Manhattan Associates Reports Record Revenue and Earnings
Manhattan Associates (NASDAQ: MANH) reported record revenue and earnings for Q3 2024, with total revenue at $266.7 million, up from $238.4 million in Q3 2023. GAAP diluted EPS rose to $1.03 from $0.79, while non-GAAP adjusted EPS increased to $1.35 from $1.05. Cloud subscription revenue grew to $86.5 million from $65.0 million. GAAP operating income was $75.1 million, and adjusted operating income was $98.9 million. Cash flow from operations was $62.3 million. For the nine months ended September 30, 2024, total revenue was $786.6 million, with GAAP EPS at $2.74 and adjusted EPS at $3.55. The company repurchased 194,712 shares for $49.7 million in Q3 2024 and 831,111 shares for $198.1 million over nine months. Guidance for 2024 includes total revenue of $1.039-$1.041 billion and GAAP EPS of $3.47-$3.49.
Manhattan Associates (NASDAQ: MANH) ha riportato un fatturato e utili record per il terzo trimestre del 2024, con un fatturato totale di 266,7 milioni di dollari, in aumento rispetto ai 238,4 milioni di dollari nel terzo trimestre del 2023. L'EPS diluito GAAP è aumentato a 1,03 dollari rispetto a 0,79 dollari, mentre l'EPS rettificato non GAAP è salito a 1,35 dollari da 1,05 dollari. I ricavi da abbonamenti al cloud sono cresciuti a 86,5 milioni di dollari, rispetto ai 65,0 milioni di dollari. L'utile operativo GAAP è stato di 75,1 milioni di dollari e l'utile operativo rettificato è stato di 98,9 milioni di dollari. Il flusso di cassa operativo è stato di 62,3 milioni di dollari. Nei nove mesi conclusi il 30 settembre 2024, il fatturato totale è stato di 786,6 milioni di dollari, con un EPS GAAP di 2,74 dollari e un EPS rettificato di 3,55 dollari. L'azienda ha riacquistato 194.712 azioni per 49,7 milioni di dollari nel terzo trimestre del 2024 e 831.111 azioni per 198,1 milioni di dollari nel corso dei nove mesi. La previsione per il 2024 prevede un fatturato totale compreso tra 1,039 e 1,041 miliardi di dollari e un EPS GAAP compreso tra 3,47 e 3,49 dollari.
Manhattan Associates (NASDAQ: MANH) reportó ingresos y ganancias récord para el tercer trimestre de 2024, con ingresos totales de 266,7 millones de dólares, un aumento respecto a los 238,4 millones de dólares en el tercer trimestre de 2023. El EPS diluido GAAP aumentó a 1,03 dólares desde 0,79 dólares, mientras que el EPS ajustado no GAAP creció a 1,35 dólares desde 1,05 dólares. Los ingresos por suscripciones en la nube ascendieron a 86,5 millones de dólares desde 65,0 millones de dólares. El ingreso operativo GAAP fue de 75,1 millones de dólares y el ingreso operativo ajustado fue de 98,9 millones de dólares. El flujo de efectivo de las operaciones fue de 62,3 millones de dólares. Para los nueve meses que finalizaron el 30 de septiembre de 2024, los ingresos totales fueron de 786,6 millones de dólares, con un EPS GAAP de 2,74 dólares y un EPS ajustado de 3,55 dólares. La compañía recompró 194.712 acciones por 49,7 millones de dólares en el tercer trimestre de 2024 y 831.111 acciones por 198,1 millones de dólares a lo largo de nueve meses. La guía para 2024 incluye ingresos totales de entre 1,039 y 1,041 mil millones de dólares y un EPS GAAP de entre 3,47 y 3,49 dólares.
