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): July 23, 2013

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, Tenth Floor, 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 July 23, 2013, Manhattan Associates, Inc. (the “Company”) issued a press release providing the results for its financial performance for the second quarter and six months ended June 30, 2013. 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 and equity-based compensation—all net of income tax effects. We have developed our internal reporting, compensation and planning systems using these measures.
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.
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. Consequently, we exclude these amortization costs when calculating adjusted net income and adjusted earnings per share to provide supplemental information on our core operations and 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
Number	  	Description	
 	 	
99.1	  	Press Release, dated July 23, 2013	

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: July 23, 2013
 
3

EXHIBIT INDEX

Exhibit
Number	  	Description	
 	 	
99.1	  	Press Release, dated July 23, 2013	

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 Second Quarter 2013 Revenue and Earnings
Company raises full-year EPS guidance
ATLANTA – July 23, 2013 – Leading Supply Chain Commerce Solutions provider Manhattan Associates, Inc. (NASDAQ: MANH) today reported record second quarter 2013 non-GAAP adjusted diluted earnings per share of $0.96 compared to $0.76 in the second quarter of 2012, on license revenue of $16.1 million and record second quarter total revenue of $102.5 million. GAAP diluted earnings per share for the second quarter was a record $0.89 compared to $0.70 in the prior year second quarter.
“We are very pleased to post another strong quarter of financial results and operating metrics, and while it remains somewhat difficult to predict the effect of the tepid global economy, we are optimistic about our outlook for the balance of 2013 and beyond,” said Eddie Capel, Manhattan Associates President and CEO. “Our competitive win rates remain strong and we continue to invest in our Supply Chain Commerce vision, leveraging our common technology platform to help industry leaders get closer to their customers and adapt in the new omni-channel world. We are also quite pleased with demand for our omni-channel solutions and continue to deliver innovative solutions to extend our market leadership.”
SECOND QUARTER 2013 FINANCIAL SUMMARY:
 
 	•	 	Adjusted diluted earnings per share, a non-GAAP measure, was $0.96 in the second quarter of 2013, compared to $0.76 in the second quarter of 2012.	
 
 	•	 	GAAP diluted earnings per share was $0.89 in the second quarter of 2013, compared to $0.70 in the second quarter of 2012.	
 
 	•	 	Consolidated total revenue was $102.5 million in the second quarter of 2013, compared to $93.6 million in the second quarter of 2012. License revenue was $16.1 million in the second quarter of 2013, compared to $15.3 million in the second quarter of 2012.	
 
 	•	 	Adjusted operating income, a non-GAAP measure, was $28.3 million in the second quarter of 2013, compared to $23.3 million in the second quarter of 2012.	

 
 	•	 	GAAP operating income was $26.2 million in the second quarter of 2013, compared to $21.3 million in the second quarter of 2012.	
 
 	•	 	Cash flow from operations was $13.6 million in the second quarter of 2013, compared to $20.9 million in the second quarter of 2012. Days Sales Outstanding was 61 days at June 30, 2013, compared to 56 days at March 31, 2013.	
 
 	•	 	Cash and investments on-hand were $106.5 million at June 30, 2013, compared to $108.5 million at March 31, 2013.	
 
 	•	 	During the three months ended June 30, 2013, the Company repurchased 196,188 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $14.4 million. In July 2013, the Board of Directors approved raising the Company’s share repurchase authority to an aggregate of $50.0 million of the Company’s outstanding common stock.	
SIX MONTH 2013 FINANCIAL SUMMARY:
 
 	•	 	Adjusted diluted earnings per share, a non-GAAP measure, was $1.70 for the six months ended June 30, 2013, compared to $1.36 for the six months ended June 30, 2012.	
 
 	•	 	GAAP diluted earnings per share for the six months ended June 30, 2013 was $1.57, compared to $1.25 for the six months ended June 30, 2012.	
 
 	•	 	Consolidated revenue for the six months ended June 30, 2013 was $199.1 million, compared to $185.0 million for the six months ended June 30, 2012. License revenue was $30.4 million for the six months ended June 30, 2013, compared to $30.9 million for the six months ended June 30, 2012.	
 
