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Manhattan Associates Reports Record Second Quarter 2015 Performance

20:00 EDT 20 Jul 2015 | Globe Newswire

ATLANTA, July 21, 2015 (GLOBE NEWSWIRE) -- Leading Supply Chain Commerce Solutions provider Manhattan Associates, Inc. (NASDAQ:MANH) today reported record non-GAAP adjusted diluted earnings per share for the second quarter ended June 30, 2015 of $0.37 compared to $0.29 in Q2 2014, on license revenue of $19.8 million and record total revenue of $139.1 million. GAAP diluted earnings per share for Q2 2015 was a record $0.35 compared to $0.27 in Q2 2014.

“We are very pleased with our financial performance in Q2 and the first half of 2015. We continue to execute well serving our customers and investing in commerce enablement from supply chain to point of sale,” said Eddie Capel, Manhattan Associates president and CEO. “Demand for our omni-channel, store and distribution management solutions is strong as we continue to lead with product innovation to enhance our market leadership position throughout 2015 and beyond.”

SECOND QUARTER 2015 FINANCIAL SUMMARY:

  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.37 in Q2 2015, compared to $0.29 in Q2 2014.
  • GAAP diluted earnings per share was $0.35 in Q2 2015, compared to $0.27 in Q2 2014.
  • Consolidated total revenue was $139.1 million in Q2 2015, compared to $122.5 million in Q2 2014. License revenue was $19.8 million in Q2 2015, compared to $18.0 million in Q2 2014.
  • Adjusted operating income, a non-GAAP measure, was $44.1 million in Q2 2015, compared to $34.9 million in Q2 2014.
  • GAAP operating income was $41.4 million in Q2 2015, compared to $32.5 million in Q2 2014.
  • Cash flow from operations was $27.5 million in Q2 2015, compared to $1.9 million in Q2 2014. Days Sales Outstanding was 54 days at June 30, 2015, compared to 56 days at March 31, 2015.
  • Cash and investments was $108.4 million at June 30, 2015, compared to $107.2 million at March 31, 2015.
  • During the three months ended June 30, 2015, the Company repurchased 458,397 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $25.2 million. In July 2015, 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 2015 FINANCIAL SUMMARY:

  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.71 for the six months ended June 30, 2015, compared to $0.55 for the six months ended June 30, 2014.
  • GAAP diluted earnings per share for the six months ended June 30, 2015 was $0.66, compared to $0.51 for the six months ended June 30, 2014.  
  • Consolidated revenue for the six months ended June 30, 2015 was $272.6 million, compared to $236.1 million for the six months ended June 30, 2014. License revenue was $39.1 million for the six months ended June 30, 2015, compared to $35.1 million for the six months ended June 30, 2014.  
  • Adjusted operating income, a non-GAAP measure, was $84.2 million for the six months ended June 30, 2015, compared to $67.2 million for the six months ended June 30, 2014. 
  • GAAP operating income was $78.2 million for the six months ended June 30, 2015, compared to $62.6 million for the six months ended June 30, 2014.
  • Cash flow from operations was $42.7 million in the six months ended June 30, 2015, compared to $21.0 million in the six months ended June 30, 2014.
  • During the six months ended June 30, 2015, the Company repurchased 982,060 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $51.5 million.

SALES ACHIEVEMENTS:

  • Recognized license revenue on four contracts of $1.0 million or more during Q2 2015.
  • Completed software license wins with new customers such as: Banaja Holdings, Costa Del Mar, Gold City Footwear, Grupo Exito, Hy-Vee, IEH (Auto Parts Plus), M&D Wholesale Distributors, M Block and Sons, Order Nordic, PT Lion Super Indo, Stew Leonard’s Holdings, Tarsus Technology Group, Thirty One Gifts.
  • Expanded relationships with existing customers such as: Amplifier, Arcadia Group, Avery Dennison, Belk, Best Buy, Cdiscount, Cheney Brothers, Eileen Fisher, Exel, Five Below, Forever Direct, Groupe Dynamite, Guthy-Renker, Kane Warehousing, L Brands, Legacy Supply Chain Services, Maggy London International, Northern Safety, PVH Corp, Rite Aid, SamsonOpt, Schneider Electric, Speed Global Services, STD Petrovich, Thomas Cook Airlines, Toys “R” Us, Wolverine Worldwide.

