Manhattan Associates Reports Record Revenue and Earnings
Manhattan Associates (NASDAQ: MANH) reported record Q2 2024 results, with revenue of $265.3 million, up from $231.0 million in Q2 2023. GAAP diluted EPS increased to $0.85 from $0.63, while non-GAAP adjusted diluted EPS rose to $1.18 from $0.88. Cloud subscription revenue grew to $82.4 million, up from $60.9 million.
The company raised its 2024 full-year guidance, projecting total revenue between $1,036 million and $1,044 million, representing 12% growth. GAAP EPS is expected to be $3.08-$3.16, with adjusted EPS of $4.22-$4.30. Manhattan Associates reported strong demand, with RPO bookings increasing 29% over the prior year.
Manhattan Associates (NASDAQ: MANH) ha riportato risultati record nel secondo trimestre del 2024, con ricavi di 265,3 milioni di dollari, in aumento rispetto ai 231,0 milioni di dollari del secondo trimestre del 2023. L'utile per azione diluito GAAP è aumentato a 0,85 dollari rispetto a 0,63 dollari, mentre l'utile per azione diluito non GAAP rettificato è salito a 1,18 dollari da 0,88 dollari. I ricavi da abbonamenti cloud sono cresciuti a 82,4 milioni di dollari, rispetto ai 60,9 milioni di dollari.
L'azienda ha alzato le previsioni per l'intero anno 2024, proiettando ricavi totali tra 1.036 milioni e 1.044 milioni di dollari, rappresentando una crescita del 12%. Si prevede che l'utile per azione GAAP sia compreso tra 3,08 e 3,16 dollari, con un utile rettificato per azione di 4,22-4,30 dollari. Manhattan Associates ha riportato una forte domanda, con prenotazioni RPO in aumento del 29% rispetto all'anno precedente.
Manhattan Associates (NASDAQ: MANH) reportó resultados récord en el segundo trimestre de 2024, con ingresos de 265,3 millones de dólares, un incremento respecto a los 231,0 millones de dólares del segundo trimestre de 2023. La utilidad por acción diluida GAAP aumentó a 0,85 dólares desde 0,63 dólares, mientras que la utilidad por acción diluida ajustada no GAAP subió a 1,18 dólares desde 0,88 dólares. Los ingresos por suscripciones en la nube crecieron a 82,4 millones de dólares, en comparación con los 60,9 millones de dólares.
La empresa elevó su guía para todo el año 2024, proyectando ingresos totales entre 1.036 millones y 1.044 millones de dólares, lo que representa un crecimiento del 12%. Se espera que la utilidad por acción GAAP sea de 3,08 a 3,16 dólares, con una utilidad ajustada por acción de 4,22 a 4,30 dólares. Manhattan Associates reportó una fuerte demanda, con reservas de RPO aumentando un 29% en comparación con el año anterior.
맨해튼 어소시에이츠 (NASDAQ: MANH)가 2024년 2분기 역대 최고 실적을 발표했습니다. 매출은 2억 6,530만 달러로, 2023년 2분기 2억 3,100만 달러에서 증가했습니다. GAAP 희석 주당순이익(EPS)은 0.63달러에서 0.85달러로 증가했으며, 비 GAAP 조정 희석 주당순이익은 0.88달러에서 1.18달러로 상승했습니다. 클라우드 구독 매출은 8,240만 달러로, 6,090만 달러에서 증가했습니다.
회사는 2024년 전체 연도 가이드를 상향 조정하여 총 매출을 10억 3,600만 달러에서 10억 4,400만 달러 사이로 예상하고 있으며, 이는 12% 성장에 해당합니다. GAAP EPS는 3.08-3.16달러로 예상되며, 조정된 EPS는 4.22-4.30달러로 보입니다. 맨해튼 어소시에이츠는 수요가 강하고 RPO 예약이 전년 대비 29% 증가했다고 보고했습니다.
Manhattan Associates (NASDAQ: MANH) a annoncé des résultats record pour le deuxième trimestre 2024, avec des revenus de 265,3 millions de dollars, en hausse par rapport à 231,0 millions de dollars au deuxième trimestre 2023. Le BPA dilué GAAP a augmenté à 0,85 dollar contre 0,63 dollar, tandis que le BPA dilué ajusté non GAAP a grimpé à 1,18 dollar contre 0,88 dollar. Les revenus d'abonnements cloud ont augmenté pour atteindre 82,4 millions de dollars, contre 60,9 millions de dollars.
L'entreprise a relevé ses prévisions pour l'année 2024, projetant des revenus totaux entre 1 036 millions et 1 044 millions de dollars, ce qui représente une croissance de 12%. Le BPA GAAP devrait se situer entre 3,08 et 3,16 dollars, avec un BPA ajusté de 4,22 à 4,30 dollars. Manhattan Associates a rapporté une forte demande, avec des commandes RPO en hausse de 29% par rapport à l'année précédente.
Manhattan Associates (NASDAQ: MANH) hat Rekordergebnisse im 2. Quartal 2024 gemeldet, mit Einnahmen von 265,3 Millionen US-Dollar, ein Anstieg von 231,0 Millionen US-Dollar im 2. Quartal 2023. Der GAAP verwässerte Gewinn pro Aktie (EPS) stieg auf 0,85 US-Dollar von 0,63 US-Dollar, während der nicht-GAAP bereinigte verwässerte EPS auf 1,18 US-Dollar von 0,88 US-Dollar anstieg. Die Einnahmen aus Cloud-Abonnements wuchsen auf 82,4 Millionen US-Dollar, von 60,9 Millionen US-Dollar.
Das Unternehmen erhöhte die Prognose für das Gesamtjahr 2024 und erwartet Gesamteinnahmen zwischen 1.036 Millionen und 1.044 Millionen US-Dollar, was einem Wachstum von 12% entspricht. Der GAAP EPS wird voraussichtlich zwischen 3,08 und 3,16 US-Dollar liegen, mit einem bereinigten EPS von 4,22 bis 4,30 US-Dollar. Manhattan Associates berichtete von einer starken Nachfrage, nachdem die RPO-Buchungen im Vergleich zum Vorjahr um 29% gestiegen sind.
- Record Q2 revenue of $265.3 million, up 14.8% year-over-year
- Cloud subscription revenue increased 35.3% to $82.4 million
- GAAP diluted EPS grew 34.9% to $0.85
- Non-GAAP adjusted diluted EPS rose 34.1% to $1.18
- RPO bookings increased 29% over prior year
- Cash flow from operations improved to $73.3 million from $40.6 million in Q2 2023
- Company raised 2024 full-year guidance
- License revenue decreased from $3.7 million to $3.1 million in Q2 2024
- Cash balance slightly decreased from $207.5 million to $202.7 million quarter-over-quarter
Insights
Manhattan Associates reported a significant increase in revenue and earnings for the second quarter of 2024. Notably, GAAP diluted EPS rose to
From a market perspective, Manhattan Associates' record revenue and improved financial metrics demonstrate its resilience and competitive positioning within the supply chain and omnichannel commerce solutions industry. The increase in cloud subscription revenue from
Manhattan Associates' performance underscores its successful innovation and execution within the technology space. The company’s focus on cloud solutions is paying off, as evidenced by the substantial growth in cloud subscription revenue. This indicates that their technology offerings are gaining traction in the market, which is critical in a sector that values cutting-edge solutions. The strong demand for their products, reflected by the 29% increase in RPO bookings, suggests that their technology is not only relevant but also addressing key industry pain points, thereby driving adoption among clients.
RPO Bookings Increase
Company Raises 2024 Full-Year Guidance
“Our second quarter was another solid quarter of growth, margin expansion, and cash flow. We have achieved record second quarter and first half results, each exceeding expectations,” said Manhattan Associates president and CEO Eddie Capel.