 	•	 	Adjusted operating income, a non-GAAP measure, was $49.9 million for the six months ended June 30, 2013, compared to $42.9 million for the six months ended June 30, 2012.	
 
 	•	 	GAAP operating income was $45.8 million for the six months ended June 30, 2013, compared to $39.3 million for the six months ended June 30, 2012.	
 
 	•	 	During the six months ended June 30, 2013, the Company repurchased 421,820 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $30.3 million.	

 
SALES ACHIEVEMENTS:
 
 	•	 	Four contracts of $1.0 million or more in recognized license revenue during the second quarter of 2013, resulting in a total of seven contracts of $1.0 million or more in recognized license revenue for the six months ended June 30, 2013.	
 
 	•	 	Completing software license wins with new customers such as: ERAM, Lilly Pulitzer, MSC Industrial Direct, PriceSmart, Queensland Health and Team Hardinger.	
 
 	•	 	Expanding relationships with existing customers such as: Alliant Techsystems, American Eagle Outfitters, Bed Bath & Beyond, Belk, B & R Enclosures, Cabela’s, Celadon, COI DE Tampico, Cotton On Group, DHL Supply Chain, Exel, Fasteners for Retail, Guess?, Holiday Classic, Legacy Supply Chain, Logix FZCO, Michael Kors, May’s Zona Libra, Northern Safety, Panalpina, Pearson Education, Pro Silver, PUMA, Shanghai Pharmaceutical, The Harvard Drug Group, The Jones Group, Tory Burch and United Distributors.	
2013 GUIDANCE
Manhattan Associates provides the following revenue and diluted earnings per share guidance for the full year 2013:

 	  	Guidance Range—2013 Full Year	 	
($’s in millions, except EPS)	  	$ Range	 	  	% Growth Range	 	
Total revenue—current guidance	  	$	407	  	  	$	415	  	  	 	8	% 	 	 	10	% 	
Total revenue—previous guid’ance	  	$	410	  	  	$	415	  	  	 	9	% 	 	 	10	% 	
Diluted earnings per share (EPS):	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Adjusted EPS(1)—current guidance	  	$	3.37	  	  	$	3.45	  	  	 	20	% 	 	 	22	% 	
GAAP EPS—current guidance	  	$	3.07	  	  	$	3.15	  	  	 	20	% 	 	 	23	% 	
Adjusted EPS(1)—previous guidance	  	$	3.21	  	  	$	3.27	  	  	 	14	% 	 	 	16	% 	
GAAP EPS—previous guidance	  	$	2.91	  	  	$	2.97	  	  	 	14	% 	 	 	16	% 	
 
(1) 	Adjusted EPS is a Non-GAAP measure which excludes the impact of equity-based compensation	