맨해튼 어소시에이츠(NASDAQ: MANH)는 2024년 3분기 기준으로 기록적인 수익 및 이익을 보고했습니다. 총 수익은 2억 6,670만 달러로, 2023년 3분기 2억 3,840만 달러에서 증가했습니다. GAAP 희석 EPS는 0.79달러에서 1.03달러로 증가하였고, 비-GAAP 조정 EPS는 1.05달러에서 1.35달러로 증가하였습니다. 클라우드 구독 수익은 6,500만 달러에서 8,650만 달러로 증가했습니다. GAAP 운영 소득은 7,510만 달러였으며, 조정된 운영 소득은 9,890만 달러였습니다. 운영에서의 현금 흐름은 6,230만 달러였습니다. 2024년 9월 30일까지의 아홉 달 동안 총 수익은 7억 8,660만 달러였으며, GAAP EPS는 2.74달러, 조정 EPS는 3.55달러였습니다. 회사는 2024년 3분기에 4970만 달러에 194,712주를 재구매하였고, 9개월 동안에는 198억 1,000만 달러에 831,111주를 재구매하였습니다. 2024년 전망은 총 수익이 10억 3900만 달러에서 10억 4100만 달러 사이, GAAP EPS는 3.47달러에서 3.49달러 사이로 예상됩니다.
Manhattan Associates (NASDAQ: MANH) a rapporté des revenus et des bénéfices records pour le troisième trimestre 2024, avec un revenu total de 266,7 millions de dollars, en hausse par rapport à 238,4 millions de dollars au troisième trimestre 2023. Le BPA dilué GAAP est passé de 0,79 dollar à 1,03 dollar, tandis que le BPA ajusté non GAAP a augmenté de 1,05 dollar à 1,35 dollar. Les revenus des abonnements cloud ont augmenté à 86,5 millions de dollars, contre 65,0 millions de dollars. Le revenu opérationnel GAAP était de 75,1 millions de dollars et le revenu opérationnel ajusté était de 98,9 millions de dollars. Le flux de trésorerie provenant des opérations s'élevait à 62,3 millions de dollars. Pour les neuf mois se terminant le 30 septembre 2024, le revenu total était de 786,6 millions de dollars, avec un BPA GAAP de 2,74 dollars et un BPA ajusté de 3,55 dollars. L'entreprise a racheté 194 712 actions pour 49,7 millions de dollars au troisième trimestre 2024 et 831 111 actions pour 198,1 millions de dollars au cours de neuf mois. Les prévisions pour 2024 incluent un revenu total de 1,039 à 1,041 milliard de dollars et un BPA GAAP de 3,47 à 3,49 dollars.
Manhattan Associates (NASDAQ: MANH) berichtete über Rekordumsätze und -gewinne für das dritte Quartal 2024, mit einem Gesamtumsatz von 266,7 Millionen Dollar, einem Anstieg von 238,4 Millionen Dollar im dritten Quartal 2023. Der verwässerte GAAP EPS stieg von 0,79 Dollar auf 1,03 Dollar, während der bereinigte nicht-GAAP EPS von 1,05 Dollar auf 1,35 Dollar erhöht wurde. Die Cloud-Abo-Einnahmen wuchsen auf 86,5 Millionen Dollar von 65,0 Millionen Dollar. Das GAAP-Betriebsergebnis betrug 75,1 Millionen Dollar, das bereinigte Betriebsergebnis lag bei 98,9 Millionen Dollar. Der Cashflow aus dem operativen Geschäft betrug 62,3 Millionen Dollar. Für die neun Monate bis zum 30. September 2024 belief sich der Gesamtumsatz auf 786,6 Millionen Dollar, mit einem GAAP EPS von 2,74 Dollar und einem bereinigten EPS von 3,55 Dollar. Das Unternehmen hat im dritten Quartal 2024 194.712 Aktien für 49,7 Millionen Dollar und in den neun Monaten 831.111 Aktien für 198,1 Millionen Dollar zurückgekauft. Die Prognose für 2024 umfasst einen Gesamtumsatz von 1,039 bis 1,041 Milliarden Dollar und einen GAAP EPS von 3,47 bis 3,49 Dollar.
- Q3 2024 total revenue increased to $266.7 million from $238.4 million in Q3 2023.
