Manhattan Associates Reports Record Fourth Quarter and Full Year Results
- None.
- None.
Insights
The reported increase in RPO (Remaining Performance Obligations) bookings by 36% for Manhattan Associates indicates a robust demand for their supply chain and omnichannel commerce solutions. This is an important metric for investors as it reflects future revenue potential and suggests that the company is securing significant contracts that will contribute to its financial health over the coming periods. The reported revenue of $238.3 million for the fourth quarter, along with the increase in both GAAP and non-GAAP diluted earnings per share, highlights a positive trend in profitability.
From a financial perspective, the growth in earnings per share outpacing revenue growth implies improvements in operational efficiency or cost management. Investors should note that the non-GAAP figures exclude certain expenses and may provide a clearer picture of the company's operating performance. The positive outlook expressed by the CEO, despite economic uncertainties, may signal confidence in the company's strategic direction and resilience of its business model in a potentially challenging market environment.
The surge in demand for Manhattan Associates' solutions can be attributed to the growing necessity for advanced supply chain and omnichannel capabilities in the retail and manufacturing sectors. Companies are increasingly seeking integrated solutions to optimize inventory management, streamline operations and enhance customer experiences across multiple sales channels. The reported figures suggest that Manhattan Associates is effectively capitalizing on these market trends.
Moreover, the strong performance in the fourth quarter typically sets a positive tone for the upcoming fiscal year. However, investors should monitor the broader economic indicators that could affect client spending on such technology solutions. The company's cautious yet optimistic stance for 2024 may reflect an anticipation of continued demand but acknowledges the potential impact of global economic headwinds.
The performance of Manhattan Associates serves as a microeconomic indicator for the health of the supply chain and commerce solutions sector. The significant growth in RPO bookings suggests that businesses are investing in technology to improve efficiency and competitiveness, which could be a response to broader macroeconomic challenges such as supply chain disruptions and changing consumer behaviors.
While the technology sector can be sensitive to economic cycles, the necessity for robust supply chain solutions during times of uncertainty may provide a buffer for companies like Manhattan Associates. The company's financial results and forward-looking statements should be interpreted within the context of global economic trends, including inflation rates, consumer spending and international trade policies, all of which can influence the company's performance in the long term.
RPO Bookings Increase
“Manhattan’s business fundamentals and momentum are strong. Our fourth quarter results exceeded expectations, capping a very successful year for our company,” said Manhattan Associates president and CEO Eddie Capel.
“While appropriately cautious regarding the global economy,
FOURTH QUARTER 2023 FINANCIAL SUMMARY:
-
Consolidated total revenue was
$238.3 million $198.1 million -
Cloud subscription revenue was
$71.4 million $51.7 million -
License revenue was
$5.2 million $5.0 million -
Services revenue was
$119.1 million $99.8 million
-
Cloud subscription revenue was
-
GAAP diluted earnings per share was
$0.78 $0.60 -
Adjusted diluted earnings per share, a non-GAAP measure, was
$1.03 $0.81 -
GAAP operating income was
$58.9 million $44.7 million -
Adjusted operating income, a non-GAAP measure, was
$76.8 million $59.9 million -
Cash flow from operations was
$88.4 million $55.2 million -
Cash totaled
$270.7 million $182.3 million -
During the three months ended December 31, 2023, the Company did not repurchase shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors. Our
$75.0 million
FULL YEAR 2023 FINANCIAL SUMMARY:
-
Consolidated total revenue for the twelve months ended December 31, 2023, was
$928.7 million $767.1 million -
Cloud subscription revenue was
$254.6 million $176.5 million -
License revenue was
$18.2 million $24.8 million -
Services revenue was
$487.9 million $394.1 million
-
Cloud subscription revenue was
-
GAAP diluted earnings per share for the twelve months ended December 31, 2023, was
$2.82 $2.03 -
Adjusted diluted earnings per share, a non-GAAP measure, was
$3.74 $2.76 -
GAAP operating income was
$209.9 million $152.7 million -
Adjusted operating income, a non-GAAP measure, was
$281.5 million $212.1 million -
Cash flow from operations was
$246.2 million $179.6 million -
During the twelve months ended December 31, 2023, the Company repurchased 1,024,328 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of
$166.0 million
2024 GUIDANCE
Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2024:
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Guidance Range - 2024 Full Year |
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($'s in millions, except operating margin and EPS) |
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Total revenue |
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Operating Margin: |
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GAAP operating margin |
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Equity-based compensation |
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Adjusted operating margin(1) |
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Diluted earnings per share (EPS): |
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GAAP EPS |
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Equity-based compensation |
1.02 |
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1.02 |
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Excess tax benefit on stock vesting(2) |
(0.13) |
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(0.13) |
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Adjusted EPS(1) |
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- |
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(1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based compensation and the related income tax effects, if applicable. |
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(2) Excess tax benefit on stock vesting expected to occur primarily in the first quarter of 2024. |
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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, 2023 financial results will be held today, January 30, 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’ first 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 and twelve months ended December 31, 2023.
