UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 16, 2012
MANHATTAN ASSOCIATES, INC.
(Exact Name of Registrant as Specified in Its Charter)
| Georgia | 0-23999 | 58-2373424 | ||
| (State or Other Jurisdiction of Incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
| 2300 Windy Ridge Parkway, Suite 1000, Atlanta, Georgia |
30339 | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
(770) 955-7070
(Registrant’s telephone number, including area code)
NONE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On October 16, 2012, Manhattan Associates, Inc. (the “Company”) issued a press release providing the results for its financial performance for the third quarter and nine months ended September 30, 2012. A copy of this press release is attached as Exhibit 99.1. Pursuant to General Instruction B.2 of Form 8-K, this exhibit is “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934.
Non-GAAP Financial Measures in the Press Release
The press release includes, as additional information regarding our operating results, our adjusted operating income, adjusted net income and adjusted earnings per share, which excludes the impact of acquisition-related costs and the amortization thereof; equity-based compensation; and asset impairment charges and related reversals—all net of income tax effects and unusual tax adjustments.
These various measures are not in accordance with, or an alternative for, financial measures calculated in accordance with generally accepted accounting principles in the United States (“GAAP”) and may be different from similarly titled non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP.
We believe that these adjusted (non-GAAP) results provide more meaningful information regarding those aspects of our current operating performance that can be effectively managed, and consequently have developed our internal reporting, compensation and planning systems using these measures. Non-GAAP measures used in the press release exclude the impact of the items described above for the following reasons:
| • | Because we sporadically engage in acquisitions, we incur acquisition-related costs that consist primarily of expenses from accounting and legal due diligence, whether or not we ultimately proceed with the transaction. Additionally, we might assume and incur certain unusual costs, such as employee retention benefits, that result from arrangements made prior to the acquisition. These acquisition costs are difficult to predict and do not correlate to the expenses of our core operations. We believe our competitors and peers typically present as a non-GAAP measure adjusted net income and adjusted earnings per share that exclude the amortization of acquisition-related intangible assets, and thus we exclude these amortization costs when calculating adjusted net income and adjusted earnings per share to facilitate more relevant and meaningful comparisons of our operating results with that of our competitors. |
| • | Because equity-based compensation expense is not an expense that typically requires or will require cash settlement by the Company, and because we believe our competitors and peers typically present non-GAAP results excluding all equity-based compensation expense, we have not included equity-based compensation expense and the related tax benefit generated upon the disposition of equity-based compensation in the assessment of our operating performance. |
1
We believe the reporting of adjusted operating income, adjusted net income and adjusted earnings per share facilitates investors’ understanding of our historical operating trends, because it provides important supplemental measurement information in evaluating the operating results of our business. We also believe that adjusted operating income, adjusted net income and adjusted earnings per share provide a basis for more relevant comparisons to other companies in the industry, enable investors to evaluate our operating performance in a manner consistent with our internal basis of measurement and also present our investors our operating results on the same basis as that used by our management. Management refers to adjusted operating income, adjusted net income and adjusted earnings per share in making operating decisions because we believe they provide meaningful supplemental information regarding our operational performance and our ability to invest in research and development and fund acquisitions and capital expenditures. In addition, adjusted operating income, adjusted net income and adjusted earnings per share facilitate management’s internal comparisons to our historical operating results and comparisons to competitors’ operating results.
Further, we rely on adjusted operating income, adjusted net income and adjusted net income per share information as primary measures to review and assess the operating performance of our company and our management team in connection with our executive compensation and bonus plans. Since most of our employees are not directly involved with decisions surrounding acquisitions and other items that are not central to our core operations, we do not believe it is appropriate or fair to have their incentive compensation affected by these items.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit |
Description | |
| 99.1 | Press Release, dated October 16, 2012 | |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| MANHATTAN ASSOCIATES, INC. | ||
| By: | /s/ Dennis B. Story | |
| Dennis B. Story | ||
| Executive Vice President, Chief Financial Officer and Treasurer | ||
Dated: October 16, 2012
3
EXHIBIT INDEX
| Exhibit |
Description | |
| 99.1 | Press Release, dated October 16, 2012 | |
Exhibit 99.1
| Contact: | Dennis Story | Will Haraway | ||
| Chief Financial Officer | Director, North America Public Relations | |||
| Manhattan Associates, Inc. | Manhattan Associates, Inc. | |||
| 678-597-7115 | 678-597-7466 | |||
| dstory@manh.com | wharaway@manh.com |
Manhattan Associates Reports Record Third Quarter 2012 Performance
Company raises full-year EPS guidance
ATLANTA – October 16, 2012 – Leading supply chain optimization provider Manhattan Associates, Inc. (NASDAQ: MANH) today reported record third quarter 2012 non-GAAP adjusted diluted earnings per share of $0.75 compared to $0.67 in the third quarter 2011, on license revenue of $16.2 million and record total revenue of $95.8 million. GAAP diluted earnings per share was $0.69 compared to $0.70 in the prior year third quarter.
