$MANH
Manhattan Associates Inc

2023 Q2 Form 10-Q Financial Statement

#000095017023015838 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $231.0M $221.0M $179.0M
YoY Change 20.37% 23.5% 14.09%
Cost Of Revenue $108.8M $103.6M $83.43M
YoY Change 22.75% 24.22% 12.64%
Gross Profit $122.2M $117.4M $95.53M
YoY Change 18.32% 22.88% 15.39%
Gross Profit Margin 52.9% 53.11% 53.38%
Selling, General & Admin $38.80M $38.02M $32.35M
YoY Change 6.73% 17.5% 4.37%
% of Gross Profit 31.75% 32.39% 33.87%
Research & Development $31.60M $30.79M $27.46M
YoY Change 13.16% 12.16% 12.98%
% of Gross Profit 25.86% 26.23% 28.74%
Depreciation & Amortization $1.320M $1.487M $1.747M
YoY Change -24.4% -14.88% -16.81%
% of Gross Profit 1.08% 1.27% 1.83%
Operating Expenses $71.72M $70.30M $61.56M
YoY Change 11.58% 14.2% 7.43%
Operating Profit $50.48M $47.09M $33.97M
YoY Change 35.51% 38.6% 33.62%
Interest Expense $500.0K $800.0K $700.0K
YoY Change -76.19% 14.29%
% of Operating Profit 0.99% 1.7% 2.06%
Other Income/Expense, Net $541.0K $143.0K $738.0K
YoY Change -75.88% -80.62% -346.0%
Pretax Income $51.52M $47.23M $34.71M
YoY Change 30.45% 36.06% 38.29%
Income Tax $11.90M $8.437M $4.118M
% Of Pretax Income 23.1% 17.86% 11.86%
Net Earnings $39.62M $38.79M $30.59M
YoY Change 28.53% 26.8% 35.11%
Net Earnings / Revenue 17.15% 17.55% 17.09%
Basic Earnings Per Share $0.64 $0.62 $0.48
Diluted Earnings Per Share $0.63 $0.62 $0.48
COMMON SHARES
Basic Shares Outstanding 62.03M 62.50M 63.21M
Diluted Shares Outstanding 62.43M 62.77M 63.87M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.3M $181.6M $216.3M
YoY Change -28.29% -16.05% 9.69%
Cash & Equivalents $153.3M $181.6M $216.3M
Short-Term Investments
Other Short-Term Assets $28.27M $29.34M $28.92M
YoY Change 4.99% 1.47% 8.7%
Inventory
Prepaid Expenses
Receivables $178.5M $160.6M $132.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $360.0M $371.5M $377.3M
YoY Change -3.88% -1.53% 14.29%
LONG-TERM ASSETS
Property, Plant & Equipment $27.81M $29.02M $38.76M
YoY Change 125.28% -25.12% -15.93%
Goodwill $62.23M $62.23M
YoY Change 0.01%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $76.94M $68.08M $33.49M
YoY Change 251.69% 103.29% 65.8%
Total Long-Term Assets $167.0M $159.3M $134.5M
YoY Change 19.49% 18.48% 4.74%
TOTAL ASSETS
Total Short-Term Assets $360.0M $371.5M $377.3M
Total Long-Term Assets $167.0M $159.3M $134.5M
Total Assets $527.0M $530.8M $511.8M
YoY Change 2.47% 3.73% 11.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.12M $25.36M $24.59M
YoY Change 3.86% 3.14% 34.35%
Accrued Expenses $77.28M $70.25M $64.75M
YoY Change 13.67% 8.5% -0.39%
Deferred Revenue $227.1M $216.3M
YoY Change 27.57%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $330.6M $322.8M $257.0M
YoY Change 21.89% 25.56% 24.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $25.84M $27.02M $37.57M
YoY Change 67.83% -28.09% -20.23%
Total Long-Term Liabilities $25.84M $27.02M $37.57M
YoY Change 67.83% -28.09% -20.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $330.6M $322.8M $257.0M
Total Long-Term Liabilities $25.84M $27.02M $37.57M
Total Liabilities $356.4M $349.8M $294.6M
YoY Change 24.36% 18.72% 16.04%
SHAREHOLDERS EQUITY
Retained Earnings $196.7M $207.2M
YoY Change -15.65%
Common Stock $617.0K $620.0K
YoY Change -1.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $170.6M $181.1M $217.1M
YoY Change
Total Liabilities & Shareholders Equity $527.0M $530.8M $511.8M
YoY Change 2.47% 3.73% 11.61%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $39.62M $38.79M $30.59M
YoY Change 28.53% 26.8% 35.11%
Depreciation, Depletion And Amortization $1.320M $1.487M $1.747M
YoY Change -24.4% -14.88% -16.81%
Cash From Operating Activities $40.57M $58.68M $31.79M
YoY Change -23.0% 84.59% -20.32%
INVESTING ACTIVITIES
Capital Expenditures $1.009M $666.0K $1.159M
YoY Change -193.08% -42.54% -293.17%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.009M -$666.0K -$1.159M
YoY Change -6.92% -42.54% 103.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $77.11M
YoY Change 66.17%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -67.43M -101.7M -77.11M
YoY Change 33.05% 31.88% 66.17%
NET CHANGE
Cash From Operating Activities 40.57M 58.68M 31.79M
Cash From Investing Activities -1.009M -666.0K -1.159M
Cash From Financing Activities -67.43M -101.7M -77.11M
Net Change In Cash -27.87M -43.67M -47.39M
YoY Change -3106.04% -7.85% 528.58%
FREE CASH FLOW
Cash From Operating Activities $40.57M $58.68M $31.79M
Capital Expenditures $1.009M $666.0K $1.159M
Free Cash Flow $39.56M $58.02M $30.63M
YoY Change -26.43% 89.4% -24.36%