- GAAP diluted EPS rose to $1.03 from $0.79 in Q3 2023.
- Non-GAAP adjusted EPS increased to $1.35 from $1.05 in Q3 2023.
- Cloud subscription revenue grew to $86.5 million from $65.0 million.
- GAAP operating income was $75.1 million, up from $53.4 million.
- Adjusted operating income increased to $98.9 million from $72.5 million.
- Nine-month total revenue reached $786.6 million, up from $690.5 million.
- GAAP EPS for nine months was $2.74, up from $2.05.
- Adjusted EPS for nine months increased to $3.55 from $2.72.
- License revenue slightly decreased to $3.8 million from $3.9 million in Q3 2023.
Insights
Manhattan Associates has delivered an impressive Q3 2024 performance, showcasing strong growth across key financial metrics. The company reported record revenue of
The company's profitability has also improved significantly, with GAAP diluted EPS increasing by
Manhattan's strong cash position of
Manhattan Associates' strong performance reflects the growing demand for advanced supply chain and omnichannel commerce solutions. The substantial increase in cloud subscription revenue indicates a shift towards more flexible, scalable solutions that are important in today's dynamic retail and logistics environments.
The company's success in balancing growth with profitability, while maintaining "industry leading innovation," positions it well in a competitive market. The optimism expressed about their "growing market opportunity" suggests potential expansion into new areas or deeper penetration of existing markets.
However, the cautious outlook on the global economy highlights the need for Manhattan to maintain adaptability in its offerings. The continued strong performance in services revenue (
RPO Bookings Increase
“Manhattan delivered record third quarter and year-to-date results. Our fundamentals are strong, and we continue to deliver a balanced financial performance across top-line growth and profitability and industry leading innovation each quarter,” said Manhattan Associates president and CEO Eddie Capel.
“While we remain appropriately cautious on the global economy, we are optimistic on our growing market opportunity and our long-term strategy. Our fourth quarter is off to a solid start, and we are providing responsible 2025 parameters,” Mr. Capel concluded.
THIRD QUARTER 2024 FINANCIAL SUMMARY:
-
Consolidated total revenue was
$266.7 million $238.4 million -
Cloud subscription revenue was
$86.5 million $65.0 million -
License revenue was
$3.8 million $3.9 million -
Services revenue was
$137.0 million $128.0 million
-
Cloud subscription revenue was
-
GAAP diluted earnings per share was
$1.03 $0.79 -
Adjusted diluted earnings per share, a non-GAAP measure, was
$1.35 $1.05 -
GAAP operating income was
$75.1 million $53.4 million -
Adjusted operating income, a non-GAAP measure, was
$98.9 million $72.5 million -
Cash flow from operations was
$62.3 million $58.6 million -
Cash totaled
$215.0 million $202.7 million -
During the three months ended September 30, 2024, the Company repurchased 194,712 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of
$49.7 million $75.0 million
NINE MONTH 2024 FINANCIAL SUMMARY:
-
Consolidated total revenue for the nine months ended September 30, 2024, was
$786.6 million $690.5 million -
Cloud subscription revenue was
$246.9 million $183.2 million -
License revenue was
$9.6 million $13.0 million -
Services revenue was
$406.0 million $368.7 million
-
Cloud subscription revenue was
-
GAAP diluted earnings per share for the nine months ended September 30, 2024, was
$2.74 $2.05 -
Adjusted diluted earnings per share, a non-GAAP measure, was
$3.55 $2.72 -
GAAP operating income was
$200.9 million $151.0 million -
Adjusted operating income, a non-GAAP measure, was
$271.5 million $204.6 million -
Cash flow from operations was
$190.3 million $157.9 million -
During the nine months ended September 30, 2024, the Company repurchased 831,111 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of
$198.1 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) |
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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 |
1.28 |
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1.28 |
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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 third quarter financial results will be held today, October 22, 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’ fourth 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 nine months ended September 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
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (in thousands, except per share amounts) |
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Three Months Ended September 30, |
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Nine Months Ended September 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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3,762 |
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3,870 |
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9,633 |
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12,967 |
Maintenance |
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34,491 |
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35,296 |
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104,736 |
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106,772 |
Services |
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137,009 |
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127,965 |