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 in the retail sector; 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 |
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Condensed Consolidated Statements of Income |
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(in thousands, except per share amounts) |
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Three Months Ended December 31, |
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Year Ended December 31, |
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2023 |
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2022 |
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2023 |
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2022 |
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(unaudited) |
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(unaudited) |
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Revenue: |
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Cloud subscriptions |
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Software license |
5,239 |
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4,979 |
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18,206 |
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24,848 |
Maintenance |
37,164 |
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35,083 |
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143,936 |
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142,198 |
Services |
119,125 |
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99,812 |
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487,869 |
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394,096 |
Hardware |
5,311 |
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6,538 |
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24,102 |
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29,484 |
Total revenue |
238,255 |
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198,103 |
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928,725 |
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767,084 |
Costs and expenses: |
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Cost of cloud subscriptions, maintenance and services |
106,349 |
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89,629 |
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429,263 |
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356,111 |
Cost of software license |
384 |
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377 |
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1,351 |
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2,126 |
Research and development |
31,327 |
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27,123 |
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126,814 |
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111,877 |
Sales and marketing |
20,212 |
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16,656 |
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74,490 |
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64,537 |
General and administrative |
19,613 |
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18,107 |
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81,174 |
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73,070 |
Depreciation and amortization |
1,505 |
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1,506 |
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5,752 |
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6,663 |
Total costs and expenses |
179,390 |
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153,398 |
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718,844 |
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614,384 |
Operating income |
58,865 |
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44,705 |
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209,881 |
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152,700 |
Other income, net |
867 |
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828 |
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3,790 |
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5,421 |
Income before income taxes |
59,732 |
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45,533 |
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213,671 |
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158,121 |
Income tax provision |
10,996 |
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7,665 |
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37,103 |
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29,162 |
Net income |
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Basic earnings per share |
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Diluted earnings per share |
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Weighted average number of shares: |
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Basic |
61,566 |
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62,327 |
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61,817 |
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62,768 |
Diluted |
62,555 |
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63,028 |
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62,608 |
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63,408 |
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES |
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Reconciliation of Selected GAAP to Non-GAAP Measures |
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(in thousands, except per share amounts) |
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Three Months Ended December 31, |
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Year Ended December 31, |
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2023 |
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2022 |
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2023 |
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2022 |
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Operating income |
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44,705 |
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152,700 |
Equity-based compensation (a) |
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17,973 |
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15,152 |
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71,571 |
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59,361 |
Adjusted operating income (Non-GAAP) |
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Income tax provision |
