RPO Bookings Increase 117% over Prior Year on Strong Demand

Company Raises 2021 Full-Year Revenue and EPS Guidance

ATLANTA, July 27, 2021 (GLOBE NEWSWIRE) -- Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $166.1 million for the second quarter ended June 30, 2021. GAAP diluted earnings per share for Q2 2021 was $0.48 compared to $0.30 for Q2 2020. Non-GAAP adjusted diluted earnings per share for Q2 2021 was $0.61 compared to $0.40 in Q2 2020.

“Q2 was another solid quarter of growth for Manhattan Associates resulting in record total revenue and record earnings per share. These results exceeded our expectations and were strong compared to our previous all-time record in Q2 2019, preceding the COVID pandemic,” said Manhattan Associates President and CEO Eddie Capel.

“Accelerating demand for our suite of Manhattan Active® omnichannel, inventory and supply chain cloud solutions drove record Q2 bookings with RPO increasing 117% to $489 million.” Mr. Capel continued, “With our business momentum strengthening and revenue visibility increasing, we are again raising our 2021 guidance.”

SECOND QUARTER 2021 FINANCIAL SUMMARY:

  • Consolidated total revenue was $166.1 million for Q2 2021, compared to $135.6 million for Q2 2020.
    • Cloud subscription revenue was $28.6 million for Q2 2021, compared to $18.5 million for Q2 2020.
    • License revenue was $8.8 million for Q2 2021, compared to $5.7 million for Q2 2020.
    • Services revenue was $84.7 million for Q2 2021, compared to $71.8 million for Q2 2020.
  • GAAP diluted earnings per share was $0.48 for Q2 2021, compared to $0.30 for Q2 2020.
  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.61 for Q2 2021, compared to $0.40 for Q2 2020.
  • GAAP operating income was $39.4 million for Q2 2021, compared to $26.7 million for Q2 2020.
  • Adjusted operating income, a non-GAAP measure, was $50.2 million for Q2 2021, compared to $34.3 million for Q2 2020.
  • Cash flow from operations was $45.5 million for Q2 2021, compared to $48.8 million for Q2 2020. Days Sales Outstanding was 62 days at June 30, 2021, compared to 61 days at March 31, 2021.
  • Cash totaled $209.3 million at June 30, 2021, compared to $197.2 million at March 31, 2021.
  • During the three months ended June 30, 2021, the Company repurchased 243,273 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $32.9 million. In July 2021, our Board authorized the Company to repurchase up to an aggregate of $50 million of the Company’s common stock.

SIX MONTH 2021 FINANCIAL SUMMARY:

  • Consolidated total revenue for the six months ended June 30, 2021, was $323.0 million, compared to $289.5 million for the six months ended June 30, 2020.
    • Cloud subscription revenue was $55.2 million for the six months ended June 30, 2021, compared to $35.8 million for the six months ended June 30, 2020.
    • License revenue was $16.7 million for the six months ended June 30, 2021, compared to $15.4 million for the six months ended June 30, 2020. 
    • Services revenue was $165.1 million for the six months ended June 30, 2021, compared to $159.2 million for the six months ended June 30, 2020.
  • GAAP diluted earnings per share for the six months ended June 30, 2021, was $0.83, compared to $0.65 for the six months ended June 30, 2020.  
  • Adjusted diluted earnings per share, a non-GAAP measure, was $1.04 for the six months ended June 30, 2021, compared to $0.80 for the six months ended June 30, 2020.
  • GAAP operating income was $64.8 million for the six months ended June 30, 2021, compared to $50.9 million for the six months ended June 30, 2020.
  • Adjusted operating income, a non-GAAP measure, was $85.8 million for the six months ended June 30, 2021, compared to $66.2 million for the six months ended June 30, 2020. 
  • Cash flow from operations was $85.4 million for the six months ended June 30, 2021, compared to $60.4 million for the six months ended June 30, 2020.
  • During the six months ended June 30, 2021, the Company repurchased 457,695 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $59.9 million.