“Manhattan’s business fundamentals are solid, as our global teams continue to execute well for our customers and deliver industry leading innovation to the market. While we remain appropriately cautious regarding the global economy, we enter the second half of the year with a record pipeline and are optimistic on our growing opportunity,” Mr. Capel concluded.
SECOND QUARTER 2024 FINANCIAL SUMMARY:
-
Consolidated total revenue was
$265.3 million $231.0 million -
Cloud subscription revenue was
$82.4 million $60.9 million -
License revenue was
$3.1 million $3.7 million -
Services revenue was
$136.8 million $124.6 million
-
Cloud subscription revenue was
-
GAAP diluted earnings per share was
$0.85 $0.63 -
Adjusted diluted earnings per share, a non-GAAP measure, was
$1.18 $0.88 -
GAAP operating income was
$68.2 million $50.5 million -
Adjusted operating income, a non-GAAP measure, was
$92.9 million $68.4 million -
Cash flow from operations was
$73.3 million $40.6 million -
Cash totaled
$202.7 million $207.5 million -
During the three months ended June 30, 2024, the Company repurchased 342,807 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of
$75.0 million $75.0 million
SIX MONTH 2024 FINANCIAL SUMMARY:
-
Consolidated total revenue for the six months ended June 30, 2024, was
$519.9 million $452.0 million -
Cloud subscription revenue was
$160.4 million $118.2 million -
License revenue was
$5.9 million $9.1 million -
Services revenue was
$269.0 million $240.8 million
-
Cloud subscription revenue was
-
GAAP diluted earnings per share for the six months ended June 30, 2024, was
$1.71 $1.25 -
Adjusted diluted earnings per share, a non-GAAP measure, was
$2.21 $1.67 -
GAAP operating income was
$125.8 million $97.6 million -
Adjusted operating income, a non-GAAP measure, was
$172.6 million $132.1 million -
Cash flow from operations was
$128.0 million $99.3 million -
During the six months ended June 30, 2024, the Company repurchased 636,399 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of
$148.4 million $75.0 million
2024 GUIDANCE
Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2024:
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Guidance Range - 2024 Full Year |
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($'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 |
1.29 |
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1.29 |
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Excess tax benefit on stock vesting(2) |
(0.15) |
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(0.15) |
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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 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 second quarter financial results will be held today, July 23, 2024, at 4:30 p.m. Eastern Time. The Company will also discuss its business and expectations for the year and next quarter in additional detail during the call. We invite investors to a live webcast of the conference call through the Investor Relations section of the Manhattan Associates website at ir.manh.com. To listen to the live webcast, please go to the website at least 15 minutes before the call to download and install any necessary audio software. The Internet webcast will be available until Manhattan Associates’ third 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 six months ended June 30, 2024.
Non-GAAP adjusted operating income and margin, adjusted income tax provision, adjusted net income and adjusted diluted earnings per share exclude the impact of equity-based compensation – net of income tax effects. They also exclude the tax benefits or deficiencies of vested stock awards caused by differences in the amount deductible for tax purposes from the compensation expense recorded for financial reporting purposes. We include reconciliations of the Company’s GAAP financial measures to non-GAAP adjustments in the supplemental information attached to this release.
ABOUT MANHATTAN ASSOCIATES
Manhattan Associates is a global technology leader in supply chain and omnichannel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology and unmatched experience help drive both top-line growth and bottom-line profitability for our customers.
Manhattan Associates designs, builds and delivers leading edge cloud solutions so that across the store, through your network or from your fulfillment center, you are ready to reap the rewards of the omnichannel marketplace. For more information, please visit www.manh.com.
