Manhattan Associates Reports Record Third Quarter 2015 Performance

ATLANTA, Oct. 20, 2015 (GLOBE NEWSWIRE) — Leading Supply Chain Commerce Solutions provider Manhattan Associates, Inc. (NASDAQ:MANH) today reported record non-GAAP adjusted diluted earnings per share for the third quarter ended September 30, 2015 of $0.42 compared to $0.32 in Q3 2014, on license revenue of $19.1 million and record total revenue of $142.3 million. GAAP diluted earnings per share for Q3 2015 was a record $0.38 compared to $0.30 in Q3 2014.

“We’re very pleased with our third quarter performance and year-to-date 2015 results. Our associates continue to execute well serving our customers and delivering strong financial performance,” said Eddie Capel, Manhattan Associates president and CEO. Demand for our omni-channel, store and distribution management solutions continues to be strong and we continue to lead with product innovation to enhance our market leadership position. Our outlook for the balance of 2015 and the future is quite positive.”

THIRD QUARTER 2015 FINANCIAL SUMMARY:

  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.42 in Q3 2015, compared to $0.32 in Q3 2014.
  • GAAP diluted earnings per share was $0.38 in Q3 2015, compared to $0.30 in Q3 2014.
  • Consolidated total revenue was $142.3 million in Q3 2015, compared to $125.6 million in Q3 2014. License revenue was $19.1 million in Q3 2015, compared to $16.9 million in Q3 2014.
  • Adjusted operating income, a non-GAAP measure, was $49.1 million in Q3 2015, compared to $37.9 million in Q3 2014.
  • GAAP operating income was $43.7 million in Q3 2015, compared to $35.5 million in Q3 2014.
  • Cash flow from operations was $41.3 million in Q3 2015, compared to $32.7 million in Q3 2014. Days Sales Outstanding was 60 days at September 30, 2015, compared to 54 days at June 30, 2015.
  • Cash and investments was $119.1 million at September 30, 2015, compared to $108.4 million at June 30, 2015.
  • During the three months ended September 30, 2015, the Company repurchased 399,315 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $25.0 million. In October 2015, the Board of Directors approved raising the Company’s share repurchase authority to an aggregate of $50.0 million of the Company’s outstanding common stock.


NINE MONTH 2015 FINANCIAL SUMMARY:

  • Adjusted diluted earnings per share, a non-GAAP measure, was $1.14 for the nine months ended September 30, 2015, compared to $0.87 for the nine months ended September 30, 2014.
  • GAAP diluted earnings per share for the nine months ended September 30, 2015 was $1.04, compared to $0.81 for the nine months ended September 30, 2014.  
  • Consolidated revenue for the nine months ended September 30, 2015 was $414.9 million, compared to $361.7 million for the nine months ended September 30, 2014. License revenue was $58.2 million for the nine months ended September 30, 2015, compared to $52.0 million for the nine months ended September 30, 2014.  
  • Adjusted operating income, a non-GAAP measure, was $133.3 million for the nine months ended September 30, 2015, compared to $105.1 million for the nine months ended September 30, 2014. 
  • GAAP operating income was $121.9 million for the nine months ended September 30, 2015, compared to $98.1 million for the nine months ended September 30, 2014.
  • Cash flow from operations was $84.0 million in the nine months ended September 30, 2015, compared to $53.7 million in the nine months ended September 30, 2014.
  • During the nine months ended September 30, 2015, the Company repurchased 1,381,375 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $76.5 million.


