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RPO Bookings Increase 69% over Prior Year on Strong Demand
Company Raises 2022 Full-Year Revenue and EPS Guidance
“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
“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,”
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.
- Cloud subscription revenue was
- 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 atSeptember 30, 2022 , compared to 63 days atJune 30, 2022 . - Cash totaled
$197.1 million atSeptember 30, 2022 , compared to$213.8 million atJune 30, 2022 . - During the three months ended
September 30, 2022 , the Company repurchased 346,620 shares ofManhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of$50.0 million . InOctober 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 endedSeptember 30, 2021 .- Cloud subscription revenue was
$124.8 million for the nine months endedSeptember 30, 2022 , compared to$87.4 million for the nine months endedSeptember 30, 2021 . - License revenue was
$19.9 million for the nine months endedSeptember 30, 2022 , compared to$25.1 million for the nine months endedSeptember 30, 2021 . - Services revenue was
$294.3 million for the nine months endedSeptember 30, 2022 , compared to$253.2 million for the nine months endedSeptember 30, 2021 .
- Cloud subscription revenue was
- GAAP diluted earnings per share for the nine months ended
September 30, 2022 , was$1.43 , compared to$1.40 for the nine months endedSeptember 30, 2021 . - Adjusted diluted earnings per share, a non-GAAP measure, was
$1.95 for the nine months endedSeptember 30, 2022 , compared to$1.75 for the nine months endedSeptember 30, 2021 . - GAAP operating income was
$108.0 million for the nine months endedSeptember 30, 2022 , compared to$107.2 million for the nine months endedSeptember 30, 2021 . - Adjusted operating income, a non-GAAP measure, was
$152.2 million for the nine months endedSeptember 30, 2022 , compared to$138.8 million for the nine months endedSeptember 30, 2021 . - Cash flow from operations was
$124.4 million for the nine months endedSeptember 30, 2022 , compared to$145.1 million for the nine months endedSeptember 30, 2021 . - During the nine months ended
September 30, 2022 , the Company repurchased 1,146,536 shares ofManhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of$150.1 million .
2022 GUIDANCE
($'s in millions, except operating margin and EPS) | $ Range | % |
||||||||
Total revenue - current guidance | $750 | $753 | 13% | 13% | ||||||
Operating margin: | ||||||||||
GAAP operating margin - current guidance | 17.5% | 17.7% | ||||||||
Equity-based compensation | 8.0% | 7.9% | ||||||||
Adjusted operating margin(1)- current guidance | 25.5% | 25.6% | ||||||||
Diluted earnings per share (EPS): | ||||||||||
GAAP EPS - current guidance | $1.71 | $1.73 | -1% | 1% | ||||||
Equity-based compensation, net of tax | 0.79 | 0.79 | ||||||||
Excess tax benefit on stock vesting | (0.07) | (0.07) | ||||||||
Adjusted EPS(1)- current guidance | $2.43 | $2.45 | 9% | 10% | ||||||
(1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based | ||||||||||
compensation and acquisition-related costs, and the related income tax effects of those items if applicable. | ||||||||||
CONFERENCE CALL
Manhattan Associates’ conference call regarding its third quarter 2022 financial results will be held today,
GAAP VERSUS NON-GAAP PRESENTATION
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.
ABOUT
This press release contains “forward-looking statements” relating to
Condensed Consolidated Statements of Income (in thousands, except per share amounts) |
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Three Months Ended |
Nine Months Ended |
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2022 | 2021 | 2022 | 2021 | |||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Revenue: | ||||||||||||||||
Cloud subscriptions | $ | 45,267 | $ | 32,196 | $ | 124,767 | $ | 87,434 | ||||||||
Software license | 6,386 | 8,461 | 19,869 | 25,122 | ||||||||||||
Maintenance | 35,820 | 34,479 | 107,115 | 108,370 | ||||||||||||
Services | 103,425 | 88,172 | 294,284 | 253,234 | ||||||||||||
Hardware | 7,203 | 5,877 | 22,946 | 17,989 | ||||||||||||
Total revenue | 198,101 | 169,185 | 568,981 | 492,149 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Cost of software license | 467 | 690 | 1,749 | 1,802 | ||||||||||||
Cost of cloud subscriptions, maintenance and services | 95,691 | 70,813 | 266,482 | 214,394 | ||||||||||||
Research and development | 29,375 | 23,372 | 84,754 | 70,845 | ||||||||||||
Sales and marketing | 15,742 | 14,057 | 47,881 | 41,203 | ||||||||||||
General and administrative | 18,392 | 15,928 | 54,963 | 50,579 | ||||||||||||
Depreciation and amortization | 1,664 | 1,917 | 5,157 | 6,136 | ||||||||||||
Total costs and expenses | 161,331 | 126,777 | 460,986 | 384,959 | ||||||||||||
Operating income | 36,770 | 42,408 | 107,995 | 107,190 | ||||||||||||
Other income (loss), net | 1,612 | (42 | ) | 4,593 | (29 | ) | ||||||||||
Income before income taxes | 38,382 | 42,366 | 112,588 | 107,161 | ||||||||||||
Income tax provision | 8,708 | 5,712 | 21,497 | 17,271 | ||||||||||||
Net income | $ | 29,674 | $ | 36,654 | $ | 91,091 | $ | 89,890 | ||||||||
Basic earnings per share | $ | 0.47 | $ | 0.58 | $ | 1.45 | $ | 1.42 | ||||||||
Diluted earnings per share | $ | 0.47 | $ | 0.57 | $ | 1.43 | $ | 1.40 | ||||||||
Weighted average number of shares: | ||||||||||||||||
Basic | 62,592 | 63,363 | 62,917 | 63,514 | ||||||||||||
Diluted | 63,165 | 64,238 | 63,483 | 64,339 |
Reconciliation of GAAP to Non-GAAP Measures (in thousands, except per share amounts) |
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Three Months Ended |
Nine Months Ended |
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2022 | 2021 | 2022 | 2021 | |||||||||||||
Operating income | $ | 36,770 | $ | 42,408 | $ | 107,995 | $ | 107,190 | ||||||||
Equity-based compensation (a) | 14,533 | 10,573 | 44,209 | 31,333 | ||||||||||||
Purchase amortization (c) | - | 50 | - | 264 | ||||||||||||
Restructuring charge (d) | - | - | - | - | ||||||||||||
Adjusted operating income (Non-GAAP) | $ | 51,303 | $ | 53,031 | $ | 152,204 | $ | 138,787 | ||||||||
Income tax provision | $ | 8,708 | $ | 5,712 | $ | 21,497 | $ | 17,271 | ||||||||
Equity-based compensation (a) | 2,265 | 1,503 | 7,013 | 4,399 | ||||||||||||
Tax benefit of stock awards vested (b) | 3 | 312 | 4,386 | 4,369 | ||||||||||||
Purchase amortization (c) | - | 12 | 65 | |||||||||||||
Adjusted income tax provision (Non-GAAP) | $ | 10,976 | $ | 7,539 | $ | 32,896 | $ | 26,104 | ||||||||
Net income | $ | 29,674 | $ | 36,654 | $ | 91,091 | $ | 89,890 | ||||||||
Equity-based compensation (a) | 12,268 | 9,070 | 37,196 | 26,934 | ||||||||||||
Tax benefit of stock awards vested (b) | (3 | ) | (312 | ) | (4,386 | ) | (4,369 | ) | ||||||||
Purchase amortization (c) | - | 38 | - | 199 | ||||||||||||
Adjusted net income (Non-GAAP) | $ | 41,939 | $ | 45,450 | $ | 123,901 | $ | 112,654 | ||||||||
Diluted EPS | $ | 0.47 | $ | 0.57 | $ | 1.43 | $ | 1.40 | ||||||||
Equity-based compensation (a) | 0.19 | 0.14 | 0.59 | 0.42 | ||||||||||||
Tax benefit of stock awards vested (b) | - | - | (0.07 | ) | (0.07 | ) | ||||||||||
Purchase amortization (c) | - | - | - | - | ||||||||||||
Adjusted diluted EPS (Non-GAAP) | $ | 0.66 | $ | 0.71 | $ | 1.95 | $ | 1.75 | ||||||||
Fully diluted shares | 63,165 | 64,238 | 63,483 | 64,339 | ||||||||||||
(a) Adjusted results exclude all equity-based compensation to facilitate comparison with our peers and because it typically does not require cash settlement. As explained in our Current Report on Form 8-K filed today with the |
Three Months Ended |
Nine Months Ended |
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2022 | 2021 | 2022 | 2021 | |||||||||||||
Cost of services | $ | 5,308 | $ | 3,977 | $ | 16,267 | $ | 10,769 | ||||||||
Research and development | 3,126 | 2,139 | 9,740 | 6,247 | ||||||||||||
Sales and marketing | 1,508 | 1,073 | 4,460 | 3,198 | ||||||||||||
General and administrative | 4,591 | 3,384 | 13,742 | 11,119 | ||||||||||||
Total equity-based compensation | $ | 14,533 | $ | 10,573 | $ | 44,209 | $ | 31,333 | ||||||||
(b) Adjustments represent the excess tax benefits and tax deficiencies of the equity awards vested during the period. Excess tax benefits (deficiencies) occur when the amount deductible on our tax return for an equity award is more (less) than the cumulative compensation cost recognized for financial reporting purposes. As discussed above, we exclude equity-based compensation from adjusted non-GAAP results to be consistent with other companies in the software industry and for the other reasons explained in our Current Report on Form 8-K filed with the (c) Adjustments represent purchased intangibles amortization from a prior acquisition. We exclude that amortization from adjusted results to facilitate comparison with our peers, to facilitate comparisons of the results of our core operations from period to period and for the other reasons explained in our Current Report on Form 8-K filed with the |
Condensed Consolidated Balance Sheets (in thousands, except share and per share data) |
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(unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 197,055 | $ | 263,706 | ||||
Accounts receivable, net of allowance of |
143,504 | 124,420 | ||||||
Prepaid expenses and other current assets | 26,136 | 20,293 | ||||||
Total current assets | 366,695 | 408,419 | ||||||
Property and equipment, net | 12,265 | 13,889 | ||||||
Operating lease right-of-use assets | 21,169 | 27,272 | ||||||
62,218 | 62,239 | |||||||
Deferred income taxes | 28,231 | 7,650 | ||||||
Other assets | 24,141 | 20,239 | ||||||
Total assets | $ | 514,719 | $ | 539,708 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 27,360 | $ | 19,625 | ||||
Accrued compensation and benefits | 62,560 | 53,104 | ||||||
Accrued and other liabilities | 22,507 | 22,741 | ||||||
Deferred revenue | 169,390 | 153,196 | ||||||
Income taxes payable | 2,153 | 376 | ||||||
Total current liabilities | 283,970 | 249,042 | ||||||
Operating lease liabilities, long-term | 17,186 | 23,157 | ||||||
Other non-current liabilities | 15,429 | 16,865 | ||||||
Shareholders' equity: | ||||||||
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2022 and 2021 | - | - | ||||||
Common stock, |
624 | 631 | ||||||
Retained earnings | 226,119 | 269,841 | ||||||
Accumulated other comprehensive loss | (28,609 | ) | (19,828 | ) | ||||
Total shareholders' equity | 198,134 | 250,644 | ||||||
Total liabilities and shareholders' equity | $ | 514,719 | $ | 539,708 |
Condensed Consolidated Statements of Cash Flows (in thousands) |
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Nine Months Ended |
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2022 | 2021 | |||||||
(unaudited) | (unaudited) | |||||||
Operating activities: | ||||||||
Net income | $ | 91,091 | $ | 89,890 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 5,157 | 6,136 | ||||||
Equity-based compensation | 44,209 | 31,333 | ||||||
(Gain) loss on disposal of equipment | (20 | ) | 14 | |||||
Deferred income taxes | (20,736 | ) | (213 | ) | ||||
Unrealized foreign currency gain | (2,933 | ) | (949 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable, net | (23,384 | ) | (7,296 | ) | ||||
Other assets | (9,190 | ) | (8,328 | ) | ||||
Accounts payable, accrued and other liabilities | 20,743 | 13,429 | ||||||
Income taxes | (730 | ) | (2,965 | ) | ||||
Deferred revenue | 20,195 | 24,029 | ||||||
Net cash provided by operating activities | 124,402 | 145,080 | ||||||
Investing activities: | ||||||||
Purchase of property and equipment | (4,152 | ) | (2,158 | ) | ||||
Net cash used in investing activities | (4,152 | ) | (2,158 | ) | ||||
Financing activities: | ||||||||
Purchase of common stock | (179,029 | ) | (100,242 | ) | ||||
Net cash used in financing activities | (179,029 | ) | (100,242 | ) | ||||
Foreign currency impact on cash | (7,872 | ) | (940 | ) | ||||
Net change in cash and cash equivalents | (66,651 | ) | 41,740 | |||||
Cash and cash equivalents at beginning of period | 263,706 | 204,705 | ||||||
Cash and cash equivalents at end of period | $ | 197,055 | $ | 246,445 | ||||
SUPPLEMENTAL INFORMATION
1. GAAP and adjusted earnings per share by quarter are as follows:
2021 | 2022 | ||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | |||||||||
GAAP Diluted EPS | $0.35 | $0.48 | $0.57 | $0.32 | $1.72 | $0.48 | $0.49 | $0.47 | $1.43 | ||||||||
Adjustments to GAAP: | |||||||||||||||||
Equity-based compensation | 0.13 | 0.14 | 0.14 | 0.16 | 0.58 | 0.19 | 0.20 | 0.19 | 0.59 | ||||||||
Tax benefit of stock awards vested | (0.06) | (0.01) | - | - | (0.07) | (0.07) | - | - | (0.07) | ||||||||
Purchase amortization | - | - | - | - | - | - | - | - | - | ||||||||
Adjusted Diluted EPS | $0.43 | $0.61 | $0.71 | $0.48 | $2.23 | $0.60 | $0.69 | $0.66 | $1.95 | ||||||||
Fully Diluted Shares | 64,466 | 64,276 | 64,238 | 64,224 | 64,323 | 63,871 | 63,419 | 63,165 | 63,483 | ||||||||
2. Revenues and operating income by reportable segment are as follows (in thousands):
2021 | 2022 | ||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | |||||||||
Revenue: | |||||||||||||||||
EMEA | 28,434 | 27,190 | 27,402 | 27,548 | 110,574 | 32,151 | 31,614 | 31,843 | 95,608 | ||||||||
APAC | 5,603 | 6,616 | 6,550 | 8,085 | 26,854 | 7,265 | 8,314 | 9,584 | 25,163 | ||||||||
$156,850 | $166,114 | $169,185 | $171,494 | $663,643 | $178,956 | $191,924 | $198,101 | $568,981 | |||||||||
GAAP Operating Income: | |||||||||||||||||
EMEA | 8,374 | 8,643 | 10,485 | 7,245 | 34,747 | 10,517 | 9,423 | 9,851 | 29,791 | ||||||||
APAC | 935 | 2,124 | 2,196 | 3,152 | 8,407 | 2,062 | 3,323 | 4,005 | 9,390 | ||||||||
$25,425 | $39,357 | $42,408 | $27,143 | $134,333 | $33,972 | $37,253 | $36,770 | $107,995 | |||||||||
Adjustments (pre-tax): | |||||||||||||||||
Equity-based compensation | |||||||||||||||||
Purchase amortization | 107 | 107 | 50 | - | 264 | - | - | - | - | ||||||||
$10,158 | $10,816 | $10,623 | $11,926 | $43,523 | $14,138 | $15,538 | $14,533 | $44,209 | |||||||||
Adjusted non-GAAP Operating Income: | |||||||||||||||||
EMEA | 8,374 | 8,643 | 10,485 | 7,245 | 34,747 | 10,517 | 9,423 | 9,851 | 29,791 | ||||||||
APAC | 935 | 2,124 | 2,196 | 3,152 | 8,407 | 2,062 | 3,323 | 4,005 | 9,390 | ||||||||
$35,583 | $50,173 | $53,031 | $39,069 | $177,856 | $48,110 | $52,791 | $51,303 | $152,204 | |||||||||
3. 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):
2021 | 2022 | ||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | |||||||||
Revenue | |||||||||||||||||
Costs and expenses | 2,000 | 2,442 | 551 | (887) | 4,106 | (2,043) | (3,862) | (5,412) | (11,317) | ||||||||
Operating income | 932 | 767 | 272 | 171 | 2,142 | (225) | (706) | (740) | (1,671) | ||||||||
Foreign currency (losses) gains in other income | (287) | 315 | (30) | (243) | (245) | 711 | 2,056 | 1,569 | 4,336 | ||||||||
$645 | $1,082 | $242 | $(72) | $1,897 | $486 | $1,350 | $829 | $2,665 | |||||||||
2021 | 2022 | ||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | |||||||||
Operating income | |||||||||||||||||
Foreign currency gains (losses) in other income | 315 | 535 | 3 | (9) | 844 | 809 | 2,085 | 1,713 | 4,607 | ||||||||
Total impact of changes in the Indian Rupee | $394 | $241 | $(34) | $272 | $873 | $1,279 | $2,795 | $2,879 | $6,953 | ||||||||
4. Other income includes the following components (in thousands):
2021 | 2022 | ||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | |||||||||
Interest income | |||||||||||||||||
Foreign currency gains (losses) | (287) | 315 | (30) | (243) | (245) | 711 | 2,056 | 1,569 | 4,336 | ||||||||
Other non-operating income (expense) | 9 | 1 | (3) | (91) | (84) | 8 | 95 | (69) | 34 | ||||||||
Total other income (loss) | $(293) | $306 | $(42) | $(232) | $(261) | $738 | $2,243 | $1,612 | $4,593 | ||||||||
5. Capital expenditures are as follows (in thousands):
2021 | 2022 | |||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | YTD | ||||||||||||||||||
Capital expenditures | ||||||||||||||||||||||||||
6. Stock Repurchase Activity (in thousands):
2021 | 2022 | ||||||||||||||||
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 | 214 | 244 | 123 | 128 | 709 | 383 | 417 | 347 | 1,147 | ||||||||
Shares withheld for taxes due upon vesting of restricted stock units | 172 | 1 | 5 | 1 | 179 | 203 | 4 | 8 | 215 | ||||||||
Total shares purchased | 386 | 245 | 128 | 129 | 888 | 586 | 421 | 355 | 1,362 | ||||||||
Total cash paid for shares purchased under publicly announced buy-back program | |||||||||||||||||
Total cash paid for shares withheld for taxes due upon vesting of restricted stock units | 19,414 | 190 | 762 | 59 | 20,425 | 27,143 | 528 | 1,242 | 28,913 | ||||||||
Total cash paid for shares repurchased | |||||||||||||||||
7. Remaining Performance Obligations
We disclose revenue we expect to recognize from our remaining performance obligations. Over 97% of our reported performance obligations represent cloud native subscriptions with a non-cancelable term greater than one year (including cloud-deferred revenue as well as amounts we will invoice and recognize as revenue from our performance of cloud services in future periods). Maintenance contracts are typically one year in duration and are not included in the remaining performance obligations. Below are our remaining performance obligations as of the end of each period (in thousands):
September 30, 2021 |
December 30, 2021 |
September 30, 2022 |
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Remaining Performance Obligations | ||||||||||||||||||||
8. The 2017 U.S. Tax Cuts and Jobs Act eliminated the expensing of research and development costs as incurred for tax purposes beginning in 2022.
This law changes the timing of cash tax payments, increasing near-term taxable income and payments, but normalizing over time as these expenses are amortized. As such, our cash outlook for 2022 includes the negative impact of approximately
9. Guideposts
The following table shows (i) revised 2022 and 2023 cloud revenue and remaining performance obligations (“RPO”) guideposts and (ii) guideposts published as of
Current Guideposts | |||||||||||||
($'s in millions) | |||||||||||||
Cloud Revenue | |||||||||||||
Year | Low | Mid | High | % Growth(1) | |||||||||
2022 (2) | $172 | $172 | $173 | 41% | |||||||||
2023 (2) | $230 | $232 | $233 | 35% | |||||||||
2024 (3) | 41% | ||||||||||||
Remaining Performance Obligations | |||||||||||||
Year | Low | Mid | High | % Growth(1) | |||||||||
2022 (2) | $1,030 | $1,040 | $1,050 | 49% | |||||||||
2023 (2) | $1,300 | $1,350 | $1,400 | 30% | |||||||||
2024 (3) | 26% | ||||||||||||
(1) Year-over-year percentage growth is calculated based on the actual or forecasted mid-points. | |||||||||||||
(2) Amount reflects revised range as of |
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(3) Amounts remain unchanged from |
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These guideposts are forward-looking statements and are subject to all the risks and uncertainties applicable to our shorter-term 2022 Guidance, as stated above. In addition, the further into the future we project our financial expectations, the greater the risk that actual results will differ materially; consequently, our longer-term guideposts may be inherently more uncertain than our shorter-term guidance.
Contact: |
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Senior Director, Investor Relations | Director, Corporate Communications | |||
678-597-7538 | 678-597-6988 | |||
mbauer@manh.com | rfernandez@manh.com | |||

Source: Manhattan Associates, Inc.