$MANH
Manhattan Associates Inc

2018 Q1 Form 10-Q Financial Statement

#000156459018009530 Filed on April 27, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $3.500M $143.5M
YoY Change -97.56% -4.25%
Cost Of Revenue $57.79M $61.62M
YoY Change -6.21% -4.92%
Gross Profit -$54.29M $81.87M
YoY Change -166.32% -3.74%
Gross Profit Margin -1551.26% 57.06%
Selling, General & Admin $25.68M $23.66M
YoY Change 8.55% -5.49%
% of Gross Profit 28.9%
Research & Development $17.06M $14.23M
YoY Change 19.92% -3.27%
% of Gross Profit 17.38%
Depreciation & Amortization $2.200M $2.300M
YoY Change -4.35% 4.55%
% of Gross Profit 2.81%
Operating Expenses $42.74M $37.89M
YoY Change 12.82% -4.67%
Operating Profit $27.83M $41.72M
YoY Change -33.29% -3.2%
Interest Expense $400.0K
YoY Change
% of Operating Profit 1.44%
Other Income/Expense, Net $721.0K -$371.0K
YoY Change -294.34% -171.35%
Pretax Income $28.55M $41.35M
YoY Change -30.95% -5.2%
Income Tax $5.899M $13.13M
% Of Pretax Income 20.66% 31.74%
Net Earnings $22.65M $28.22M
YoY Change -19.74% 2.71%
Net Earnings / Revenue 647.2% 19.67%
Basic Earnings Per Share $0.34 $0.40
Diluted Earnings Per Share $0.33 $0.40
COMMON SHARES
Basic Shares Outstanding 67.55M 69.97M
Diluted Shares Outstanding 67.74M 70.25M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.0M $101.3M
YoY Change 17.47% -11.68%
Cash & Equivalents $106.7M $89.20M
Short-Term Investments $12.30M $12.10M
Other Short-Term Assets $14.60M $14.80M
YoY Change -1.35% 29.82%
Inventory
Prepaid Expenses
Receivables $85.30M $84.08M
Other Receivables $0.00 $0.00
Total Short-Term Assets $218.9M $200.1M
YoY Change 9.4% -4.81%
LONG-TERM ASSETS
Property, Plant & Equipment $15.80M $16.53M
YoY Change -4.39% -21.31%
Goodwill $62.23M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.30M $7.595M
YoY Change 35.62% -21.7%
Total Long-Term Assets $88.30M $87.25M
YoY Change 1.21% -6.18%
TOTAL ASSETS
Total Short-Term Assets $218.9M $200.1M
Total Long-Term Assets $88.30M $87.25M
Total Assets $307.2M $287.3M
YoY Change 6.91% -5.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.90M $11.21M
YoY Change 32.88% 11.02%
Accrued Expenses $32.90M $30.80M
YoY Change 6.82% -5.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $142.8M $129.8M
YoY Change 10.0% 9.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.40M $9.658M
YoY Change 69.81% 6.13%
Total Long-Term Liabilities $16.40M $9.658M
YoY Change 69.81% 6.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $142.8M $129.8M
Total Long-Term Liabilities $16.40M $9.658M
Total Liabilities $159.2M $139.5M
YoY Change 14.14% 8.79%
SHAREHOLDERS EQUITY
Retained Earnings $161.2M
YoY Change
Common Stock $694.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $147.9M $147.9M
YoY Change
Total Liabilities & Shareholders Equity $307.2M $287.3M
YoY Change 6.91% -5.23%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $22.65M $28.22M
YoY Change -19.74% 2.71%
Depreciation, Depletion And Amortization $2.200M $2.300M
YoY Change -4.35% 4.55%
Cash From Operating Activities $51.30M $61.30M
YoY Change -16.31% 51.73%
INVESTING ACTIVITIES
Capital Expenditures $2.174M $789.0K
YoY Change 175.54% -58.6%
Acquisitions
YoY Change
Other Investing Activities -$12.60M -$11.60M
YoY Change 8.62% -928.57%
Cash From Investing Activities -$14.77M -$12.40M
YoY Change 19.13% 2380.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $55.82M $56.62M
YoY Change -1.42% -2.03%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -55.82M -56.60M
YoY Change -1.39% 7.2%
NET CHANGE
Cash From Operating Activities 51.30M 61.30M
Cash From Investing Activities -14.77M -12.40M
Cash From Financing Activities -55.82M -56.60M
Net Change In Cash -19.29M -7.700M
YoY Change 150.47% -40.31%
FREE CASH FLOW
Cash From Operating Activities $51.30M $61.30M
Capital Expenditures $2.174M $789.0K
Free Cash Flow $49.13M $60.51M
YoY Change -18.81% 57.2%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018Q1 manh Cloud Subscriptions Revenue
CloudSubscriptionsRevenue
4469000
CY2017Q1 manh Cloud Subscriptions Revenue
CloudSubscriptionsRevenue
1496000
CY2018Q1 us-gaap Maintenance Revenue
MaintenanceRevenue
36397000
CY2017Q1 us-gaap Maintenance Revenue
MaintenanceRevenue
33376000
CY2018Q1 manh Hardware Revenue
HardwareRevenue
3391000
CY2017Q1 manh Hardware Revenue
HardwareRevenue
7559000
CY2017Q1 us-gaap License Costs
LicenseCosts
1352000
CY2018Q1 manh Cost Of Cloud Subscriptions Maintenance And Services
CostOfCloudSubscriptionsMaintenanceAndServices
56486000
CY2017Q1 manh Cost Of Cloud Subscriptions Maintenance And Services
CostOfCloudSubscriptionsMaintenanceAndServices
54899000
CY2017Q1 manh Cost Of Hardware
CostOfHardware
5370000
CY2017Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
2531000
CY2017Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-104000
CY2017Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-16553000
CY2017Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
3939000
CY2017Q1 manh Increase Decrease In Accounts Payable And Accrued And Other Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedAndOtherLiabilities
-4063000