 
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, are forward-looking. Actual results may differ materially, especially in the current uncertain economic environment. Those statements, including the guidance provided above, 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 its earnings release and published expectations available on its website (www.manh.com). Beginning September 16, 2013, 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 2013 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 third full week of October 2013.
CONFERENCE CALL
The Company’s conference call regarding its second quarter and six months ended June 30, 2013 financial results will be held today, Tuesday July 23, 2013 at 4:30 p.m. Eastern Time. 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 +1.800.585.8367 in the U.S. and Canada, or +1.404.537.4306 outside the U.S., and entering the conference identification number 13192191 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’ third quarter 2013 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’ ability to understand and compare the Company’s results and guidance, because the measures provide important supplemental information in evaluating the operating results of its business, as distinct from results that include items that are not indicative of ongoing operating results, and because the Company’s competitors and 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 quarter and six months ended June 30, 2013.
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 and equity-based compensation – all net of income tax effects. 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, Inc. brings companies closer to their customers. As the leading enabler of Supply Chain Commerce, Manhattan Associates designs, builds and delivers market-leading supply chain solutions for its customers around the world. Manhattan Associates helps drive the commerce revolution with unmatched insight and technology solutions, connecting front-end revenue and relationships with back-end execution and efficiency –optimized on a common technology platform. 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 “2013 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, 2012. 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 June 30,	 	  	Six Months Ended June 30,	 	
 	  	2013	 	  	2012	 	  	2013	 	  	2012	 	
 	  	(unaudited)	 	
Revenue:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Software license	  	$	16,136	  	  	$	15,345	  	  	$	30,381	  	  	$	30,932	  	
Services	  	 	78,203	  	  	 	69,322	  	  	 	153,090	  	  	 	139,692	  	
Hardware and other	  	 	8,177	  	  	 	8,900	  	  	 	15,646	  	  	 	14,424	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total revenue	  	 	102,516	  	  	 	93,567	  	  	 	199,117	  	  	 	185,048	  	
Costs and expenses:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Cost of license	  	 	1,937	  	  	 	1,488	  	  	 	3,715	  	  	 	3,265	  	
Cost of services	  	 	35,058	  	  	 	30,322	  	  	 	70,104	  	  	 	62,032	  	
Cost of hardware and other	  	 	7,023	  	  	 	7,540	  	  	 	13,237	  	  	 	11,988	  	
Research and development	  	 	11,032	  	  	 	10,802	  	  	 	22,508	  	  	 	22,353	  	
Sales and marketing	  	 	11,888	  	  	 	11,415	  	  	 	23,322	  	  	 	23,818	  	
General and administrative	  	 	7,932	  	  	 	9,240	  	  	 	17,440	  	  	 	19,548	  	
Depreciation and amortization	  	 	1,459	  	  	 	1,418	  	  	 	2,943	  	  	 	2,762	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total costs and expenses	  	 	76,329	  	  	 	72,225	  	  	 	153,269	  	  	 	145,766	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Operating income	  	 	26,187	  	  	 	21,342	  	  	 	45,848	  	  	 	39,282	  	
Other income, net	  	 	1,243	  	  	 	802	  	  	 	1,394	  	  	 	678	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Income before income taxes	  	 	27,430	  	  	 	22,144	  	  	 	47,242	  	  	 	39,960	  	
Income tax provision	  	 	10,023	  	  	 	7,972	  	  	 	16,480	  	  	 	14,386	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net income	  	$	17,407	  	  	$	14,172	  	  	$	30,762	  	  	$	25,574	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Basic earnings per share	  	$	0.91	  	  	$	0.72	  	  	$	1.60	  	  	$	1.29	  	
Diluted earnings per share	  	$	0.89	  	  	$	0.70	  	  	$	1.57	  	  	$	1.25	  	
Weighted average number of shares:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Basic	  	 	19,222	  	  	 	19,765	  	  	 	19,274	  	  	 	19,834	  	
Diluted	  	 	19,509	  	  	 	20,351	  	  	 	19,597	  	  	 	20,494	  	

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP to Non-GAAP Measures
(in thousands, except per share amounts)

 	  	Three Months Ended June 30,	 	  	Six Months Ended June 30,	 	
 	  	2013	 	  	2012	 	  	2013	 	  	2012	 	
Operating income	  	$	26,187	  	  	$	21,342	  	  	$	45,848	  	  	$	39,282	  	
Equity-based compensation(a)	  	 	2,133	  	  	 	1,977	  	  	 	4,040	  	  	 	3,637	  	
Purchase amortization(b)	  	 	1	  	  	 	1	  	  	 	3	  	  	 	3	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Adjusted operating income (Non-GAAP)	  	$	28,321	  	  	$	23,320	  	  	$	49,891	  	  	$	42,922	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Income tax provision	  	$	10,023	  	  	$	7,972	  	  	$	16,480	  	  	$	14,386	  	
Equity-based compensation(a)	  	 	751	  	  	 	711	  	  	 	1,422	  	  	 	1,309	  	
Purchase amortization(b)	  	 	—  	  	  	 	—  	  	  	 	1	  	  	 	1	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Adjusted income tax provision (Non-GAAP)	  	$	10,774	  	  	$	8,683	  	  	$	17,903	  	  	$	15,696	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net income	  	$	17,407	  	  	$	14,172	  	  	$	30,762	  	  	$	25,574	  	
Equity-based compensation(a)	  	 	1,382	  	  	 	1,266	  	  	 	2,618	  	  	 	2,328	  	
Purchase amortization(b)	  	 	1	  	  	 	1	  	  	 	2	  	  	 	2	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Adjusted net income (Non-GAAP)	  	$	18,790	  	  	$	15,439	  	  	$	33,382	  	  	$	27,904	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Diluted EPS	  	$	0.89	  	  	$	0.70	  	  	$	1.57	  	  	$	1.25	  	
Equity-based compensation(a)	  	 	0.07	  	  	 	0.06	  	  	 	0.13	  	  	 	0.11	  	
Purchase amortization(b)	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Adjusted diluted EPS (Non-GAAP)	  	$	0.96	  	  	$	0.76	  	  	$	1.70	  	  	$	1.36	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Fully diluted shares	  	 	19,509	  	  	 	20,351	  	  	 	19,597	  	  	 	20,494	  	
 