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406,035 |
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368,744 |
Hardware |
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4,934 |
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6,277 |
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19,274 |
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18,791 |
Total revenue |
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266,681 |
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238,441 |
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786,551 |
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690,470 |
Costs and expenses: |
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Cost of cloud subscriptions, maintenance and services |
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118,269 |
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111,142 |
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356,920 |
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322,914 |
Cost of software license |
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391 |
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297 |
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1,068 |
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967 |
Research and development |
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34,349 |
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33,093 |
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104,693 |
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95,487 |
Sales and marketing |
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16,586 |
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17,650 |
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55,669 |
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54,278 |
General and administrative |
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20,308 |
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21,371 |
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62,623 |
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61,561 |
Depreciation and amortization |
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1,688 |
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1,440 |
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4,670 |
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4,247 |
Total costs and expenses |
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191,591 |
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184,993 |
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585,643 |
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539,454 |
Operating income |
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75,090 |
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53,448 |
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200,908 |
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151,016 |
Other income, net |
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1,312 |
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1,739 |
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3,222 |
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2,923 |
Income before income taxes |
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76,402 |
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55,187 |
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204,130 |
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153,939 |
Income tax provision |
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12,621 |
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5,766 |
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33,782 |
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26,107 |
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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61,169 |
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61,639 |
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61,404 |
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61,902 |
Diluted |
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61,948 |
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62,310 |
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62,186 |
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62,501 |
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Reconciliation of Selected GAAP to Non-GAAP Measures (in thousands, except per share amounts) |
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Three Months Ended September 30, |
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Nine Months Ended September 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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23,853 |
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19,030 |
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70,614 |
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53,598 |
Adjusted operating income (Non-GAAP) |
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Income tax provision |
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Equity-based compensation (a) |
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3,683 |
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3,030 |
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10,967 |
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8,067 |
Tax benefit of stock awards vested (b) |
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579 |
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218 |
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9,063 |
