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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Manhattan Associates Inc | NASDAQ:MANH | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.00 | -0.73% | 273.43 | 273.43 | 289.20 | 278.92 | 272.90 | 278.92 | 241,491 | 01:00:00 |
From Oct 2024 to Jan 2025
RPO Bookings Increase 27% over Prior Year on Strong Demand
Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $266.7 million for the third quarter ended September 30, 2024. GAAP diluted earnings per share for Q3 2024 was $1.03 compared to $0.79 in Q3 2023. Non-GAAP adjusted diluted earnings per share for Q3 2024 was $1.35 compared to $1.05 in Q3 2023.
“Manhattan delivered record third quarter and year-to-date results. Our fundamentals are strong, and we continue to deliver a balanced financial performance across top-line growth and profitability and industry leading innovation each quarter,” said Manhattan Associates president and CEO Eddie Capel.
“While we remain appropriately cautious on the global economy, we are optimistic on our growing market opportunity and our long-term strategy. Our fourth quarter is off to a solid start, and we are providing responsible 2025 parameters,” Mr. Capel concluded.
THIRD QUARTER 2024 FINANCIAL SUMMARY:
NINE MONTH 2024 FINANCIAL SUMMARY:
2024 GUIDANCE
Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2024:
Guidance Range - 2024 Full Year
($'s in millions, except operating margin and EPS)
$ Range
% Growth Range
Total revenue - current guidance
$1,039
$1,041
12%
12%
Operating margin:
GAAP operating margin - current guidance
24.9%
25.0%
Equity-based compensation
9.1%
9.1%
Adjusted operating margin(1) - current guidance
34.0%
34.1%
Diluted earnings per share (EPS):
GAAP EPS - current guidance
$3.47
$3.49
23%
24%
Equity-based compensation, net of tax
1.28
1.28
Excess tax benefit on stock vesting(2)
(0.15)
(0.15)
Adjusted EPS(1) - current guidance
$4.60
$4.62
23%
24%
(1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based
compensation and related income tax effects.
(2) Excess tax benefit on stock vesting expected to occur primarily in the first quarter of 2024.
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 Ukraine and the Middle East; and the other risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and in Item 1A of Part II in subsequent Quarterly Reports on Form 10-Q. Manhattan Associates undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results.
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue:
Cloud subscriptions
$86,485
$65,033
$246,873
$183,196
Software license
3,762
3,870
9,633
12,967
Maintenance
34,491
35,296
104,736
106,772
Services
137,009
127,965
406,035
368,744
Hardware
4,934
6,277
19,274
18,791
Total revenue
266,681
238,441
786,551
690,470
Costs and expenses:
Cost of cloud subscriptions, maintenance and services
118,269
111,142
356,920
322,914
Cost of software license
391
297
1,068
967
Research and development
34,349
33,093
104,693
95,487
Sales and marketing
16,586
17,650
55,669
54,278
General and administrative
20,308
21,371
62,623
61,561
Depreciation and amortization
1,688
1,440
4,670
4,247
Total costs and expenses
191,591
184,993
585,643
539,454
Operating income
75,090
53,448
200,908
151,016
Other income, net
1,312
1,739
3,222
2,923
Income before income taxes
76,402
55,187
204,130
153,939
Income tax provision
12,621
5,766
33,782
26,107
Net income
$63,781
$49,421
$170,348
$127,832
Basic earnings per share
$1.04
$0.80
$2.77
$2.07
Diluted earnings per share
$1.03
$0.79
$2.74
$2.05
Weighted average number of shares:
Basic
61,169
61,639
61,404
61,902
Diluted
61,948
62,310
62,186
62,501
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Operating income
$75,090
$53,448
$200,908
$151,016
Equity-based compensation (a)
23,853
19,030
70,614
53,598
Adjusted operating income (Non-GAAP)
$98,943
$72,478
$271,522
$204,614
Income tax provision
$12,621
$5,766
$33,782
$26,107
Equity-based compensation (a)
3,683
3,030
10,967
8,067
Tax benefit of stock awards vested (b)
579
218
9,063
3,454
Adjusted income tax provision (Non-GAAP)
$16,883
$9,014
$53,812
$37,628
Net income
$63,781
$49,421
$170,348
$127,832
Equity-based compensation (a)
20,170
16,000
59,647
45,531
Tax benefit of stock awards vested (b)
(579)
(218)
(9,063)
(3,454)
Adjusted net income (Non-GAAP)
$83,372
$65,203
$220,932
$169,909
Diluted EPS
$1.03
$0.79
$2.74
$2.05
Equity-based compensation (a)
0.33
0.26
0.96
0.73
Tax benefit of stock awards vested (b)
(0.01)
-
(0.15)
(0.06)
Adjusted diluted EPS (Non-GAAP)
$1.35
$1.05
$3.55
$2.72
Fully diluted shares
61,948
62,310
62,186
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.