(a)	To be consistent with other companies in the software industry, we began to 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 six months ended June 30, 2013 and 2012:	

 	  	Three Months Ended June 30,	 	  	Six Months Ended June 30,	 	
 	  	2013	 	  	2012	 	  	2013	 	  	2012	 	
Cost of services	  	$	329	  	  	$	309	  	  	 	578	  	  	$	185	  	
Research and development	  	 	257	  	  	 	416	  	  	 	555	  	  	 	699	  	
Sales and marketing	  	 	535	  	  	 	517	  	  	 	1,047	  	  	 	1,150	  	
General and administrative	  	 	1,012	  	  	 	735	  	  	 	1,860	  	  	 	1,603	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total equity-based compensation	  	$	2,133	  	  	$	1,977	  	  	 	4,040	  	  	$	3,637	  	

(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.	

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)

 	  	June 30, 2013	 	 	December 31, 2012	 	
 	  	(unaudited)	 	 	 	 	
ASSETS	  	 	 	 	 	 	 	 	
Current Assets:	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	98,623	  	 	$	96,737	  	
Short-term investments	  	 	7,887	  	 	 	6,310	  	
Accounts receivable, net of allowance of $5,262 and $6,235 in 2013 and 2012, respectively	  	 	68,469	  	 	 	62,102	  	
Deferred income taxes	  	 	6,915	  	 	 	7,787	  	
Prepaid expenses and other current assets	  	 	8,456	  	 	 	8,571	  	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	190,350	  	 	 	181,507	  	
Property and equipment, net	  	 	14,169	  	 	 	15,650	  	
Goodwill, net	  	 	62,262	  	 	 	62,265	  	
Deferred income taxes	  	 	678	  	 	 	732	  	
Other assets	  	 	1,382	  	 	 	1,659	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	268,841	  	 	$	261,813	  	
 	  	 	 	 	 	 	 	 	
LIABILITIES AND SHAREHOLDERS’ EQUITY	  	 	 	 	 	 	 	 	
Current liabilities:	  	 	 	 	 	 	 	 	
Accounts payable	  	$	7,380	  	 	$	10,229	  	
Accrued compensation and benefits	  	 	14,699	  	 	 	16,720	  	
Accrued and other liabilities	  	 	9,754	  	 	 	12,233	  	
Deferred revenue	  	 	54,494	  	 	 	47,935	  	
Income taxes payable	  	 	4,482	  	 	 	4,024	  	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	90,809	  	 	 	91,141	  	
Other non-current liabilities	  	 	10,626	  	 	 	9,163	  	
Shareholders’ equity:	  	 	 	 	 	 	 	 	
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2013 and 2012	  	 	—  	  	 	 	—  	  	
Common stock, $.01 par value; 100,000,000 shares authorized; 19,308,861 and 19,620,967 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively	  	 	193	  	 	 	196	  	
Retained earnings	  	 	174,768	  	 	 	166,016	  	
Accumulated other comprehensive loss	  	 	(7,555	) 	 	 	(4,703	) 	
 	  	 	 	 	 	 	 	 	
Total shareholders’ equity	  	 	167,406	  	 	 	161,509	  	
 	  	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity	  	$	268,841	  	 	$	261,813	  	

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)

