Manhattan Associates Reports Record Fourth Quarter and Full Year Results

Rhea-AI Summary

Manhattan Associates (NASDAQ: MANH) reported strong Q4 2024 results with revenue of $255.8 million, up from $238.3 million in Q4 2023. Cloud subscription revenue grew significantly to $90.3 million from $71.4 million year-over-year. The company achieved a milestone by surpassing $1 billion in total revenue for 2024.

Q4 2024 GAAP diluted EPS was $0.77, while adjusted EPS reached $1.17. Full-year 2024 GAAP diluted EPS was $3.51, with adjusted EPS at $4.72. The company demonstrated strong cash flow from operations at $104.7 million for Q4 and $295.0 million for the full year.

For 2025, Manhattan Associates projects revenue between $1,060-$1,070 million, representing 2-3% growth. The company plans a restructuring in January 2025, eliminating about 100 positions due to macro-economic uncertainty.

Positive

• Revenue reached record $1.04 billion in 2024, up from $928.7 million in 2023
• Cloud subscription revenue increased 32.4% to $337.2 million in 2024
• Full-year adjusted operating income grew 28.5% to $361.8 million
• Cash flow from operations increased 19.8% to $295.0 million in 2024
• Board authorized new $100 million share repurchase program

Negative

• License revenue declined from $18.2M to $15.1M in 2024
• 2025 guidance projects slower growth of 2-3%
• Restructuring plan to eliminate 100 positions in 2025
• Days Sales Outstanding increased to 74 days from 69 days

Insights

Financial Analyst

Manhattan Associates' Q4 results showcase exceptional execution in its cloud transformation strategy, with cloud subscription revenue surging 26.5% YoY to $90.3M. This acceleration in cloud adoption is particularly impressive as it drives higher-quality recurring revenue and improved visibility. The company's achievement of surpassing $1 billion in annual revenue represents a important milestone, with total revenue growing 12.2% YoY to $1.04 billion.

The margin expansion story is compelling, with Q4 adjusted operating income rising 17.6% YoY to $90.3M, demonstrating strong operational leverage. The robust cash flow generation, evidenced by $104.7M in Q4 operating cash flow, supports the company's aggressive share repurchase program, with $241.6M deployed in 2024.

However, the 2025 guidance suggests some near-term headwinds. The projected revenue growth of 2-3% and expected decline in adjusted EPS indicate potential challenges, including:

• Restructuring of approximately 100 positions reflecting demand uncertainty
• An unusual health insurance claim impacting margins
• Conservative outlook amid macro-economic turbulence

The 25% increase in RPO bookings signals strong underlying demand, suggesting the conservative guidance may have upside potential as macro conditions stabilize. The company's strategic position in supply chain and omnichannel commerce solutions remains strong, with continued innovation driving market leadership.

RPO Bookings Increase 25% over Prior Year on Strong Demand

ATLANTA--(BUSINESS WIRE)-- Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $255.8 million for the fourth quarter ended December 31, 2024. GAAP diluted earnings per share for Q4 2024 was $0.77 compared to $0.78 in Q4 2023. Non-GAAP adjusted diluted earnings per share for Q4 2024 was $1.17 compared to $1.03 in Q4 2023.

“Manhattan ended the year strong, posting record bookings that exceeded our expectations,” said Manhattan Associates president and CEO Eddie Capel. “In 2024, we surpassed the one billion in total revenue milestone and extended our position as the leading innovator in supply chain and omnichannel retail end-markets.

“We enter 2025 excited about our growing market opportunity and are executing well on our business strategy. While we remain appropriately cautious on the turbulent macro environment, our business momentum is solid, and our team is devoted to our customers’ success,” Mr. Capel concluded.

FOURTH QUARTER 2024 FINANCIAL SUMMARY:

• Consolidated total revenue was $255.8 million for Q4 2024, compared to $238.3 million for Q4 2023.
  • Cloud subscription revenue was $90.3 million for Q4 2024, compared to $71.4 million for Q4 2023.
  • License revenue was $5.5 million for Q4 2024, compared to $5.2 million for Q4 2023.
  • Services revenue was $119.5 million for Q4 2024, compared to $119.1 million for Q4 2023.
• GAAP diluted earnings per share was $0.77 for Q4 2024, compared to $0.78 for Q4 2023.
• Adjusted diluted earnings per share, a non-GAAP measure, was $1.17 for Q4 2024, compared to $1.03 for Q4 2023.
• GAAP operating income was $60.7 million for Q4 2024, compared to $58.9 million for Q4 2023.
• Adjusted operating income, a non-GAAP measure, was $90.3 million for Q4 2024, compared to $76.8 million for Q4 2023.
• Cash flow from operations was $104.7 million for Q4 2024, compared to $88.4 million for Q4 2023. Days Sales Outstanding was 74 days at December 31, 2024, compared to 69 days at September 30, 2024.
• Cash totaled $266.2 million at December 31, 2024, compared to $215.0 million at September 30, 2024.
• During the three months ended December 31, 2024, the Company repurchased 155,444 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $43.5 million. In January 2025, our Board of Directors raised the Company’s share repurchase authority to an aggregate of $100.0 million of our common stock.