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3,454 |
Adjusted income tax provision (Non-GAAP) |
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Net income |
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Equity-based compensation (a) |
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20,170 |
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16,000 |
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59,647 |
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45,531 |
Tax benefit of stock awards vested (b) |
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(579) |
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(218) |
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(9,063) |
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(3,454) |
Adjusted net income (Non-GAAP) |
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Diluted EPS |
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Equity-based compensation (a) |
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0.33 |
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0.26 |
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0.96 |
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0.73 |
Tax benefit of stock awards vested (b) |
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(0.01) |
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- |
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(0.15) |
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(0.06) |
Adjusted diluted EPS (Non-GAAP) |
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Fully diluted shares |
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61,948 |
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62,310 |
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62,186 |
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62,501 |
(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 September 30, |
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Nine Months Ended September 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 |
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5,117 |
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4,141 |
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15,812 |
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11,711 |
Sales and marketing |
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2,189 |
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1,878 |
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6,295 |
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5,333 |
General and administrative |
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5,712 |
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5,368 |
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17,025 |
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15,217 |
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 Condensed Consolidated Balance Sheets (in thousands, except share and per share data) |
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September 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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$ |
214,952 |
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$ |
270,741 |
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Accounts receivable, net |
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199,756 |
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181,173 |
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Prepaid expenses and other current assets |
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37,605 |
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27,276 |
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Total current assets |
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452,313 |
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|
479,190 |
|
|
|
|
|
|
|
|
||
Property and equipment, net |
|
|
12,809 |
|
|
|
11,795 |
|
Operating lease right-of-use assets |
|
|
50,094 |
|
|
|
21,645 |
|
Goodwill, net |
|
|
62,236 |
|
|
|
62,235 |
|
Deferred income taxes |
|
|
86,551 |
|
|
|
66,043 |
|
Other assets |
|
|
34,137 |
|
|
|
32,445 |
|
Total assets |
|
$ |
698,140 |
|
|
$ |
673,353 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
23,183 |
|
|
$ |
24,508 |
|
Accrued compensation and benefits |
|
|
63,010 |
|
|
|
73,210 |
|
Accrued and other liabilities |
|
|
23,227 |
|
|
|
27,374 |
|
Deferred revenue |
|
|
252,537 |
|
|
|
237,793 |
|
Income taxes payable |
|
|
286 |
|
|
|
3,030 |
|
Total current liabilities |
|
|
362,243 |
|
|
|
365,915 |
|
|
|
|
|
|
|
|
||
Operating lease liabilities, long-term |
|
|
50,028 |
|
|
|
17,694 |
|
Other non-current liabilities |
|
|
7,918 |
|
|
|
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, |
|
|
610 |
|
|
|
615 |
|
Retained earnings |
|
|
303,361 |
|
|
|
304,701 |
|
Accumulated other comprehensive loss |
|
|
(26,020 |
) |
|
|
(27,038 |
) |
Total shareholders' equity |
|
|
277,951 |
|
|
|
278,278 |
|
Total liabilities and shareholders' equity |
|
$ |
698,140 |
|
|
$ |
673,353 |
|
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) |
||||||||
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
|
|
(unaudited) |
|
|
(unaudited) |
|
||
Operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
170,348 |
|
|
$ |
127,832 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
4,670 |
|
|
|
4,247 |
|
Equity-based compensation |
|
|
70,614 |
|
|
|
53,598 |
|
(Gain) loss on disposal of equipment |
|
|
(131 |
) |
|
|
42 |
|
Deferred income taxes |
|
|
(20,544 |
) |
|
|
(18,359 |
) |
Unrealized foreign currency loss |