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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
226800000
CY2023Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
101688000
CY2023Q1 manh Excise Tax On Net Stock Repurchases
ExciseTaxOnNetStockRepurchases
279000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
16640000
CY2023Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
808000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
38791000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
181072000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
250644000
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
77108000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
14138000
CY2022Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1130000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
30592000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
217136000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1200000000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.98
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
We expect to recognize revenue on approximately 40% of these remaining performance obligations over the next 24 months with the balance recognized thereafter.
CY2023Q1 manh Expected Percentage Of Revenue Recognized From Remaining Performance Obligation Over Twenty Four Months
ExpectedPercentageOfRevenueRecognizedFromRemainingPerformanceObligationOverTwentyFourMonths
0.40
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P24M
CY2023Q1 manh Provision For Cost Of Return And Product Warranty Claims Recorded
ProvisionForCostOfReturnAndProductWarrantyClaimsRecorded
0
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
500000
CY2022Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1000000.0
CY2023Q1 us-gaap Revenue Practical Expedient Remaining Performance Obligation Description
RevenuePracticalExpedientRemainingPerformanceObligationDescription
We apply the practical expedient to expense sales commissions when the amortization period would have been one year or less.
CY2023Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
2300000
CY2022Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
1800000
CY2023Q1 us-gaap Deferred Sales Inducement Cost Impairment Loss
DeferredSalesInducementCostImpairmentLoss
0
CY2022Q1 us-gaap Deferred Sales Inducement Cost Impairment Loss
DeferredSalesInducementCostImpairmentLoss
0
CY2023Q1 us-gaap Cash
Cash
77900000
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
103700000
CY2023Q1 manh Option To Extend Lease Term
OptionToExtendLeaseTerm
P10Y
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
16973000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5991000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
13044000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
19035000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
5514000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6494000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5447000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2514000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2371000
CY2023Q1 manh Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
2105000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
24444000
CY2023Q1 manh Short Term Lease
ShortTermLease
218000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5191000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
19035000
CY2023Q1 us-gaap Lease Cost
LeaseCost
1900000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1800000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
100000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2023Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
16600000
CY2022Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
14100000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.179
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.119
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
38791000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
30592000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.62
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.62
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62211000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63213000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
556000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
658000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62767000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63871000
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
221013000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
178956000
CY2023Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
103629000
CY2022Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
83427000
CY2023Q1 manh Operating Expenses Excluding Depreciation And Amortization
OperatingExpensesExcludingDepreciationAndAmortization
68812000
CY2022Q1 manh Operating Expenses Excluding Depreciation And Amortization
OperatingExpensesExcludingDepreciationAndAmortization
59810000
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1487000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1747000
CY2023Q1 us-gaap Costs And Expenses
CostsAndExpenses
173928000
CY2022Q1 us-gaap Costs And Expenses
CostsAndExpenses
144984000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
47085000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
33972000

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