 	  	Six Months Ended June 30,	 	
 	  	2013	 	 	2012	 	
 	  	(unaudited)	 	
Operating activities:	  	 	 	 	 	 	 	 	
Net income	  	$	30,762	  	 	$	25,574	  	
Adjustments to reconcile net income to net cash provided by operating activities:	  	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	2,943	  	 	 	2,762	  	
Equity-based compensation	  	 	4,040	  	 	 	3,637	  	
Loss (gain) on disposal of equipment	  	 	1	  	 	 	(3	) 	
Tax benefit of stock awards exercised/vested	  	 	4,987	  	 	 	4,981	  	
Excess tax benefits from equity-based compensation	  	 	(4,874	) 	 	 	(4,062	) 	
Deferred income taxes	  	 	2,265	  	 	 	2,461	  	
Unrealized foreign currency (gain) loss	  	 	(372	) 	 	 	173	  	
Changes in operating assets and liabilities:	  	 	 	 	 	 	 	 	
Accounts receivable, net	  	 	(6,971	) 	 	 	(8,206	) 	
Other assets	  	 	227	  	 	 	650	  	
Accounts payable, accrued and other liabilities	  	 	(7,341	) 	 	 	(4,056	) 	
Income taxes	  	 	887	  	 	 	7,163	  	
Deferred revenue	  	 	7,142	  	 	 	2,876	  	
 	  	 	 	 	 	 	 	 	
Net cash provided by operating activities	  	 	33,696	  	 	 	33,950	  	
 	  	 	 	 	 	 	 	 	
Investing activities:	  	 	 	 	 	 	 	 	
Purchase of property and equipment	  	 	(1,633	) 	 	 	(3,250	) 	
Net (purchases) maturities of investments	  	 	(2,055	) 	 	 	1,223	  	
 	  	 	 	 	 	 	 	 	
Net cash used in investing activities	  	 	(3,688	) 	 	 	(2,027	) 	
 	  	 	 	 	 	 	 	 	
Financing activities:	  	 	 	 	 	 	 	 	
Purchase of common stock	  	 	(34,902	) 	 	 	(50,235	) 	
Proceeds from issuance of common stock from options exercised	  	 	3,861	  	 	 	17,933	  	
Excess tax benefits from equity-based compensation	  	 	4,874	  	 	 	4,062	  	
 	  	 	 	 	 	 	 	 	
Net cash used in financing activities	  	 	(26,167	) 	 	 	(28,240	) 	
 	  	 	 	 	 	 	 	 	
Foreign currency impact on cash	  	 	(1,955	) 	 	 	(771	) 	
 	  	 	 	 	 	 	 	 	
Net change in cash and cash equivalents	  	 	1,886	  	 	 	2,912	  	
Cash and cash equivalents at beginning of period	  	 	96,737	  	 	 	92,180	  	
 	  	 	 	 	 	 	 	 	
Cash and cash equivalents at end of period	  	$	98,623	  	 	$	95,092	  	

MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
1. GAAP and Adjusted earnings per share by quarter are as follows:

 	  	2012	 	  	2013	 	
 	  	1st Qtr	 	  	2nd Qtr	 	  	3rd Qtr	 	  	4th Qtr	 	  	Full Year	 	  	1st Qtr	 	  	2nd Qtr	 	  	YTD	 	
GAAP Diluted EPS	  	$	0.55	  	  	$	0.70	  	  	$	0.69	  	  	$	0.63	  	  	$	2.56	  	  	$	0.68	  	  	$	0.89	  	  	$	1.57	  	
Adjustments to GAAP:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Equity-based compensation	  	 	0.05	  	  	 	0.06	  	  	 	0.07	  	  	 	0.08	  	  	 	0.26	  	  	 	0.06	  	  	 	0.07	  	  	 	0.13	  	
Purchase amortization	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Adjusted Diluted EPS	  	$	0.60	  	  	$	0.76	  	  	$	0.75	  	  	$	0.71	  	  	$	2.82	  	  	$	0.74	  	  	$	0.96	  	  	$	1.70	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
2. Revenues and operating income by reportable segment are as follows (in thousands):

