services |
|
|
132,195 |
|
|
116,170 |
Hardware |
|
|
6,548 |
|
|
6,621 |
Total revenue |
|
|
254,552 |
|
|
221,013 |
Costs and expenses: |
|
|
|
|
||
Cost of cloud subscriptions, maintenance and services |
|
|
118,955 |
|
|
103,327 |
Cost of software license |
|
|
332 |
|
|
302 |
Research and development |
|
|
35,010 |
|
|
30,794 |
Sales and marketing |
|
|
19,929 |
|
|
18,065 |
General and administrative |
|
|
21,203 |
|
|
19,953 |
Depreciation and amortization |
|
|
1,493 |
|
|
1,487 |
Total costs and expenses |
|
|
196,922 |
|
|
173,928 |
Operating income |
|
|
57,630 |
|
|
47,085 |
Other income, net |
|
|
996 |
|
|
143 |
Income before income taxes |
|
|
58,626 |
|
|
47,228 |
Income tax provision |
|
|
4,825 |
|
|
8,437 |
Net income |
|
$ |
53,801 |
|
$ |
38,791 |
|
|
|
|
|
||
Basic earnings per share |
|
$ |
0.87 |
|
$ |
0.62 |
Diluted earnings per share |
|
$ |
0.86 |
|
$ |
0.62 |
|
|
|
|
|
||
Weighted average number of shares: |
|
|
|
|
||
Basic |
|
|
61,625 |
|
|
62,211 |
Diluted |
|
|
62,493 |
|
|
62,767 |
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES |
|||||||||
Reconciliation of Selected GAAP to Non-GAAP Measures |
|||||||||
(in thousands, except per share amounts) |
|||||||||
|
|
|
Three Months Ended March 31, |
||||||
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
||||
Operating income |
|
|
$ |
57,630 |
|
|
$ |
47,085 |
|
Equity-based compensation (a) |
|
|
|
22,095 |
|
|
|
16,640 |
|
Adjusted operating income (Non-GAAP) |
|
|
$ |
79,725 |
|
|
$ |
63,725 |
|
|
|
|
|
|
|
||||
Income tax provision |
|
|
$ |
4,825 |
|
|
$ |
8,437 |
|
Equity-based compensation (a) |
|
|
|
3,436 |
|
|
|
2,409 |
|
Tax benefit of stock awards vested (b) |
|
|
|
8,157 |
|
|
|
2,955 |
|
Adjusted income tax provision (Non-GAAP) |
|
|
$ |
16,418 |
|
|
$ |
13,801 |
|
|
|
|
|
|
|
||||
Net income |
|
|
$ |
53,801 |
|
|
$ |
38,791 |
|
Equity-based compensation (a) |
|
|
|
18,659 |
|
|
|
14,231 |
|
Tax benefit of stock awards vested (b) |
|
|
|
(8,157 |
) |
|
|
(2,955 |
) |
Adjusted net income (Non-GAAP) |
|
|
$ |
64,303 |
|
|
$ |
50,067 |
|
|
|
|
|
|
|
||||
Diluted EPS |
|
|
$ |
0.86 |
|
|
$ |
0.62 |
|
Equity-based compensation (a) |
|
|
|
0.30 |
|
|
|
0.23 |
|
Tax benefit of stock awards vested (b) |
|
|
|
(0.13 |
) |
|
|
(0.05 |
) |
Adjusted diluted EPS (Non-GAAP) |
|
|
$ |
1.03 |
|
|
$ |
0.80 |
|
|
|
|
|
|
|
||||
Fully diluted shares |
|
|
|
62,493 |
|
|
|
62,767 |
|
(a) |
Adjusted results exclude all equity-based compensation, as detailed below, to facilitate comparison with our peers and for the other reasons explained in our Current Report on Form 8-K filed with the SEC. We do not receive a GAAP tax benefit for a portion of our equity-based compensation, mainly because of Section 162(m) of the Internal Revenue Code, which limits tax deductions for compensation granted to certain executives. |
|
|
|
Three Months Ended March 31, |
||||
|
|
|
2024 |
|
2023 |
||
|
|
|
|
|
|
||
Cost of services |
|
|
$ |
9,289 |
|
$ |
6,516 |
Research and development |
|
|
|
5,240 |
|
|
3,655 |
Sales and marketing |
|
|
|
1,990 |
|
|
1,648 |
General and administrative |
|
|
|
5,576 |
|
|
4,821 |
Total equity-based compensation |
|
|
$ |
22,095 |
|
$ |
16,640 |
(b) |
Adjustments represent the excess tax benefits and tax deficiencies of the equity awards vested during the period. Excess tax benefits (deficiencies) occur when the amount deductible on our tax return for an equity award is more (less) than the cumulative compensation cost recognized for financial reporting purposes. As discussed above, we exclude equity-based compensation from adjusted non-GAAP results to be consistent with other companies in the software industry and for the other reasons explained in our Current Report on Form 8-K filed with the SEC. Therefore, we also exclude the related tax benefit (expense) generated upon their vesting. |
