$MANH
Manhattan Associates Inc

2023 Q3 Form 10-Q Financial Statement

#000095017023035377 Filed on July 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $238.4M $231.0M
YoY Change 20.36% 20.37%
Cost Of Revenue $111.4M $108.8M
YoY Change 15.89% 22.75%
Gross Profit $127.0M $122.2M
YoY Change 24.58% 18.32%
Gross Profit Margin 53.26% 52.9%
Selling, General & Admin $39.02M $38.80M
YoY Change 14.32% 6.73%
% of Gross Profit 30.72% 31.75%
Research & Development $33.09M $31.60M
YoY Change 12.66% 13.16%
% of Gross Profit 26.06% 25.86%
Depreciation & Amortization $1.400M $1.320M
YoY Change -15.87% -24.4%
% of Gross Profit 1.1% 1.08%
Operating Expenses $72.11M $71.72M
YoY Change 10.65% 11.58%
Operating Profit $53.45M $50.48M
YoY Change 45.36% 35.51%
Interest Expense -$400.0K $500.0K
YoY Change -125.0% -76.19%
% of Operating Profit -0.75% 0.99%
Other Income/Expense, Net $1.739M $541.0K
YoY Change 7.88% -75.88%
Pretax Income $55.19M $51.52M
YoY Change 43.78% 30.45%
Income Tax $5.766M $11.90M
% Of Pretax Income 10.45% 23.1%
Net Earnings $49.42M $39.62M
YoY Change 66.55% 28.53%
Net Earnings / Revenue 20.73% 17.15%
Basic Earnings Per Share $0.80 $0.64
Diluted Earnings Per Share $0.79 $0.63
COMMON SHARES
Basic Shares Outstanding 61.67M 62.03M
Diluted Shares Outstanding 62.31M 62.43M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $182.3M $153.3M
YoY Change -7.49% -28.29%
Cash & Equivalents $182.3M $153.3M
Short-Term Investments
Other Short-Term Assets $27.20M $28.27M
YoY Change 4.07% 4.99%
Inventory
Prepaid Expenses
Receivables $183.4M $178.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $392.9M $360.0M
YoY Change 7.14% -3.88%
LONG-TERM ASSETS
Property, Plant & Equipment $11.27M $27.81M
YoY Change -66.3% 125.28%
Goodwill $62.23M $62.23M
YoY Change 0.02% 0.01%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $31.14M $76.94M
YoY Change -40.54% 251.69%
Total Long-Term Assets $180.1M $167.0M
YoY Change 21.69% 19.49%
TOTAL ASSETS
Total Short-Term Assets $392.9M $360.0M
Total Long-Term Assets $180.1M $167.0M
Total Assets $573.0M $527.0M
YoY Change 11.32% 2.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.25M $26.12M
YoY Change -7.7% 3.86%
Accrued Expenses $93.60M $77.28M
YoY Change 10.03% 13.67%
Deferred Revenue $213.4M $227.1M
YoY Change 26.01% 27.57%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $332.8M $330.6M
YoY Change 17.2% 21.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.83M $25.84M
YoY Change -57.61% 67.83%
Total Long-Term Liabilities $13.83M $25.84M
YoY Change -57.61% 67.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $332.8M $330.6M
Total Long-Term Liabilities $13.83M $25.84M
Total Liabilities $346.7M $356.4M
YoY Change 9.5% 24.36%
SHAREHOLDERS EQUITY
Retained Earnings $238.3M $196.7M
YoY Change 5.39% -15.65%
Common Stock $616.0K $617.0K
YoY Change -1.28% -1.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $210.1M $170.6M
YoY Change
Total Liabilities & Shareholders Equity $573.0M $527.0M
YoY Change 11.32% 2.47%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $49.42M $39.62M
YoY Change 66.55% 28.53%
Depreciation, Depletion And Amortization $1.400M $1.320M
YoY Change -15.87% -24.4%
Cash From Operating Activities $58.60M $40.57M
YoY Change 46.79% -23.0%
INVESTING ACTIVITIES
Capital Expenditures $1.100M $1.009M
YoY Change -157.62% -193.08%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.100M -$1.009M
YoY Change -42.38% -6.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.60M -67.43M
YoY Change -48.09% 33.05%
NET CHANGE
Cash From Operating Activities 58.60M 40.57M
Cash From Investing Activities -1.100M -1.009M
Cash From Financing Activities -26.60M -67.43M
Net Change In Cash 30.90M -27.87M
YoY Change -333.54% -3106.04%
FREE CASH FLOW
Cash From Operating Activities $58.60M $40.57M
Capital Expenditures $1.100M $1.009M
Free Cash Flow $57.50M $39.56M
YoY Change 37.46% -26.43%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
225463000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
263706000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
153294000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
213771000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
181072000
CY2023Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
67427000
CY2023Q2 manh Excise Tax On Net Stock Repurchases
ExciseTaxOnNetStockRepurchases
627000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
17928000
CY2023Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-16000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
39620000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
170550000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
226800000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
169115000
manh Excise Tax Accrued
ExciseTaxAccrued
906000
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
34568000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
792000
us-gaap Net Income Loss
NetIncomeLoss
78411000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
170550000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
217136000
CY2022Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
50679000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
15538000
CY2022Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-4085000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
30825000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
208735000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
250644000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
127787000
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
29676000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-5215000
us-gaap Net Income Loss
NetIncomeLoss
61417000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
208735000
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1200000000
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.98
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.