2015 GUIDANCE

Manhattan Associates provides the following updated revenue and diluted earnings per share guidance for the full year 2015:

 Guidance Range - 2015 Full Year
($'s in millions, except EPS)$ Range% Growth Range
     
Total revenue - current guidance$553 $558  12% 13%
     
Total revenue - previous guidance$541 $550  10% 12%
     
Diluted earnings per share (EPS):    
Adjusted EPS(1) - current guidance$1.40 $1.42  20% 22%
GAAP EPS - current guidance$1.29 $1.31  19% 21%
     
Adjusted EPS(1) - previous guidance$1.34 $1.36  16% 17%
GAAP EPS - previous guidance$1.23 $1.25  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 the close of business on September 15, 2015, 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 2015 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 2015.

CONFERENCE CALL

The Company’s conference call regarding its second quarter financial results will be held today, July 21, 2015, at 4:30 p.m. Eastern Daylight 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 +1.855.859.2056 in the U.S. and Canada, or +1.404.537.3406 outside the U.S., and entering the conference identification number 69706218 or via the web 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 2015 earnings release.

GAAP VERSUS NON-GAAP PRESENTATION

The Company provides adjusted operating income, adjusted net income and adjusted diluted 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, 2015. 

Non-GAAP adjusted operating income, adjusted net income and adjusted diluted earnings per share exclude the impact of equity-based compensation and acquisition-related costs and the amortization thereof – 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

Manhattan Associates makes commerce-ready supply chains that bring all points of commerce together so you’re ready to sell and ready to execute. Across the store, through your network or from your fulfillment center, we design, build and deliver market-leading solutions that support both top-line growth and bottom-line profitability. By converging front-end sales with back-end supply chain execution, our software, platform technology and unmatched experience help our customers get commerce ready—and ready to reap the rewards of the omni-channel marketplace. 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 “2015 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, information security breaches 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, 2014. 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,
  2015  2014  2015  2014 
 (unaudited)(unaudited)(unaudited)(unaudited)
Revenue:    
Software license $   19,758  $  17,989 $   39,072  $  35,096 
Services  107,344    93,519    208,547     180,432 
Hardware and other  12,007    11,022    25,013     20,565 
Total revenue  139,109    122,530    272,632     236,093 
Costs and expenses:     
Cost of license  2,137    1,848    5,043     3,461 
Cost of services  46,464    41,457    91,248     79,917 
Cost of hardware and other  10,163    9,265    20,710     16,744 
Research and development  13,257    11,867    26,813     23,670 
Sales and marketing  11,889    12,848    23,736     24,868 
General and administrative  11,927    11,256    23,165     21,905 
Depreciation and amortization  1,898    1,489    3,679     2,977 
Total costs and expenses  97,735    90,030    194,394     173,542 
Operating income   41,374     32,500    78,238     62,551 
Other income, net   359     312    621     79 
Income before income taxes 41,733    32,812    78,859     62,630 
Income tax provision 15,729    12,218    29,651     23,324 
Net income$   26,004  $  20,594 $   49,208  $  39,306 
     
Basic earnings per share$   0.35  $  0.27 $   0.67  $  0.52 
Diluted earnings per share$   0.35  $  0.27 $   0.66  $  0.51 
     
Weighted average number of shares:    
Basic   73,618     75,274    73,797     75,544 
Diluted   74,126     76,037    74,366     76,415 
     