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(in thousands, except share and per share data) |
||||||||
|
|
March 31,
|
|
|
December 31,
|
|
||
|
|
(unaudited) |
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
207,524 |
|
|
$ |
270,741 |
|
Accounts receivable, net of allowance |
|
|
205,701 |
|
|
|
181,173 |
|
Prepaid expenses and other current assets |
|
|
31,981 |
|
|
|
27,276 |
|
Total current assets |
|
|
445,206 |
|
|
|
479,190 |
|
|
|
|
|
|
|
|
||
Property and equipment, net |
|
|
12,684 |
|
|
|
11,795 |
|
Operating lease right-of-use assets |
|
|
52,031 |
|
|
|
21,645 |
|
Goodwill, net |
|
|
62,232 |
|
|
|
62,235 |
|
Deferred income taxes |
|
|
69,868 |
|
|
|
66,043 |
|
Other assets |
|
|
32,741 |
|
|
|
32,445 |
|
Total assets |
|
$ |
674,762 |
|
|
$ |
673,353 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
26,401 |
|
|
$ |
24,508 |
|
Accrued compensation and benefits |
|
|
48,517 |
|
|
|
73,210 |
|
Accrued and other liabilities |
|
|
24,920 |
|
|
|
27,374 |
|
Deferred revenue |
|
|
263,905 |
|
|
|
237,793 |
|
Income taxes payable |
|
|
8,277 |
|
|
|
3,030 |
|
Total current liabilities |
|
|
372,020 |
|
|
|
365,915 |
|
|
|
|
|
|
|
|
||
Operating lease liabilities, long-term |
|
|
51,813 |
|
|
|
17,694 |
|
Other non-current liabilities |
|
|
11,322 |
|
|
|
11,466 |
|
|
|
|
|
|
|
|
||
Shareholders' equity: |
|
|
|
|
|
|
||
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2024 and 2023 |
|
|
- |
|
|
|
- |
|
Common stock, |
|
|
615 |
|
|
|
615 |
|
Retained earnings |
|
|
266,757 |
|
|
|
304,701 |
|
Accumulated other comprehensive loss |
|
|
(27,765 |
) |
|
|
(27,038 |
) |
Total shareholders' equity |
|
|
239,607 |
|
|
|
278,278 |
|
Total liabilities and shareholders' equity |
|
$ |
674,762 |
|
|
$ |
673,353 |
|
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(in thousands) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
|
|
(unaudited) |
|
|
(unaudited) |
|
||
Operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
53,801 |
|
|
$ |
38,791 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
1,493 |
|
|
|
1,487 |
|
Equity-based compensation |
|
|
22,095 |
|
|
|
16,640 |
|
(Gain) loss on disposal of equipment |
|
|
(138 |
) |
|
|
16 |
|
Deferred income taxes |
|
|
(3,869 |
) |
|
|
(2,523 |
) |
Unrealized foreign currency loss |
|
|
501 |
|
|
|
1,167 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable, net |
|
|
(25,434 |
) |
|
|
6,730 |
|
Other assets |
|
|
(4,520 |
) |
|
|
(8,760 |
) |
Accounts payable, accrued and other liabilities |
|
|
(20,809 |
) |
|
|
(10,009 |
) |
Income taxes |
|
|
4,594 |
|
|
|
7,850 |
|
Deferred revenue |
|
|
27,024 |
|
|
|
7,327 |
|
Net cash provided by operating activities |
|
|
54,738 |
|
|
|
58,716 |
|
|
|
|
|
|
|
|
||
Investing activities: |
|
|
|
|
|
|
||
Purchase of property and equipment |
|
|
(2,321 |
) |
|
|
(666 |
) |
Net cash used in investing activities |
|
|
(2,321 |
) |
|
|
(666 |
) |
|
|
|
|
|
|
|
||
Financing activities: |
|
|
|
|
|
|
||
Repurchase of common stock |
|
|
(113,834 |
) |
|
|
(101,688 |
) |
Net cash used in financing activities |
|
|
(113,834 |
) |
|
|
(101,688 |
) |
|
|
|
|
|
|
|
||
Foreign currency impact on cash |
|
|
(1,800 |
) |
|
|
(230 |
) |
|
|
|
|
|
|
|
||
Net change in cash and cash equivalents |
|
|
(63,217 |
) |
|
|
(43,868 |