2021 GUIDANCE

Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2021:

    Guidance Range - 2021 Full Year
  ($'s in millions, except operating margin and EPS) $ Range     % Growth Range    
                             
  Total revenue - current guidance $ 643     $ 650     10%   11%    
                             
  Total revenue - previous guidance $ 625     $ 640              
                             
  Operating Margin:                          
  GAAP operating margin - current guidance   18.8 %     19.4 %            
  Equity-based compensation   6.7 %     6.6 %            
  Adjusted operating margin(1) - current guidance   25.5 %     26.0 %            
                             
  GAAP operating margin - previous guidance   14.2 %     15.4 %            
  Equity-based compensation   6.8 %     6.6 %            
  Adjusted operating margin(1) - previous guidance   21.0 %     22.0 %            
                             
  Diluted earnings per share (EPS):                          
  GAAP EPS - current guidance $ 1.50     $ 1.56     10%   15%    
  Equity-based compensation, net of tax   0.57       0.57              
  Excess tax benefit on stock vesting   (0.07 )     (0.07 )            
  Adjusted EPS(1) - current guidance $ 2.00     $ 2.06     14%   17%    
                             
  GAAP EPS - previous guidance $ 1.10     $ 1.20              
  Equity-based compensation, net of tax   0.60       0.60              
  Excess tax benefit on stock vesting   (0.10 )     (0.10 )            
  Adjusted EPS(1) - previous guidance $ 1.60     $ 1.70              
                             
                             
  (1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based compensation and acquisition-related costs, and the related income tax effects of these items if applicable.    
       

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. We note in particular that the severity, duration and ultimate impact of the COVID-19 pandemic are difficult to predict at this time. In addition, those statements do not reflect the potential impact of mergers, acquisitions or other business combinations that may be completed after the date of the release.

Manhattan Associates will make its 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 above, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.

CONFERENCE CALL

The Company’s conference call regarding its second quarter financial results will be held today, July 27, 2021, 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.

Those who cannot listen to the live broadcast may access a replay shortly after the call by dialing +1.855.859.2056 in the U.S. and Canada, or +1.404.537.3406 outside the U.S., and entering the conference identification number 1771787 or via the web at ir.manh.com. The phone replay will be available for two weeks after the call, and the Internet webcast will be available until Manhattan Associates’ third quarter 2021 earnings release.

GAAP VERSUS NON-GAAP PRESENTATION

The Company 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, 2021.

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, acquisition-related costs and the amortization of these costs, and (from time to time) restructuring charges – all net of income tax effects. We include reconciliations of the Company’s GAAP financial measures to non-GAAP adjustments in the supplemental information attached to this release.

ABOUT MANHATTAN ASSOCIATES

Manhattan Associates is a technology leader in supply chain and omnichannel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology and unmatched experience help drive both top-line growth and bottom-line profitability for our customers.

Manhattan Associates designs, builds and delivers leading edge cloud and on-premise 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 “2021 Guidance,” any statements about the future effect of the COVID-19 pandemic on our business, customers or the global economy, our business prospects following the pandemic, statements we make about market adoption of our cloud-based solution and other statements identified by words such as “may,” “expect,” “forecast,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “project,” “estimate,” and similar expressions. Prospective investors are cautioned that any of those forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by those forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by those forward-looking statements are: the risk that the duration and severity of the COVID-19 pandemic, and its ultimate effects on the global economy, our customers and our business, may be worse than expected; risks related to transitioning our business from a traditional perpetual license software company (generally hosted by our customers on their own premises and equipment) to a subscription/cloud-based software-as-a-service model; disruption in the retail sector; the possible effect of new U.S. tariffs on imports from other countries (and possible responsive tariffs on U.S. exports by other countries) on international commerce; 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; 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, 2020, 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 June 30,     Six Months Ended June 30,  
    2021     2020     2021     2020  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Revenue:                                
Cloud subscriptions   $ 28,595     $ 18,503     $ 55,238     $ 35,763  
Software license     8,823       5,681       16,661       15,416  
Maintenance     37,732       35,898       73,891       71,642  
Services     84,703       71,778       165,062       159,184  
Hardware     6,261       3,770       12,112       7,528  
Total revenue     166,114       135,630       322,964       289,533  
Costs and expenses:                                
Cost of software license     556       591       1,112       1,146  
Cost of cloud subscriptions, maintenance and services     70,072       62,434       143,581       136,710  
Research and development     23,213       19,931       47,473       43,259  
Sales and marketing     13,750       9,709       27,146       22,797  
General and administrative     17,082       14,016       34,651       30,130  
Depreciation and amortization     2,084       2,257       4,219       4,603  
Total costs and expenses     126,757       108,938       258,182       238,645  
Operating income     39,357       26,692       64,782       50,888  
Other income (loss), net     306       (158 )     13       1,262  
Income before income taxes     39,663       26,534       64,795       52,150  
Income tax provision     9,070       7,330       11,559       10,416  
Net income   $ 30,593     $ 19,204     $ 53,236     $ 41,734  
                                 
Basic earnings per share   $ 0.48     $ 0.30     $ 0.84     $ 0.66  
Diluted earnings per share   $ 0.48     $ 0.30     $ 0.83     $ 0.65  
                                 