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,
  2015  2014  2015  2014 
     
Operating income$   41,374  $  32,500 $   78,238  $  62,551 
Equity-based compensation (a)   2,661     2,396    5,739     4,670 
Purchase amortization (b)   106     -     212     1 
Adjusted operating income (Non-GAAP)$   44,141  $  34,896 $   84,189  $  67,222 
     
     
Income tax provision$   15,729  $  12,218 $   29,651  $  23,324 
Equity-based compensation (a)   1,004     889    2,158     1,733 
Purchase amortization (b)   40     -    80     - 
Adjusted income tax provision (Non-GAAP)$   16,773  $  13,107 $   31,889  $  25,057 
     
     
Net income$   26,004  $  20,594 $   49,208  $  39,306 
Equity-based compensation (a)   1,657     1,507    3,581     2,937 
Purchase amortization (b)   66     -     132     1 
Adjusted net income (Non-GAAP)$   27,727  $  22,101 $   52,921  $  42,244 
     
     
Diluted EPS$   0.35  $  0.27 $   0.66  $  0.51 
Equity-based compensation (a)   0.02     0.02    0.05     0.04 
Purchase amortization (b)   -      -    -      - 
Adjusted diluted EPS (Non-GAAP)$   0.37  $  0.29 $   0.71  $  0.55 
     
Fully diluted shares   74,126     76,037    74,366     76,415 
     
(a) Adjusted results exclude all equity-based compensation, to facilitate comparison with our competitors and peers and for the other reasons explained in our Current Report on Form 8-K filed with the SEC on the date hereof.  Equity-based compensation is included in the following GAAP operating expense lines for the three and six months ended June 30, 2015 and 2014:
 
 Three Months Ended June 30,Six Months Ended June 30,
  2015  2014  2015  2014 
     
Cost of services$   729  $  477 $   1,520  $  847 
Research and development   464     342    928     759 
Sales and marketing   489     395    880     705 
General and administrative   979     1,182    2,411     2,359 
Total equity-based compensation$   2,661  $  2,396 $   5,739  $  4,670 
     
(b) Adjustments represent purchased intangibles amortization from prior acquisitions.  Such amortization is excluded from adjusted results to facilitate comparison with our competitors and 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 SEC on the date hereof. 


MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
   
 June 30, 2015December 31, 2014
 (unaudited) 
ASSETS  
Current Assets:  
Cash and cash equivalents$   100,156  $  115,708 
Short-term investments   8,243     8,730 
Accounts receivable, net of allowance of $8,222 and $4,164, respectively   82,937     86,828 
Deferred income taxes   9,882     9,900 
Prepaid expenses and other current assets   9,451     8,695 
Total current assets   210,669     229,861 
   
Property and equipment, net   19,569     17,265 
Goodwill, net   62,235     62,250 
Deferred income taxes   270     270 
Other assets   7,559     8,524 
Total assets$   300,302  $  318,170 
   
LIABILITIES AND SHAREHOLDERS' EQUITY  
Current liabilities:  
Accounts payable$   9,357  $  12,483 
Accrued compensation and benefits   21,717     30,889 
Accrued and other liabilities   11,840     12,501 
Deferred revenue   57,400     58,968 
Income taxes payable   2,542     7,974 
Total current liabilities   102,856     122,815 
   
Other non-current liabilities   13,550     13,332 
   
Shareholders' equity:  
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2015 and 2014   -     - 
Common stock, $0.01 par value; 200,000,000 shares authorized; 73,423,899 and 74,104,064 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively   734     741 
Retained earnings   193,312     191,305 
Accumulated other comprehensive loss   (10,150)   (10,023)
Total shareholders' equity   183,896     182,023 
Total liabilities and shareholders' equity$   300,302  $  318,170 
   

 