 	  	2012	 	  	2013	 	
 	  	1st Qtr	 	  	2nd Qtr	 	  	3rd Qtr	 	  	4th Qtr	 	  	Full Year	 	  	1st Qtr	 	  	2nd Qtr	 	  	YTD	 	
Revenue:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Americas	  	$	73,195	  	  	$	77,094	  	  	$	79,657	  	  	$	77,646	  	  	$	307,592	  	  	$	79,820	  	  	$	83,600	  	  	$	163,420	  	
EMEA	  	 	12,407	  	  	 	12,334	  	  	 	10,589	  	  	 	11,808	  	  	 	47,138	  	  	 	11,431	  	  	 	11,964	  	  	 	23,395	  	
APAC	  	 	5,879	  	  	 	4,139	  	  	 	5,595	  	  	 	5,905	  	  	 	21,518	  	  	 	5,350	  	  	 	6,952	  	  	 	12,302	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
 	  	$	91,481	  	  	$	93,567	  	  	$	95,841	  	  	$	95,359	  	  	$	376,248	  	  	$	96,601	  	  	$	102,516	  	  	$	199,117	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
GAAP Operating Income:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Americas	  	$	13,685	  	  	$	18,130	  	  	$	17,718	  	  	$	15,984	  	  	$	65,517	  	  	$	16,964	  	  	$	21,256	  	  	$	38,220	  	
EMEA	  	 	2,580	  	  	 	2,944	  	  	 	2,707	  	  	 	1,494	  	  	 	9,725	  	  	 	1,753	  	  	 	2,736	  	  	 	4,489	  	
APAC	  	 	1,675	  	  	 	268	  	  	 	1,252	  	  	 	1,636	  	  	 	4,831	  	  	 	944	  	  	 	2,195	  	  	 	3,139	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
 	  	$	17,940	  	  	$	21,342	  	  	$	21,677	  	  	$	19,114	  	  	$	80,073	  	  	$	19,661	  	  	$	26,187	  	  	$	45,848	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Adjustments (pre-tax):	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Americas:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Equity-based compensation	  	$	1,660	  	  	$	1,977	  	  	$	2,158	  	  	$	2,543	  	  	$	8,338	  	  	$	1,907	  	  	$	2,133	  	  	$	4,040	  	
Purchase amortization	  	 	2	  	  	 	1	  	  	 	2	  	  	 	1	  	  	 	6	  	  	 	2	  	  	 	1	  	  	 	3	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
 	  	$	1,662	  	  	$	1,978	  	  	$	2,160	  	  	$	2,544	  	  	$	8,344	  	  	$	1,909	  	  	$	2,134	  	  	$	4,043	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Adjusted non-GAAP Operating Income:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Americas	  	$	15,347	  	  	$	20,108	  	  	$	19,878	  	  	$	18,528	  	  	$	73,861	  	  	$	18,873	  	  	$	23,390	  	  	$	42,263	  	
EMEA	  	 	2,580	  	  	 	2,944	  	  	 	2,707	  	  	 	1,494	  	  	 	9,725	  	  	 	1,753	  	  	 	2,736	  	  	 	4,489	  	
APAC	  	 	1,675	  	  	 	268	  	  	 	1,252	  	  	 	1,636	  	  	 	4,831	  	  	 	944	  	  	 	2,195	  	  	 	3,139	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
 	  	$	19,602	  	  	$	23,320	  	  	$	23,837	  	  	$	21,658	  	  	$	88,417	  	  	$	21,570	  	  	$	28,321	  	  	$	49,891	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
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):

 	  	2012	 	  	2013	 	
 	  	1st Qtr	 	  	2nd Qtr	 	  	3rd Qtr	 	  	4th Qtr	 	  	Full Year	 	  	1st Qtr	 	  	2nd Qtr	 	  	YTD	 	
Professional services	  	$	46,621	  	  	$	45,497	  	  	$	47,082	  	  	$	46,042	  	  	$	185,242	  	  	$	49,151	  	  	$	52,492	  	  	 	101,643	  	
Customer support and software enhancements	  	 	23,749	  	  	 	23,825	  	  	 	24,804	  	  	 	26,252	  	  	 	98,630	  	  	 	25,736	  	  	 	25,711	  	  	 	51,447	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total services revenue	  	$	70,370	  	  	$	69,322	  	  	$	71,886	  	  	$	72,294	  	  	$	283,872	  	  	$	74,887	  	  	$	78,203	  	  	$	153,090	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
4. Hardware and other revenue includes the following items (in thousands):