FULL YEAR 2024 FINANCIAL SUMMARY:

• Consolidated total revenue for the twelve months ended December 31, 2024, was $1,042.4 million, compared to $928.7 million for the twelve months ended December 31, 2023.
  • Cloud subscription revenue was $337.2 million for the twelve months ended December 31, 2024, compared to $254.6 million for the twelve months ended December 31, 2023.
  • License revenue was $15.1 million for the twelve months ended December 31, 2024, compared to $18.2 million for the twelve months ended December 31, 2023.
  • Services revenue was $525.5 million for the twelve months ended December 31, 2024, compared to $487.9 million for the twelve months ended December 31, 2023.
• GAAP diluted earnings per share for the twelve months ended December 31, 2024, was $3.51, compared to $2.82 for the twelve months ended December 31, 2023.
• Adjusted diluted earnings per share, a non-GAAP measure, was $4.72 for the twelve months ended December 31, 2024, compared to $3.74 for the twelve months ended December 31, 2023.
• GAAP operating income was $261.6 million for the twelve months ended December 31, 2024, compared to $209.9 million for the twelve months ended December 31, 2023.
• Adjusted operating income, a non-GAAP measure, was $361.8 million for the twelve months ended December 31, 2024, compared to $281.5 million for the twelve months ended December 31, 2023.
• Cash flow from operations was $295.0 million for the twelve months ended December 31, 2024, compared to $246.2 million for the twelve months ended December 31, 2023.
• During the twelve months ended December 31, 2024, the Company repurchased 986,555 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $241.6 million. In January 2025, our Board of Directors raised the Company’s share repurchase authority to an aggregate of $100.0 million of our common stock.

2025 GUIDANCE

Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2025:

			Guidance Range - 2025 Full Year
	($'s in millions, except operating margin and EPS)		$ Range				% Growth Range
	Total revenue		$1,060		$1,070		2%		3%
	Operating Margin:
	GAAP operating margin		22.3%		22.9%
	Equity-based compensation		9.5%		9.4%
	Unusual health insurance claim(3)		1.0%		1.0%
	Restructuring expense(4)		0.2%		0.2%
	Adjusted operating margin(1)		33.0%		33.5%
	Diluted earnings per share (EPS):
	GAAP EPS		$3.05		$3.15		-13%		-10%
	Equity-based compensation		1.37		1.37
	Excess tax benefit on stock vesting(2)		(0.12)		(0.12)
	Unusual health insurance claim(3)		0.12		0.12
	Restructuring expense(4)		0.03		0.03
	Adjusted EPS(1)		$4.45		$4.55		-6%		-4%
	(1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based compensation, expense related to an unusual health insurance claim, restructuring expense, and the related income tax effects, if applicable.
	(2) Excess tax benefit on stock vesting expected to occur primarily in the first quarter of 2025.
	(3) Adjustment represents expense for an unusual health insurance claim. Based on the uncommonly large magnitude and nature of the claim, we do not believe that this expense reflects our normal operating activities, and we have excluded the amount from adjusted non-GAAP results.
	(4) In January 2025, the Company eliminated about 100 positions to align our services capacity with customer demand which has been impacted by short-term macro-economic uncertainty. We expect to record a pre-tax restructuring expense in the first quarter of 2025.

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 fourth quarter and twelve months ended December 31, 2024 financial results will be held today, January 28, 2025, 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’ first quarter 2025 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 and twelve months ended December 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 and expense related to an unusual health insurance claim – 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 “2025 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 Ukraine and the Middle East; and the other risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and in Item 1A of Part II in subsequent Quarterly Reports on Form 10-Q. Manhattan Associates undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results.

