Manhattan Associates Reports Second Quarter Results

RPO Bookings Increased 26% over Prior Year

ATLANTA--(BUSINESS WIRE)-- Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (MANH) today reported revenue of $272.4 million for the second quarter ended June 30, 2025. GAAP diluted earnings per share for Q2 2025 was $0.93 compared to $0.85 in Q2 2024. Non-GAAP adjusted diluted earnings per share for Q2 2025 was $1.31 compared to $1.18 in Q2 2024.

“Manhattan delivered record second quarter results. Solid demand drove Q2 cloud revenue growth of 22% and RPO surpassing the $2 billion milestone,” said Manhattan Associates president and CEO Eric Clark.

“While the global macro environment remains challenging, we believe our cloud platform leadership advantage positions Manhattan as the clear choice for modern supply chain commerce solutions. We remain optimistic about our business fundamentals and our sustained growth opportunity. As technology and innovation cycles continue to accelerate, our unified cloud platform allows us to increase our leadership advantage over our competitors, expand our addressable market, and drive optimal results for our customers,” Mr. Clark concluded.

SECOND QUARTER 2025 FINANCIAL SUMMARY:

Consolidated total revenue was $272.4 million for Q2 2025, compared to $265.3 million for Q2 2024.
- Cloud subscription revenue was $100.4 million for Q2 2025, compared to $82.4 million for Q2 2024.
- License revenue was $1.5 million for Q2 2025, compared to $3.1 million for Q2 2024.
- Services revenue was $128.9 million for Q2 2025, compared to $136.8 million for Q2 2024.
GAAP diluted earnings per share was $0.93 for Q2 2025, compared to $0.85 for Q2 2024.
Adjusted diluted earnings per share, a non-GAAP measure, was $1.31 for Q2 2025, compared to $1.18 for Q2 2024.
GAAP operating income was $73.8 million for Q2 2025, compared to $68.2 million for Q2 2024.
Adjusted operating income, a non-GAAP measure, was $101.1 million for Q2 2025, compared to $92.9 million for Q2 2024.
Cash flow from operations was $74.0 million for Q2 2025, compared to $73.3 million for Q2 2024. Days Sales Outstanding was 70 days at June 30, 2025, compared to 72 days at March 31, 2025.
Cash totaled $230.6 million at June 30, 2025, compared to $205.9 million at March 31, 2025.
During the three months ended June 30, 2025, the Company repurchased 262,341 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $49.6 million. In July 2025, our Board of Directors replenished the Company’s remaining share repurchase authority to an aggregate of $100.0 million of our common stock.

SIX MONTH 2025 FINANCIAL SUMMARY:

Consolidated total revenue for the six months ended June 30, 2025, was $535.2 million, compared to $519.9 million for the six months ended June 30, 2024.
- Cloud subscription revenue was $194.7 million for the six months ended June 30, 2025, compared to $160.4 million for the six months ended June 30, 2024.
- License revenue was $10.8 million for the six months ended June 30, 2025, compared to $5.9 million for the six months ended June 30, 2024.
- Services revenue was $250.0 million for the six months ended June 30, 2025, compared to $269.0 million for the six months ended June 30, 2024.
GAAP diluted earnings per share for the six months ended June 30, 2025, was $1.78, compared to $1.71 for the six months ended June 30, 2024.
Adjusted diluted earnings per share, a non-GAAP measure, was $2.50 for the six months ended June 30, 2025, compared to $2.21 for the six months ended June 30, 2024.
GAAP operating income was $137.0 million for the six months ended June 30, 2025, compared to $125.8 million for the six months ended June 30, 2024.
Adjusted operating income, a non-GAAP measure, was $192.3 million for the six months ended June 30, 2025, compared to $172.6 million for the six months ended June 30, 2024.
Cash flow from operations was $149.3 million for the six months ended June 30, 2025, compared to $128.0 million for the six months ended June 30, 2024.
During the six months ended June 30, 2025, the Company repurchased 801,669 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $149.6 million. In July 2025, our Board of Directors replenished 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	$1,071		$1,075		3%	3%