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
   
 Six Months Ended June 30,
  2015  2014 
 (unaudited)(unaudited)
Operating activities:  
Net income$   49,208  $  39,306 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization   3,679     2,977 
Equity-based compensation   5,739     4,670 
Gain on disposal of equipment   (38)   (15)
Tax benefit of stock awards exercised/vested    7,848     6,954 
Excess tax benefits from equity-based compensation   (7,825)   (6,916)
Deferred income taxes   1,216     879 
Unrealized foreign currency loss (gain)   117     (174)
Changes in operating assets and liabilities:  
Accounts receivable, net   3,002     (15,320)
Other assets   (97)   (4,305)
Accounts payable, accrued and other liabilities   (13,296)   (4,148)
Income taxes   (5,428)   (8,786)
Deferred revenue   (1,437)   5,910 
Net cash provided by operating activities   42,688     21,032 
   
Investing activities:  
Purchase of property and equipment   (5,769)   (3,580)
Net decrease (increase) in short-term investments   447     (1,441)
Net cash used in investing activities   (5,322)   (5,021)
   
Financing activities:  
Purchase of common stock   (61,330)   (58,305)
Proceeds from issuance of common stock from options exercised   535     829 
Excess tax benefits from equity-based compensation   7,825     6,916 
Net cash used in financing activities   (52,970)   (50,560)
   
Foreign currency impact on cash   52     1,295 
   
Net change in cash and cash equivalents   (15,552)   (33,254)
Cash and cash equivalents at beginning of period   115,708     124,375 
Cash and cash equivalents at end of period$   100,156  $  91,121 
   

 

MANHATTAN ASSOCIATES, INC.       
SUPPLEMENTAL INFORMATION       
          
1.GAAP and Adjusted earnings per share by quarter are as follows:      
          
   2014  2015 
  1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd QtrYTD
 GAAP Diluted EPS$   0.24  $   0.27  $   0.30  $   0.27  $   1.08  $   0.31  $   0.35  $   0.66  
 Adjustments to GAAP:        
 Equity-based
  compensation
   0.02    0.02    0.02    0.02    0.08    0.03    0.02    0.05 
 Purchase amortization   -    -    -    -    -    -     -     -  
 Adjusted Diluted EPS$   0.26  $   0.29  $   0.32  $   0.30  $   1.16  $   0.34  $   0.37  $   0.71  
 Fully Diluted Shares   76,795     76,037     75,466     75,034     75,841     74,607     74,126     74,366  
          
          
2.Revenues and operating income by reportable segment are as follows (in thousands):     
          
   2014  2015 
  1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd QtrYTD
 Revenue:        
 Americas$  91,355 $  98,633 $  103,419 $  108,557 $  401,964 $  109,959 $  117,154 $  227,113 
 EMEA   15,679    15,911    14,253    15,012    60,855    18,305    17,175    35,480 
 APAC   6,529    7,986    7,936    6,834    29,285    5,259    4,780    10,039 
  $   113,563  $   122,530  $   125,608  $   130,403  $   492,104  $   133,523  $   139,109  $   272,632  
          
 GAAP Operating Income:        
 Americas$  24,133 $  25,127 $  28,750 $  23,926 $  101,936 $  30,182 $  36,214 $  66,396 
 EMEA   4,058    4,239    3,617    3,399    15,313    5,522    4,516    10,038 
 APAC   1,860    3,134    3,134    1,747    9,875    1,160    644    1,804 
  $   30,051  $   32,500  $   35,501  $   29,072  $   127,124  $   36,864  $   41,374  $   78,238  
          
 Adjustments (pre-tax):        
 Americas:        
 Equity-based
  compensation
$  2,274 $  2,396 $  2,297 $  2,704 $  9,671 $  3,078 $  2,661 $  5,739 
 Purchase amortization   1    -    58    106    165    106    106    212 
  $   2,275  $   2,396  $   2,355  $   2,810  $   9,836  $   3,184  $   2,767  $   5,951  
          
 Adjusted non-GAAP
  Operating Income:
        
