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Manhattan Associates Reports Record Third Quarter Results Manhattan Associates Reports Record Third Quarter Results RPO Bookings Increase 69% over Prior Year on Strong Demand Company Raises 2022 Full-Year Revenue and EPS Guidance ATLANTA – October 26, 2022 – Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $198.1 million for the third quarter ended September 30, 2022. GAAP diluted earnings per share was $0.47 for Q3 2022 compared to $0.57 for Q3 2021. Non-GAAP adjusted diluted earnings per share for Q3 2022 was $0.66 compared to $0.71 in Q3 2021. “We are very pleased with our quarterly results, delivering record Q3 revenue and better than expected earnings per share. Demand is strong and resilient across our differentiated cloud product portfolio, ” said Manhattan Associates president and CEO Eddie Capel. “We are committed to our customers’ success and continue to invest in industry leading innovation to help digitally transform their businesses. While the global macro environment remains turbulent, our business fundamentals are strong and our increased 2022 guidance appropriately accounts for continued volatility, ” Mr. Capel concluded. THIRD QUARTER 2022 FINANCIAL SUMMARY: • Consolidated total revenue was $198.1 million for Q3 2022, compared to $169.2 million for Q3 2021. • Cloud subscription revenue was $45.3 million for Q3 2022, compared to $32.2 million for Q3 2021. • License revenue was $6.4 million for Q3 2022, compared to $8.5 million for Q3 2021. • Services revenue was $103.4 million for Q3 2022, compared to $88.2 million for Q3 2021. • GAAP diluted earnings per share was $0.47 for Q3 2022, compared to $0.57 for Q3 2021. • Adjusted diluted earnings per share, a non-GAAP measure, was $0.66 for Q3 2022, compared to $0.71 for Q3 2021. • GAAP operating income was $36.8 million for Q3 2022, compared to $42.4 million for Q3 2021. • Adjusted operating income, a non-GAAP measure, was $51.3 million for Q3 2022, compared to $53.0 million for Q3 2021. • Cash flow from operations was $39.9 million for Q3 2022, compared to $59.7 million for Q3 2021. Days Sales Outstanding was 67 days at September 30, 2022, compared to 63 days at June 30, 2022. • Cash totaled $197.1 million at September 30, 2022, compared to $213.8 million at June 30, 2022. • During the three months ended September 30, 2022, the Company repurchased 346, 620 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $50.0 million. In October 2022, our Board of Directors approved replenishing the Company’s remaining share repurchase authority to an aggregate of $75.0 million of our common stock. NINE MONTH 2022 FINANCIAL SUMMARY: • Consolidated total revenue for the nine months ended September 30, 2022, was $569.0 million, compared to $492.1 million for the nine months ended September 30, 2021. • Cloud subscription revenue was $124.8 million for the nine months ended September 30, 2022, compared to $87.4 million for the nine months ended September 30, 2021. • License revenue was $19.9 million for the nine months ended September 30, 2022, compared to $25.1 million for the nine months ended September 30, 2021. • Services revenue was $294.3 million for the nine months ended September 30, 2022, compared to $253.2 million for the nine months ended September 30, 2021. • GAAP diluted earnings per share for the nine months ended September 30, 2022, was $1.43, compared to $1.40 for the nine months ended September 30, 2021. • Adjusted diluted earnings per share, a non-GAAP measure, was $1.95 for the nine months ended September 30, 2022, compared to $1.75 for the nine months ended September 30, 2021. • GAAP operating income was $108.0 million for the nine months ended September 30, 2022, compared to $107.2 million for the nine months ended September 30, 2021. • Adjusted operating income, a non-GAAP measure, was $152.2 million for the nine months ended September 30, 2022, compared to $138.8 million for the nine months ended September 30, 2021. • Cash flow from operations was $124.4 million for the nine months ended September 30, 2022, compared to $145.1 million for the nine months ended September 30, 2021. • During the nine months ended September 30, 2022, the Company repurchased 1, 146, 536 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $150.1 million. 2022 GUIDANCE Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2022: View the 2022 Guidance table here: https://rlw.co/djn 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 and guideposts in the supplemental information below, are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below. In addition, those statements 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 this earnings release and published expectations 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, including the guidance and guideposts, should be considered historical only, and Manhattan Associates disclaims any obligation to update them. CONFERENCE CALL Manhattan Associates’ conference call regarding its third quarter 2022 financial results will be held today, October 25, 2022, 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 broadcast replay will be available until Manhattan Associates’ fourth quarter 2022 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 nine months ended September 30, 2022. 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, acquisition-related costs and the amortization of these costs and (from time to time) restructuring charges – all net of income tax effects. We include reconciliations of the Company’s GAAP financial measures to non-GAAP adjustments in the supplemental information attached to this release. |
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