Manhattan Associates Reports Record Revenue and Earnings
- RPO bookings increased by 38% over the prior year, indicating strong demand for the company's services.
- Q2 2023 revenue reached $231.0 million, showing a significant increase from $191.9 million in Q2 2022.
- The GAAP diluted earnings per share for Q2 2023 rose to $0.63 from $0.49 in Q2 2022, demonstrating substantial growth.
- The company raised its 2023 full-year guidance for total revenue, operating margin, and diluted earnings per share, indicating confidence in future performance.
- None.
RPO Bookings Increase
Company Raises 2023 Full-Year Guidance
“Manhattan delivered record second quarter and first half results. Robust demand drove Q2 cloud revenue growth of
“While appropriately cautious regarding the global economy, we are optimistic on our opportunity. To extend our leadership position, we remain committed to investing in industry leading innovation across supply chain execution, omnichannel and retail point of sale markets to best help our customers achieve more by digitally transforming their businesses,” Mr. Capel concluded.
SECOND QUARTER 2023 FINANCIAL SUMMARY:
-
Consolidated total revenue was
$231.0 million $191.9 million -
Cloud subscription revenue was
$60.9 million $42.2 million -
License revenue was
$3.7 million $5.1 million -
Services revenue was
$124.6 million $100.9 million
-
Cloud subscription revenue was
-
GAAP diluted earnings per share was
$0.63 $0.49 -
Adjusted diluted earnings per share, a non-GAAP measure, was
$0.88 $0.69 -
GAAP operating income was
$50.5 million $37.3 million -
Adjusted operating income, a non-GAAP measure, was
$68.4 million $52.8 million -
Cash flow from operations was
$40.6 million $52.7 million -
Cash totaled
$153.3 million $181.6 million -
During the three months ended June 30, 2023, the Company repurchased 381,357 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of
$66.8 million $75.0 million
SIX MONTH 2023 FINANCIAL SUMMARY:
-
Consolidated total revenue for the six months ended June 30, 2023, was
$452.0 million $370.9 million -
Cloud subscription revenue was
$118.2 million $79.5 million -
License revenue was
$9.1 million $13.5 million -
Services revenue was
$240.8 million $190.9 million
-
Cloud subscription revenue was
-
GAAP diluted earnings per share for the six months ended June 30, 2023, was
$1.25 $0.97 -
Adjusted diluted earnings per share, a non-GAAP measure, was
$1.67 $1.29 -
GAAP operating income was
$97.6 million $71.2 million -
Adjusted operating income, a non-GAAP measure, was
$132.1 million $100.9 million -
Cash flow from operations was
$99.3 million $84.5 million -
During the six months ended June 30, 2023, the Company repurchased 896,195 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of
$140.9 million
2023 GUIDANCE
Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2023:
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Guidance Range - 2023 Full Year |
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($'s in millions, except operating margin and EPS) |
$ Range |
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% Growth Range |
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Total revenue - current guidance |
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Operating margin: |
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GAAP operating margin - current guidance |
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Equity-based compensation |
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Adjusted operating margin(1) - current guidance |
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Diluted earnings per share (EPS): |
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GAAP EPS - current guidance |
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Equity-based compensation, net of tax |
0.95 |
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0.95 |
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Excess tax benefit on stock vesting(2) |
(0.06) |
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(0.06) |
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Adjusted EPS(1) - current guidance |
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(1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based |
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compensation and related income tax effects. |
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(2) Excess tax benefit on stock vesting expected to occur primarily in the first quarter of 2023. |
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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 and guideposts in the supplemental information below, are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below. Those statements do not reflect the potential impact of mergers, acquisitions or other business combinations that may be completed after the date of the release.
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 and guideposts, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.