Manhattan Associates CEO Pete Sinisgalli commented, “We’re pleased with our third quarter performance. The financial results were good, our competitive win rate was strong and our substantial investments in research and development position us well for the future.”
THIRD QUARTER 2012 FINANCIAL SUMMARY:
| • | Adjusted diluted earnings per share, a non-GAAP measure, was $0.75 in the third quarter of 2012, compared to $0.67 in the third quarter of 2011. |
| • | GAAP diluted earnings per share was $0.69 in the third quarter of 2012, compared to $0.70 in the third quarter of 2011. Third quarter results for 2011 included a $0.12 per share benefit for the recovery of a previously impaired auction rate security investment. |
| • | Consolidated total revenue was $95.8 million in the third quarter of 2012, compared to $85.6 million in the third quarter of 2011. License revenue was $16.2 million in the third quarter of 2012, compared to $13.6 million in the third quarter of 2011. |
| • | Adjusted operating income, a non-GAAP measure, was $23.8 million in the third quarter of 2012, compared to $19.7 million in the third quarter of 2011. |
| • | GAAP operating income was $21.7 million in the third quarter of 2012, compared to $19.4 million in the third quarter of 2011. Results for the third quarter of 2011 included a $2.5 million recovery of a previously impaired auction rate security investment. |
| • | Cash flow from operations was $17.5 million in the third quarter of 2012, compared to $16.9 million in the third quarter of 2011. Days Sales Outstanding was 70 days at September 30, 2012, compared to 63 days at June 30, 2012. |
| • | Cash and investments on-hand was $106.8 million at September 30, 2012, compared to $100.9 million at June 30, 2012. |
| • | For the three months ended September 30, 2012, the Company repurchased 418,932 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $21.2 million. In October 2012, the Board of Directors approved raising the Company’s remaining share repurchase authority to an aggregate of $50.0 million of the Company’s outstanding common stock. |
NINE MONTH 2012 FINANCIAL SUMMARY:
| • | Adjusted diluted earnings per share, a non-GAAP measure, was $2.12 for the nine months ended September 30, 2012, compared to $1.72 for the nine months ended September 30, 2011. |
| • | GAAP diluted earnings per share for the nine months ended September 30, 2012 was $1.93, compared to $1.59 for the nine months ended September 30, 2011. Results for the nine months ended September 30, 2011 included a $0.12 per share benefit for the recovery of a previously impaired auction rate security investment. |
| • | Consolidated revenue for the nine months ended September 30, 2012 was $280.9 million, compared to $245.7 million for the nine months ended September 30, 2011. License revenue was $47.1 million for the nine months ended September 30, 2012, compared to $37.7 million in the nine months ended September 30, 2011. |
| • | Adjusted operating income, a non-GAAP measure, was $66.8 million for the nine months ended September 30, 2012, compared to $51.1 million for the nine months ended September 30, 2011. |
| • | GAAP operating income was $61.0 million for the nine months ended September 30, 2012, compared to $45.2 million for the nine months ended September 30, 2011. Results for the nine months ended September 30, 2011 included a $2.5 million recovery of a previously impaired auction rate security investment. |
| • | For the nine months ended September 30, 2012, the Company repurchased 1,418,205 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $68.5 million. |
SALES ACHIEVEMENTS:
| • | Closing two contracts of $1.0 million or more in recognized license revenue during the third quarter of 2012. |
| • | Completing software license wins with new customers such as: Happigo Home Shipping Co., Integracolor and TwinMed. |
| • | Expanding relationships with existing customers such as: ACCO Brands, Alliance Healthcare, American Eagle Outfitters, AMSCAN , ATB Market, Better Life Commercial Chain, Bollore Logistics, Bulova Corporation, Cabela’s, Chanel, Chico’s Retail Services, Cotton On Group Services, Dalepak, Design Within Reach, Fashion Biz, Five Below, Hayneedle, Keystone Distribution UK, Kuehne & Nagel, Nalsani SA, Nike, Inc., National Logistics Services, Nature’s Best, RockTenn, Rocky Brands, SF Express, Southern Wine & Spirits of America, Super Cheap Auto, The Beistle Company and Wolverine Worldwide. |
2012 GUIDANCE
Manhattan Associates provides the following revenue and diluted earnings per share guidance for the full year 2012:
| Guidance Range - 2012 Full year | ||||||||||||||||
| ($’s in millions, except EPS) | $ Range | % Growth range | ||||||||||||||
| Total revenue—current guidance |
$ | 370 | $ | 375 | 12 | % | 14 | % | ||||||||
| Total revenue—previous guidance |
$ | 365 | $ | 375 | 11 | % | 14 | % | ||||||||
| Diluted earnings per share (EPS): |
||||||||||||||||
| Adjusted EPS(1)—current guidance |
$ | 2.75 | $ | 2.80 | 19 | % | 21 | % | ||||||||
| GAAP EPS—current guidance |
$ | 2.49 | $ | 2.54 | 19 | % | 22 | % | ||||||||
| Adjusted EPS(1)—previous guidance |
$ | 2.65 | $ | 2.75 | 14 | % | 19 | % | ||||||||
| GAAP EPS—previous guidance |
$ | 2.37 | $ | 2.47 | 13 | % | 18 | % | ||||||||
| (1) | Adjusted EPS is Non-GAAP |
Manhattan Associates currently intends to publish, in each quarterly earnings release, certain expectations with respect to future financial performance. These statements are forward-looking. Actual results may differ materially, especially in the current uncertain economic environment. These statements do not reflect the potential impact of mergers, acquisitions or other business combinations that may be completed after the date of this release.
Manhattan Associates will make its earnings release and published expectations available on its website (www.manh.com). Beginning December 15, 2012, 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 2012 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, speaking only as of or prior to the Quiet Period, 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 fourth full week of January 2013.
CONFERENCE CALL
The Company’s conference call regarding its third quarter financial results will be held at 4:30 p.m. Eastern Time on Tuesday October 16, 2012. 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 +1.888.471.9891 in the U.S. and Canada, or +1.973.200.3379 outside the U.S., and entering the conference identification number 32249193 or via the web at 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 2012 earnings release.
GAAP VERSUS NON-GAAP PRESENTATION
The Company provides adjusted operating income, adjusted net income and adjusted 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’ understanding of its historical operating trends, because it provides important supplemental measurement information in evaluating the operating results of its business, as distinct from results that include items that are not indicative of ongoing operating results. The Company consequently believes that the presentation of these non-GAAP financial measures provides investors with useful insight into its profitability. This release should be read in conjunction with the Company’s Form 8-K earnings release filing for the quarter ended September 30, 2012.
The non-GAAP adjusted operating income, adjusted net income and adjusted earnings per share exclude the impact of acquisition-related costs and the amortization thereof; equity-based compensation; and assets impairment charges and related reversals – all net of income tax effects and unusual tax adjustments. 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, INC.
Manhattan Associates continues to deliver on its 22-year heritage of providing global supply chain excellence to more than 1,200 customers worldwide that consider supply chain optimization core to their strategic market leadership. The Company’s supply chain innovations include: Manhattan SCOPE®, a portfolio of software solutions and technology that leverages a Supply Chain Process Platform to help organizations optimize their supply chains from planning through execution; Manhattan SCALE™, a portfolio of distribution management and transportation management solutions built on Microsoft .NET technology; and Manhattan Carrier™, a suite of supply chain solutions specifically addressing the needs of the motor carrier industry. 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 “2012 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; 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, 2011. 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, |
|||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Revenue: |
||||||||||||||||
| Software license |
$ | 16,164 | $ | 13,565 | $ | 47,096 | $ | 37,674 | ||||||||
| Services |
71,886 | 63,594 | 211,578 | 183,446 | ||||||||||||
| Hardware and other |
7,791 | 8,443 | 22,215 | 24,594 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total revenue |
95,841 | 85,602 | 280,889 | 245,714 | ||||||||||||
| Costs and expenses: |
||||||||||||||||
| Cost of license |
2,086 | 1,196 | 5,351 | 4,259 | ||||||||||||
| Cost of services |
32,614 | 28,054 | 94,646 | 80,474 | ||||||||||||
| Cost of hardware and other |
6,428 | 6,695 | 18,416 | 19,452 | ||||||||||||
| Research and development |
11,400 | 10,877 | 33,753 | 31,936 | ||||||||||||
| Sales and marketing |
10,999 | 10,865 | 34,817 | 33,774 | ||||||||||||
| General and administrative |
9,258 | 9,342 | 28,806 | 27,256 | ||||||||||||
| Depreciation and amortization |
1,379 | 1,698 | 4,141 | 5,922 | ||||||||||||
| Recovery of previously impaired investment |
— | (2,519 | ) | — | (2,519 | ) | ||||||||||
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|
|||||||||
| Total costs and expenses |
74,164 | 66,208 | 219,930 | 200,554 | ||||||||||||
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|
|||||||||
| Operating income |
21,677 | 19,394 | 60,959 | 45,160 | ||||||||||||
| Other (expense) income, net |
(247 | ) | 862 | 431 | 1,214 | |||||||||||
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|
|||||||||
| Income before income taxes |
21,430 | 20,256 | 61,390 | 46,374 | ||||||||||||
| Income tax provision |
7,621 | 5,379 | 22,007 | 11,992 | ||||||||||||
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|||||||||
| Net income |
$ | 13,809 | $ | 14,877 | $ | 39,383 | $ | 34,382 | ||||||||
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| Basic earnings per share |
$ | 0.71 | $ | 0.74 | $ | 1.99 | $ | 1.67 | ||||||||
| Diluted earnings per share |
$ | 0.69 | $ | 0.70 | $ | 1.93 | $ | 1.59 | ||||||||
| Weighted average number of shares: |
||||||||||||||||
| Basic |
19,568 | 20,156 | 19,745 | 20,623 | ||||||||||||
| Diluted |
20,130 | 21,125 | 20,372 | 21,656 | ||||||||||||
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, |
|||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| GAAP Operating income |
$ | 21,677 | $ | 19,394 | $ | 60,959 | $ | 45,160 | ||||||||
| Equity-based compensation (a) |
2,158 | 2,503 | 5,795 | 7,317 | ||||||||||||
| Purchase amortization (b) |
2 | 293 | 5 | 1,170 | ||||||||||||
| Recovery of previously impaired investment (c) |
— | (2,519 | ) | — | (2,519 | ) | ||||||||||
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| Adjusted operating income (Non-GAAP) |
$ | 23,837 | $ | 19,671 | $ | 66,759 | $ | 51,128 | ||||||||
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| GAAP Income tax provision |
$ | 7,621 | $ | 5,379 | $ | 22,007 | $ | 11,992 | ||||||||
| Equity-based compensation (a) |
777 | 838 | 2,086 | 2,451 | ||||||||||||
| Purchase amortization (b) |
1 | 98 | 2 | 392 | ||||||||||||
| Unusual tax adjustments (d) |
— | 115 | — | 227 | ||||||||||||
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| Adjusted income tax provision (Non-GAAP) |
$ | 8,399 | $ | 6,430 | $ | 24,095 | $ | 15,062 | ||||||||
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| GAAP Net income |
$ | 13,809 | $ | 14,877 | $ | 39,383 | $ | 34,382 | ||||||||
| Equity-based compensation (a) |
1,381 | 1,665 | 3,709 | 4,866 | ||||||||||||
| Purchase amortization (b) |
1 | 195 | 3 | 778 | ||||||||||||
| Recovery of previously impaired investment (c) |
— | (2,519 | ) | — | (2,519 | ) | ||||||||||
| Unusual tax adjustments (d) |
— | (115 | ) | — | (227 | ) | ||||||||||
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| Adjusted net income (Non-GAAP) |
$ | 15,191 | $ | 14,103 | $ | 43,095 | $ | 37,280 | ||||||||
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| GAAP Diluted EPS |
$ | 0.69 | $ | 0.70 | $ | 1.93 | $ | 1.59 | ||||||||
| Equity-based compensation (a) |
0.07 | 0.08 | 0.18 | 0.22 | ||||||||||||
| Purchase amortization (b) |
— | 0.01 | — | 0.04 | ||||||||||||
| Recovery of previously impaired investment (c) |
— | (0.12 | ) | — | (0.12 | ) | ||||||||||
| Unusual tax adjustments (d) |
— | (0.01 | ) | — | (0.01 | ) | ||||||||||
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| Adjusted diluted EPS (Non-GAAP) |
$ | 0.75 | $ | 0.67 | $ | 2.12 | $ | 1.72 | ||||||||
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| Fully diluted shares |
20,130 | 21,125 | 20,372 | 21,656 | ||||||||||||
| (a) | To be consistent with other companies in the software industry, we report adjusted results excluding all equity-based compensation. The equity-based compensation is included in the following GAAP operating expense lines for the three and nine months ended September 30, 2012 and 2011: |
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Cost of services |
$ | 305 | $ | 374 | $ | 490 | $ | 1,077 | ||||||||
| Research and development |
435 | 415 | 1,134 | 1,173 | ||||||||||||
| Sales and marketing |
517 | 585 | 1,667 | 1,733 | ||||||||||||
| General and administrative |
901 | 1,129 | 2,504 | 3,334 | ||||||||||||
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| Total equity-based compensation |
$ | 2,158 | $ | 2,503 | $ | 5,795 | $ | 7,317 | ||||||||
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| (b) | Adjustments represent purchased intangibles amortization from prior acquisitions. Such amortization is commonly excluded from GAAP net income by companies in our industry and we therefore exclude these amortization costs to provide more relevant and meaningful comparisons of our operating results to that of our competitors. |
| (c) | During the quarter ended September 30, 2008, we recorded an impairment charge of $3.5 million on an investment in an auction rate security. We reduced the carrying value to zero due to credit downgrades of the underlying issuer and the bond insurer as well as increasing publicly reported exposure to bankruptcy risk by the issuer. However, during the quarter ended September 30, 2011, we were able to sell the auction rate security and recovered over 70%, or $2.5 million, of our original investment. We previously excluded the asset impairment charge recorded in 2008 to write down the value of the auction rate security because we typically invest our treasury funds in cash, cash equivalents or other liquid investments, not illiquid, risky securities. We believed the write-down in value of the auction rate security was due to unusual changes in the characteristics of the auction rate security since our initial investment in it, including failed auctions and default risk for a municipal obligor. Consistent with our prior exclusion of the charge, we have excluded the reversal of the charge from adjusted non-GAAP results because it is not indicative of ongoing operating performance. |
| (d) | For the three and nine months ended September 30, 2011, the adjustments represent tax benefits from disqualifying dispositions of incentive stock options that were previously expensed. As discussed above, we excluded equity-based compensation from adjusted non-GAAP results to be consistent with other companies in the software industry. Therefore, we also excluded the related tax benefit generated upon their disposition. |
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
| September 30, 2012 | December 31, 2011 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current Assets: |
||||||||
| Cash and cash equivalents |
$ | 99,090 | $ | 92,180 | ||||
| Short term investments |
7,715 | 6,079 | ||||||
| Accounts receivable, net of allowance of $5,524 and $4,816 in 2012 and 2011, respectively |
73,241 | 56,264 | ||||||
| Deferred income taxes |
7,835 | 7,599 | ||||||
| Income taxes receivable |
— | 4,859 | ||||||
| Prepaid expenses and other current assets |
7,465 | 7,533 | ||||||
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|||||
| Total current assets |
195,346 | 174,514 | ||||||
| Property and equipment, net |
13,681 | 13,321 | ||||||
| Long-term investments |
— | 855 | ||||||
| Goodwill, net |
62,260 | 62,261 | ||||||
| Deferred income taxes |
2,668 | 5,696 | ||||||
| Other assets |
1,874 | 2,953 | ||||||
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| Total assets |
$ | 275,829 | $ | 259,600 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 8,069 | $ | 8,090 | ||||
| Accrued compensation and benefits |
16,857 | 16,503 | ||||||
| Accrued and other liabilities |
12,733 | 13,648 | ||||||
| Deferred revenue |
52,573 | 49,882 | ||||||
| Income tax payable |
7,066 | — | ||||||
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|||||
| Total current liabilities |
97,298 | 88,123 | ||||||
| Other non-current liabilities |
8,971 | 9,397 | ||||||
| Shareholders’ equity: |
||||||||
| Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2012 or 2011 |
— | — | ||||||
| Common stock, $.01 par value; 100,000,000 shares authorized; 19,905,903 and 20,415,946 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively |
199 | 204 | ||||||
| Additional paid-in capital |
— | — | ||||||
| Retained earnings |
173,248 | 166,989 | ||||||
| Accumulated other comprehensive loss |
(3,887 | ) | (5,113 | ) | ||||
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| Total shareholders’ equity |
169,560 | 162,080 | ||||||
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|||||
| Total liabilities and shareholders’ equity |
$ | 275,829 | $ | 259,600 | ||||
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|||||
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Nine Months Ended September 30, | ||||||||
| 2012 | 2011 | |||||||
| (unaudited) | ||||||||
| Operating activities: |
||||||||
| Net income |
$ | 39,383 | $ | 34,382 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
4,141 | 5,922 | ||||||
| Recovery of previously impaired investment |
— | (2,519 | ) | |||||
| Equity-based compensation |
5,795 | 7,317 | ||||||
| (Gain) loss on disposal of equipment |
(46 | ) | 22 | |||||
| Tax benefit of stock awards exercised/vested |
7,034 | 3,345 | ||||||
| Excess tax benefits from equity-based compensation |
(5,726 | ) | (1,416 | ) | ||||
| Deferred income taxes |
2,807 | (1,821 | ) | |||||
| Unrealized foreign currency loss (gain) |
411 | (513 | ) | |||||
| Changes in operating assets and liabilities: |
||||||||
| Accounts receivable, net |
(16,772 | ) | (9,370 | ) | ||||
| Other assets |
1,215 | (1,546 | ) | |||||
| Accounts payable, accrued and other liabilities |
(1,595 | ) | (3,325 | ) | ||||
| Income taxes |
12,266 | 6,250 | ||||||
| Deferred revenue |
2,494 | 4,267 | ||||||
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| Net cash provided by operating activities |
51,407 | 40,995 | ||||||
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| Investing activities: |
||||||||
| Purchase of property and equipment |
(4,336 | ) | (3,672 | ) | ||||
| Net (purchases) maturities of investments |
(236 | ) | 465 | |||||
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| Net cash used in investing activities |
(4,572 | ) | (3,207 | ) | ||||
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| Financing activities: |
||||||||
| Purchase of common stock |
(71,667 | ) | (95,569 | ) | ||||
| Proceeds from issuance of common stock from options exercised |
25,708 | 30,265 | ||||||
| Excess tax benefits from equity-based compensation |
5,726 | 1,416 | ||||||
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| Net cash used in financing activities |
(40,233 | ) | (63,888 | ) | ||||
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| Foreign currency impact on cash |
308 | (491 | ) | |||||
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| Net change in cash and cash equivalents |
6,910 | (26,591 | ) | |||||
| Cash and cash equivalents at beginning of period |
92,180 | 120,744 | ||||||
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| Cash and cash equivalents at end of period |
$ | 99,090 | $ | 94,153 | ||||
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|||||
MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
| 1. | GAAP and Adjusted earnings (loss) per share by quarter are as follows: |
| 2011 | 2012 | |||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | ||||||||||||||||||||||||||||
| GAAP Diluted EPS |
$ | 0.32 | $ | 0.57 | $ | 0.70 | $ | 0.50 | $ | 2.09 | $ | 0.55 | $ | 0.70 | $ | 0.69 | $ | 1.93 | ||||||||||||||||||
| Adjustments to GAAP: |
||||||||||||||||||||||||||||||||||||
| Equity-based compensation |
0.07 | 0.07 | 0.08 | 0.09 | 0.32 | 0.05 | 0.06 | 0.07 | 0.18 | |||||||||||||||||||||||||||
| Purchase amortization |
0.01 | 0.01 | 0.01 | — | 0.04 | — | — | — | — | |||||||||||||||||||||||||||
| Recovery of previously impaired investment |
— | — | (0.12 | ) | — | (0.12 | ) | — | — | — | — | |||||||||||||||||||||||||
| Unusual tax adjustments |
— | — | (0.01 | ) | — | (0.01 | ) | — | — | — | — | |||||||||||||||||||||||||
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| Adjusted Diluted EPS |
$ | 0.41 | $ | 0.65 | $ | 0.67 | $ | 0.60 | $ | 2.32 | $ | 0.60 | $ | 0.76 | $ | 0.75 | $ | 2.12 | ||||||||||||||||||
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| 2. Revenues and operating income (loss) by reportable segment are as follows (in thousands): | ||||||||||||||||||||||||||||||||||||
| 2011 | 2012 | |||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | ||||||||||||||||||||||||||||
| Revenue: |
||||||||||||||||||||||||||||||||||||
| Americas |
$ | 60,185 | $ | 72,634 | $ | 70,663 | $ | 69,377 | $ | 272,859 | $ | 73,195 | $ | 77,094 | $ | 79,657 | $ | 229,946 | ||||||||||||||||||
| EMEA |
8,336 | 11,075 | 10,041 | 8,843 | 38,295 | 12,407 | 12,334 | 10,589 | 35,330 | |||||||||||||||||||||||||||
| APAC |
3,189 | 4,693 | 4,898 | 5,319 | 18,099 | 5,879 | 4,139 | 5,595 | 15,613 | |||||||||||||||||||||||||||
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| $ | 71,710 | $ | 88,402 | $ | 85,602 | $ | 83,539 | $ | 329,253 | $ | 91,481 | $ | 93,567 | $ | 95,841 | $ | 280,889 | |||||||||||||||||||
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| GAAP Operating Income (Loss): | ||||||||||||||||||||||||||||||||||||
| Americas |
$ | 7,087 | $ | 15,749 | $ | 17,183 | $ | 13,531 | $ | 53,550 | $ | 13,685 | $ | 18,130 | $ | 17,718 | $ | 49,533 | ||||||||||||||||||
| EMEA |
909 | 1,963 | 1,334 | 1,033 | 5,239 | 2,580 | 2,944 | 2,707 | 8,231 | |||||||||||||||||||||||||||
| APAC |
(443 | ) | 501 | 877 | 1,639 | 2,574 | 1,675 | 268 | 1,252 | 3,195 | ||||||||||||||||||||||||||
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| $ | 7,553 | $ | 18,213 | $ | 19,394 | $ | 16,203 | $ | 61,363 | $ | 17,940 | $ | 21,342 | $ | 21,677 | $ | 60,959 | |||||||||||||||||||
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| Adjustments (pre-tax): | ||||||||||||||||||||||||||||||||||||
| Americas: |
||||||||||||||||||||||||||||||||||||
| Equity-based compensation |
$ | 2,409 | $ | 2,405 | $ | 2,503 | $ | 3,055 | $ | 10,372 | $ | 1,660 | $ | 1,977 | $ | 2,158 | $ | 5,795 | ||||||||||||||||||
| Purchase amortization |
439 | 438 | 293 | 2 | 1,172 | 2 | 1 | 2 | 5 | |||||||||||||||||||||||||||
| Recovery of previously impaired investment |
— | — | (2,519 | ) | — | (2,519 | ) | — | — | — | ||||||||||||||||||||||||||
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| $ | 2,848 | $ | 2,843 | $ | 277 | $ | 3,057 | $ | 9,025 | $ | 1,662 | $ | 1,978 | $ | 2,160 | $ | 5,800 | |||||||||||||||||||
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| Adjusted non-GAAP Operating Income (Loss): |
| |||||||||||||||||||||||||||||||||||
| Americas |
$ | 9,935 | $ | 18,592 | $ | 17,460 | $ | 16,588 | $ | 62,575 | $ | 15,347 | $ | 20,108 | $ | 19,878 | $ | 55,333 | ||||||||||||||||||
| EMEA |
909 | 1,963 | 1,334 | 1,033 | 5,239 | 2,580 | 2,944 | 2,707 | 8,231 | |||||||||||||||||||||||||||
| APAC |
(443 | ) | 501 | 877 | 1,639 | 2,574 | 1,675 | 268 | 1,252 | 3,195 | ||||||||||||||||||||||||||
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| $ | 10,401 | $ | 21,056 | $ | 19,671 | $ | 19,260 | $ | 70,388 | $ | 19,602 | $ | 23,320 | $ | 23,837 | $ | 66,759 | |||||||||||||||||||
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| 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): |
| 2011 | 2012 | |||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | ||||||||||||||||||||||||||||
| Professional services |
$ | 35,184 | $ | 42,150 | $ | 41,403 | $ | 38,057 | $ | 156,794 | $ | 46,621 | $ | 45,497 | $ | 47,082 | $ | 139,200 | ||||||||||||||||||
| Customer support and software enhancements |
20,894 | 21,624 | 22,191 | 22,555 | 87,264 | 23,749 | 23,825 | 24,804 | 72,378 | |||||||||||||||||||||||||||
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| Total services revenue |
$ | 56,078 | $ | 63,774 | $ | 63,594 | $ | 60,612 | $ | 244,058 | $ | 70,370 | $ | 69,322 | $ | 71,886 | $ | 211,578 | ||||||||||||||||||
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| 4. Hardware and other revenue includes the following items (in thousands): | ||||||||||||||||||||||||||||||||||||
| 2011 | 2012 | |||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | ||||||||||||||||||||||||||||
| Hardware revenue |
$ | 5,504 | $ | 5,540 | $ | 5,597 | $ | 3,895 | $ | 20,536 | $ | 3,054 | $ | 5,740 | $ | 4,234 | $ | 13,028 | ||||||||||||||||||
| Billed travel |
2,366 | 2,741 | 2,846 | 2,465 | 10,418 | 2,470 | 3,160 | 3,557 | 9,187 | |||||||||||||||||||||||||||
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| Total hardware and other revenue |
$ | 7,870 | $ | 8,281 | $ | 8,443 | $ | 6,360 | $ | 30,954 | $ | 5,524 | $ | 8,900 | $ | 7,791 | $ | 22,215 | ||||||||||||||||||
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| 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): |
| |||||||||||||||||||||||||||||||||||
| 2011 | 2012 | |||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | ||||||||||||||||||||||||||||
| Revenue |
$ | 282 | $ | 1,743 | $ | 1,140 | $ | 110 | $ | 3,275 | $ | (136 | ) | $ | (1,251 | ) | $ | (958 | ) | $ | (2,345 | ) | ||||||||||||||
| Costs and expenses |
386 | 1,513 | 1,038 | (668 | ) | 2,269 | (848 | ) | (2,067 | ) | (1,845 | ) | (4,760 | ) | ||||||||||||||||||||||
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| Operating income |
(104 | ) | 230 | 102 | 778 | 1,006 | 712 | 816 | 887 | 2,415 | ||||||||||||||||||||||||||
| Foreign currency gains (losses) in other income |
(207 | ) | 77 | 575 | 367 | 812 | (370 | ) | 571 | (564 | ) | (363 | ) | |||||||||||||||||||||||
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| $ | (311 | ) | $ | 307 | $ | 677 | $ | 1,145 | $ | 1,818 | $ | 342 | $ | 1,387 | $ | 323 | $ | 2,052 | ||||||||||||||||||
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| 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): | ||||||||||||||||||||||||||||||||||||
| 2011 | 2012 | |||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | ||||||||||||||||||||||||||||
| Operating income |
$ | (53 | ) | $ | (82 | ) | $ | (76 | ) | $ | 727 | $ | 516 | $ | 704 | $ | 1,193 | $ | 1,161 | $ | 3,058 | |||||||||||||||
| Foreign currency (losses) gains in other income |
(112 | ) | 53 | 653 | 638 | 1,232 | (144 | ) | 724 | (500 | ) | 80 | ||||||||||||||||||||||||
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| Total impact of changes in the Indian Rupee |
$ | (165 | ) | $ | (29 | ) | $ | 577 | $ | 1,365 | $ | 1,748 | $ | 560 | $ | 1,917 | $ | 661 | $ | 3,138 | ||||||||||||||||
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|||||||||||||||||||
MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
| 6. | Other income (expense) includes the following components (in thousands): |
| 2011 | 2012 | |||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | ||||||||||||||||||||||||||||
| Interest income |
$ | 225 | $ | 269 | $ | 298 | $ | 280 | $ | 1,072 | $ | 264 | $ | 228 | $ | 278 | $ | 770 | ||||||||||||||||||
| Foreign currency (losses) gains |
(207 | ) | 77 | 575 | 367 | 812 | (370 | ) | 571 | (564 | ) | (363 | ) | |||||||||||||||||||||||
| Other non-operating (expense) income |
— | (12 | ) | (11 | ) | 3 | (20 | ) | (18 | ) | 3 | 39 | 24 | |||||||||||||||||||||||
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| Total other income (expense) |
$ | 18 | $ | 334 | $ | 862 | $ | 650 | $ | 1,864 | $ | (124 | ) | $ | 802 | $ | (247 | ) | $ | 431 | ||||||||||||||||
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| 7. | Total equity-based compensation is as follows (in thousands except per share amounts): |
| 2011 | 2012 | |||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | ||||||||||||||||||||||||||||
| Stock options |
$ | 512 | $ | 487 | $ | 486 | $ | 518 | $ | 2,003 | $ | 120 | $ | 140 | $ | 138 | $ | 398 | ||||||||||||||||||
| Restricted stock |
1,897 | 1,918 | 2,017 | 2,537 | 8,369 | 1,540 | 1,837 | 2,020 | 5,397 | |||||||||||||||||||||||||||
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| Total equity-based compensation |
2,409 | 2,405 | 2,503 | 3,055 | 10,372 | 1,660 | 1,977 | 2,158 | 5,795 | |||||||||||||||||||||||||||
| Income tax provision |
807 | 806 | 838 | 1,075 | 3,526 | 598 | 711 | 777 | 2,086 | |||||||||||||||||||||||||||
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| Net income |
$ | 1,602 | $ | 1,599 | $ | 1,665 | $ | 1,980 | $ | 6,846 | $ | 1,062 | $ | 1,266 | $ | 1,381 | $ | 3,709 | ||||||||||||||||||
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| Diluted earnings per share |
$ | 0.07 | $ | 0.07 | $ | 0.08 | $ | 0.09 | $ | 0.32 | $ | 0.05 | $ | 0.06 | $ | 0.07 | $ | 0.18 | ||||||||||||||||||
| Diluted earnings per share—stock options |
$ | 0.02 | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.06 | $ | 0.00 | $ | — | $ | — | $ | 0.01 | ||||||||||||||||||
| Diluted earnings per share—restricted stock |
$ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.08 | $ | 0.26 | $ | 0.05 | $ | 0.06 | $ | 0.07 | $ | 0.17 | ||||||||||||||||||
| 8. | Capital expenditures are as follows (in thousands): |
| 2011 | 2012 | |||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | ||||||||||||||||||||||||||||
| Capital expenditures |
$ | 1,338 | $ | 658 | $ | 1,676 | $ | 1,402 | $ | 5,074 | $ | 1,796 | $ | 1,454 | $ | 1,086 | $ | 4,336 | ||||||||||||||||||
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MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
| 9. | Stock Repurchase Activity (in thousands): |
| 2011 | 2012 | |||||||||||||||||||||||||||||||||||
| 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 |
826 | 1,079 | 845 | 857 | 3,607 | 653 | 346 | 419 | 1,418 | |||||||||||||||||||||||||||
| Shares withheld for taxes due upon vesting of restricted stock |
65 | 4 | 4 | 5 | 78 | 66 | 3 | 5 | 74 | |||||||||||||||||||||||||||
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| Total shares purchased |
891 | 1,083 | 849 | 862 | 3,685 | 719 | 349 | 424 | 1,492 | |||||||||||||||||||||||||||
| Total cash paid for shares purchased under publicly-announced buy-back program |
$ | 25,621 | $ | 38,286 | $ | 29,414 | $ | 37,390 | $ | 130,711 | $ | 30,647 | $ | 16,616 | $ | 21,202 | $ | 68,465 | ||||||||||||||||||
| Total cash paid for shares withheld for taxes due upon vesting of restricted stock |
1,960 | 129 | 159 | 185 | 2,433 | 2,840 | 132 | 230 | 3,202 | |||||||||||||||||||||||||||
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| Total cash paid for shares repurchased |
$ | 27,581 | $ | 38,415 | $ | 29,573 | $ | 37,575 | $ | 133,144 | $ | 33,487 | $ | 16,748 | $ | 21,432 | $ | 71,667 | ||||||||||||||||||
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