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
		Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
		(unaudited)		(unaudited)
Revenue:
Cloud subscriptions		$90,330		$71,416		$337,203		$254,612
Software license		5,452		5,239		15,085		18,206
Maintenance		33,568		37,164		138,304		143,936
Services		119,482		119,125		525,517		487,869
Hardware		6,969		5,311		26,243		24,102
Total revenue		255,801		238,255		1,042,352		928,725
Costs and expenses:
Cost of cloud subscriptions, maintenance and services		112,739		106,349		469,659		429,263
Cost of software license		253		384		1,321		1,351
Research and development		32,996		31,327		137,689		126,814
Sales and marketing		20,307		20,212		75,976		74,490
General and administrative		27,187		19,613		89,810		81,174
Depreciation and amortization		1,631		1,505		6,301		5,752
Total costs and expenses		195,113		179,390		780,756		718,844
Operating income		60,688		58,865		261,596		209,881
Other income, net		1,996		867		5,218		3,790
Income before income taxes		62,684		59,732		266,814		213,671
Income tax provision		14,668		10,996		48,450		37,103
Net income		$48,016		$48,736		$218,364		$176,568
Basic earnings per share		$0.79		$0.79		$3.56		$2.86
Diluted earnings per share		$0.77		$0.78		$3.51		$2.82
Weighted average number of shares:
Basic		60,999		61,566		61,303		61,817
Diluted		62,009		62,555		62,183		62,608

Reconciliation of Selected GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
		Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Operating income		$60,688		58,865		$261,596		209,881
Equity-based compensation (a)		22,592		17,973		93,206		71,571
Unusual health insurance claim (c)		7,002		-		7,002		-
Adjusted operating income (Non-GAAP)		$90,282		$76,838		$361,804		$281,452
Income tax provision		$14,668		10,996		$48,450		37,103
Equity-based compensation (a)		3,160		2,496		14,127		10,563
Tax benefit of stock awards vested (b)		57		26		9,120		3,480
Unusual health insurance claim (c)		1,690		-		1,690		-
Adjusted income tax provision (Non-GAAP)		$19,575		$13,518		$73,387		$51,146
Net income		$48,016		$48,736		$218,364		$176,568
Equity-based compensation (a)		19,432		15,477		79,079		61,008
Tax benefit of stock awards vested (b)		(57)		(26)		(9,120)		(3,480)
Unusual health insurance claim (c)		5,312		-		5,312		-
Adjusted net income (Non-GAAP)		$72,703		$64,187		$293,635		$234,096
Diluted EPS		$0.77		$0.78		$3.51		$2.82
Equity-based compensation (a)		0.31		0.25		1.27		0.97
Tax benefit of stock awards vested (b)		-		-		(0.15)		(0.06)
Unusual health insurance claim (c)		0.09		-		0.09		-
Adjusted diluted EPS (Non-GAAP)		$1.17		$1.03		$4.72		$3.74
Fully diluted shares		62,009		62,555		62,183		62,608

(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 December 31,				Year Ended December 31,
		2024		2023		2024		2023
Cost of services		$10,049		$7,234		$41,531		$28,571
Research and development		4,948		3,963		20,760		15,674
Sales and marketing		2,149		1,760		8,444		7,093
General and administrative		5,446		5,016		22,471		20,233
Total equity-based compensation		$22,592		$17,973		$93,206		$71,571

(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.
(c)		Adjustment represents expense for an unusual health insurance claim. Based on the uncommonly large magnitude and nature of the claim, we do not believe that this expense reflects our normal operating activities, and we have excluded the amount from adjusted non-GAAP results.

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
		December 31, 2024				December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents		$	266,230			$	270,741
Accounts receivable, net			205,475				181,173
Prepaid expenses and other current assets			31,559				27,276
Total current assets			503,264				479,190
Property and equipment, net			13,971				11,795
Operating lease right-of-use assets			47,923				21,645
Goodwill, net			62,226				62,235
Deferred income taxes			94,505				66,043
Other assets			35,662				32,445
Total assets		$	757,551			$	673,353
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	26,615			$	24,508
Accrued compensation and benefits			72,180				73,210
Accrued and other liabilities			22,275				27,374
Deferred revenue			277,970				237,793
Income taxes payable			1,264				3,030
Total current liabilities			400,304				365,915
Operating lease liabilities, long-term			47,794				17,694
Other non-current liabilities			10,327				11,466
Shareholders' equity:
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding at December 31, 2024 and December 31, 2023			-				-
Common stock, $.01 par value; 200,000,000 shares authorized; 60,921,191 and 61,566,037 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively			609				615
Retained earnings			329,439				304,701
Accumulated other comprehensive loss			(30,922	)			(27,038	)
Total shareholders' equity			299,126				278,278
Total liabilities and shareholders' equity		$	757,551			$	673,353

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
		Year Ended December 31,
		2024				2023
Operating activities:
Net income		$	218,364			$	176,568
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			6,301				5,752
Equity-based compensation			93,206				71,571
(Gain) Loss on disposal of equipment			(133	)			57
Deferred income taxes			(28,689	)			(28,844	)
Unrealized foreign currency loss (gain)			(380	)			1,280
Changes in operating assets and liabilities:
Accounts receivable, net			(26,702	)			(13,084	)
Other assets			(4,157	)			(10,925	)
Accounts payable, accrued and other liabilities			1,248				18,123
Income taxes			(6,242	)			(1,416	)
Deferred revenue			42,187				27,136
Net cash provided by operating activities			295,003				246,218
Investing activities:
Purchases of property and equipment			(8,675	)			(4,730	)
Net cash used in investing activities			(8,675	)			(4,730	)
Financing activities:
Purchase of common stock			(286,366	)			(196,047	)
Net cash used in financing activities			(286,366	)			(196,047	)
Foreign currency impact on cash			(4,473	)			(163	)
Net change in cash and cash equivalents			(4,511	)			45,278
Cash and cash equivalents at beginning of period			270,741				225,463
Cash and cash equivalents at end of period		$	266,230			$	270,741

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		2nd Qtr		3rd Qtr		4th Qtr		Full Year
GAAP Diluted EPS		$0.62		$0.63		$0.79		$0.78		$2.82		$0.86		$0.85		$1.03		$0.77		$3.51
Adjustments to GAAP:
Equity-based compensation		0.23		0.25		0.26		0.25		0.97		0.30		0.34		0.33		0.31		1.27
Tax benefit of stock awards vested		(0.05)		-		-		-		(0.06)		(0.13)		(0.01)		(0.01)		-		(0.15)
Unusual health insurance claim		-		-		-		-		-		-		-		-		0.09		0.09
Adjusted Diluted EPS		$0.80		$0.88		$1.05		$1.03		$3.74		$1.03		$1.18		$1.35		$1.17		$4.72
Fully Diluted Shares		62,767		62,432		62,310		62,555		62,608		62,493		62,118		61,948		62,009		62,183

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		2nd Qtr		3rd Qtr		4th Qtr		Full Year
Revenue:
Americas		$170,759		$179,208		$186,564		$182,664		$719,195		$196,312		$205,955		$205,852		$194,367		$802,486
EMEA		39,658		40,902		41,204		44,874		166,638		46,620		46,918		48,082		48,903		190,523
APAC		10,596		10,906		10,673		10,717		42,892		11,620		12,445		12,747		12,531		49,343
		$221,013		$231,016		$238,441		$238,255		$928,725		$254,552		$265,318		$266,681		$255,801		$1,042,352
GAAP Operating Income:
Americas		$29,647		$32,326		$34,655		$38,530		$135,158		$36,687		$45,300		$49,033		$36,323		$167,343
EMEA		12,793		13,556		14,415		15,959		56,723		15,884		17,195		20,521		18,896		72,496
APAC		4,645		4,601		4,378		4,376		18,000		5,059		5,693		5,536		5,469		21,757
		$47,085		$50,483		$53,448		$58,865		$209,881		$57,630		$68,188		$75,090		$60,688		$261,596
Adjustments (pre-tax):
Americas:
Equity-based comp		$16,640		$17,928		$19,030		$17,973		$71,571		$22,095		$24,666		$23,853		$22,592		$93,206
Unusual health insurance claim		-		-		-		-		-		-		-		-		7,002		7,002
		$16,640		$17,928		$19,030		$17,973		$71,571		$22,095		$24,666		$23,853		$29,594		$100,208
Adjusted non-GAAP Operating Income:
Americas		$46,287		$50,254		$53,685		$56,503		$206,729		$58,782		$69,966		$72,886		$65,917		$267,551
EMEA		12,793		13,556		14,415		15,959		56,723		15,884		17,195		20,521		18,896		72,496
APAC		4,645		4,601		4,378		4,376		18,000		5,059		5,693		5,536		5,469		21,757
		$63,725		$68,411		$72,478		$76,838		$281,452		$79,725		$92,854		$98,943		$90,282		$361,804

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		2nd Qtr		3rd Qtr		4th Qtr		Full Year
Revenue		$(3,084)		$104		$2,755		$2,341		$2,116		$648		$(531)		$936		$316		$1,369
Costs and expenses		(3,616)		(1,133)		1,033		1,212		(2,504)		176		(673)		211		(227)		(513)
Operating income		532		1,237		1,722		1,129		4,620		472		142		725		543		1,882
Foreign currency gains (losses) in other income		(810)		(516)		387		(527)		(1,466)		(564)		(577)		(331)		519		(953)
		$(278)		$721		$2,109		$602		$3,154		$(92)		$(435)		$394		$1,062		$929