CONFERENCE CALL
Manhattan Associates’ conference call regarding its second quarter 2023 financial results will be held today, July 25, 2023, 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’ third quarter 2023 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 six months ended June 30, 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. 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 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 “2023 Guidance” and “Guideposts,” statements we make about market adoption of our cloud-based solution and other 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; disruption in the retail sector; risks related to our products’ technology and customer implementations; global instability, including the war 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 June 30, |
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Six Months Ended June 30, |
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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) |
|
(unaudited) |
|
(unaudited) |
Revenue: |
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Cloud subscriptions |
|
|
|
|
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Software license |
|
3,745 |
|
5,125 |
|
9,097 |
|
13,483 |
Maintenance |
|
35,826 |
|
35,993 |
|
71,476 |
|
71,295 |
Services |
|
124,609 |
|
100,941 |
|
240,779 |
|
190,859 |
Hardware |
|
5,893 |
|
7,662 |
|
12,514 |
|
15,743 |
Total revenue |
|
231,016 |
|
191,924 |
|
452,029 |
|
370,880 |
Costs and expenses: |
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Cost of cloud subscriptions, maintenance and services |
|
108,445 |
|
87,766 |
|
211,772 |
|
170,791 |
Cost of software license |
|
368 |
|
880 |
|
670 |
|
1,282 |
Research and development |
|
31,600 |
|
27,924 |
|
62,394 |
|
55,379 |
Sales and marketing |
|
18,563 |
|
17,749 |
|
36,628 |
|
32,139 |
General and administrative |
|
20,237 |
|
18,606 |
|
40,190 |
|
36,571 |
Depreciation and amortization |
|
1,320 |
|
1,746 |
|
2,807 |
|
3,493 |
Total costs and expenses |
|
180,533 |
|
154,671 |
|
354,461 |
|
299,655 |
Operating income |
|
50,483 |
|
37,253 |
|
97,568 |
|
71,225 |
Other income, net |
|
1,041 |
|
2,243 |
|
1,184 |
|
2,981 |
Income before income taxes |
|
51,524 |
|
39,496 |
|
98,752 |
|
74,206 |
Income tax provision |
|
11,904 |
|
8,671 |
|
20,341 |
|
12,789 |
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 |
|
61,862 |
|
62,954 |
|
62,036 |
|
63,083 |
Diluted |
|
62,432 |
|
63,419 |
|
62,599 |
|
63,644 |
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 June 30, |
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Six Months Ended June 30, |
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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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Equity-based compensation (a) |
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17,928 |
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15,538 |
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34,568 |
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29,676 |
Adjusted operating income (Non-GAAP) |
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Income tax provision |
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Equity-based compensation (a) |
|
2,628 |
|
2,566 |
|
5,037 |
|
4,748 |
Tax benefit of stock awards vested (b) |
|
281 |
|
8 |
|
3,236 |
|
4,383 |
Adjusted income tax provision (Non-GAAP) |
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Net income |
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Equity-based compensation (a) |
|
15,300 |
|
12,972 |
|
29,531 |
|
24,928 |
Tax benefit of stock awards vested (b) |
|
(281) |
|
(8) |
|
(3,236) |
|
(4,383) |
Adjusted net income (Non-GAAP) |
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Diluted EPS |
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Equity-based compensation (a) |
|
0.25 |
|
0.20 |
|
0.47 |
|
0.39 |
Tax benefit of stock awards vested (b) |
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- |
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- |
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(0.05) |
|
(0.07) |
Adjusted diluted EPS (Non-GAAP) |
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Fully diluted shares |
|
62,432 |
|
63,419 |
|
62,599 |
|
63,644 |
(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 due to 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 June 30, |
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Six Months Ended June 30, |
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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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|
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|
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Research and development |
|
3,915 |
|
3,425 |
|
7,570 |
|
6,614 |
Sales and marketing |
|
1,807 |
|
1,546 |
|
3,455 |
|
2,952 |
General and administrative |
|
5,028 |
|
4,745 |
|
9,849 |
|
9,151 |
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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June 30, 2023 |
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December 31, 2022 |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
153,294 |
|
|
$ |
225,463 |
|
Accounts receivable, net of allowance of |
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|
178,453 |
|
|
|
166,767 |
|
Prepaid expenses and other current assets |
|
|
28,272 |
|
|
|
23,145 |
|
Total current assets |
