RPO Bookings Increase 29% over Prior Year on Strong Demand
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’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,”
SECOND QUARTER 2024 FINANCIAL SUMMARY:
-
Consolidated total revenue was
$265.3 million for Q2 2024, compared to$231.0 million for Q2 2023.-
Cloud subscription revenue was
$82.4 million for Q2 2024, compared to$60.9 million for Q2 2023. -
License revenue was
$3.1 million for Q2 2024, compared to$3.7 million for Q2 2023. -
Services revenue was
$136.8 million for Q2 2024, compared to$124.6 million for Q2 2023.
-
Cloud subscription revenue was
-
GAAP diluted earnings per share was
$0.85 for Q2 2024, compared to$0.63 for Q2 2023. -
Adjusted diluted earnings per share, a non-GAAP measure, was
$1.18 for Q2 2024, compared to$0.88 for Q2 2023. -
GAAP operating income was
$68.2 million for Q2 2024, compared to$50.5 million for Q2 2023. -
Adjusted operating income, a non-GAAP measure, was
$92.9 million for Q2 2024, compared to$68.4 million for Q2 2023. -
Cash flow from operations was
$73.3 million for Q2 2024, compared to$40.6 million for Q2 2023. Days Sales Outstanding was 66 days atJune 30, 2024 , compared to 74 days atMarch 31, 2024 . -
Cash totaled
$202.7 million atJune 30, 2024 , compared to$207.5 million atMarch 31, 2024 . -
During the three months ended
June 30, 2024 , the Company repurchased 342,807 shares ofManhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of$75.0 million . InJuly 2024 , our Board of Directors approved replenishing the Company’s remaining share repurchase authority to an aggregate of$75.0 million of our common stock.
SIX MONTH 2024 FINANCIAL SUMMARY:
-
Consolidated total revenue for the six months ended
June 30, 2024 , was$519.9 million , compared to$452.0 million for the six months endedJune 30, 2023 .-
Cloud subscription revenue was
$160.4 million for the six months endedJune 30, 2024 , compared to$118.2 million for the six months endedJune 30, 2023 . -
License revenue was
$5.9 million for the six months endedJune 30, 2024 , compared to$9.1 million for the six months endedJune 30, 2023 . -
Services revenue was
$269.0 million for the six months endedJune 30, 2024 , compared to$240.8 million for the six months endedJune 30, 2023 .
-
Cloud subscription revenue was
-
GAAP diluted earnings per share for the six months ended
June 30, 2024 , was$1.71 , compared to$1.25 for the six months endedJune 30, 2023 . -
Adjusted diluted earnings per share, a non-GAAP measure, was
$2.21 for the six months endedJune 30, 2024 , compared to$1.67 for the six months endedJune 30, 2023 . -
GAAP operating income was
$125.8 million for the six months endedJune 30, 2024 , compared to$97.6 million for the six months endedJune 30, 2023 . -
Adjusted operating income, a non-GAAP measure, was
$172.6 million for the six months endedJune 30, 2024 , compared to$132.1 million for the six months endedJune 30, 2023 . -
Cash flow from operations was
$128.0 million for the six months endedJune 30, 2024 , compared to$99.3 million for the six months endedJune 30, 2023 . -
During the six months ended
June 30, 2024 , the Company repurchased 636,399 shares ofManhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of$148.4 million . InJuly 2024 , our Board of Directors approved replenishing the Company’s remaining share repurchase authority to an aggregate of$75.0 million of our common stock.
2024 GUIDANCE
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($'s in millions, except operating margin and EPS) |
$ Range |
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% |
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Total revenue - current guidance |
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12% |
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12% |
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Operating margin: |
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GAAP operating margin - current guidance |
22.8% |
|
23.1% |
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Equity-based compensation |
9.2% |
|
9.1% |
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Adjusted operating margin(1) - current guidance |
32.0% |
|
32.2% |
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Diluted earnings per share (EPS): |
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GAAP EPS - current guidance |
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9% |
|
12% |
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Equity-based compensation, net of tax |
1.29 |
|
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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13% |
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15% |
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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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CONFERENCE CALL
Manhattan Associates’ conference call regarding its second quarter financial results will be held today,
GAAP VERSUS NON-GAAP PRESENTATION
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
This press release contains “forward-looking statements” relating to
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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 |
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Six Months Ended |
||||
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|
2024 |
|
2023 |
|
2024 |
|
2023 |
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|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Revenue: |
|
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|
|
|
|
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|
Cloud subscriptions |
|
|
|
|
|
|
|
|
Software license |
|
3,061 |
|
3,745 |
|
5,871 |
|
9,097 |
Maintenance |
|
35,273 |
|
35,826 |
|
70,245 |
|
71,476 |
Services |
|
136,831 |
|
124,609 |
|
269,026 |
|
240,779 |
Hardware |
|
7,792 |
|
5,893 |
|
14,340 |
|
12,514 |
Total revenue |
|
265,318 |
|
231,016 |
|
519,870 |
|
452,029 |
Costs and expenses: |
|
|
|
|
|
|
|
|