Operating Margin:
GAAP operating margin	24.1	%	24.6	%
Equity-based compensation	10.0	%	10.0	%
Unusual health insurance claim⁽³⁾	0.4	%	0.4	%
Restructuring expense⁽⁴⁾	0.3	%	0.3	%
Adjusted operating margin⁽¹⁾	34.8	%	35.3	%

Diluted earnings per share (EPS):
GAAP EPS	$3.23		$3.31		-8%	-6%
Equity-based compensation	1.50		1.50
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⁾	$4.76		$4.84		1%	3%

⁽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 macro-economic uncertainty. We recorded a pre-tax restructuring expense in 2025 and exclude the amount from adjusted non-GAAP results.

Manhattan Associates currently intends to make public 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 a recording of the conference call referenced below 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 or the conference call, 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 second quarter financial results will be held today, July 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’ third 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 and six months ended June 30, 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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Revenue:
Cloud subscriptions	$100,422	$82,361	$194,728	$160,388
Software license	1,528	3,061	10,820	5,871
Maintenance	35,057	35,273	67,201	70,245
Services	128,899	136,831	250,026	269,026
Hardware	6,515	7,792	12,433	14,340
Total revenue	272,421	265,318	535,208	519,870
Costs and expenses:
Cost of cloud subscriptions, maintenance and services	115,921	119,696	230,279	238,651
Cost of software license	294	345	503	677
Research and development	34,871	35,334	70,169	70,344
Sales and marketing	19,979	19,154	41,040	39,083
General and administrative	25,976	21,112	50,195	42,315
Depreciation and amortization	1,584	1,489	3,125	2,982
Restructuring expense	8	-	2,937	-
Total costs and expenses	198,633	197,130	398,248	394,052
Operating income	73,788	68,188	136,960	125,818
Other income, net	715	914	2,052	1,910
Income before income taxes	74,503	69,102	139,012	127,728
Income tax provision	17,723	16,336	29,650	21,161
Net income	$56,780	$52,766	$109,362	$106,567

Basic earnings per share	$0.94	$0.86	$1.80	$1.73
Diluted earnings per share	$0.93	$0.85	$1.78	$1.71

Weighted average number of shares:
Basic	60,612	61,421	60,741	61,523
Diluted	61,074	62,118	61,300	62,305


Reconciliation of Selected GAAP to Non-GAAP Measures (in thousands, except per share amounts)

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

Operating income	$73,788		$68,188		$136,960		$125,818
Equity-based compensation (a)	24,275		24,666		53,101		46,761
Unusual health insurance claim (c)	3,000		-		(658	)	-
Restructuring expense (d)	8		-		2,937		-
Adjusted operating income (Non-GAAP)	$101,071		$92,854		$192,340		$172,579

Income tax provision	$17,723		$16,336		$29,650		$21,161
Equity-based compensation (a)	3,156		3,848		7,496		7,284
Tax benefit of stock awards vested (b)	61		327		3,603		8,484
Unusual health insurance claim (c)	724		-		(159	)	-
Restructuring expense (d)	1		-		708		-
Adjusted income tax provision (Non-GAAP)	$21,665		$20,511		$41,298		$36,929

Net income	$56,780		$52,766		$109,362		$106,567
Equity-based compensation (a)	21,119		20,818		45,605		39,477
Tax benefit of stock awards vested (b)	(61	)	(327	)	(3,603	)	(8,484	)
Unusual health insurance claim (c)	2,276		-		(499	)	-
Restructuring expense (d)	7		-		2,229		-
Adjusted net income (Non-GAAP)	$80,121		$73,257		$153,094		$137,560

Diluted EPS	$0.93		$0.85		$1.78		$1.71
Equity-based compensation (a)	0.35		0.34		0.74		0.63
Tax benefit of stock awards vested (b)	-		(0.01	)	(0.06	)	(0.14	)
Unusual health insurance claim (c)	0.04		-		(0.01	)	-
Restructuring expense (d)	-		-		0.04		-
Adjusted diluted EPS (Non-GAAP)	$1.31		$1.18		$2.50		$2.21

