TechDogs-"Manhattan Associates Reports Record Revenue And Earnings"

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Manhattan Associates Reports Record Revenue And Earnings

By Business Wire

Business Wire
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RPO Bookings Increase 38% over Prior Year on Strong Demand
Company Raises 2023 Full-Year Guidance

ATLANTA--(BUSINESS WIRE)--Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $231.0 million for the second quarter ended June 30, 2023. GAAP diluted earnings per share for Q2 2023 was $0.63 compared to $0.49 in Q2 2022. Non-GAAP adjusted diluted earnings per share for Q2 2023 was $0.88 compared to $0.69 in Q2 2022.

“Manhattan delivered record second quarter and first half results. Robust demand drove Q2 cloud revenue growth of 44% and service revenue growth of 23%. These strong results exceeded our expectations, leading to our top-line outperformance and solid earnings leverage in the quarter,” said Manhattan Associates president and CEO Eddie Capel.

“While appropriately cautious regarding the global economy, we are optimistic on our opportunity. To extend our leadership position, we remain committed to investing in industry leading innovation across supply chain execution, omnichannel and retail point of sale markets to best help our customers achieve more by digitally transforming their businesses,” Mr. Capel concluded.

SECOND QUARTER 2023 FINANCIAL SUMMARY:

  • Consolidated total revenue was $231.0 million for Q2 2023, compared to $191.9 million for Q2 2022.
    • Cloud subscription revenue was $60.9 million for Q2 2023, compared to $42.2 million for Q2 2022.
    • License revenue was $3.7 million for Q2 2023, compared to $5.1 million for Q2 2022.
    • Services revenue was $124.6 million for Q2 2023, compared to $100.9 million for Q2 2022.
  • GAAP diluted earnings per share was $0.63 for Q2 2023, compared to $0.49 for Q2 2022.
  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.88 for Q2 2023, compared to $0.69 for Q2 2022.
  • GAAP operating income was $50.5 million for Q2 2023, compared to $37.3 million for Q2 2022.
  • Adjusted operating income, a non-GAAP measure, was $68.4 million for Q2 2023, compared to $52.8 million for Q2 2022.
  • Cash flow from operations was $40.6 million for Q2 2023, compared to $52.7 million for Q2 2022. Days Sales Outstanding was 70 days at June 30, 2023, compared to 65 days at March 31, 2023.
  • Cash totaled $153.3 million at June 30, 2023, compared to $181.6 million at March 31, 2023.
  • During the three months ended June 30, 2023, the Company repurchased 381,357 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $66.8 million. In July 2023, 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 2023 FINANCIAL SUMMARY:

  • Consolidated total revenue for the six months ended June 30, 2023, was $452.0 million, compared to $370.9 million for the six months ended June 30, 2022.
    • Cloud subscription revenue was $118.2 million for the six months ended June 30, 2023, compared to $79.5 million for the six months ended June 30, 2022.
    • License revenue was $9.1 million for the six months ended June 30, 2023, compared to $13.5 million for the six months ended June 30, 2022.
    • Services revenue was $240.8 million for the six months ended June 30, 2023, compared to $190.9 million for the six months ended June 30, 2022.
  • GAAP diluted earnings per share for the six months ended June 30, 2023, was $1.25, compared to $0.97 for the six months ended June 30, 2022.
  • Adjusted diluted earnings per share, a non-GAAP measure, was $1.67 for the six months ended June 30, 2023, compared to $1.29 for the six months ended June 30, 2022.
  • GAAP operating income was $97.6 million for the six months ended June 30, 2023, compared to $71.2 million for the six months ended June 30, 2022.
  • Adjusted operating income, a non-GAAP measure, was $132.1 million for the six months ended June 30, 2023, compared to $100.9 million for the six months ended June 30, 2022.
  • Cash flow from operations was $99.3 million for the six months ended June 30, 2023, compared to $84.5 million for the six months ended June 30, 2022.
  • During the six months ended June 30, 2023, the Company repurchased 896,195 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $140.9 million.

2023 GUIDANCE

Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2023:

Guidance Range - 2023 Full Year

($'s in millions, except operating margin and EPS)

$ Range

% Growth Range

Total revenue - current guidance

$886

$894

15%

17%

Operating margin:

GAAP operating margin - current guidance

19.5%

19.8%

Equity-based compensation

7.9%

7.8%

Adjusted operating margin(1) - current guidance

27.4%

27.6%

Diluted earnings per share (EPS):

GAAP EPS - current guidance

$2.18

$2.22

7%

9%

Equity-based compensation, net of tax

0.95

0.95

Excess tax benefit on stock vesting(2)

(0.06)

(0.06)

Adjusted EPS(1) - current guidance

$3.07

$3.11

11%

13%

(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 2023.

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 and guideposts in the supplemental information below, are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below. 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 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 and guideposts, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.

CONFERENCE CALL

Manhattan Associates’ conference call regarding its second quarter 2023 financial results will be held today, July 25, 2023, at 4:30 p.m. Eastern Time. The Company will also discuss its business and expectations for the year and next quarter in additional detail during the call. We invite investors to a live webcast of the conference call through the Investor Relations section of the Manhattan Associates website at ir.manh.com. To listen to the live webcast, please go to the website at least 15 minutes before the call to download and install any necessary audio software. The Internet webcast will be available until Manhattan Associates’ third quarter 2023 earnings release.

GAAP VERSUS NON-GAAP PRESENTATION

Manhattan Associates provides adjusted operating income and margin, adjusted income tax provision, adjusted net income, and adjusted diluted earnings per share in this press release as additional information regarding the Company’s historical and projected operating results. These measures are not in accordance with, or alternatives to, GAAP, and may be different from similarly titled non-GAAP measures used by other companies. The Company believes the presentation of these non-GAAP financial measures facilitates investors’ ability to understand and compare the Company’s results and guidance, because the measures provide supplemental information in evaluating the operating results of its business, as distinct from results that include items not indicative of ongoing operating results, and because the Company believes its peers typically publish similar non-GAAP measures. This release should be read in conjunction with the Company’s Form 8-K earnings release filing for the three and six months ended June 30, 2023.

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. 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 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 “2023 Guidance” and “Guideposts,” 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: economic conditions, including inflation; disruption in the retail sector; delays in product development; competitive and pricing pressures; software errors and information technology failures, disruption and security breaches; disruption in the retail sector; risks related to our products’ technology and customer implementations; global instability, including the war in Ukraine; 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, 2022, 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,

2023

2022

2023

2022

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Revenue:

Cloud subscriptions

$60,943

$42,203

$118,163

$79,500

Software license

3,745

5,125

9,097

13,483

Maintenance

35,826

35,993

71,476

71,295

Services

124,609

100,941

240,779

190,859

Hardware

5,893

7,662

12,514

15,743

Total revenue

231,016

191,924

452,029

370,880

Costs and expenses:

Cost of cloud subscriptions, maintenance and services

108,445

87,766

211,772

170,791

Cost of software license

368

880

670

1,282

Research and development

31,600

27,924

62,394

55,379

Sales and marketing

18,563

17,749

36,628

32,139

General and administrative

20,237

18,606

40,190

36,571

Depreciation and amortization

1,320

1,746

2,807

3,493

Total costs and expenses

180,533

154,671

354,461

299,655

Operating income

50,483

37,253

97,568

71,225

Other income, net

1,041

2,243

1,184

2,981

Income before income taxes

51,524

39,496

98,752

74,206

Income tax provision

11,904

8,671

20,341

12,789

Net income

$39,620

$30,825

$78,411

$61,417

Basic earnings per share

$0.64

$0.49

$1.26

$0.97

Diluted earnings per share

$0.63

$0.49

$1.25

$0.97

Weighted average number of shares:

Basic

61,862

62,954

62,036

63,083

Diluted

62,432

63,419

62,599

63,644

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,

2023

2022

2023

2022

Operating income

$50,483

$37,253

$97,568

$71,225

Equity-based compensation (a)

17,928

15,538

34,568

29,676

Adjusted operating income (Non-GAAP)

$68,411

$52,791

$132,136

$100,901

Income tax provision

$11,904

$8,671

$20,341

$12,789

Equity-based compensation (a)

2,628

2,566

5,037

4,748

Tax benefit of stock awards vested (b)

281

8

3,236

4,383

Adjusted income tax provision (Non-GAAP)

$14,813

$11,245

$28,614

$21,920

Net income

$39,620

$30,825

$78,411

$61,417

Equity-based compensation (a)

15,300

12,972

29,531

24,928

Tax benefit of stock awards vested (b)

(281)

(8)

(3,236)

(4,383)

Adjusted net income (Non-GAAP)

$54,639

$43,789

$104,706

$81,962

Diluted EPS

$0.63

$0.49

$1.25

$0.97

Equity-based compensation (a)

0.25

0.20

0.47

0.39

Tax benefit of stock awards vested (b)

-

-

(0.05)

(0.07)

Adjusted diluted EPS (Non-GAAP)

$0.88

$0.69

$1.67

$1.29

Fully diluted shares

62,432

63,419

62,599

63,644

(a)

Adjusted results exclude all equity-based compensation 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 due to Section 162(m) of the Internal Revenue Code, which limits tax deductions for compensation granted to certain executives.

Three Months Ended June 30,

Six Months Ended June 30,

2023

2022

2023

2022

Cost of services

$7,178

$5,822

$13,694

$10,959

Research and development

3,915

3,425

7,570

6,614

Sales and marketing

1,807

1,546

3,455

2,952

General and administrative

5,028

4,745

9,849

9,151

Total equity-based compensation

$17,928

$15,538

$34,568

$29,676

(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)

June 30, 2023

December 31, 2022

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

153,294

$

225,463

Accounts receivable, net of allowance of $5,903 and $6,009, at June 30, 2023 and December 31, 2022, respectively

178,453

166,767

Prepaid expenses and other current assets

28,272

23,145

Total current assets

360,019

415,375

Property and equipment, net

11,754

12,803

Operating lease right-of-use assets

16,052

17,794

Goodwill, net

62,233

62,230

Deferred income taxes

48,259

37,206

Other assets

28,677

24,770

Total assets

$

526,994

$

570,178

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

26,124

$

25,701

Accrued compensation and benefits

51,937

54,469

Accrued and other liabilities

25,339

24,569

Deferred revenue

227,100

208,807

Income taxes payable

109

2,049

Total current liabilities

330,609

315,595

Operating lease liabilities, long-term

12,459

14,065

Other non-current liabilities

13,376

13,718

Shareholders' equity:

Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2023 and 2022

-

-

Common stock, $0.01 par value; 200,000,000 shares authorized; 61,668,512 and 62,191,570 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively

617

621

Retained earnings

196,673

253,711

Accumulated other comprehensive loss

(26,740

)

(27,532

)

Total shareholders' equity

170,550

226,800

Total liabilities and shareholders' equity

$

526,994

$

570,178

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

Six Months Ended June 30,

2023

2022

(unaudited)

(unaudited)

Operating activities:

Net income

$

78,411

$

61,417

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

2,807

3,493

Equity-based compensation

34,568

29,676

Loss (gain) on disposal of equipment

22

(92

)

Deferred income taxes

(11,038

)

(12,535

)

Unrealized foreign currency loss (gain)

1,577

(2,087

)

Changes in operating assets and liabilities:

Accounts receivable, net

(11,024

)

(11,703

)

Other assets

(5,825

)

(6,697

)

Accounts payable, accrued and other liabilities

(2,593

)

(587

)

Income taxes

(5,359

)

(3,519

)

Deferred revenue

17,740

27,116

Net cash provided by operating activities

99,286

84,482

Investing activities:

Purchase of property and equipment

(1,675

)

(2,243

)

Net cash used in investing activities

(1,675

)

(2,243

)

Financing activities:

Repurchase of common stock

(169,115

)

(127,787

)

Net cash used in financing activities

(169,115

)

(127,787

)

Foreign currency impact on cash

(665

)

(4,387

)

Net change in cash and cash equivalents

(72,169

)

(49,935

)

Cash and cash equivalents at beginning of period

225,463

263,706

Cash and cash equivalents at end of period

$

153,294

$

213,771

MANHATTAN ASSOCIATES, INC.

SUPPLEMENTAL INFORMATION

1. GAAP and adjusted earnings per share by quarter are as follows:

2022

2023

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Full Year

1st Qtr

2nd Qtr

YTD

GAAP Diluted EPS

$0.48

$0.49

$0.47

$0.60

$2.03

$0.62

$0.63

$1.25

Adjustments to GAAP:

Equity-based compensation

0.19

0.20

0.19

0.21

0.79

0.23

0.25

0.47

Tax benefit of stock awards vested

(0.07)

-

-

-

(0.07)

(0.05)

-

(0.05)

Adjusted Diluted EPS

$0.60

$0.69

$0.66

$0.81

$2.76

$0.80

$0.88

$1.67

Fully Diluted Shares

63,871

63,419

63,165

63,028

63,408

62,767

62,432

62,599

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

2022

2023

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Full Year

1st Qtr

2nd Qtr

YTD

Revenue:

Americas

$139,540

$151,996

$156,674

$155,674

$603,884

$170,759

$179,208

$349,967

EMEA

32,151

31,614

31,843

33,330

128,938

39,658

40,902

80,560

APAC

7,265

8,314

9,584

9,099

34,262

10,596

10,906

21,502

$178,956

$191,924

$198,101

$198,103

$767,084

$221,013

$231,016

$452,029

GAAP Operating Income:

Americas

$21,393

$24,507

$22,914

$30,475

$99,289

$29,647

$32,326

$61,973

EMEA

10,517

9,423

9,851

10,239

40,030

12,793

13,556

26,349

APAC

2,062

3,323

4,005

3,991

13,381

4,645

4,601

9,246

$33,972

$37,253

$36,770

$44,705

$152,700

$47,085

$50,483

$97,568

Adjustments (pre-tax):

Americas:

Equity-based compensation

$14,138

$15,538

$14,533

$15,152

$59,361

$16,640

$17,928

$34,568

$14,138

$15,538

$14,533

$15,152

$59,361

$16,640

$17,928

$34,568

Adjusted non-GAAP Operating Income:

Americas

$35,531

$40,045

$37,447

$45,627

$158,650

$46,287

$50,254

$96,541

EMEA

10,517

9,423

9,851

10,239

40,030

12,793

13,556

26,349

APAC

2,062

3,323

4,005

3,991

13,381

4,645

4,601

9,246

$48,110

$52,791

$51,303

$59,857

$212,061

$63,725

$68,411

$132,136

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):

2022

2023

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Full Year

1st Qtr

2nd Qtr

YTD

Revenue

$(2,268)

$(4,568)

$(6,152)

$(5,124)

$(18,112)

$(3,084)

$104

$(2,980)

Costs and expenses

(2,043)

(3,862)

(5,412)

(5,354)

(16,671)

(3,616)

(1,133)

(4,749)

Operating income

(225)

(706)

(740)

230

(1,441)

532

1,237

1,769

Foreign currency gains (losses)
in other income

711

2,056

1,569

353

4,689

(810)

(516)

(1,326)

$486

$1,350

$829

$583

$3,248

$(278)

$721

$443

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):

2022

2023

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Full Year

1st Qtr

2nd Qtr

YTD

Operating income

$470

$710

$1,166

$1,900

$4,246

$1,632

$1,222

$2,854

Foreign currency gains (losses)
in other income

809

2,085

1,713

738

5,345

(283)

(31)

(314)

Total impact of changes in the Indian Rupee

$1,279

$2,795

$2,879

$2,638

$9,591

$1,349

$1,191

$2,540

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

2022

2023

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Full Year

1st Qtr

2nd Qtr

YTD

Interest income

$19

$92

$112

$373

$596

$969

$1,555

$2,524

Foreign currency gains (losses)

711

2,056

1,569

353

4,689

(810)

(516)

(1,326)

Other non-operating income (expense)

8

95

(69)

102

136

(16)

2

(14)

Total other income (loss)

$738

$2,243

$1,612

$828

$5,421

$143

$1,041

$1,184

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

2022

2023

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Full Year

1st Qtr

2nd Qtr

YTD

Capital expenditures

$1,159

$1,084

$1,909

$2,435

$6,587

$666

$1,009

$1,675

6. Stock Repurchase Activity (in thousands):

2022

2023

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Full Year

1st Qtr

2nd Qtr

YTD

Shares purchased under publicly announced buy-back program

383

417

347

206

1,353

515

381

896

Shares withheld for taxes due upon vesting of restricted stock units

203

4

8

2

217

208

4

212

Total shares purchased

586

421

355

208

1,570

723

385

1,108

Total cash paid for shares purchased under publicly announced buy-back program

$49,965

$50,151

$50,000

$25,234

$175,350

$74,177

$66,769

$140,946

Total cash paid for shares withheld for taxes due upon vesting of restricted stock units

27,143

528

1,242

197

29,110

27,511

658

28,169

Total cash paid for shares repurchased

$77,108

$50,679

$51,242

$25,431

$204,460

$101,688

$67,427

$169,115

7. Remaining Performance Obligations

We disclose revenue we expect to recognize from our remaining performance obligations ("RPO"). Approximately 98% of our RPO represent cloud native 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). Maintenance contracts are typically one year and are not included in the RPO. Our RPO as of the end of each period appears below (in thousands):

March 31, 2022

June 30, 2022

September 30, 2022

December 30, 2022

March 31, 2023

June 30, 2023

Remaining Performance Obligations

$

809,540

$

897,680

$

969,603

$

1,051,544

$

1,153,404

$

1,238,672


Contacts

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

Read full story here

First published on Wed, Jul 26, 2023

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