CY2017Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
8172000
CY2017Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
6940000
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
61276000
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
789000
CY2018Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
12598000
CY2017Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
11630000
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-12419000
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
56619000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-55815000
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
432000
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-18854000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
95615000
CY2017 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
16229000
CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
4055000
CY2017 us-gaap Net Income Loss
NetIncomeLoss
116481000
CY2018Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
55815000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4343000
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Certain line items in prior period financial statements have been reclassified to conform to the current period presentation in the condensed consolidated statements of income due to our business transition to cloud subscriptions. We believe separate disclosures of our software license, cloud subscriptions, maintenance and service revenue is meaningful to investors and provide an important measure of our business performance. Certain line items in prior period financial statements have been reclassified to conform to the current period presentation in the condensed consolidated statements of income, including: all revenue line items; cost of license; cost of cloud subscriptions, maintenance and services; and cost of hardware. Such reclassifications did not affect total revenues, operating income or net income.</p></div>
CY2018Q1 us-gaap Reimbursement Revenue
ReimbursementRevenue
3500000
CY2017Q1 us-gaap Reimbursement Revenue
ReimbursementRevenue
4300000
CY2018Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
31700000
CY2018Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
0
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
34000000
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
We expect to recognize revenue on approximately two thirds of these remaining performance obligations over the next 24 months with the balance recognized thereafter.
CY2018Q1 manh Expected Percentage Of Revenue Recognized From Remaining Performance Obligation Over Twenty Four Months
ExpectedPercentageOfRevenueRecognizedFromRemainingPerformanceObligationOverTwentyFourMonths
0.6667
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P24M
CY2018Q1 manh Provision For Cost Of Return And Product Warranty Claims Recorded
ProvisionForCostOfReturnAndProductWarrantyClaimsRecorded
0
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
200000
CY2018Q1 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.
CY2018Q1 us-gaap Deferred Sales Commission
DeferredSalesCommission
2100000
CY2018Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
200000
CY2018Q1 us-gaap Deferred Sales Inducement Cost Impairment Loss
DeferredSalesInducementCostImpairmentLoss
0
CY2018Q1 us-gaap Cash
Cash
93000000
CY2018Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
13700000
CY2018Q1 us-gaap Long Term Investments
LongTermInvestments
0
CY2017Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
10500000
CY2018Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
4300000
CY2017Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
4500000
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.207
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.317
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q1 manh Increase Decrease In Excess Tax Benefits On Restricted Stock Vestings
IncreaseDecreaseInExcessTaxBenefitsOnRestrictedStockVestings
1200000
CY2018Q1 manh Tax Cuts And Jobs Act Of2017 Incomplete Accounting Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit
300000
CY2017Q4 manh Tax Cuts And Jobs Act Of2017 One Time Transition Tax Expense Deemed Repatriation
TaxCutsAndJobsActOf2017OneTimeTransitionTaxExpenseDeemedRepatriation
3300000
CY2017Q4 manh Tax Cuts And Jobs Act Of2017 Deferred Tax Asset Provisional Write Down Income Tax Expense Benefit
TaxCutsAndJobsActOf2017DeferredTaxAssetProvisionalWriteDownIncomeTaxExpenseBenefit
700000
CY2018Q1 manh Amount Of Dilutive Securities Stock Options And Restrictive Stock Units Per Share
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnitsPerShare
-0.01
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
183000
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
274000
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2018Q1 us-gaap Cost Of Revenue
CostOfRevenue
57794000
CY2018Q1 manh Operating Expenses Excluding Depreciation And Amortization
OperatingExpensesExcludingDepreciationAndAmortization
42743000

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