Fully diluted shares	61,074		62,118		61,300		62,305

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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024

Cost of services	$10,513	$11,358	$21,938	$20,647
Research and development	5,674	5,455	11,632	10,695
Sales and marketing	1,121	2,116	3,427	4,106
General and administrative	6,967	5,737	16,104	11,313
Total equity-based compensation	$24,275	$24,666	$53,101	$46,761

(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 $1.0 million of ongoing expense for the claim. During the second quarter of 2025, we recorded an additional $3.0 million of expense for this unusual health insurance 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 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)

	June 30, 2025			December 31, 2024
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	230,593		$	266,230
Accounts receivable, net		209,843			205,475
Prepaid expenses and other current assets		42,910			31,559
Total current assets		483,346			503,264

Property and equipment, net		15,984			13,971
Operating lease right-of-use assets		47,339			47,923
Goodwill, net		62,244			62,226
Deferred income taxes		99,495			94,505
Other assets		36,276			35,662
Total assets	$	744,684		$	757,551

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	23,897		$	26,615
Accrued compensation and benefits		61,165			72,180
Accrued and other liabilities		22,001			22,275
Deferred revenue		299,836			277,970
Income taxes payable		266			1,264
Total current liabilities		407,165			400,304

Operating lease liabilities, long-term		48,585			47,794
Other non-current liabilities		10,175			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; 60,468,401 and 60,921,191 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		604			609
Retained earnings		304,480			329,439
Accumulated other comprehensive loss		(26,325	)		(30,922	)
Total shareholders' equity		278,759			299,126
Total liabilities and shareholders' equity	$	744,684		$	757,551


MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands)

	Six Months Ended June 30,
	2025			2024
	(unaudited)			(unaudited)
Operating activities:
Net income	$	109,362		$	106,567
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,125			2,982
Equity-based compensation		53,101			46,761
Gain on disposal of equipment		(21	)		(124	)
Deferred income taxes		(4,957	)		(12,519	)
Unrealized foreign currency loss		1,032			610
Changes in operating assets and liabilities:
Accounts receivable, net		1,197			(11,153	)
Other assets		(7,416	)		(2,088	)
Accounts payable, accrued and other liabilities		(16,478	)		(18,082	)
Income taxes		(4,505	)		(7,043	)
Deferred revenue		14,870			22,089
Net cash provided by operating activities		149,310			128,000

Investing activities:
Purchase of property and equipment		(4,871	)		(4,538	)
Net cash used in investing activities		(4,871	)		(4,538	)

Financing activities:
Repurchase of common stock		(186,638	)		(189,546	)
Net cash used in financing activities		(186,638	)		(189,546	)

Foreign currency impact on cash		6,562			(1,948	)

Net change in cash and cash equivalents		(35,637	)		(68,032	)
Cash and cash equivalents at beginning of period		266,230			270,741
Cash and cash equivalents at end of period	$	230,593		$	202,709


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		2nd Qtr	YTD
GAAP Diluted EPS	$0.86		$0.85		$1.03		$0.77	$3.51		$0.85		$0.93	$1.78
Adjustments to GAAP:
Equity-based compensation	0.30		0.34		0.33		0.31	1.27		0.40		0.35	0.74
Tax benefit of stock awards vested	(0.13	)	(0.01	)	(0.01	)	-	(0.15	)	(0.06	)	-	(0.06	)
Restructuring expense	-		-		-		-	-		0.04		-	0.04
Unusual health insurance claim	-		-		-		0.09	0.09		(0.05	)	0.04	(0.01	)
Adjusted Diluted EPS	$1.03		$1.18		$1.35		$1.17	$4.72		$1.19		$1.31	$2.50
Fully Diluted Shares	62,493		62,118		61,948		62,009	62,183		61,527		61,074	61,300