SALES ACHIEVEMENTS:

  • Recognized license revenue of $1.0 million or more on four new contracts during Q3 2015.
  • Completed software license wins with new customers such as: Citizen Watch, FreshDirect, ID Logistics, JM Family Enterprises, L.L.Bean, Lojas Riachuelo, Parlogis, Santens Service.
  • Expanded relationships with existing customers such as: Alliance Healthcare, Banaja Holdings, Beger, Belk, Brooks Brothers, Coach, Con-Way Truckload, Damco Distribution Services, Inc., DCG Fulfillment, Dentsply International, Eram, Harris Teeter, Hastings Deering, Innes, Integracolor, Jasco, MatahariMall.com, MXD Group, My Chemist, New Balance Athletics, Office Depot Mexico, Ozburn-Hessey Logistics, Petrovich, PurCotton, Richline Group, Rochester Drug Cooperative, Servicios Empresariales Zimag, Simplehuman, Southern Wine & Spirits of America, Speed Global Services, Sportsman’s Guide (A Northern Tool and Equipment Company), Stella and Dot, Team Hardinger Transportation and Warehousing, The Hillman Group, Tuesday Morning, United Natural Foods, Vitamin Shoppe, Wineworks, Winning Appliances, Woodcraft Supply.


2015 GUIDANCE

Manhattan Associates provides the following updated revenue and diluted earnings per share guidance for the full year 2015:

                         
          Guidance Range – 2015 Full Year  
    ($’s in millions, except EPS) $ Range   % Growth Range  
                         
    Total revenue – current guidance $ 553     $ 558       12 %     13 %  
                                         
    Total revenue – previous guidance   $ 553     $ 558       12 %     13 %  
                                         
  Diluted earnings per share (EPS):                                
    Adjusted EPS(1) – current guidance $ 1.47     $ 1.49       27 %     28 %  
    GAAP EPS – current guidance $ 1.34     $ 1.36       24 %     26 %  
                                         
    Adjusted EPS(1) – previous guidance $ 1.40     $ 1.42       20 %     22 %  
    GAAP EPS – previous guidance $ 1.29     $ 1.31       19 %     21 %  
                         
    (1) Adjusted EPS is a Non-GAAP measure which excludes the impact of equity-based compensation      
                         

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. Those statements, including the guidance provided above, 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 its website (www.manh.com). Beginning the close of business on December 15, 2015, Manhattan Associates will observe a “Quiet Period” during which Manhattan Associates and its representatives will not comment concerning previously published financial expectations. Prior to the start of the Quiet Period, the public can continue to rely on the expectations published in this 2015 Guidance section as being Manhattan Associates’ current expectation on matters covered, unless Manhattan Associates publishes a notice stating otherwise. During the Quiet Period, previously published expectations should be considered historical only, and Manhattan Associates disclaims any obligation to update any previously published financial expectations during the Quiet Period. The Quiet Period will extend until publication of Manhattan Associates’ next quarterly earnings release, currently scheduled for the first full week of February 2016.

CONFERENCE CALL

The Company’s conference call regarding its third quarter financial results will be held today, October 20, 2015, at 4:30 p.m. Eastern Daylight Time. Investors are invited to listen to a live webcast of the conference call through the investor relations section of Manhattan Associates’ website at www.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.

For those who cannot listen to the live broadcast, a replay can be accessed 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 52894484 or via the web www.manh.com. The phone replay will be available for two weeks after the call, and the Internet webcast will be available until Manhattan Associates’ fourth quarter 2015 earnings release.

GAAP VERSUS NON-GAAP PRESENTATION

The Company provides adjusted operating income, adjusted net income and adjusted diluted earnings per share in this press release as additional information regarding the Company’s operating results. These measures are not in accordance with – or an alternative to – GAAP, and may be different from non-GAAP operating income, non-GAAP net income and non-GAAP earnings per share measures used by other companies. The Company believes that 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 important supplemental information in evaluating the operating results of its business, as distinct from results that include items that are not indicative of ongoing operating results, and because the Company’s competitors and 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 quarter and nine months ended September 30, 2015. 

Non-GAAP adjusted operating income, adjusted net income and adjusted diluted earnings per share exclude the impact of equity-based compensation and acquisition-related costs and the amortization thereof – all net of income tax effects. Reconciliations of the Company’s GAAP financial measures to non-GAAP adjustments are included in the supplemental information attached to this release.