|
|
906 |
|
|
|
922 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable, net |
|
|
(17,515 |
) |
|
|
(17,168 |
) |
Other assets |
|
|
(9,688 |
) |
|
|
(7,747 |
) |
Accounts payable, accrued and other liabilities |
|
|
(13,367 |
) |
|
|
13,477 |
|
Income taxes |
|
|
(7,956 |
) |
|
|
(4,347 |
) |
Deferred revenue |
|
|
12,962 |
|
|
|
5,362 |
|
Net cash provided by operating activities |
|
|
190,299 |
|
|
|
157,859 |
|
|
|
|
|
|
|
|
||
Investing activities: |
|
|
|
|
|
|
||
Purchase of property and equipment |
|
|
(5,547 |
) |
|
|
(2,761 |
) |
Net cash used in investing activities |
|
|
(5,547 |
) |
|
|
(2,761 |
) |
|
|
|
|
|
|
|
||
Financing activities: |
|
|
|
|
|
|
||
Repurchase of common stock |
|
|
(241,150 |
) |
|
|
(195,716 |
) |
Net cash used in financing activities |
|
|
(241,150 |
) |
|
|
(195,716 |
) |
|
|
|
|
|
|
|
||
Foreign currency impact on cash |
|
|
609 |
|
|
|
(2,533 |
) |
|
|
|
|
|
|
|
||
Net change in cash and cash equivalents |
|
|
(55,789 |
) |
|
|
(43,151 |
) |
Cash and cash equivalents at beginning of period |
|
|
270,741 |
|
|
|
225,463 |
|
Cash and cash equivalents at end of period |
|
$ |
214,952 |
|
|
$ |
182,312 |
|
|
|
|
|
|
|
|
||
MANHATTAN ASSOCIATES, INC. SUPPLEMENTAL INFORMATION
1. GAAP and adjusted earnings per share by quarter are as follows: |
|||||||||||||||||
|
2023 |
|
2024 |
||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
YTD |
GAAP Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to GAAP: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation |
0.23 |
|
0.25 |
|
0.26 |
|
0.25 |
|
0.97 |
|
0.30 |
|
0.34 |
|
0.33 |
|
0.96 |
Tax benefit of stock awards vested |
(0.05) |
|
- |
|
- |
|
- |
|
(0.06) |
|
(0.13) |
|
(0.01) |
|
(0.01) |
|
(0.15) |
Adjusted Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully Diluted Shares |
62,767 |
|
62,432 |
|
62,310 |
|
62,555 |
|
62,608 |
|
62,493 |
|
62,118 |
|
61,948 |
|
62,186 |
2. Revenues and operating income by reportable segment are as follows (in thousands): |
|||||||||||||||||
|
2023 |
|
2024 |
||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
YTD |
Revenue: |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
39,658 |
|
40,902 |
|
41,204 |
|
44,874 |
|
166,638 |
|
46,620 |
|
46,918 |
|
48,082 |
|
141,620 |
APAC |
10,596 |
|
10,906 |
|
10,673 |
|
10,717 |
|
42,892 |
|
11,620 |
|
12,445 |
|
12,747 |
|
36,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Income: |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
12,793 |
|
13,556 |
|
14,415 |
|
15,959 |
|
56,723 |
|
15,884 |
|
17,195 |
|
20,521 |
|
53,600 |
APAC |
4,645 |
|
4,601 |
|
4,378 |
|
4,376 |
|
18,000 |
|
5,059 |
|
5,693 |
|
5,536 |
|
16,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (pre-tax): |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP Operating Income: |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
12,793 |
|
13,556 |
|
14,415 |
|
15,959 |
|
56,723 |
|
15,884 |
|
17,195 |
|
20,521 |
|
53,600 |
APAC |
4,645 |
|
4,601 |
|
4,378 |
|
4,376 |
|
18,000 |
|
5,059 |
|
5,693 |
|
5,536 |
|
16,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Impact of Currency Fluctuation
The following table reflects the increases (decreases) in the results of operations for each period attributable to the change in foreign currency exchange rates from the prior period as well as foreign currency gains (losses) included in other income, net for each period (in thousands): |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2024 |
||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
YTD |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses |
(3,616) |
|
(1,133) |
|
1,033 |
|
1,212 |
|
(2,504) |
|
176 |
|
(673) |
|
211 |
|
(286) |
Operating income |
532 |
|
1,237 |
|
1,722 |
|
1,129 |
|
4,620 |
|
472 |
|
142 |
|
725 |
|
1,339 |
Foreign currency gains (losses) in other income |
(810) |
|
(516) |
|
387 |
|
(527) |
|
(1,466) |
|
(564) |
|
(577) |
|
(331) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
3rd Qtr |
|
YTD |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency gains (losses) in other income |
(283) |
|
(31) |
|
812 |
|
(105) |
|
393 |
|
164 |
|
41 |
|
284 |
|
489 |
Total impact of changes in the Indian Rupee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Other income includes the following components (in thousands): |
|||||||||||||||||
|
2023 |
|
2024 |
||||||||||||||
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
YTD |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency gains (losses) |
(810) |
|
(516) |
|
387 |
|
(527) |
|
(1,466) |
|
(564) |
|
(577) |
|
(331) |
|
(1,472) |
Other non-operating income (expense) |
(16) |
|
2 |
|
(19) |
|
(15) |
|
(48) |
|
146 |
|
(12) |
|
7 |
|
141 |
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 |
|
3rd 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 |
|
3rd Qtr |
|
YTD |
Shares purchased under publicly announced buy-back program |
515 |
|
381 |
|
128 |
|
- |
|
1,024 |
|
294 |
|
343 |
|
194 |
|
831 |
Shares withheld for taxes due upon vesting of restricted stock units |
208 |
|
4 |
|
8 |
|
2 |
|
222 |
|
165 |
|
3 |
|
8 |
|
176 |
Total shares purchased |
723 |
|
385 |
|
136 |
|
2 |
|
1,246 |
|
459 |
|
346 |
|
202 |
|
1,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
1,917 |
|
43,053 |
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 31, 2023 |
|
March 31, 2024 |
|
June 30, 2024 |
|
September 30, 2024 |
Remaining Performance Obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241022598637/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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