This press release contains “forward-looking statements” relating to Manhattan Associates, Inc. Forward-looking statements in this press release include, without limitation, the information set forth under “2024 Guidance” and statements identified by words such as “may,” “expect,” “forecast,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “project,” “estimate” and similar expressions. Prospective investors are cautioned that any of those forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by those forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by those forward-looking statements are: economic conditions, including inflation; disruption and transformation in the retail sector and our vertical markets; delays in product development; competitive and pricing pressures; software errors and information technology failures, disruption and security breaches; risks related to our products’ technology and customer implementations; global instability, including the wars in
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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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2024 |
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2023 |
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2024 |
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2023 |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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(unaudited) |
Revenue: |
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Cloud subscriptions |
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Software license |
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3,061 |
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3,745 |
|
5,871 |
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9,097 |
Maintenance |
|
35,273 |
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35,826 |
|
70,245 |
|
71,476 |
Services |
|
136,831 |
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124,609 |
|
269,026 |
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240,779 |
Hardware |
|
7,792 |
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5,893 |
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14,340 |
|
12,514 |
Total revenue |
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265,318 |
|
231,016 |
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519,870 |
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452,029 |
Costs and expenses: |
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Cost of cloud subscriptions, maintenance and services |
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119,696 |
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108,445 |
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238,651 |
|
211,772 |
Cost of software license |
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345 |
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368 |
|
677 |
|
670 |
Research and development |
|
35,334 |
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31,600 |
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70,344 |
|
62,394 |
Sales and marketing |
|
19,154 |
|
18,563 |
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39,083 |
|
36,628 |
General and administrative |
|
21,112 |
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20,237 |
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42,315 |
|
40,190 |
Depreciation and amortization |
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1,489 |
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1,320 |
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2,982 |
|
2,807 |
Total costs and expenses |
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197,130 |
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180,533 |
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394,052 |
|
354,461 |
Operating income |
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68,188 |
|
50,483 |
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125,818 |
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97,568 |
Other income, net |
|
914 |
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1,041 |
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1,910 |
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1,184 |
Income before income taxes |
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69,102 |
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51,524 |
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127,728 |
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98,752 |
Income tax provision |
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16,336 |
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11,904 |
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21,161 |
|
20,341 |
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 |
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61,421 |
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61,862 |
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61,523 |
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62,036 |
Diluted |
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62,118 |
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62,432 |
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62,305 |
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62,599 |
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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2024 |
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2023 |
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2024 |
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2023 |
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Operating income |
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Equity-based compensation (a) |