ABOUT MANHATTAN ASSOCIATES

Manhattan Associates makes commerce-ready supply chains that bring all points of commerce together so you’re ready to sell and ready to execute. Across the store, through your network or from your fulfillment center, we design, build and deliver market-leading solutions that support both top-line growth and bottom-line profitability. By converging front-end sales with back-end supply chain execution, our software, platform technology and unmatched experience help our customers get commerce ready—and ready to reap the rewards of the omni-channel 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 the information set forth under “2015 Guidance.” Prospective investors are cautioned that any such 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 such forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: uncertainty about the global economy, delays in product development, competitive pressures, software errors, information security breaches and the additional risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Manhattan Associates undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results.

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
 
Condensed Consolidated Statements of Income
 
(in thousands, except per share amounts)
 
             
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2015     2014     2015     2014  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Revenue:                                
Software license   $ 19,130     $ 16,945     $ 58,202     $ 52,041  
Services     112,549       98,518       321,096       278,950  
Hardware and other     10,625       10,145       35,638       30,710  
Total revenue     142,304       125,608       414,936       361,701  
Costs and expenses:                                
Cost of license     2,305       1,679       7,348       5,140  
Cost of services     46,682       43,689       137,930       123,606  
Cost of hardware and other     9,109       8,496       29,819       25,240  
Research and development     13,589       12,236       40,402       35,906  
Sales and marketing     10,904       11,476       34,640       36,344  
General and administrative     14,058       10,856       37,223       32,761  
Depreciation and amortization     1,977       1,675       5,656       4,652  
Total costs and expenses     98,624       90,107       293,018       263,649  
Operating income     43,680       35,501       121,918       98,052  
Other income (loss), net     604       (55 )     1,225       24  
Income before income taxes     44,284       35,446       123,143       98,076  
Income tax provision     16,387       13,106       46,038       36,430  
Net income   $ 27,897     $ 22,340     $ 77,105     $ 61,646  
                                 
Basic earnings per share   $ 0.38     $ 0.30     $ 1.05     $ 0.82  
Diluted earnings per share   $ 0.38     $ 0.30     $ 1.04     $ 0.81  
                                 
Weighted average number of shares:                                
Basic     73,259       74,687       73,616       75,255  
Diluted     73,761       75,466       74,162       76,104  

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES  
Reconciliation of Selected GAAP to Non-GAAP Measures  
(in thousands, except per share amounts)  
             
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2015     2014     2015     2014  
                                 
Operating income   $ 43,680     $ 35,501     $ 121,918     $ 98,052  
Equity-based compensation (a)     5,348       2,297       11,087       6,967  
Purchase amortization (b)     113       58       325       59  
Adjusted operating income (Non-GAAP)   $ 49,141     $ 37,856     $ 133,330     $ 105,078  
                                 
                                 
Income tax provision   $ 16,387     $ 13,106     $ 46,038     $ 36,430  
Equity-based compensation (a)     2,011       852       4,169       2,585  
Purchase amortization (b)     42       22       122       22  
Adjusted income tax provision (Non-GAAP)   $ 18,440     $ 13,980     $ 50,329     $ 39,037  
                                 
                                 
Net income   $ 27,897     $ 22,340     $ 77,105     $ 61,646  
Equity-based compensation (a)     3,337       1,445       6,918       4,382  
Purchase amortization (b)     71       36       203       37  
Adjusted net income (Non-GAAP)   $ 31,305     $ 23,821     $ 84,226     $ 66,065  
                                 
                                 
Diluted EPS   $ 0.38     $ 0.30     $ 1.04     $ 0.81  
Equity-based compensation (a)     0.05       0.02       0.09       0.06  
Purchase amortization (b)                        
Adjusted diluted EPS (Non-GAAP)   $ 0.42     $ 0.32     $ 1.14     $ 0.87  
                                 
Fully diluted shares     73,761       75,466       74,162       76,104  

(a)     Adjusted results exclude all equity-based compensation, to facilitate comparison with our competitors and peers and for the other reasons explained in our Current Report on Form 8-K filed with the SEC on the date hereof. Equity-based compensation is included in the following GAAP operating expense lines for the three and nine months ended September 30, 2015 and 2014:

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2015     2014     2015     2014  
                                 
Cost of services   $ 504     $ 441     $ 2,024     $ 1,288  
Research and development     575       374       1,503       1,133  
Sales and marketing     847       389       1,727       1,094  
General and administrative     3,422       1,093       5,833       3,452  
Total equity-based compensation   $ 5,348     $ 2,297     $ 11,087     $ 6,967  

(b)     Adjustments represent purchased intangibles amortization from prior acquisition. Such amortization is excluded from adjusted results to facilitate comparison with our competitors and 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 on the date hereof.