) |
Cash and cash equivalents at beginning of period |
|
|
270,741 |
|
|
|
225,463 |
|
Cash and cash equivalents at end of period |
|
$ |
207,524 |
|
|
$ |
181,595 |
|
|
|
|
|
|
|
|
||
MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
1. GAAP and adjusted earnings per share by quarter are as follows:
|
2023 |
|
|
2024 |
||||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|||||||||
GAAP Diluted EPS |
$ |
0.62 |
|
|
$ |
0.63 |
|
$ |
0.79 |
|
$ |
0.78 |
|
$ |
2.82 |
|
|
$ |
0.86 |
|
Adjustments to GAAP: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Equity-based compensation |
|
0.23 |
|
|
|
0.25 |
|
|
0.26 |
|
|
0.25 |
|
|
0.97 |
|
|
|
0.30 |
|
Tax benefit of stock awards vested |
|
(0.05 |
) |
|
|
- |
|
|
- |
|
|
- |
|
|
(0.06 |
) |
|
|
(0.13 |
) |
Adjusted Diluted EPS |
$ |
0.80 |
|
|
$ |
0.88 |
|
$ |
1.05 |
|
$ |
1.03 |
|
$ |
3.74 |
|
|
$ |
1.03 |
|
Fully Diluted Shares |
|
62,767 |
|
|
|
62,432 |
|
|
62,310 |
|
|
62,555 |
|
|
62,608 |
|
|
|
62,493 |
|
2. Revenues and operating income by reportable segment are as follows (in thousands):
|
2023 |
|
2024 |
||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
||||||
Revenue: |
|||||||||||||||||
|
$ |
170,759 |
|
$ |
179,208 |
|
$ |
186,564 |
|
$ |
182,664 |
|
$ |
719,195 |
|
$ |
196,312 |
EMEA |
|
39,658 |
|
|
40,902 |
|
|
41,204 |
|
|
44,874 |
|
|
166,638 |
|
|
46,620 |
APAC |
|
10,596 |
|
|
10,906 |
|
|
10,673 |
|
|
10,717 |
|
|
42,892 |
|
|
11,620 |
|
$ |
221,013 |
|
$ |
231,016 |
|
$ |
238,441 |
|
$ |
238,255 |
|
$ |
928,725 |
|
$ |
254,552 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
GAAP Operating Income: |
|||||||||||||||||
|
$ |
29,647 |
|
$ |
32,326 |
|
$ |
34,655 |
|
$ |
38,530 |
|
$ |
135,158 |
|
$ |
36,687 |
EMEA |
|
12,793 |
|
|
13,556 |
|
|
14,415 |
|
|
15,959 |
|
|
56,723 |
|
|
15,884 |
APAC |
|
4,645 |
|
|
4,601 |
|
|
4,378 |
|
|
4,376 |
|
|
18,000 |
|
|
5,059 |
|
$ |
47,085 |
|
$ |
50,483 |
|
$ |
53,448 |
|
$ |
58,865 |
|
$ |
209,881 |
|
$ |
57,630 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjustments (pre-tax): |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity-based
|
$ |
16,640 |
|
$ |
17,928 |
|
$ |
19,030 |
|
$ |
17,973 |
|
$ |
71,571 |
|
$ |
22,095 |
|
$ |
16,640 |
|
$ |
17,928 |
|
$ |
19,030 |
|
$ |
17,973 |
|
$ |
71,571 |
|
$ |
22,095 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted non-GAAP Operating Income: |
|||||||||||||||||
|
$ |
46,287 |
|
$ |
50,254 |
|
$ |
53,685 |
|
$ |
56,503 |
|
$ |
206,729 |
|
$ |
58,782 |
EMEA |
|
12,793 |
|
|
13,556 |
|
|
14,415 |
|
|
15,959 |
|
|
56,723 |
|
|
15,884 |
APAC |
|
4,645 |
|
|
4,601 |
|
|
4,378 |
|
|
4,376 |
|
|
18,000 |
|
|
5,059 |
|
$ |
63,725 |
|
$ |
68,411 |
|
$ |
72,478 |
|
$ |
76,838 |
|
$ |
281,452 |
|
$ |
79,725 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
3. Impact of Currency Fluctuation
The following table reflects the increases (decreases) in the results of operations for each period attributable to the change in foreign currency exchange rates from the prior period as well as foreign currency gains (losses) included in other income, net for each period (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
2023 |
|
2024 |
|||||||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|||||||||||
Revenue |
$ |
(3,084 |
) |
|
$ |
104 |
|
|
$ |
2,755 |
|
$ |
2,341 |
|
|
$ |
2,116 |
|
|
$ |
648 |
|
Costs and expenses |
|
(3,616 |
) |
|
|
(1,133 |
) |
|
|
1,033 |
|
|
1,212 |
|
|
|
(2,504 |
) |
|
|
176 |
|
Operating income |
|
532 |
|
|
|
1,237 |
|
|
|
1,722 |
|
|
1,129 |
|
|
|
4,620 |
|
|
|
472 |
|
Foreign currency gains (losses)
|
|
(810 |
) |
|
|
(516 |
) |
|
|
387 |
|
|
(527 |
) |
|
|
(1,466 |
) |
|
|
(564 |
) |
|
$ |
(278 |
) |
|
$ |
721 |
|
|
$ |
2,109 |
|
$ |
602 |
|
|
$ |
3,154 |
|
|
$ |
(92 |
) |
Manhattan Associates has a large research and development center in
|
2023 |
|
2024 |
|||||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|||||||||
Operating income |
$ |
1,632 |
|
|
$ |
1,222 |
|
|
$ |
728 |
|
$ |
267 |
|
|
$ |
3,849 |
|
$ |
185 |
Foreign currency gains (losses)
|
|
(283 |
) |
|
|
(31 |
) |
|
|
812 |
|
|
(105 |
) |
|
|
393 |
|
|
164 |
Total impact of
|
$ |
1,349 |
|
|
$ |
1,191 |
|
|
$ |
1,540 |
|
$ |
162 |
|
|
$ |
4,242 |
|
$ |
349 |
4. Other income includes the following components (in thousands):
|
2023 |
|
2024 |
||||||||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
||||||||||||
Interest income |
$ |
969 |
|
|
$ |
1,555 |
|
|
$ |
1,371 |
|
|
$ |
1,409 |
|
|
$ |
5,304 |
|
|
$ |
1,414 |
|
Foreign currency gains (losses) |
|
(810 |
) |
|
|
(516 |
) |
|
|
387 |
|
|
|
(527 |
) |
|
|
(1,466 |
) |
|
|
(564 |
) |
Other non-operating
|
|
(16 |
) |
|
|
2 |
|
|
|
(19 |
) |
|
|
(15 |
) |
|
|
(48 |
) |
|
|
146 |
|
Total other income (loss) |
$ |
143 |
|
|
$ |
1,041 |
|
|
$ |
1,739 |
|
|
$ |
867 |
|
|
$ |
3,790 |
|
|
$ |
996 |
|
5. Capital expenditures are as follows (in thousands):
|
2023 |
|
2024 |
||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
||||||
Capital expenditures |
$ |
666 |
|
$ |
1,009 |
|
$ |
1,086 |
|
$ |
1,969 |
|
$ |
4,730 |
|
$ |
2,321 |
6. Stock Repurchase Activity (in thousands):
|
2023 |
|
2024 |
||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
||||||
Shares purchased under publicly announced buy-back program |
|
515 |
|
|
381 |
|
|
128 |
|
|
- |
|
|
1,024 |
|
|
294 |
Shares withheld for taxes due upon vesting of restricted stock units |
|
208 |
|
|
4 |
|
|
8 |
|
|
2 |
|
|
222 |
|
|
165 |
Total shares purchased |
|
723 |
|
|
385 |
|
|
136 |
|
|
2 |
|
|
1,246 |
|
|
459 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total cash paid for shares purchased under publicly announced buy-back program |
$ |
74,177 |
|
$ |
66,769 |
|
$ |
25,072 |
|
$ |
0 |
|
$ |
166,018 |
|
$ |
73,411 |
Total cash paid for shares withheld for taxes due upon vesting of restricted stock units |
|
27,511 |
|
|
658 |
|
|
1,529 |
|
|
331 |
|
|
30,029 |
|
|
40,423 |
Total cash paid for shares repurchased |
$ |
101,688 |
|
$ |
67,427 |
|
$ |
26,601 |
|
$ |
331 |
|
$ |
196,047 |
|
$ |
113,834 |
7. Remaining Performance Obligations
We disclose revenue we expect to recognize from our remaining performance obligations ("RPO"). Over
|
March 31, 2023 |
|
|
June 30, 2023 |
|
|
September 30, 2023 |
|
|
December 30, 2023 |
|
|
March 31, 2024 |
|
|
|
|||||
Remaining Performance Obligations |
$ |
1,153,404 |
|
|
$ |
1,238,672 |
|
|
$ |
1,324,861 |
|
|
$ |
1,427,854 |
|
|
$ |
1,516,430 |
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240423967418/en/
Michael Bauer
Senior Director,
Investor Relations
Manhattan Associates, Inc.
678-597-7538
mbauer@manh.com
Rick Fernandez
Director,
Corporate Communications
Manhattan Associates, Inc.
678-597-6988
rfernandez@manh.com
Source: Manhattan Associates
FAQ
What was Manhattan Associates' (MANH) revenue for the first quarter of 2024?
What were the GAAP diluted earnings per share for Manhattan Associates in Q1 2024?
How did Manhattan Associates' non-GAAP adjusted diluted earnings per share in Q1 2024 compare to Q1 2023?
What percentage increase did Manhattan Associates see in RPO bookings compared to the prior year?
Did Manhattan Associates raise its 2024 full-year guidance?