Weighted average number of shares:                                
Basic     63,537       63,509       63,591       63,550  
Diluted     64,276       64,126       64,371       64,234  


MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
 
    Three Months Ended June 30,     Six Months Ended June 30,  
    2021     2020     2021     2020  
                                 
Operating income   $ 39,357     $ 26,692     $ 64,782     $ 50,888  
Equity-based compensation (a)     10,709       7,492       20,760       15,056  
Purchase amortization (c)     107       110       214       217  
Adjusted operating income (Non-GAAP)   $ 50,173     $ 34,294     $ 85,756     $ 66,161  
                                 
                                 
Income tax provision   $ 9,070     $ 7,330     $ 11,559     $ 10,416  
Equity-based compensation (a)     1,478       759       2,896       1,649  
Tax benefit of stock awards vested (b)     402       60       4,057       3,742  
Purchase amortization (c)     26       27       53       54  
Adjusted income tax provision (Non-GAAP)   $ 10,976     $ 8,176     $ 18,565     $ 15,861  
                                 
                                 
Net income   $ 30,593     $ 19,204     $ 53,236     $ 41,734  
Equity-based compensation (a)     9,231       6,733       17,864       13,407  
Tax benefit of stock awards vested (b)     (402 )     (60 )     (4,057 )     (3,742 )
Purchase amortization (c)     81       82       161       163  
Adjusted net income (Non-GAAP)   $ 39,503     $ 25,959     $ 67,204     $ 51,562  
                                 
                                 
Diluted EPS   $ 0.48     $ 0.30     $ 0.83     $ 0.65  
Equity-based compensation (a)     0.14       0.10       0.28       0.21  
Tax benefit of stock awards vested (b)     (0.01 )     -       (0.06 )     (0.06 )
Purchase amortization (c)     -       -       -       -  
Adjusted diluted EPS (Non-GAAP)   $ 0.61     $ 0.40     $ 1.04     $ 0.80  
                                 
Fully diluted shares     64,276       64,126       64,371       64,234  


(a) Adjusted results exclude all equity-based compensation to facilitate comparison with our peers and because it typically does not require cash settlement. As explained in our Current Report on Form 8-K filed today with the SEC, we do not include this expense when assessing our operating performance. We do not receive a GAAP tax benefit for a portion of our equity-based compensation, mainly due to Section 162(m) of the Internal Revenue Code, which limits tax deductions for compensation granted to certain executives. The Tax Cuts and Jobs Act further increased those limitations.


    Three Months Ended June 30,     Six Months Ended June 30,  
    2021     2020     2021     2020  
                                 
Cost of services   $ 3,513     $ 2,326     $ 6,792     $ 4,611  
Research and development     2,116       1,522       4,108       3,063  
Sales and marketing     1,111       756       2,125       1,559  
General and administrative     3,969       2,888       7,735       5,823  
Total equity-based compensation   $ 10,709     $ 7,492     $ 20,760     $ 15,056  


(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 excluded 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 excluded the related tax benefit (expense) generated upon their vesting.
   
(c) Adjustments represent purchased intangibles amortization from a prior acquisition. We exclude that amortization from adjusted results to facilitate comparison with our peers, to facilitate comparisons of the results of our core operations from period to period and for the other reasons explained in our Current Report on Form 8-K filed with the SEC.


MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
 
    June 30, 2021     December 31, 2020  
    (unaudited)          
ASSETS                
Current assets:                
Cash and cash equivalents   $ 209,343     $ 204,705  
Accounts receivable, net of allowance of $4,178 and $3,497, at June 30, 2021 and December 31, 2020, respectively     113,955       109,202  
Prepaid expenses and other current assets     23,934       20,134  
Total current assets     347,232       334,041  
                 
Property and equipment, net     15,115       17,903  
Operating lease right-of-use assets     28,744       31,470  
Goodwill, net     62,246       62,252  
Deferred income taxes     3,975       5,760  
Other assets     17,685       13,986  
Total assets   $ 474,997     $ 465,412  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY                
Current liabilities:                
Accounts payable   $ 22,031     $ 17,805  
Accrued compensation and benefits     49,728       41,962  
Accrued and other liabilities     18,915       21,181  
Deferred revenue     125,993       114,164  
Income taxes payable     194       1,874  
Total current liabilities     216,861       196,986  
                 
Operating lease liabilities, long-term     24,959       27,843  
Other non-current liabilities     20,727       21,686  
                 
Shareholders' equity:                
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2021 and 2020     -       -  
Common stock, $0.01 par value; 200,000,000 shares authorized; 63,397,603 and 63,527,186 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively     634       635  
Retained earnings     231,035       236,524  
Accumulated other comprehensive loss     (19,219 )     (18,262 )
Total shareholders' equity     212,450       218,897  
Total liabilities and shareholders' equity   $ 474,997     $ 465,412  


MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
 
    Six Months Ended June 30,  
    2021     2020  
    (unaudited)     (unaudited)  
Operating activities:                
Net income   $ 53,236     $ 41,734  
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation and amortization     4,219       4,603  
Equity-based compensation     20,760       15,056  
Loss on disposal of equipment     -       10  
Deferred income taxes     1,768       4,234  
Unrealized foreign currency gain     (1,029 )     (741 )
Changes in operating assets and liabilities:                
     Accounts receivable, net     (5,289 )     (7,469 )
     Other assets     (7,912 )     (619 )
     Accounts payable, accrued and other liabilities     9,592       (21,787 )
     Income taxes     (1,952 )     568  
     Deferred revenue     12,002       24,799  
Net cash provided by operating activities     85,395       60,388  
                 
Investing activities:                
Purchase of property and equipment     (1,171 )     (1,752 )
Net cash used in investing activities     (1,171 )     (1,752 )
                 
Financing activities:                
Purchase of common stock     (79,486 )     (43,155 )
Net cash used in financing activities     (79,486 )     (43,155 )
                 
Foreign currency impact on cash     (100 )     (2,521 )
                 
Net change in cash and cash equivalents     4,638       12,960  
Cash and cash equivalents at beginning of period     204,705       110,678  
Cash and cash equivalents at end of period   $ 209,343     $ 123,638  


MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION

1.  Continuing Impact of COVID-19:

Regarding the impact of the COVID-19 pandemic, we remain cautious about the global recovery, which we expect to be protracted.

Our results for the first six months exceeded our expectations due to solid demand for our cloud solutions. Our solutions are mission critical, supporting complex global supply chains. Favorable secular tailwinds, such as the digital transformation of businesses in manufacturing, wholesale and retail, coupled with our commitment to investing in organic innovation to deliver leading cloud supply chain, inventory and omnichannel commerce solutions, are in synergistic alignment with current market demand. This alignment contributed to higher demand and strong win rates for our solutions for the period.

We remain committed to investing in our business to drive customer success and expand our total addressable market, which we believe will position us well to achieve long-term sustainable growth and earnings.

2.  GAAP and Adjusted earnings per share by quarter are as follows:

  2020     2021  
  1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     YTD  
GAAP Diluted EPS $ 0.35     $ 0.30     $ 0.39     $ 0.32     $ 1.36     $ 0.35     $ 0.48     $ 0.83  
Adjustments to GAAP:                                                              
Equity-based compensation   0.10       0.10       0.13       0.13       0.46       0.13       0.14       0.28  
Tax benefit of stock awards vested   (0.06 )     -       -       -       (0.06 )     (0.06 )     (0.01 )     (0.06 )
Purchase amortization   -       -       -       -       -       -       -       -  
Adjusted Diluted EPS $ 0.40     $ 0.40     $ 0.51     $ 0.45     $ 1.76     $ 0.43     $ 0.61     $ 1.04  
Fully Diluted Shares   64,342       64,126       64,427       64,484       64,333       64,466       64,276       64,371  


3.
  Revenues and operating income by reportable segment are as follows (in thousands):

  2020     2021  
  1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     YTD  
Revenue:  
Americas $ 123,146     $ 107,368     $ 121,168     $ 114,257     $ 465,939     $ 122,813     $ 132,308     $ 255,121  
EMEA   24,313       21,558       21,721       25,990       93,582       28,434       27,190       55,624  
APAC   6,444       6,704       6,868       6,835       26,851       5,603       6,616       12,219  
  $ 153,903     $ 135,630     $ 149,757     $ 147,082     $ 586,372     $ 156,850     $ 166,114     $ 322,964  
                                                               
GAAP Operating Income:  
Americas $ 16,282     $ 18,984     $ 27,296     $ 18,547     $ 81,109     $ 16,116     $ 28,590     $ 44,706  
EMEA   6,313       5,515       5,319       7,490       24,637       8,374       8,643       17,017  
APAC   1,601       2,193       2,361       2,160       8,315       935       2,124       3,059  
  $ 24,196     $ 26,692     $ 34,976     $ 28,197     $ 114,061     $ 25,425     $ 39,357     $ 64,782  
                                                               
Adjustments (pre-tax):  
Americas:                                                              
Equity-based compensation $ 7,564     $ 7,492     $ 9,012     $ 9,287     $ 33,355     $ 10,051     $ 10,709     $ 20,760  
Purchase amortization   107       110       107       105       429       107       107       214  
  $ 7,671     $ 7,602     $ 9,119     $ 9,392     $ 33,784     $ 10,158     $ 10,816     $ 20,974  
                                                               