|
|
360,019 |
|
|
|
415,375 |
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|
|
|
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Property and equipment, net |
|
|
11,754 |
|
|
|
12,803 |
|
Operating lease right-of-use assets |
|
|
16,052 |
|
|
|
17,794 |
|
Goodwill, net |
|
|
62,233 |
|
|
|
62,230 |
|
Deferred income taxes |
|
|
48,259 |
|
|
|
37,206 |
|
Other assets |
|
|
28,677 |
|
|
|
24,770 |
|
Total assets |
|
$ |
526,994 |
|
|
$ |
570,178 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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|
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Accounts payable |
|
$ |
26,124 |
|
|
$ |
25,701 |
|
Accrued compensation and benefits |
|
|
51,937 |
|
|
|
54,469 |
|
Accrued and other liabilities |
|
|
25,339 |
|
|
|
24,569 |
|
Deferred revenue |
|
|
227,100 |
|
|
|
208,807 |
|
Income taxes payable |
|
|
109 |
|
|
|
2,049 |
|
Total current liabilities |
|
|
330,609 |
|
|
|
315,595 |
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Operating lease liabilities, long-term |
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12,459 |
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|
14,065 |
|
Other non-current liabilities |
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|
13,376 |
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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 in 2023 and 2022 |
|
|
- |
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|
- |
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Common stock, |
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|
617 |
|
|
|
621 |
|
Retained earnings |
|
|
196,673 |
|
|
|
253,711 |
|
Accumulated other comprehensive loss |
|
|
(26,740 |
) |
|
|
(27,532 |
) |
Total shareholders' equity |
|
|
170,550 |
|
|
|
226,800 |
|
Total liabilities and shareholders' equity |
|
$ |
526,994 |
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|
$ |
570,178 |
|
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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Six Months Ended June 30, |
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2023 |
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2022 |
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|
(unaudited) |
|
|
(unaudited) |
|
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Operating activities: |
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|
|
|
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Net income |
|
$ |
78,411 |
|
|
$ |
61,417 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
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|
|
|
|
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Depreciation and amortization |
|
|
2,807 |
|
|
|
3,493 |
|
Equity-based compensation |
|
|
34,568 |
|
|
|
29,676 |
|
Loss (gain) on disposal of equipment |
|
|
22 |
|
|
|
(92 |
) |
Deferred income taxes |
|
|
(11,038 |
) |
|
|
(12,535 |
) |
Unrealized foreign currency loss (gain) |
|
|
1,577 |
|
|
|
(2,087 |
) |
Changes in operating assets and liabilities: |
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|
|
|
|
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Accounts receivable, net |
|
|
(11,024 |
) |
|
|
(11,703 |
) |
Other assets |
|
|
(5,825 |
) |
|
|
(6,697 |
) |
Accounts payable, accrued and other liabilities |
|
|
(2,593 |
) |
|
|
(587 |
) |
Income taxes |
|
|
(5,359 |
) |
|
|
(3,519 |
) |
Deferred revenue |
|
|
17,740 |
|
|
|
27,116 |
|
Net cash provided by operating activities |
|
|
99,286 |
|
|
|
84,482 |
|
|
|
|
|
|
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Investing activities: |
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|
|
|
|
|
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Purchase of property and equipment |
|
|
(1,675 |
) |
|
|
(2,243 |
) |
Net cash used in investing activities |
|
|
(1,675 |
) |
|
|
(2,243 |
) |
|
|
|
|
|
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|
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Financing activities: |
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|
|
|
|
|
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Repurchase of common stock |
|
|
(169,115 |
) |
|
|
(127,787 |
) |
Net cash used in financing activities |
|
|
(169,115 |
) |
|
|
(127,787 |
) |
|
|
|
|
|
|
|
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Foreign currency impact on cash |
|
|
(665 |
) |
|
|
(4,387 |
) |
|
|
|
|
|
|
|
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Net change in cash and cash equivalents |
|
|
(72,169 |
) |
|
|
(49,935 |
) |
Cash and cash equivalents at beginning of period |
|
|
225,463 |
|
|
|
263,706 |
|
Cash and cash equivalents at end of period |
|
$ |
153,294 |
|
|
$ |
213,771 |
|
|
|
|
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|
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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 |
|
1st Qtr |
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2nd Qtr |
|
YTD |
GAAP Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to GAAP: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation |
0.19 |
|
0.20 |
|
0.19 |
|
0.21 |
|
0.79 |
|
0.23 |
|
0.25 |
|
0.47 |
Tax benefit of stock awards vested |
(0.07) |
|
- |
|
- |
|
- |
|
(0.07) |
|
(0.05) |
|
- |
|
(0.05) |
Adjusted Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully Diluted Shares |
63,871 |
|
63,419 |
|
63,165 |
|
63,028 |
|
63,408 |
|
62,767 |
|
62,432 |
|
62,599 |
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 |
|
YTD |