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24,666 |
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17,928 |
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46,761 |
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34,568 |
Adjusted operating income (Non-GAAP) |
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Income tax provision |
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Equity-based compensation (a) |
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3,848 |
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2,628 |
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7,284 |
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5,037 |
Tax benefit of stock awards vested (b) |
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327 |
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281 |
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8,484 |
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3,236 |
Adjusted income tax provision (Non-GAAP) |
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Net income |
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Equity-based compensation (a) |
|
20,818 |
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15,300 |
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39,477 |
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29,531 |
Tax benefit of stock awards vested (b) |
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(327) |
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(281) |
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(8,484) |
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(3,236) |
Adjusted net income (Non-GAAP) |
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Diluted EPS |
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Equity-based compensation (a) |
|
0.34 |
|
0.25 |
|
0.63 |
|
0.47 |
Tax benefit of stock awards vested (b) |
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(0.01) |
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- |
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(0.14) |
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(0.05) |
Adjusted diluted EPS (Non-GAAP) |
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Fully diluted shares |
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62,118 |
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62,432 |
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62,305 |
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62,599 |
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. |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Cost of services |
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Research and development |
|
5,455 |
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3,915 |
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10,695 |
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7,570 |
Sales and marketing |
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2,116 |
|
1,807 |
|
4,106 |
|
3,455 |
General and administrative |
|
5,737 |
|
5,028 |
|
11,313 |
|
9,849 |
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, 2024 |
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December 31, 2023 |
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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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$ |
202,709 |
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$ |
270,741 |
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Accounts receivable, net |
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191,226 |
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|
181,173 |
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Prepaid expenses and other current assets |
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32,211 |
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|
27,276 |
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Total current assets |
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426,146 |
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|
479,190 |
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Property and equipment, net |
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13,392 |
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|
11,795 |
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Operating lease right-of-use assets |
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|
51,181 |
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|
|
21,645 |
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Goodwill, net |
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|
62,230 |
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|
|
62,235 |
|
Deferred income taxes |
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|
78,529 |
|
|
|
66,043 |
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Other assets |
|
|
33,834 |
|
|
|
32,445 |
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Total assets |
|
$ |
665,312 |
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|
$ |
673,353 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
25,581 |
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|
$ |
24,508 |
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Accrued compensation and benefits |
|
|
54,550 |
|
|
|
73,210 |
|
Accrued and other liabilities |
|
|
23,167 |
|
|
|
27,374 |
|
Deferred revenue |
|
|
258,987 |
|
|
|
237,793 |
|
Income taxes payable |
|
|
425 |
|
|
|
3,030 |
|
Total current liabilities |
|
|
362,710 |
|
|
|
365,915 |
|
|
|
|
|
|
|
|
||
Operating lease liabilities, long-term |
|
|
50,842 |
|
|
|
17,694 |
|
Other non-current liabilities |
|
|
11,131 |
|
|
|
11,466 |
|
|
|
|
|
|
|
|
||
Shareholders' equity: |
|
|
|
|
|
|
||
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2024 and 2023 |
|
|
- |
|
|
|
- |