                                                               
Adjusted non-GAAP Operating Income:  
Americas $ 23,953     $ 26,586     $ 36,415     $ 27,939     $ 114,893     $ 26,274     $ 39,406     $ 65,680  
EMEA   6,313       5,515       5,319       7,490       24,637       8,374       8,643       17,017  
APAC   1,601       2,193       2,361       2,160       8,315       935       2,124       3,059  
  $ 31,867     $ 34,294     $ 44,095     $ 37,589     $ 147,845     $ 35,583     $ 50,173     $ 85,756  


4.
  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):

  2020     2021  
  1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     YTD  
Revenue $ (988 )   $ (777 )   $ 1,165     $ 1,946     $ 1,346     $ 2,932     $ 3,209     $ 6,141  
Costs and expenses   (996 )     (1,430 )     291       918       (1,217 )     2,000       2,442       4,442  
Operating income   8       653       874       1,028       2,563       932       767       1,699  
Foreign currency gains (losses) in other income   1,348       (193 )     (913 )     (639 )     (397 )     (287 )     315       28  
  $ 1,356     $ 460     $ (39 )   $ 389     $ 2,166     $ 645     $ 1,082     $ 1,727  


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):

  2020     2021 
  1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     YTD  
Operating income $ 308     $ 895     $ 601     $ 445     $ 2,249     $ 79     $ (294 )   $ (215 )
Foreign currency gains (losses) in other income   1,450       262       (1,165 )     (381 )     166       315       535       850  
Total impact of changes in the Indian Rupee $ 1,758     $ 1,157     $ (564 )   $ 64     $ 2,415     $ 394     $ 241     $ 635  


5.
  Other income includes the following components (in thousands):

  2020     2021
  1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     YTD  
Interest income $ 68     $ 28     $ 8     $ (6 )   $ 98     $ (15 )   $ (10 )   $ (25 )
Foreign currency gains (losses)   1,348       (193 )     (913 )     (639 )     (397 )     (287 )     315       28  
Other non-operating income (expense)   4       7       14       (11 )     14       9       1       10  
Total other income (loss) $ 1,420     $ (158 )   $ (891 )   $ (656 )   $ (285 )   $ (293 )   $ 306     $ 13  


6.
  Capital expenditures are as follows (in thousands):

  2020     2021
  1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     YTD  
Capital expenditures $ 1,245     $ 507     $ 176     $ 802     $ 2,730     $ 569     $ 602     $ 1,171  


7.
  Stock Repurchase Activity (in thousands):

  2020     2021
  1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     YTD  
Shares purchased under publicly announced buy-back program   337       -       -       -       337       214       244       458  
Shares withheld for taxes due upon vesting of restricted stock units   219       2       4       -       225       172       1       173  
Total shares purchased   556       2       4       -       562       386       245       631  
                                                               
Total cash paid for shares purchased under publicly announced buy-back program $ 25,000     $ -     $ -     $ -     $ 25,000     $ 26,988     $ 32,894     $ 59,882  
Total cash paid for shares withheld for taxes due upon vesting of restricted stock units   18,032       123       368       38       18,561       19,414       190       19,604  
Total cash paid for shares repurchased $ 43,032     $ 123     $ 368     $ 38     $ 43,561     $ 46,402     $ 33,084     $ 79,486  


8. 
 Remaining Performance Obligations

We disclose revenue we expect to recognize from our remaining performance obligations. Our reported performance obligations primarily represent cloud subscriptions with a non-cancelable term 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). Our deferred revenue on the balance sheet primarily relates to our maintenance contracts, which are typically one year in duration and are not included in the remaining performance obligations. Below are our remaining performance obligations as of the end of each period (in thousands):

  March 31,
2020
    June 30,
2020
    September 30,
2020
    December 31,
2020
    March 31,
2021
    June 30,
2021
 
Remaining Performance Obligations $ 202,793     $ 225,470     $ 257,287     $ 308,761     $ 421,196     $ 488,718  


Contact:   Michael Bauer   Rick Fernandez
    Senior Director, 
Investor Relations
  Director, 
Corporate Communications
    Manhattan Associates, Inc.   Manhattan Associates, Inc.
    678-597-7538   678-597-6988
    mbauer@manh.com   rfernandez@manh.com
         


 


Via GlobeNewswire RSS Feed https://ift.tt/3jYjx2z
Advertisements

Post a Comment

Comment

Previous Post Next Post