manh Expected Percentage Of Revenue Recognized From Remaining Performance Obligation Over Twenty Four Months
ExpectedPercentageOfRevenueRecognizedFromRemainingPerformanceObligationOverTwentyFourMonths
0.40
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P24M
CY2023Q2 manh Provision For Cost Of Return And Product Warranty Claims Recorded
ProvisionForCostOfReturnAndProductWarrantyClaimsRecorded
0
CY2023Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
700000
CY2022Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
200000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1200000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1200000
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.
CY2023Q2 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
2300000
CY2022Q2 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
1900000
us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
4600000
us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
3700000
CY2023Q2 us-gaap Deferred Sales Inducement Cost Impairment Loss
DeferredSalesInducementCostImpairmentLoss
0
CY2022Q2 us-gaap Deferred Sales Inducement Cost Impairment Loss
DeferredSalesInducementCostImpairmentLoss
0
us-gaap Deferred Sales Inducement Cost Impairment Loss
DeferredSalesInducementCostImpairmentLoss
0
us-gaap Deferred Sales Inducement Cost Impairment Loss
DeferredSalesInducementCostImpairmentLoss
0
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.220
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.206
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.172
CY2023Q2 us-gaap Cash
Cash
70400000
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
82900000
CY2023Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
17900000
CY2022Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
15500000
us-gaap Restricted Stock Expense
RestrictedStockExpense
34600000
us-gaap Restricted Stock Expense
RestrictedStockExpense
29700000
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
300000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
39620000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
30825000
us-gaap Net Income Loss
NetIncomeLoss
78411000
us-gaap Net Income Loss
NetIncomeLoss
61417000
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.64
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.26
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.97
CY2023Q2 manh Amount Of Dilutive Securities Stock Options And Restrictive Stock Units Per Share
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnitsPerShare
-0.01
manh Amount Of Dilutive Securities Stock Options And Restrictive Stock Units Per Share
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnitsPerShare
-0.01
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.63
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.25
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.97
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61862000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62954000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62036000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63083000
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
570000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
465000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
563000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
561000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62432000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63419000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62599000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63644000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
231016000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
191924000
CY2023Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
108813000
CY2022Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
88646000
CY2023Q2 manh Operating Expenses Excluding Depreciation And Amortization
OperatingExpensesExcludingDepreciationAndAmortization
70400000
CY2022Q2 manh Operating Expenses Excluding Depreciation And Amortization
OperatingExpensesExcludingDepreciationAndAmortization
64279000
CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1320000
CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1746000
CY2023Q2 us-gaap Costs And Expenses
CostsAndExpenses
180533000
CY2022Q2 us-gaap Costs And Expenses
CostsAndExpenses
154671000
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
50483000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
37253000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
452029000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
370880000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
212442000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
172073000
manh Operating Expenses Excluding Depreciation And Amortization
OperatingExpensesExcludingDepreciationAndAmortization
139212000
manh Operating Expenses Excluding Depreciation And Amortization
OperatingExpensesExcludingDepreciationAndAmortization
124089000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2807000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
3493000
us-gaap Costs And Expenses
CostsAndExpenses
354461000
us-gaap Costs And Expenses
CostsAndExpenses
299655000
us-gaap Operating Income Loss
OperatingIncomeLoss
97568000
us-gaap Operating Income Loss
OperatingIncomeLoss
71225000
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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