Revenue: |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
32,151 |
|
31,614 |
|
31,843 |
|
33,330 |
|
128,938 |
|
39,658 |
|
40,902 |
|
80,560 |
APAC |
7,265 |
|
8,314 |
|
9,584 |
|
9,099 |
|
34,262 |
|
10,596 |
|
10,906 |
|
21,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Income: |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
10,517 |
|
9,423 |
|
9,851 |
|
10,239 |
|
40,030 |
|
12,793 |
|
13,556 |
|
26,349 |
APAC |
2,062 |
|
3,323 |
|
4,005 |
|
3,991 |
|
13,381 |
|
4,645 |
|
4,601 |
|
9,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (pre-tax): |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP Operating Income: |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
10,517 |
|
9,423 |
|
9,851 |
|
10,239 |
|
40,030 |
|
12,793 |
|
13,556 |
|
26,349 |
APAC |
2,062 |
|
3,323 |
|
4,005 |
|
3,991 |
|
13,381 |
|
4,645 |
|
4,601 |
|
9,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
YTD |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses |
(2,043) |
|
(3,862) |
|
(5,412) |
|
(5,354) |
|
(16,671) |
|
(3,616) |
|
(1,133) |
|
(4,749) |
Operating income |
(225) |
|
(706) |
|
(740) |
|
230 |
|
(1,441) |
|
532 |
|
1,237 |
|
1,769 |
Foreign currency gains (losses)
|
711 |
|
2,056 |
|
1,569 |
|
353 |
|
4,689 |
|
(810) |
|
(516) |
|
(1,326) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
YTD |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency gains (losses)
|
809 |
|
2,085 |
|
1,713 |
|
738 |
|
5,345 |
|
(283) |
|
(31) |
|
(314) |
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 |
|
YTD |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency gains (losses) |
711 |
|
2,056 |
|
1,569 |
|
353 |
|
4,689 |
|
(810) |
|
(516) |
|
(1,326) |
Other non-operating income (expense) |
8 |
|
95 |
|
(69) |
|
102 |
|
136 |
|
(16) |
|
2 |
|
(14) |
Total other income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Capital expenditures are as follows (in thousands): |
|||||||||||||||
|
2022 |
|
2023 |
|
|
|
|
||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
YTD |
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. Stock Repurchase Activity (in thousands): |
|||||||||||||||
|
2022 |
|
2023 |
||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
YTD |
Shares purchased under publicly announced buy-back program |
383 |
|
417 |
|
347 |
|
206 |
|
1,353 |
|
515 |
|
381 |
|
896 |
Shares withheld for taxes due upon vesting of restricted stock units |
203 |
|
4 |
|
8 |
|
2 |
|
217 |
|
208 |
|
4 |
|
212 |
Total shares purchased |
586 |
|
421 |
|
355 |
|
208 |
|
1,570 |
|
723 |
|
385 |
|
1,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 units |
27,143 |
|
528 |
|
1,242 |
|
197 |
|
29,110 |
|
27,511 |
|
658 |
|
28,169 |
Total cash paid for shares repurchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7. Remaining Performance Obligations |
|||||||||||||||||||||||||
We disclose revenue we expect to recognize from our remaining performance obligations ("RPO"). Approximately |
|||||||||||||||||||||||||
|
March 31, 2022 |
|
|
June 30, 2022 |
|
|
September 30, 2022 |
|
|
December 30, 2022 |
|
|
March 31, 2023 |
|
|
June 30, 2023 |
|
|
|
||||||
Remaining Performance Obligations |
$ |
809,540 |
|
|
$ |
897,680 |
|
|
$ |
969,603 |
|
|
$ |
1,051,544 |
|
|
$ |
1,153,404 |
|
|
$ |
1,238,672 |
|
|
|
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 |
|||||||||||
9. Guideposts |
|||||||||||
The following table shows our (i) actual 2022 cloud revenue and remaining performance obligations (“RPO”) results, (ii) revised 2023 cloud revenue guidepost, (iii) 2023 RPO guidepost published as of October 25, 2022, and (iv) guideposts published as of February 1, 2022, for cloud revenue and RPO for 2024. |
|||||||||||
|
|
Current Guideposts |
|
||||||||
|
|
($'s in millions) |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloud Revenue |
|
||||||||
|
|
Year |
|
Low |
|
Mid |
|
High |
|
% Growth(1) |
|
|
|
2022⁽²⁾ |
|
|
|
|
|
|
|
|
|
|
|
2023⁽³⁾ |
|
|
|
|
|
|
|
|
|
|
|
2024⁽⁵⁾ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remaining Performance Obligations |
|
||||||||
|
|
Year |
|
Low |
|
Mid |
|
High |
|
% Growth(1) |
|
|
|
2022⁽²⁾ |
|
|
|
|
|
|
|
|
|
|
|
2023⁽⁴⁾ |
|
|
|
|
|
|
|
|
|
|
|
2024⁽⁵⁾ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Year-over-year percentage growth is calculated based on the actual or forecasted mid-points. |
|
||||||||
|
|
(2) Amounts reflect actual results for 2022. |
|
||||||||
|
|
(3) Amounts reflect revised range as of July 25, 2023. |
|
||||||||
|
|
(4) Amounts remain unchanged from October 25, 2022. |
|
||||||||
|
|
(5) Amounts remain unchanged from February 1, 2022. |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
These guideposts are forward-looking statements and are subject to all the risks and uncertainties applicable to our shorter-term 2023 Guidance, as stated above. In addition, the further into the future we project our financial expectations, the greater the risk that actual results will differ materially; consequently, our guideposts for the following fiscal year may be inherently more uncertain than our guideposts for this fiscal year, or than our 2023 Guidance published above. |
|||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230725047795/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
What was Manhattan Associates Inc.'s Q2 2023 revenue?
What was the increase in RPO bookings over the prior year?
What was the GAAP diluted earnings per share for Q2 2023?
What guidance did Manhattan Associates Inc. raise for 2023 full-year?