 	  	2012	 	  	2013	 	
 	  	1st Qtr	 	  	2nd Qtr	 	  	3rd Qtr	 	  	4th Qtr	 	  	Full Year	 	  	1st Qtr	 	  	2nd Qtr	 	  	YTD	 	
Hardware revenue	  	$	3,054	  	  	$	5,740	  	  	$	4,234	  	  	$	5,242	  	  	$	18,270	  	  	$	4,175	  	  	$	4,285	  	  	$	8,460	  	
Billed travel	  	 	2,470	  	  	 	3,160	  	  	 	3,557	  	  	 	3,425	  	  	 	12,612	  	  	 	3,294	  	  	 	3,892	  	  	 	7,186	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total hardware and other revenue	  	$	5,524	  	  	$	8,900	  	  	$	7,791	  	  	$	8,667	  	  	$	30,882	  	  	$	7,469	  	  	$	8,177	  	  	$	15,646	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
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):

 	  	2012	 	 	2013	 	
 	  	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Full Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	YTD	 	
Revenue	  	$	(136	) 	 	$	(1,251	) 	 	$	(958	) 	 	$	(128	) 	 	$	(2,473	) 	 	$	(182	) 	 	$	(150	) 	 	$	(332	) 	
Costs and expenses	  	 	(848	) 	 	 	(2,067	) 	 	 	(1,845	) 	 	 	(422	) 	 	 	(5,182	) 	 	 	(541	) 	 	 	(262	) 	 	 	(803	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	712	  	 	 	816	  	 	 	887	  	 	 	294	  	 	 	2,709	  	 	 	359	  	 	 	112	  	 	 	471	  	
Foreign currency (losses) gains in other income	  	 	(370	) 	 	 	571	  	 	 	(564	) 	 	 	231	  	 	 	(132	) 	 	 	(179	) 	 	 	972	  	 	 	793	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	$	342	  	 	$	1,387	  	 	$	323	  	 	$	525	  	 	$	2,577	  	 	$	180	  	 	$	1,084	  	 	$	1,264	  	

MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
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):

 	  	2012	 	  	2013	 	
 	  	1st Qtr	 	 	2nd Qtr	 	  	3rd Qtr	 	 	4th Qtr	 	  	Full Year	 	  	1st Qtr	 	  	2nd Qtr	 	  	YTD	 	
Operating income	  	$	704	  	 	$	1,193	  	  	$	1,161	  	 	 	348	  	  	$	3,406	  	  	$	440	  	  	$	173	  	  	$	613	  	
Foreign currency (losses) gains in other income	  	 	(144	) 	 	 	724	  	  	 	(500	) 	 	 	282	  	  	 	362	  	  	 	4	  	  	 	931	  	  	 	935	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total impact of changes in the Indian Rupee	  	$	560	  	 	$	1,917	  	  	$	661	  	 	$	630	  	  	$	3,768	  	  	$	444	  	  	$	1,104	  	  	$	1,548	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
6. Other (loss) income includes the following components (in thousands):

 	  	2012	 	 	2013	 	
 	  	1st Qtr	 	 	2nd Qtr	 	  	3rd Qtr	 	 	4th Qtr	 	  	Full Year	 	 	1st Qtr	 	 	2nd Qtr	 	  	YTD	 	
Interest income	  	$	264	  	 	$	228	  	  	$	278	  	 	$	292	  	  	$	1,062	  	 	$	326	  	 	$	271	  	  	$	597	  	
Foreign currency (losses) gains	  	 	(370	) 	 	 	571	  	  	 	(564	) 	 	 	231	  	  	 	(132	) 	 	 	(179	) 	 	 	972	  	  	 	793	  	
Other non-operating (expense) income	  	 	(18	) 	 	 	3	  	  	 	39	  	 	 	11	  	  	 	35	  	 	 	4	  	 	 	—  	  	  	 	4	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total other (loss) income	  	$	(124	) 	 	$	802	  	  	$	(247	) 	 	$	534	  	  	$	965	  	 	$	151	  	 	$	1,243	  	  	$	1,394	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
7. Total equity-based compensation is as follows (in thousands except per share amounts):