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES  
Condensed Consolidated Balance Sheets  
(in thousands, except share and per share data)  
             
    September 30, 2015     December 31, 2014  
    (unaudited)          
ASSETS                
Current Assets:                
Cash and cash equivalents   $ 109,029     $ 115,708  
Short-term investments     10,117       8,730  
Accounts receivable, net of allowance of $6,863 and $4,164, respectively     92,045       86,828  
Deferred income taxes     9,352       9,900  
Prepaid expenses and other current assets     11,092       8,695  
Total current assets     231,635       229,861  
                 
Property and equipment, net     21,351       17,265  
Goodwill, net     62,237       62,250  
Deferred income taxes     260       270  
Other assets     7,264       8,524  
Total assets   $ 322,747     $ 318,170  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY                
Current liabilities:                
Accounts payable   $ 10,095     $ 12,483  
Accrued compensation and benefits     24,914       30,889  
Accrued and other liabilities     12,258       12,501  
Deferred revenue     65,180       58,968  
Income taxes payable     7,204       7,974  
Total current liabilities     119,651       122,815  
                 
Other non-current liabilities     12,733       13,332  
                 
Shareholders’ equity:                
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2015 and 2014            
Common stock, $0.01 par value; 200,000,000 shares authorized; 73,064,213 and 74,104,064 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively     731       741  
Retained earnings     201,673       191,305  
Accumulated other comprehensive loss     (12,041 )     (10,023 )
Total shareholders’ equity     190,363       182,023  
Total liabilities and shareholders’ equity   $ 322,747     $ 318,170  

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES  
 Condensed Consolidated Statements of Cash Flows   
 (in thousands)   
       
    Nine Months Ended September 30,  
    2015     2014  
    (unaudited)     (unaudited)  
Operating activities:                
Net income   $ 77,105     $ 61,646  
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation and amortization     5,656       4,652  
Equity-based compensation     11,087       6,967  
Gain on disposal of equipment     (38 )     (23 )
Tax benefit of stock awards exercised/vested     8,435       7,395  
Excess tax benefits from equity-based compensation     (8,413 )     (7,359 )
Deferred income taxes     712       122  
Unrealized foreign currency loss (gain)     86       (36 )
Changes in operating assets and liabilities:                
Accounts receivable, net     (6,609 )     (17,147 )
Other assets     (1,592 )     (6,408 )
Accounts payable, accrued and other liabilities     (8,444 )     1,564  
Income taxes     (602 )     (2,442 )
Deferred revenue     6,651       4,786  
Net cash provided by operating activities     84,034       53,717  
                 
Investing activities:                
Purchase of property and equipment     (9,619 )     (6,676 )
Net purchases of investments     (1,825 )     (1,849 )
Payment in connection with acquisition           (2,773 )
Net cash used in investing activities     (11,444 )     (11,298 )
                 
Financing activities:                
Purchase of common stock     (86,839 )     (73,706 )
Proceeds from issuance of common stock from options exercised     568       1,014  
Excess tax benefits from equity-based compensation     8,413       7,359  
Net cash used in financing activities     (77,858 )     (65,333 )
                 
Foreign currency impact on cash     (1,411 )     (345 )
                 
Net change in cash and cash equivalents     (6,679 )     (23,259 )
Cash and cash equivalents at beginning of period     115,708       124,375  
Cash and cash equivalents at end of period   $ 109,029     $ 101,116  


MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION

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

    2014     2015  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     YTD  
GAAP Diluted EPS   $ 0.24     $ 0.27     $ 0.30     $ 0.27     $ 1.08     $ 0.31     $ 0.35     $ 0.38     $ 1.04  
Adjustments to GAAP:                                                                        
Equity-based
  compensation
    0.02       0.02       0.02       0.02       0.08       0.03       0.02       0.05       0.09  
Purchase amortization                                                      
Adjusted Diluted EPS   $ 0.26     $ 0.29     $ 0.32     $ 0.30     $ 1.16     $ 0.34     $ 0.37     $ 0.42     $ 1.14  
Fully Diluted Shares     76,795       76,037       75,466       75,034       75,841       74,607       74,126       73,761       74,162  


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

    2014     2015  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     YTD  
Revenue:                                                                        
Americas   $ 91,355     $ 98,633     $ 103,419     $ 108,557     $ 401,964     $ 109,959     $ 117,154     $ 120,118     $ 347,231  
EMEA     15,679       15,911       14,253       15,012       60,855       18,305       17,175       16,829       52,309  
APAC     6,529       7,986       7,936       6,834       29,285       5,259       4,780       5,357       15,396  
    $ 113,563     $ 122,530     $ 125,608     $ 130,403     $ 492,104     $ 133,523     $ 139,109     $ 142,304     $ 414,936  
                                                                         
GAAP Operating Income:                                                                        
Americas   $ 24,133     $ 25,127     $ 28,750     $ 23,926     $ 101,936     $ 30,182     $ 36,214     $ 36,407     $ 102,803  
EMEA     4,058       4,239       3,617       3,399       15,313       5,522       4,516       5,909       15,947  
APAC     1,860       3,134       3,134       1,747       9,875       1,160       644       1,364       3,168  
    $ 30,051     $ 32,500     $ 35,501     $ 29,072     $ 127,124     $ 36,864     $ 41,374     $ 43,680     $ 121,918  
                                                                         
Adjustments (pre-tax):                                                                        
Americas:                                                                        
Equity-based
  compensation
  $ 2,274     $ 2,396     $ 2,297     $ 2,704     $ 9,671     $ 3,078     $ 2,661     $ 5,348     $ 11,087  
Purchase amortization     1             58       106       165       106       106       113       325  
    $ 2,275     $ 2,396     $ 2,355     $ 2,810     $ 9,836     $ 3,184     $ 2,767     $ 5,461     $ 11,412  
                                                                         
Adjusted non-GAAP
  Operating Income:
                                                                       
Americas   $ 26,408     $ 27,523     $ 31,105     $ 26,736     $ 111,772     $ 33,366     $ 38,981     $ 41,868     $ 114,215  
EMEA     4,058       4,239       3,617       3,399       15,313       5,522       4,516       5,909       15,947  
APAC     1,860       3,134       3,134       1,747       9,875       1,160       644       1,364       3,168  
    $ 32,326     $ 34,896     $ 37,856     $ 31,882     $ 136,960     $ 40,048     $ 44,141     $ 49,141     $ 133,330  


3.    Our services revenue consists of fees generated from professional services and customer support and software enhancements related to our software products as follows (in thousands):

    2014     2015  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     YTD  
Professional services   $ 59,422     $ 65,702     $ 69,398     $ 65,536     $ 260,058     $ 72,659     $ 76,548     $ 80,994     $ 230,201  
Customer support and
  software enhancements
    27,491       27,817       29,120       31,537       115,965       28,544       30,796       31,555       90,895  
Total services revenue   $ 86,913     $ 93,519     $ 98,518     $ 97,073     $ 376,023     $ 101,203     $ 107,344     $ 112,549     $ 321,096  


4.    Hardware and other revenue includes the following items (in thousands):

    2014     2015  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     YTD  
Hardware revenue   $ 5,946     $ 6,114     $ 4,707     $ 8,856     $ 25,623     $ 7,730     $ 7,080     $ 5,462     $ 20,272  
Billed travel     3,597       4,908       5,438       4,932       18,875       5,276       4,927       5,163       15,366  
Total hardware and
  other revenue
  $ 9,543     $ 11,022     $ 10,145     $ 13,788     $ 44,498     $ 13,006     $ 12,007     $ 10,625     $ 35,638  


5.    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):