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		2nd Qtr	YTD
Revenue:
Americas	$196,312	$205,955	$205,852	$194,367	$802,486	$194,615		$206,606	$401,221
EMEA	46,620	46,918	48,082	48,903	190,523	55,542		52,301	107,843
APAC	11,620	12,445	12,747	12,531	49,343	12,630		13,514	26,144
	$254,552	$265,318	$266,681	$255,801	$1,042,352	$262,787		$272,421	$535,208

GAAP Operating Income:
Americas	$36,687	$45,300	$49,033	$36,323	$167,343	$33,862		$48,051	$81,913
EMEA	15,884	17,195	20,521	18,896	72,496	23,703		19,807	43,510
APAC	5,059	5,693	5,536	5,469	21,757	5,607		5,930	11,537
	$57,630	$68,188	$75,090	$60,688	$261,596	$63,172		$73,788	$136,960

Adjustments (pre-tax):
Americas:
Equity-based compensation	$22,095	$24,666	$23,853	$22,592	$93,206	$28,826		$24,275	$53,101
Unusual health insurance claim	-	-	-	7,002	7,002	(3,658	)	3,000	(658	)
Restructuring expense	-	-	-	-	-	2,929		8	2,937
	$22,095	$24,666	$23,853	$29,594	$100,208	$28,097		$27,283	$55,380

Adjusted non-GAAP Operating Income:
Americas	$58,782	$69,966	$72,886	$65,917	$267,551	$61,959		$75,334	$137,293
EMEA	15,884	17,195	20,521	18,896	72,496	23,703		19,807	43,510
APAC	5,059	5,693	5,536	5,469	21,757	5,607		5,930	11,537
	$79,725	$92,854	$98,943	$90,282	$361,804	$91,269		$101,071	$192,340

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		2nd Qtr		YTD
Revenue	$648		$(531	)	$936		$316		$1,369		$(1,591	)	$2,724		$1,133
Costs and expenses	176		(673	)	211		(227	)	(513	)	(1,966	)	1,180		(786	)
Operating income	472		142		725		543		1,882		375		1,544		1,919
Foreign currency gains (losses) in other income	(564	)	(577	)	(331	)	519		(953	)	131		(65	)	$66
	$(92	)	$(435	)	$394		$1,062		$929		$506		$1,479		$1,985

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	2nd Qtr	YTD
Operating income	$185	$307	$261	$302	$1,055	$785	$514	$1,299
Foreign currency gains (losses) in other income	164	41	284	1,283	1,772	15	140	155
Total impact of changes in the Indian Rupee	$349	$348	$545	$1,585	$2,827	$800	$654	$1,454

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

	2024									2025
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	Full Year		1st Qtr	2nd Qtr		YTD
Interest income	$1,414		$1,503		$1,636		$1,476	$6,029		$1,101	$852		$1,953
Foreign currency gains (losses)	(564	)	(577	)	(331	)	519	(953	)	130	(65	)	65
Other non-operating income (expense)	146		(12	)	7		1	142		106	(72	)	34
Total other income (loss)	$996		$914		$1,312		$1,996	$5,218		$1,337	$715		$2,052

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

	2024					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year	1st Qtr	2nd Qtr	YTD
Capital expenditures	$2,321	$2,217	$1,009	$3,128	$8,675	$891	$3,980	$4,871

6. Stock Repurchase Activity (in thousands):

	2024					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Full Year	1st Qtr	2nd Qtr	YTD
Shares purchased under publicly-announced buy-back program	294	343	194	156	987	539	263	802
Shares withheld for taxes due upon vesting of restricted stock	165	3	8	2	178	179	3	182
Total shares purchased	459	346	202	158	1,165	718	266	984

Total cash paid for shares purchased under publicly-announced buy-back program	$73,411	$74,999	$49,687	$43,539	$241,636	$100,000	$49,596	$149,596
Total cash paid for shares withheld for taxes due upon vesting of restricted stock	40,423	713	1,917	569	43,622	36,447	595	37,042
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	$50,191	$186,638

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	June 30, 2025
Remaining Performance Obligations	$1,516,430	$1,601,531	$1,686,421	$1,780,400	$1,891,384	$2,013,756

View source version on businesswire.com: https://www.businesswire.com/news/home/20250722674917/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.

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