|
Common stock, |
|
|
612 |
|
|
|
615 |
|
Retained earnings |
|
|
267,771 |
|
|
|
304,701 |
|
Accumulated other comprehensive loss |
|
|
(27,754 |
) |
|
|
(27,038 |
) |
Total shareholders' equity |
|
|
240,629 |
|
|
|
278,278 |
|
Total liabilities and shareholders' equity |
|
$ |
665,312 |
|
|
$ |
673,353 |
|
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(in thousands) |
||||||||
|
|
Six Months Ended June 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
|
|
(unaudited) |
|
|
(unaudited) |
|
||
Operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
106,567 |
|
|
$ |
78,411 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
2,982 |
|
|
|
2,807 |
|
Equity-based compensation |
|
|
46,761 |
|
|
|
34,568 |
|
(Gain) loss on disposal of equipment |
|
|
(124 |
) |
|
|
22 |
|
Deferred income taxes |
|
|
(12,519 |
) |
|
|
(11,038 |
) |
Unrealized foreign currency loss |
|
|
610 |
|
|
|
1,577 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable, net |
|
|
(11,153 |
) |
|
|
(11,024 |
) |
Other assets |
|
|
(2,088 |
) |
|
|
(5,825 |
) |
Accounts payable, accrued and other liabilities |
|
|
(18,082 |
) |
|
|
(2,593 |
) |
Income taxes |
|
|
(7,043 |
) |
|
|
(5,359 |
) |
Deferred revenue |
|
|
22,089 |
|
|
|
17,740 |
|
Net cash provided by operating activities |
|
|
128,000 |
|
|
|
99,286 |
|
|
|
|
|
|
|
|
||
Investing activities: |
|
|
|
|
|
|
||
Purchase of property and equipment |
|
|
(4,538 |
) |
|
|
(1,675 |
) |
Net cash used in investing activities |
|
|
(4,538 |
) |
|
|
(1,675 |
) |
|
|
|
|
|
|
|
||
Financing activities: |
|
|
|
|
|
|
||
Repurchase of common stock |
|
|
(189,546 |
) |
|
|
(169,115 |
) |
Net cash used in financing activities |
|
|
(189,546 |
) |
|
|
(169,115 |
) |
|
|
|
|
|
|
|
||
Foreign currency impact on cash |
|
|
(1,948 |
) |
|
|
(665 |
) |
|
|
|
|
|
|
|
||
Net change in cash and cash equivalents |
|
|
(68,032 |
) |
|
|
(72,169 |
) |
Cash and cash equivalents at beginning of period |
|
|
270,741 |
|
|
|
225,463 |
|
Cash and cash equivalents at end of period |
|
$ |
202,709 |
|
|
$ |
153,294 |
|
|
|
|
|
|
|
|
||
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 |
|
YTD |
GAAP Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to GAAP: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation |
0.23 |
|
0.25 |
|
0.26 |
|
0.25 |
|
0.97 |
|
0.30 |
|
0.34 |
|
0.63 |
Tax benefit of stock awards vested |
(0.05) |
|
- |
|
- |
|
- |
|
(0.06) |
|
(0.13) |
|
(0.01) |
|
(0.14) |
Adjusted Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully Diluted Shares |
62,767 |
|
62,432 |
|
62,310 |
|
62,555 |
|
62,608 |
|
62,493 |
|
62,118 |
|
62,305 |
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 |
|
YTD |
Revenue: |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
39,658 |
|
40,902 |
|
41,204 |
|
44,874 |
|
166,638 |
|
46,620 |
|
46,918 |
|
93,538 |
APAC |
10,596 |
|
10,906 |
|
10,673 |
|
10,717 |
|
42,892 |
|
11,620 |
|
12,445 |
|
24,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Income: |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
12,793 |
|
13,556 |
|
14,415 |
|
15,959 |
|
56,723 |
|
15,884 |
|
17,195 |
|
33,079 |
APAC |
4,645 |
|
4,601 |
|
4,378 |
|
4,376 |
|
18,000 |
|
5,059 |
|
5,693 |
|
10,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (pre-tax): |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP Operating Income: |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
12,793 |
|
13,556 |
|
14,415 |
|
15,959 |
|
56,723 |
|
15,884 |
|
17,195 |
|
33,079 |
APAC |
4,645 |
|
4,601 |
|
4,378 |
|
4,376 |
|
18,000 |
|
5,059 |
|
5,693 |
|
10,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
YTD |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses |
(3,616) |
|
(1,133) |
|
1,033 |
|
1,212 |
|
(2,504) |
|
176 |
|
(673) |
|
(497) |
Operating income |
532 |
|
1,237 |
|
1,722 |
|
1,129 |
|
4,620 |
|
472 |
|
142 |
|
614 |
Foreign currency gains (losses)
|
(810) |
|
(516) |
|
387 |
|
(527) |
|
(1,466) |
|
(564) |
|
(577) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manhattan Associates has a large research and development center in
|
2023 |
|
2024 |
||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
YTD |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency gains (losses)
|
(283) |
|
(31) |
|
812 |
|
(105) |
|
393 |
|
164 |
|
41 |
|
205 |
Total impact of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
YTD |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency gains (losses) |
(810) |
|
(516) |
|
387 |
|
(527) |
|
(1,466) |
|
(564) |
|
(577) |
|
(1,141) |
Other non-operating
|
(16) |
|
2 |
|
(19) |
|
(15) |
|
(48) |
|
146 |
|
(12) |
|
134 |
Total other income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Capital expenditures are as follows (in thousands):
|
2023 |
|
2024 |
|
|
|
|
||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
YTD |
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. Stock Repurchase Activity (in thousands):
|
2023 |
|
2024 |
||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
YTD |
Shares purchased under publicly announced buy-back program |
515 |
|
381 |
|
128 |
|
- |
|
1,024 |
|
294 |
|
343 |
|
637 |
Shares withheld for taxes due upon vesting of restricted stock units |
208 |
|
4 |
|
8 |
|
2 |
|
222 |
|
165 |
|
3 |
|
168 |
Total shares purchased |
723 |
|
385 |
|
136 |
|
2 |
|
1,246 |
|
459 |
|
346 |
|
805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
27,511 |
|
658 |
|
1,529 |
|
331 |
|
30,029 |
|
40,423 |
|
713 |
|
41,136 |
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, 2023 |
|
June 30, 2023 |
|
September 30, 2023 |
|
December 30, 2023 |
|
March 31, 2024 |
|
June 30, 2024 |
Remaining Performance Obligations |
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723370844/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.
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