Manhattan Associates has a large research and development center in Bangalore, India. The following table reflects the increases (decreases) in the financial results for each period attributable to changes in the Indian Rupee exchange rate (in thousands):
		2023										2024
		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year
Operating income		$1,632		$1,222		$728		$267		$3,849		$185		$307		$261		$302		$1,055
Foreign currency gains (losses) in other income		(283)		(31)		812		(105)		393		164		41		284		1,283		1,772
Total impact of changes in the Indian Rupee		$1,349		$1,191		$1,540		$162		$4,242		$349		$348		$545		$1,585		$2,827

4. Other income includes the following components (in thousands):
		2023										2024
		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year
Interest income		$969		$1,555		$1,371		$1,409		$5,304		$1,414		$1,503		$1,636		$1,476		$6,029
Foreign currency gains (losses)		(810)		(516)		387		(527)		(1,466)		(564)		(577)		(331)		519		(953)
Other non-operating income (expense)		(16)		2		(19)		(15)		(48)		146		(12)		7		1		142
Total other income		$143		$1,041		$1,739		$867		$3,790		$996		$914		$1,312		$1,996		$5,218

5. Capital expenditures are as follows (in thousands):
		2023										2024
		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year
Capital expenditures		$666		$1,009		$1,086		$1,969		$4,730		$2,321		$2,217		$1,009		$3,128		$8,675

6. Stock Repurchase Activity (in thousands):
		2023										2024
		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Full Year
Shares purchased under publicly-announced buy-back program		515		381		128		-		1,024		294		343		194		156		987
Shares withheld for taxes due upon vesting of restricted stock		208		4		8		2		222		165		3		8		2		178
Total shares purchased		723		385		136		2		1,246		459		346		202		158		1,165
Total cash paid for shares purchased under publicly-announced buy-back program		$74,177		$66,769		$25,072		$0		$166,018		$73,411		$74,999		$49,687		$43,539		$241,636
Total cash paid for shares withheld for taxes due upon vesting of restricted stock		27,511		658		1,529		331		30,029		40,423		713		1,917		569		43,622
Total cash paid for excise tax		-		-		-		-		-		-		-		-		1,108		1,108
Total cash paid for shares repurchased		$101,688		$67,427		$26,601		$331		$196,047		$113,834		$75,712		$51,604		$45,216		$286,366

7. Remaining Performance Obligations
We disclose revenue we expect to recognize from our remaining performance obligations ("RPO"). Over 98% of our RPO represents cloud native subscriptions with non-cancelable terms greater than one year (including cloud-deferred revenue as well as amounts we will invoice and recognize as revenue from our performance of cloud services in future periods). Maintenance contracts are typically one year and not included in the RPO. Our RPO as of the end of each period appears below (in thousands):
		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024
Remaining Performance Obligations		$1,153,404		$1,238,672		$1,324,861		$1,427,854		$1,516,430		$1,601,531		$1,686,421		$1,780,400
For the quarter ending December 31, 2024, foreign exchange movements adversely impacted RPO by approximately $33 million compared to the quarter ending September 30, 2024.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250128677341/en/

Michael Bauer

Senior Director,

Investor Relations

Manhattan Associates, Inc.

678-597-7538

mbauer@manh.com

Devika Goel

Senior Manager,

Public Relations

Manhattan Associates, Inc.

678-597-6754

dgoel@manh.com

Source: Manhattan Associates

FAQ

What was Manhattan Associates (MANH) revenue for Q4 2024?

Manhattan Associates reported Q4 2024 revenue of $255.8 million, compared to $238.3 million in Q4 2023.

How much did MANH's cloud subscription revenue grow in 2024?

Cloud subscription revenue grew to $337.2 million in 2024, up from $254.6 million in 2023, representing a 32.4% increase.

What is Manhattan Associates' revenue guidance for 2025?

The company projects 2025 revenue between $1,060-$1,070 million, representing 2-3% growth.

How many shares did MANH repurchase in 2024?

The company repurchased 986,555 shares for a total investment of $241.6 million in 2024.

What restructuring actions is MANH taking in 2025?

Manhattan Associates plans to eliminate approximately 100 positions in January 2025 to align services capacity with customer demand due to macro-economic uncertainty.