    2014     2015  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     YTD  
Revenue   $ 202     $ 696     $ 479     $ (1,397 )   $ (20 )   $ (3,426 )   $ (3,599 )   $ (3,421 )   $ (10,446 )
Costs and expenses     (713 )     73       522       (1,097 )     (1,215 )     (2,546 )     (3,201 )     (2,820 )     (8,567 )
Operating income     915       623       (43 )     (300 )     1,195       (880 )     (398 )     (601 )     (1,879 )
Foreign currency (losses)
  gains in other income
    (516 )     12       (415 )     491       (428 )     (86 )     (4 )     213       123  
    $ 399     $ 635     $ (458 )   $ 191     $ 767     $ (966 )   $ (402 )   $ (388 )   $ (1,756 )

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):

    2014     2015  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     YTD  
Operating income   $ 898     $ 505     $ (171 )   $ 24     $ 1,256     $ 72     $ 468     $ 571     $ 1,111  
Foreign currency (losses)
  gains in other income
    (141 )     (129 )     191       342       263       45       182       423       650  
Total impact of changes
  in the Indian Rupee
  $ 757     $ 376     $ 20     $ 366     $ 1,519     $ 117     $ 650     $ 994     $ 1,761  


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

    2014     2015  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     YTD  
Interest income   $ 267     $ 302     $ 349     $ 350     $ 1,268     $ 324     $ 335     $ 336     $ 995  
Foreign currency (losses)
  gains
    (516 )     12       (415 )     491       (428 )     (86 )     (4 )     213       123  
Other non-operating
  income (expense)
    16       (2 )     11       9       34       24       28       55       107  
Total other (loss) income   $ (233 )   $ 312     $ (55 )   $ 850     $ 874     $ 262     $ 359     $ 604     $ 1,225  


7.    Total equity-based compensation is as follows (in thousands except per share amounts):

    2014     2015  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     YTD  
Total equity-based
  compensation –
  restricted stock
  $ 2,274     $ 2,396     $ 2,297     $ 2,704     $ 9,671     $ 3,078     $ 2,661     $ 5,348     $ 11,087  
Income tax provision     844       889       852       990       3,575       1,154       1,004       2,011       4,169  
Net income   $ 1,430     $ 1,507     $ 1,445     $ 1,714     $ 6,096     $ 1,924     $ 1,657     $ 3,337     $ 6,918  
Diluted earnings per
  share – restricted
  stock
  $ 0.02     $ 0.02     $ 0.02     $ 0.02     $ 0.08     $ 0.03     $ 0.02     $ 0.05     $ 0.09  


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

    2014     2015  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     YTD  
Capital expenditures   $ 1,156     $ 2,424     $ 3,096     $ 2,739     $ 9,415     $ 3,098     $ 2,671     $ 3,850     $ 9,619  


9.    Stock Repurchase Activity (in thousands):

    2014     2015  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     YTD  
Shares purchased under
  publicly-announced
  buy-back program
  695       782       504       639       2,620       524       458       399       1,381  
Shares withheld for taxes
  due upon vesting of
  restricted stock
  235       1       10       3       249       212       2       9       223  
Total shares purchased     930       783       514       642       2,869       736       460       408       1,604  
Total cash paid for shares
  purchased under
  publicly-announced
  buy-back program
$ 25,459     $ 25,090     $ 15,112     $ 25,422     $ 91,083     $ 26,306     $ 25,214     $ 25,001     $ 76,521  
Total cash paid for shares
  withheld for taxes due
  upon vesting of restricted
  stock
  7,720       36       289       76       8,121       9,727       83       508       10,318  
Total cash paid for shares
  repurchased
  $ 33,179     $ 25,126     $ 15,401     $ 25,498     $ 99,204     $ 36,033     $ 25,297     $ 25,509     $ 86,839  

 

CONTACT: Contact:
Dennis Story
Chief Financial Officer
Manhattan Associates, Inc.
770-955-7070
dstory@manh.com

Cameron Smith
Director, Corporate Communications
Manhattan Associates, Inc.
678-597-6841
camsmith@manh.com

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