 	  	2012	 	  	2013	 	
 	  	1st Qtr	 	  	2nd Qtr	 	  	3rd Qtr	 	  	4th Qtr	 	  	Full Year	 	  	1st Qtr	 	  	2nd Qtr	 	  	YTD	 	
Stock options	  	$	120	  	  	$	140	  	  	$	138	  	  	$	223	  	  	$	621	  	  	$	148	  	  	$	11	  	  	$	159	  	
Restricted stock	  	 	1,540	  	  	 	1,837	  	  	 	2,020	  	  	 	2,320	  	  	 	7,717	  	  	 	1,759	  	  	 	2,122	  	  	 	3,881	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total equity-based compensation	  	 	1,660	  	  	 	1,977	  	  	 	2,158	  	  	 	2,543	  	  	 	8,338	  	  	 	1,907	  	  	 	2,133	  	  	 	4,040	  	
Income tax provision	  	 	598	  	  	 	711	  	  	 	777	  	  	 	942	  	  	 	3,028	  	  	 	671	  	  	 	751	  	  	 	1,422	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net income	  	$	1,062	  	  	$	1,266	  	  	$	1,381	  	  	$	1,601	  	  	$	5,310	  	  	$	1,236	  	  	$	1,382	  	  	$	2,618	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Diluted earnings per share	  	$	0.05	  	  	$	0.06	  	  	$	0.07	  	  	$	0.08	  	  	$	0.26	  	  	$	0.06	  	  	$	0.07	  	  	$	0.13	  	
Diluted earnings per share—stock options	  	$	0.00	  	  	$	—  	  	  	$	—  	  	  	$	0.01	  	  	$	0.02	  	  	$	—  	  	  	$	—  	  	  	$	0.01	  	
Diluted earnings per share—restricted stock	  	$	0.05	  	  	$	0.06	  	  	$	0.07	  	  	$	0.07	  	  	$	0.24	  	  	$	0.06	  	  	$	0.07	  	  	$	0.13	  	
8. Capital expenditures are as follows (in thousands):

 	  	2012	 	  	2013	 	
 	  	1st Qtr	 	  	2nd Qtr	 	  	3rd Qtr	 	  	4th Qtr	 	  	Full Year	 	  	1st Qtr	 	  	2nd Qtr	 	  	YTD	 	
Capital expenditures	  	$	1,796	  	  	$	1,454	  	  	$	1,086	  	  	$	3,537	  	  	$	7,873	  	  	$	598	  	  	$	1,035	  	  	$	1,633	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
9. Stock Repurchase Activity (in thousands):

 	 	2012	 	 	2013	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Full Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	YTD	 	
Shares purchased under publicly-announced buy-back program	 	 	653	  	 	 	346	  	 	 	419	  	 	 	527	  	 	 	1,945	  	 	 	226	  	 	 	196	  	 	 	422	  	
Shares withheld for taxes due upon vesting of restricted stock	 	 	66	  	 	 	3	  	 	 	5	  	 	 	4	  	 	 	78	  	 	 	70	  	 	 	1	  	 	 	71	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total shares purchased	 	 	719	  	 	 	349	  	 	 	424	  	 	 	531	  	 	 	2,023	  	 	 	296	  	 	 	197	  	 	 	493	  	
Total cash paid for shares purchased under publicly-announced buy-back program	 	$	30,647	  	 	$	16,616	  	 	$	21,202	  	 	$	31,223	  	 	$	99,688	  	 	$	15,929	  	 	$	14,409	  	 	$	30,338	  	
Total cash paid for shares withheld for taxes due upon vesting of restricted stock	 	 	2,840	  	 	 	132	  	 	 	230	  	 	 	265	  	 	 	3,467	  	 	 	4,545	  	 	 	19	  	 	 	4,564	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total cash paid for shares repurchased	 	$	33,487	  	 	$	16,748	  	 	$	21,432	  	 	$	31,488	  	 	$	103,155	  	 	$	20,474	  	 	$	14,428	  	 	$	34,902