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Cost of services
$10,835
$7,643
$31,482
$21,337
Research and development
5,117
4,141
15,812
11,711
Sales and marketing
2,189
1,878
6,295
5,333
General and administrative
5,712
5,368
17,025
15,217
Total equity-based compensation
$23,853
$19,030
$70,614
$53,598
(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)
September 30, 2024
December 31, 2023
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
214,952
$
270,741
Accounts receivable, net
199,756
181,173
Prepaid expenses and other current assets
37,605
27,276
Total current assets
452,313
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, $0.01 par value; 200,000,000 shares authorized; 61,072,619 and 61,566,037 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively
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
$0.62
$0.63
$0.79
$0.78
$2.82
$0.86
$0.85
$1.03
$2.74
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
$0.80
$0.88
$1.05
$1.03
$3.74
$1.03
$1.18
$1.35
$3.55
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:
Americas
$170,759
$179,208
$186,564
$182,664
$719,195
$196,312
$205,955
$205,852
$608,119
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
$221,013
$231,016
$238,441
$238,255
$928,725
$254,552
$265,318
$266,681
$786,551
GAAP Operating Income:
Americas
$29,647
$32,326
$34,655
$38,530
$135,158
$36,687
$45,300
$49,033
$131,020
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
$47,085
$50,483
$53,448
$58,865
$209,881
$57,630
$68,188
$75,090
$200,908
Adjustments (pre-tax):
Americas:
Equity-based compensation
$16,640
$17,928
$19,030
$17,973
$71,571
$22,095
$24,666
$23,853
$70,614
$16,640
$17,928
$19,030
$17,973
$71,571
$22,095
$24,666
$23,853
$70,614
Adjusted non-GAAP Operating Income:
Americas
$46,287
$50,254
$53,685
$56,503
$206,729
$58,782
$69,966
$72,886
$201,634
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
$63,725
$68,411
$72,478
$76,838
$281,452
$79,725
$92,854
$98,943
$271,522
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
$(3,084)
$104
$2,755
$2,341
$2,116
$648
$(531)
$936
$1,053
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)
$(1,472)
$(278)
$721
$2,109
$602
$3,154
$(92)
$(435)
$394
$(133)
Manhattan Associates has a large research and development center in Bangalore, India. The following table reflects the increases (decreases) in the financial results for each period attributable to changes in the Indian Rupee exchange rate (in thousands):
2023
2024
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
YTD
Operating income
$1,632
$1,222
$728
$267
$3,849
$185
$307
$261
$753
Foreign currency gains (losses) in other income
(283)
(31)
812
(105)
393
164
41
284
489
Total impact of changes in the Indian Rupee
$1,349
$1,191
$1,540
$162
$4,242
$349
$348
$545
$1,242
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
$969
$1,555
$1,371
$1,409
$5,304
$1,414
$1,503
$1,636
$4,553
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)
$143
$1,041
$1,739
$867
$3,790
$996
$914
$1,312
$3,222
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
$666
$1,009
$1,086
$1,969
$4,730
$2,321
$2,217
$1,009
$5,547
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
$74,177
$66,769
$25,072
$0
$166,018
$73,411
$74,999
$49,687
$198,097
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
$101,688
$67,427
$26,601
$331
$196,047
$113,834
$75,712
$51,604
$241,150
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):
March 31, 2023
June 30, 2023
September 30, 2023
December 31, 2023
March 31, 2024
June 30, 2024
September 30, 2024
Remaining Performance Obligations
$1,153,404
$1,238,672
$1,324,861
$1,427,854
$1,516,430
$1,601,531
$1,686,421
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
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