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7,665 |
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29,162 |
Equity-based compensation (a) |
|
2,496 |
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2,045 |
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10,563 |
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9,058 |
Tax benefit of stock awards vested (b) |
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26 |
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(3) |
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3,480 |
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4,383 |
Adjusted income tax provision (Non-GAAP) |
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Net income |
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Equity-based compensation (a) |
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15,477 |
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13,107 |
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61,008 |
|
50,303 |
Tax benefit of stock awards vested (b) |
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(26) |
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3 |
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(3,480) |
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(4,383) |
Adjusted net income (Non-GAAP) |
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Diluted EPS |
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Equity-based compensation (a) |
|
0.25 |
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0.21 |
|
0.97 |
|
0.79 |
Tax benefit of stock awards vested (b) |
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- |
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- |
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(0.06) |
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(0.07) |
Adjusted diluted EPS (Non-GAAP) |
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Fully diluted shares |
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62,555 |
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63,028 |
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62,608 |
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63,408 |
| (a) | Adjusted results exclude all equity-based compensation 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. |
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Three Months Ended December 31, |
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Year Ended December 31, |
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2023 |
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2022 |
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2023 |
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2022 |
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Cost of services |
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Research and development |
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3,963 |
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3,341 |
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15,674 |
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13,081 |
Sales and marketing |
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1,760 |
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1,543 |
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7,093 |
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6,003 |
General and administrative |
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5,016 |
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4,659 |
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20,233 |
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18,401 |
Total equity-based compensation |
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| (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 |
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Condensed Consolidated Balance Sheets |
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(in thousands, except share and per share data) |
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December 31,
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December 31,
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
270,741 |
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$ |
225,463 |
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Accounts receivable, net |
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181,173 |
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|
166,767 |
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Prepaid expenses and other current assets |
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27,276 |
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23,145 |
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Total current assets |
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479,190 |
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415,375 |
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Property and equipment, net |
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11,795 |
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|
12,803 |
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Operating lease right-of-use assets |
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21,645 |
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17,794 |
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Goodwill, net |
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62,235 |
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|
62,230 |
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Deferred income taxes |
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66,043 |
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|
37,206 |
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Other assets |
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32,445 |
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|
24,770 |
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Total assets |
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$ |
673,353 |
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$ |
570,178 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
24,508 |
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$ |
25,701 |
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Accrued compensation and benefits |
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|
73,210 |
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|
54,469 |
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Accrued and other liabilities |
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|
27,374 |
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|
24,569 |
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Deferred revenue |
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|
237,793 |
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|
208,807 |
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Income taxes payable |
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|
3,030 |
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|
2,049 |
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Total current liabilities |
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365,915 |
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|
315,595 |
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Operating lease liabilities, long-term |
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17,694 |
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|
14,065 |
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Other non-current liabilities |
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11,466 |
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|
13,718 |
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Shareholders' equity: |
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Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding at December 31, 2023 and December 31, 2022 |
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- |
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- |
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Common stock, |
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|
615 |
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|
621 |
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Retained earnings |
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|
304,701 |
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|
253,711 |
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Accumulated other comprehensive loss |
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(27,038 |
) |
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(27,532 |
) |
Total shareholders' equity |
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278,278 |
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|
226,800 |
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Total liabilities and shareholders' equity |
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$ |
673,353 |
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$ |
570,178 |
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MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES |
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Condensed Consolidated Statements of Cash Flows |
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(in thousands) |
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Year Ended December 31, |
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2023 |
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2022 |
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Operating activities: |
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Net income |
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$ |
176,568 |
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$ |
128,959 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
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|
5,752 |
|
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|
6,663 |
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Equity-based compensation |
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|
71,571 |
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|
59,361 |
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Loss (Gain) on disposal of equipment |
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|
57 |
|
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|
(89 |
) |
Deferred income taxes |
|
|
(28,844 |
) |
|
|
(29,711 |
) |
Unrealized foreign currency loss (gain) |
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|
1,280 |
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|
|
(1,515 |
) |
Changes in operating assets and liabilities: |
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Accounts receivable, net |
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(13,084 |
) |
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|
(44,056 |
) |
Other assets |
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|
(10,925 |
) |
|
|
(10,247 |
) |
Accounts payable, accrued and other liabilities |
|
|
18,123 |
|
|
|
11,794 |
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Income taxes |
|
|
(1,416 |
) |
|
|
765 |
|
Deferred revenue |
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|
27,136 |
|
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|
57,706 |
|
Net cash provided by operating activities |
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|
246,218 |
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|
179,630 |
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Investing activities: |
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Purchases of property and equipment |
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(4,730 |
) |
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|
(6,587 |
) |
Net cash used in investing activities |
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(4,730 |
) |
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(6,587 |
) |
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Financing activities: |
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Purchase of common stock |
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|
(196,047 |
) |
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|
(204,460 |
) |
Net cash used in financing activities |
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(196,047 |
) |
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(204,460 |
) |
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Foreign currency impact on cash |
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|
(163 |
) |
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|
(6,826 |
) |
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Net change in cash and cash equivalents |
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|
45,278 |
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|
|
(38,243 |
) |
Cash and cash equivalents at beginning of period |
|
|
225,463 |
|
|
|
263,706 |
|
Cash and cash equivalents at end of period |
|
$ |
270,741 |
|
|
$ |
225,463 |
|
MANHATTAN ASSOCIATES, INC. |
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SUPPLEMENTAL INFORMATION |
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1. GAAP and adjusted earnings per share by quarter are as follows: |
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2022 |
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2023 |
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1st Qtr |
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2nd Qtr |
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3rd Qtr |
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4th Qtr |
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Full Year |
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1st Qtr |
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2nd Qtr |
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3rd Qtr |
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4th Qtr |
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Full Year |
GAAP Diluted EPS |
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|
|
|
|
|
|
Adjustments to GAAP: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation |
0.19 |
|
0.20 |
|
0.19 |
|
0.21 |
|
0.79 |
|
0.23 |
|
0.25 |
|
0.26 |
|
0.25 |
|
0.97 |
Tax benefit of stock awards vested |
(0.07) |
|
- |
|
- |
|
- |
|
(0.07) |
|
(0.05) |
|
- |
|
- |
|
- |
|
(0.06) |
Adjusted Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully Diluted Shares |
63,871 |
|
63,419 |
|
63,165 |
|
63,028 |
|
63,408 |
|
62,767 |
|
62,432 |
|
62,310 |
|
62,555 |
|
62,608 |
2. Revenues and operating income by reportable segment are as follows (in thousands): |
|||||||||||||||||||
|
|
|
|
||||||||||||||||
|
2022 |
|
2023 |
||||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
Revenue: |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
32,151 |
|
31,614 |
|
31,843 |
|
33,330 |
|
128,938 |
|
39,658 |
|
40,902 |
|
41,204 |
|
44,874 |
|
166,638 |
APAC |
7,265 |
|
8,314 |
|
9,584 |
|
9,099 |
|
34,262 |
|
10,596 |
|
10,906 |
|
10,673 |
|
10,717 |
|
42,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Income: |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
10,517 |
|
9,423 |
|
9,851 |
|
10,239 |
|
40,030 |
|
12,793 |
|
13,556 |
|
14,415 |
|
15,959 |
|
56,723 |
APAC |
2,062 |
|
3,323 |
|
4,005 |
|
3,991 |
|
13,381 |
|
4,645 |
|
4,601 |
|
4,378 |
|
4,376 |
|
18,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (pre-tax): |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP Operating Income: |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
10,517 |
|
9,423 |
|
9,851 |
|
10,239 |
|
40,030 |
|
12,793 |
|
13,556 |
|
14,415 |
|
15,959 |
|
56,723 |
APAC |
2,062 |
|
3,323 |
|
4,005 |
|
3,991 |
|
13,381 |
|
4,645 |
|
4,601 |
|
4,378 |
|
4,376 |
|
18,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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): |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
2023 |
||||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
Revenue |
( |
|
( |
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
Costs and expenses |
(2,043) |
|
(3,862) |
|
(5,412) |
|
(5,354) |
|
(16,671) |
|
(3,616) |
|
(1,133) |
|
1,033 |
|
1,212 |
|
(2,504) |
Operating income |
(225) |
|
(706) |
|
(740) |
|
230 |
|
(1,441) |
|
532 |
|
1,237 |
|
1,722 |
|
1,129 |
|
4,620 |
Foreign currency gains (losses) in other income |
711 |
|
2,056 |
|
1,569 |
|
353 |
|
4,689 |
|
(810) |
|
(516) |
|
387 |
|
(527) |
|
(1,466) |
|
|
|
|
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
3,154 |
Manhattan Associates has a large research and development center in |
|||||||||||||||||||
|
2022 |
|
2023 |
||||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency gains (losses) in other income |
809 |
|
2,085 |
|
1,713 |
|
738 |
|
5,345 |
|
(283) |
|
(31) |
|
812 |
|
(105) |
|
393 |
Total impact of changes in the Indian Rupee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Other income includes the following components (in thousands): |
|||||||||||||||||||
|
2022 |
|
2023 |
||||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,304 |
Foreign currency gains (losses) |
711 |
|
2,056 |
|
1,569 |
|
353 |
|
4,689 |
|
(810) |
|
(516) |
|
387 |
|
(527) |
|
(1,466) |
Other non-operating income (expense) |
8 |
|
95 |
|
(69) |
|
102 |
|
136 |
|
(16) |
|
2 |
|
(19) |
|
(15) |
|
(48) |
Total other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Capital expenditures are as follows (in thousands): |
|||||||||||||||||||
|
2022 |
|
2023 |
||||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. Stock Repurchase Activity (in thousands): |
|||||||||||||||||||
|
2022 |
|
2023 |
||||||||||||||||
|
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 |
383 |
|
417 |
|
347 |
|
206 |
|
1,353 |
|
515 |
|
381 |
|
128 |
|
- |
|
1,024 |
Shares withheld for taxes due upon vesting of restricted stock |
203 |
|
4 |
|
8 |
|
2 |
|
217 |
|
208 |
|
4 |
|
8 |
|
2 |
|
222 |
Total shares purchased |
586 |
|
421 |
|
355 |
|
208 |
|
1,570 |
|
723 |
|
385 |
|
136 |
|
2 |
|
1,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash paid for shares purchased under publicly-announced buy-back program |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash paid for shares withheld for taxes due upon vesting of restricted stock |
27,143 |
|
528 |
|
1,242 |
|
197 |
|
29,110 |
|
27,511 |
|
658 |
|
1,529 |
|
331 |
|
30,029 |
Total cash paid for shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7. Remaining Performance Obligations | |||||||||||||||||||||||
We disclose revenue we expect to recognize from our remaining performance obligations ("RPO"). Over |
|||||||||||||||||||||||
|
March 31, 2022 |
|
June 30, 2022 |
|
September 30, 2022 |
|
December 31, 2022 |
|
March 31, 2023 |
|
June 30, 2023 |
|
September 30, 2023 |
|
December 31, 2023 |
||||||||
Remaining Performance Obligations |
$ |
809,540 |
|
$ |
897,680 |
|
$ |
969,603 |
|
$ |
1,051,544 |
|
$ |
1,153,404 |
|
$ |
1,238,672 |
|
$ |
1,324,861 |
|
$ |
1,427,854 |
8. The 2017 U.S. Tax Cuts and Jobs Act eliminated the expensing of research and development costs as incurred for tax purposes beginning in 2022. |
This law changes the timing of cash tax payments, increasing near-term taxable income and payments, but normalizing over time as these expenses are amortized. Our income tax payments increased by approximately |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240130379390/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 Inc.
FAQ
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What was the revenue for Manhattan Associates Inc. (MANH) in Q4 2023?
What were the GAAP and non-GAAP diluted earnings per share for Manhattan Associates Inc. (MANH) in Q4 2023?
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