Cost of cloud subscriptions, maintenance and services |
|
119,696 |
|
108,445 |
|
238,651 |
|
211,772 |
Cost of software license |
|
345 |
|
368 |
|
677 |
|
670 |
Research and development |
|
35,334 |
|
31,600 |
|
70,344 |
|
62,394 |
Sales and marketing |
|
19,154 |
|
18,563 |
|
39,083 |
|
36,628 |
General and administrative |
|
21,112 |
|
20,237 |
|
42,315 |
|
40,190 |
Depreciation and amortization |
|
1,489 |
|
1,320 |
|
2,982 |
|
2,807 |
Total costs and expenses |
|
197,130 |
|
180,533 |
|
394,052 |
|
354,461 |
Operating income |
|
68,188 |
|
50,483 |
|
125,818 |
|
97,568 |
Other income, net |
|
914 |
|
1,041 |
|
1,910 |
|
1,184 |
Income before income taxes |
|
69,102 |
|
51,524 |
|
127,728 |
|
98,752 |
Income tax provision |
|
16,336 |
|
11,904 |
|
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 |
|
61,421 |
|
61,862 |
|
61,523 |
|
62,036 |
Diluted |
|
62,118 |
|
62,432 |
|
62,305 |
|
62,599 |
|
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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 |
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Six Months Ended |
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2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
Equity-based compensation (a) |
|
24,666 |
|
17,928 |
|
46,761 |
|
34,568 |
Adjusted operating income (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Income tax provision |
|
|
|
|
|
|
|
|
Equity-based compensation (a) |
|
3,848 |
|
2,628 |
|
7,284 |
|
5,037 |
Tax benefit of stock awards vested (b) |
|
327 |
|
281 |
|
8,484 |
|
3,236 |
Adjusted income tax provision (Non-GAAP) |
|
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Net income |
|
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Equity-based compensation (a) |
|
20,818 |
|
15,300 |
|
39,477 |
|
29,531 |
Tax benefit of stock awards vested (b) |
|
(327) |
|
(281) |
|
(8,484) |
|
(3,236) |
Adjusted net income (Non-GAAP) |
|
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|
|
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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) |
|
(0.01) |
|
- |
|
(0.14) |
|
(0.05) |
Adjusted diluted EPS (Non-GAAP) |
|
|
|
|
|
|
|
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|
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|
|
|
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Fully diluted shares |
|
62,118 |
|
62,432 |
|
62,305 |
|
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 |
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Three Months Ended |
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Six Months Ended |
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2024 |
|
2023 |
|
2024 |
|
2023 |
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|
|
|
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Cost of services |
|
|
|
|
|
|
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|
Research and development |
|
5,455 |
|
3,915 |
|
10,695 |
|
7,570 |
Sales and marketing |
|
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 |
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Condensed Consolidated Balance Sheets |
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(in thousands, except share and per share data) |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
|
$ |
202,709 |
|
|
$ |
270,741 |
|
Accounts receivable, net |
|
|
191,226 |
|
|
|
181,173 |
|
Prepaid expenses and other current assets |
|
|
32,211 |
|
|
|
27,276 |
|
Total current assets |
|
|
426,146 |
|
|
|
479,190 |
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Property and equipment, net |
|
|
13,392 |
|
|
|
11,795 |
|
Operating lease right-of-use assets |
|
|
51,181 |
|
|
|
21,645 |
|
|
|
|
62,230 |
|
|
|
62,235 |
|
Deferred income taxes |
|
|
78,529 |
|
|
|
66,043 |
|
Other assets |
|
|
33,834 |
|
|
|
32,445 |
|
Total assets |
|
$ |
665,312 |
|
|
$ |
673,353 |
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|
|
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
25,581 |
|
|
$ |
24,508 |
|
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 |
|
|
|
|
|
|
|
|
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Operating lease liabilities, long-term |
|
|
50,842 |
|
|
|
17,694 |
|
Other non-current liabilities |
|
|
11,131 |
|
|
|
11,466 |
|
|
|
|
|
|
|
|
||
Shareholders' equity: |
|
|
|
|
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|
||
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 |
|
|
||||||||
Condensed Consolidated Statements of Cash Flows |
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(in thousands) |
||||||||
|
|
Six Months Ended |
|
|||||
|
|
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 |
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION
1. GAAP and adjusted earnings per share by quarter are as follows:
|
2023 |
|
2024 |
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|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
|
Full Year |
|
1st Qtr |
|
2nd Qtr |
|
YTD |
GAAP Diluted EPS |
|
|
|
|
|
|
|
|
|
|
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|
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 |
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|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
4th Qtr |
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Full Year |
|
1st Qtr |
|
2nd Qtr |
|
YTD |
Revenue: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 98% of our RPO represents cloud native subscriptions with non-cancelable terms greater than one year (including cloud-deferred revenue as well as amounts we will invoice and recognize as revenue from our performance of cloud services in future periods). Maintenance contracts are typically one year and not included in the RPO. Our RPO as of the end of each period appears below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Remaining Performance Obligations |
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723370844/en/
Senior Director,
Investor Relations
678-597-7538
mbauer@manh.com
Director,
Corporate Communications
678-597-6988
rfernandez@manh.com
Source: