Manhattan Associates Reports First Quarter Results

Apr. 22, 2025 4:05 PM ETManhattan Associates, Inc. (MANH)

RPO Bookings Increased 25% over Prior Year

ATLANTA--(BUSINESS WIRE)-- Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (MANH) today reported revenue of $262.8 million for the first quarter ended March 31, 2025. GAAP diluted earnings per share for Q1 2025 was $0.85 compared to $0.86 in Q1 2024. Non-GAAP adjusted diluted earnings per share for Q1 2025 was $1.19 compared to $1.03 in Q1 2024.

“Manhattan is off to a solid start to 2025 and delivered better than expected top and bottom line first quarter results,” said Manhattan Associates president and CEO Eric Clark.

“Since joining Manhattan, I have been impressed by our platform, products, and people. Our unified cloud portfolio offers best-in-class functionality and Manhattan is the only cloud provider named by industry analysts as a leader across the supply chain commerce ecosystem. Our addressable market is large and growing, and we are well positioned for success across a broad set of industries,” Mr. Clark concluded.

FIRST QUARTER 2025 FINANCIAL SUMMARY:

  • Consolidated total revenue was $262.8 million for Q1 2025, compared to $254.6 million for Q1 2024.
    • Cloud subscription revenue was $94.3 million for Q1 2025, compared to $78.0 million for Q1 2024.
    • License revenue was $9.3 million for Q1 2025, compared to $2.8 million for Q1 2024.
    • Services revenue was $121.1 million for Q1 2025, compared to $132.2 million for Q1 2024.
  • GAAP diluted earnings per share was $0.85 for Q1 2025, compared to $0.86 for Q1 2024.
  • Adjusted diluted earnings per share, a non-GAAP measure, was $1.19 for Q1 2025, compared to $1.03 for Q1 2024.
  • GAAP operating income was $63.2 million for Q1 2025, compared to $57.6 million for Q1 2024.
  • Adjusted operating income, a non-GAAP measure, was $91.3 million for Q1 2025, compared to $79.7 million for Q1 2024.
  • Cash flow from operations was $75.3 million for Q1 2025, compared to $54.7 million for Q1 2024. Days Sales Outstanding was 72 days at March 31, 2025, compared to 74 days at December 31, 2024.
  • Cash totaled $205.9 million at March 31, 2025, compared to $266.2 million at December 31, 2024.
  • During the three months ended March 31, 2025, the Company repurchased 539,328 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $100.0 million. In April 2025, our Board of Directors approved replenishing the Company’s remaining share repurchase authority to an aggregate of $100.0 million of our common stock.

2025 GUIDANCE

Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2025:

 

 

Guidance Range - 2025 Full Year

 

(s in millions, except operating margin and EPS)

$ Range

 

% Growth Range

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$1,060

 

$1,070

 

2%

 

3%

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margin:

 

 

 

 

 

 

 

 

 

GAAP operating margin

22.5%

 

23.1%

 

 

 

 

 

 

Equity-based compensation

9.8%

 

9.7%

 

 

 

 

 

 

Unusual health insurance claim(3)

0.4%

 

0.4%

 

 

 

 

 

 

Restructuring expense(4)

0.3%

 

0.3%

 

 

 

 

 

 

Adjusted operating margin(1)

33.0%

 

33.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share (EPS):

 

 

 

 

 

 

 

 

 

GAAP EPS

$3.06

 

$3.16

 

-13%

 

-10%

 

 

Equity-based compensation

1.45

 

1.45

 

 

 

 

 

 

Excess tax benefit on stock vesting(2)

(0.06)

 

(0.06)

 

 

 

 

 

 

Unusual health insurance claim(3)

0.05

 

0.05

 

 

 

 

 

 

Restructuring expense(4)

0.04

 

0.04

 

 

 

 

 

 

Adjusted EPS(1)

$4.54

 

$4.64

 

-4%

 

-2%

 

 

 

 

 

 

 

 

 

 

 

 

(1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based compensation, expense related to an unusual health insurance claim, restructuring expense, and the related income tax effects, if applicable.

 

 

(2) Excess tax benefit on stock vesting expected to occur primarily in the first quarter of 2025.

 

 

(3) Adjustment represents expense for an unusual health insurance claim, net of insurance recoveries. Based on the uncommonly large magnitude and nature of the claim, we do not believe that this expense reflects our normal operating activities, and we have excluded the amount from adjusted non-GAAP results.

 

 

(4) In January 2025, the Company eliminated about 100 positions to align our services capacity with customer demand, which has been impacted by short-term macro-economic uncertainty. We recorded a pre-tax restructuring expense in the first quarter of 2025 and exclude the amount from adjusted non-GAAP results.

 

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 first quarter financial results will be held today, April 22, 2025, 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’ second quarter 2025 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 months ended March 31, 2025.

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, an expense related to an unusual health insurance claim, and restructuring expense – net of income tax effects, collectively. 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 “2025 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 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, 2024, 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 March 31,

 

 

2025

 

2024

 

 

(unaudited)

 

(unaudited)

Revenue:

 

 

 

 

Cloud subscriptions

 

$94,306

 

$78,027

Software license

 

9,292

 

2,810

Maintenance

 

32,144

 

34,972

Services

 

121,127

 

132,195

Hardware

 

5,918

 

6,548

Total revenue

 

262,787

 

254,552

Costs and expenses:

 

 

 

 

Cost of cloud subscriptions, maintenance and services

 

114,358

 

118,955

Cost of software license

 

209

 

332

Research and development

 

35,298

 

35,010

Sales and marketing

 

21,061

 

19,929

General and administrative

 

24,219

 

21,203

Depreciation and amortization

 

1,541

 

1,493

Restructuring expense

 

2,929

 

-

Total costs and expenses

 

199,615

 

196,922

Operating income

 

63,172

 

57,630

Other income, net

 

1,337

 

996

Income before income taxes

 

64,509

 

58,626

Income tax provision

 

11,927

 

4,825

Net income

 

$52,582

 

$53,801

 

 

 

 

 

Basic earnings per share

 

$0.86

 

$0.87

Diluted earnings per share

 

$0.85

 

$0.86

 

 

 

 

 

Weighted average number of shares:

 

 

 

 

Basic

 

60,870

 

61,625

Diluted

 

61,527

 

62,493

Reconciliation of Selected GAAP to Non-GAAP Measures

(in thousands, except per share amounts)

 

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

2024

 

 

 

 

 

 

Operating income

 

 

$63,172

 

$57,630

Equity-based compensation (a)

 

 

28,826

 

22,095

Unusual health insurance claim (c)

 

 

(3,658)

 

-

Restructuring expense (d)

 

 

2,929

 

-

Adjusted operating income (Non-GAAP)

 

 

$91,269

 

$79,725

 

 

 

 

 

 

Income tax provision

 

 

$11,927

 

$4,825

Equity-based compensation (a)

 

 

4,340

 

3,436

Tax benefit of stock awards vested (b)

 

 

3,542

 

8,157

Unusual health insurance claim (c)

 

 

(883)

 

-

Restructuring expense (d)

 

 

707

 

-

Adjusted income tax provision (Non-GAAP)

 

 

$19,633

 

$16,418

 

 

 

 

 

 

Net income

 

 

$52,582

 

$53,801

Equity-based compensation (a)

 

 

24,486

 

18,659

Tax benefit of stock awards vested (b)

 

 

(3,542)

 

(8,157)

Unusual health insurance claim (c)

 

 

(2,775)

 

-

Restructuring expense (d)

 

 

2,222

 

-

Adjusted net income (Non-GAAP)

 

 

$72,973

 

$64,303

 

 

 

 

 

 

Diluted EPS

 

 

$0.85

 

$0.86

Equity-based compensation (a)

 

 

0.40

 

0.30

Tax benefit of stock awards vested (b)

 

 

(0.06)

 

(0.13)

Unusual health insurance claim (c)

 

 

(0.05)

 

-

Restructuring expense (d)

 

 

0.04

 

-

Adjusted diluted EPS (Non-GAAP)

 

 

$1.19

 

$1.03

 

 

 

 

 

 

Fully diluted shares

 

 

61,527

 

62,493

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 March 31,

 

 

 

2025

 

2024

 

 

 

 

 

 

Cost of services

 

 

$11,425

 

$9,289

Research and development

 

 

5,958

 

5,240

Sales and marketing

 

 

2,306

 

1,990

General and administrative

 

 

9,137

 

5,576

Total equity-based compensation

 

 

$28,826

 

$22,095

(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.

 

 

 

(c)

 

In the fourth quarter of 2024, we recorded $7.0 million of expense for an unusual health insurance claim. During the first quarter of 2025, we received an insurance recovery of $4.7 million for this claim, partially offset by additional ongoing expense for the claim. Based on the uncommonly large magnitude and nature of the claim, we do not believe that this expense reflects our normal operating activities, and we have excluded the amount from adjusted non-GAAP results.

 

(d)

 

In January 2025, the Company eliminated about 100 positions to align our services capacity with customer demand, which has been impacted by short-term macro-economic uncertainty. We recorded pre-tax restructuring expense in the first quarter of 2025 of approximately $2.9 million. The expense primarily consists of employee severance and outplacement services. We do not believe that the expense is a common cost that resulted from normal operating activities, and thus we have excluded the amount from adjusted non-GAAP results.

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

205,873

 

 

$

266,230

 

Accounts receivable, net

 

 

210,694

 

 

 

205,475

 

Prepaid expenses and other current assets

 

 

38,768

 

 

 

31,559

 

Total current assets

 

 

455,335

 

 

 

503,264

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

13,508

 

 

 

13,971

 

Operating lease right-of-use assets

 

 

48,366

 

 

 

47,923

 

Goodwill, net

 

 

62,232

 

 

 

62,226

 

Deferred income taxes

 

 

92,389

 

 

 

94,505

 

Other assets

 

 

36,391

 

 

 

35,662

 

Total assets

 

$

708,221

 

 

$

757,551

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

24,199

 

 

$

26,615

 

Accrued compensation and benefits

 

 

54,873

 

 

 

72,180

 

Accrued and other liabilities

 

 

25,976

 

 

 

22,275

 

Deferred revenue

 

 

296,583

 

 

 

277,970

 

Income taxes payable

 

 

3,385

 

 

 

1,264

 

Total current liabilities

 

 

405,016

 

 

 

400,304

 

 

 

 

 

 

 

 

Operating lease liabilities, long-term

 

 

46,999

 

 

 

47,794

 

Other non-current liabilities

 

 

11,111

 

 

 

10,327

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2025 and 2024

 

 

-

 

 

 

-

 

Common stock, $0.01 par value; 200,000,000 shares authorized; 60,714,813 and 60,921,191 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively

 

 

607

 

 

 

609

 

Retained earnings

 

 

274,078

 

 

 

329,439

 

Accumulated other comprehensive loss

 

 

(29,590

)

 

 

(30,922

)

Total shareholders' equity

 

 

245,095

 

 

 

299,126

 

Total liabilities and shareholders' equity

 

$

708,221

 

 

$

757,551

 

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(unaudited)

 

 

(unaudited)

 

Operating activities:

 

 

 

 

 

 

Net income

 

$

52,582

 

 

$

53,801

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

1,541

 

 

 

1,493

 

Equity-based compensation

 

 

28,826

 

 

 

22,095

 

Gain on disposal of equipment

 

 

(98

)

 

 

(138

)

Deferred income taxes

 

 

2,133

 

 

 

(3,869

)

Unrealized foreign currency loss

 

 

781

 

 

 

501

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

(3,321

)

 

 

(25,434

)

Other assets

 

 

(11,959

)

 

 

(4,520

)

Accounts payable, accrued and other liabilities

 

 

(18,807

)

 

 

(20,809

)

Income taxes

 

 

6,482

 

 

 

4,594

 

Deferred revenue

 

 

17,100

 

 

 

27,024

 

Net cash provided by operating activities

 

 

75,260

 

 

 

54,738

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

Purchase of property and equipment

 

 

(891

)

 

 

(2,321

)

Net cash used in investing activities

 

 

(891

)

 

 

(2,321

)

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

Repurchase of common stock

 

 

(136,447

)

 

 

(113,834

)

Net cash used in financing activities

 

 

(136,447

)

 

 

(113,834

)

 

 

 

 

 

 

 

Foreign currency impact on cash

 

 

1,721

 

 

 

(1,800

)

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

(60,357

)

 

 

(63,217

)

Cash and cash equivalents at beginning of period

 

 

266,230

 

 

 

270,741

 

Cash and cash equivalents at end of period

 

$

205,873

 

 

$

207,524

 

MANHATTAN ASSOCIATES, INC.

SUPPLEMENTAL INFORMATION

 

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

 

 

2024

 

2025

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

GAAP Diluted EPS

$0.86

 

$0.85

 

$1.03

 

$0.77

 

$3.51

 

$0.85

Adjustments to GAAP:

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation

0.30

 

0.34

 

0.33

 

0.31

 

1.27

 

0.40

Tax benefit of stock awards vested

(0.13)

 

(0.01)

 

(0.01)

 

-

 

(0.15)

 

(0.06)

Restructuring expense

-

 

-

 

-

 

-

 

-

 

0.04

Unusual health insurance claim

-

 

-

 

-

 

0.09

 

0.09

 

(0.05)

Adjusted Diluted EPS

$1.03

 

$1.18

 

$1.35

 

$1.17

 

$4.72

 

$1.19

Fully Diluted Shares

62,493

 

62,118

 

61,948

 

62,009

 

62,183

 

61,527

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

 

 

2024

 

2025

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

Revenue:

Americas

$196,312

 

$205,955

 

$205,852

 

$194,367

 

$802,486

 

$194,615

EMEA

46,620

 

46,918

 

48,082

 

48,903

 

190,523

 

55,542

APAC

11,620

 

12,445

 

12,747

 

12,531

 

49,343

 

12,630

 

$254,552

 

$265,318

 

$266,681

 

$255,801

 

$1,042,352

 

$262,787

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Operating Income:

Americas

$36,687

 

$45,300

 

$49,033

 

$36,323

 

$167,343

 

$33,862

EMEA

15,884

 

17,195

 

20,521

 

18,896

 

72,496

 

23,703

APAC

5,059

 

5,693

 

5,536

 

5,469

 

21,757

 

5,607

 

$57,630

 

$68,188

 

$75,090

 

$60,688

 

$261,596

 

$63,172

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments (pre-tax):

Americas:

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation

$22,095

 

$24,666

 

$23,853

 

$22,592

 

$93,206

 

$28,826

Unusual health insurance claim

-

 

-

 

-

 

7,002

 

7,002

 

(3,658)

Restructuring expense

-

 

-

 

-

 

-

 

-

 

2,929

 

$22,095

 

$24,666

 

$23,853

 

$29,594

 

$100,208

 

$28,097

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-GAAP Operating Income:

Americas

$58,782

 

$69,966

 

$72,886

 

$65,917

 

$267,551

 

$61,959

EMEA

15,884

 

17,195

 

20,521

 

18,896

 

72,496

 

23,703

APAC

5,059

 

5,693

 

5,536

 

5,469

 

21,757

 

5,607

 

$79,725

 

$92,854

 

$98,943

 

$90,282

 

$361,804

 

$91,269

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):

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

2025

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

Revenue

$648

 

$(531)

 

$936

 

$316

 

$1,369

 

$(1,591)

Costs and expenses

176

 

(673)

 

211

 

(227)

 

(513)

 

(1,966)

Operating income

472

 

142

 

725

 

543

 

1,882

 

375

Foreign currency gains (losses) in other income

(564)

 

(577)

 

(331)

 

519

 

(953)

 

131

 

$(92)

 

$(435)

 

$394

 

$1,062

 

$929

 

$506

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):

 

 

2024

 

2025

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

Operating income

$185

 

$307

 

$261

 

$302

 

$1,055

 

$785

Foreign currency gains (losses) in other income

164

 

41

 

284

 

1,283

 

1,772

 

15

Total impact of changes in the Indian Rupee

$349

 

$348

 

$545

 

$1,585

 

$2,827

 

$800

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

 

 

2024

 

2025

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

Interest income

$1,414

 

$1,503

 

$1,636

 

$1,476

 

$6,029

 

$1,101

Foreign currency gains (losses)

(564)

 

(577)

 

(331)

 

519

 

(953)

 

130

Other non-operating income (expense)

146

 

(12)

 

7

 

1

 

142

 

106

Total other income (loss)

$996

 

$914

 

$1,312

 

$1,996

 

$5,218

 

$1,337

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

 

 

2024

 

2025

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

Capital expenditures

$2,321

 

$2,217

 

$1,009

 

$3,128

 

$8,675

 

$891

6. Stock Repurchase Activity (in thousands):

 

 

2024

 

2025

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

Shares purchased under publicly-announced buy-back program

294

 

343

 

194

 

156

 

987

 

539

Shares withheld for taxes due upon vesting of restricted stock

165

 

3

 

8

 

2

 

178

 

179

Total shares purchased

459

 

346

 

202

 

158

 

1,165

 

718

 

 

 

 

 

 

 

 

 

 

 

 

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

$73,411

 

$74,999

 

$49,687

 

$43,539

 

$241,636

 

$100,000

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

40,423

 

713

 

1,917

 

569

 

43,622

 

36,447

Total cash paid for excise tax

-

 

-

 

-

 

1,108

 

1,108

 

-

Total cash paid for shares repurchased

$113,834

 

$75,712

 

$51,604

 

$45,216

 

$286,366

 

$136,447

7. Remaining Performance Obligations

 

We disclose revenue that 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, 2024

 

June 30, 2024

 

September 30, 2024

 

December 31, 2024

 

March 31, 2025

Remaining Performance Obligations

$1,516,430

 

$1,601,531

 

$1,686,421

 

$1,780,400

 

$1,891,384

 

https://cts.businesswire.com/ct/CT?id=bwnews&sty=20250422911227r1&sid=acqr8&distro=nx&lang=en

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422911227/en/

Michael Bauer
Senior Director,
Investor Relations
Manhattan Associates, Inc.
678-597-7538
mbauer@manh.com

Devika Goel
Senior Manager,
Public Relations
Manhattan Associates, Inc.
678-597-6754
dgoel@manh.com

Source: Manhattan Associates, Inc.

Copyright Business Wire 2025

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