 Americas$  26,408 $  27,523 $  31,105 $  26,736 $  111,772 $  33,366 $  38,981 $  72,347 
 EMEA   4,058    4,239    3,617    3,399    15,313    5,522    4,516    10,038 
 APAC   1,860    3,134    3,134    1,747    9,875    1,160    644    1,804 
  $   32,326  $   34,896  $   37,856  $   31,882  $   136,960  $   40,048  $   44,141  $   84,189  
          
          
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):
  
   2014  2015 
  1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd QtrYTD
 Professional services$  59,422 $  65,702 $  69,398 $  65,536 $  260,058 $  72,659 $  76,548 $  149,207 
 Customer support and
  software enhancements
   27,491    27,817    29,120    31,537    115,965    28,544    30,796    59,340 
 Total services revenue$   86,913  $   93,519  $   98,518  $   97,073  $   376,023  $   101,203  $   107,344  $   208,547  
          
4.Hardware and other revenue includes the following items (in thousands):     
   2014  2015 
  1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd QtrYTD
 Hardware revenue$  5,946 $  6,114 $  4,707 $  8,856 $  25,623 $  7,730 $  7,080 $  14,810 
 Billed travel   3,597    4,908    5,438    4,932    18,875    5,276    4,927    10,203 
 Total hardware and other
  revenue
$   9,543  $   11,022  $   10,145  $   13,788  $   44,498  $   13,006  $   12,007  $   25,013  
          
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):
          
   2014  2015 
  1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd QtrYTD
 Revenue$  202 $  696 $  479 $  (1,397)$  (20)$  (3,426)$  (3,599)$  (7,025)
 Costs and expenses   (713)   73    522    (1,097)   (1,215)   (2,546)   (3,201)   (5,747)
 Operating income   915    623    (43)   (300)   1,195    (880)   (398)   (1,278)
 Foreign currency (losses)
  gains in other income
   (516)   12    (415)   491    (428)   (86)   (4)   (90)
  $   399  $   635  $   (458)$   191  $   767  $   (966)$   (402)$   (1,368)
          
 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):
   2014  2015 
  1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd QtrYTD
 Operating income$  898 $  505 $  (171)$  24 $  1,256 $  72 $  468 $  540 
 Foreign currency (losses)
  gains in other income
   (141)   (129)   191    342    263    45    182    227 
 Total impact of changes
  in the Indian Rupee
$   757  $   376  $   20  $   366  $   1,519  $   117  $   650  $   767  
          
6. Other (loss) income includes the following components (in thousands):        
          
   2014  2015 
  1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd QtrYTD
 Interest income$  267 $  302 $  349 $  350 $  1,268 $  324 $  335 $  659 
 Foreign currency (losses)
  gains
   (516)   12    (415)   491    (428)   (86)   (4)   (90)
 Other non-operating
  (expense) income
   16    (2)   11    9    34    24    28    52 
 Total other (loss) income$   (233)$   312  $   (55)$   850  $   874  $   262  $   359  $   621  
          
7.Total equity-based compensation is as follows (in thousands except per share amounts):
          
   2014  2015 
  1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd QtrYTD
 Total equity-based compensation -
  restricted stock
$  2,274 $  2,396 $  2,297 $  2,704 $  9,671 $  3,078 $  2,661 $  5,739 
 Income tax provision   844    889    852    990    3,575    1,154    1,004    2,158 
 Net income$   1,430  $   1,507  $   1,445  $   1,714  $   6,096  $   1,924  $   1,657  $   3,581  
 Diluted earnings per
  share - restricted stock
$  0.02 $  0.02 $  0.02 $  0.02 $  0.08 $  0.03 $  0.02 $  0.05 
          
8.Capital expenditures are as follows (in thousands):       
   2014  2015 
  1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd QtrYTD
 Capital expenditures$  1,156 $  2,424 $  3,096 $  2,739 $  9,415 $  3,098 $  2,671 $  5,769 
          
9.Stock Repurchase Activity (in thousands):       
          
   2014  2015 
  1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd QtrYTD
 Shares purchased under
  publicly-announced
  buy-back program
   695    782    504    639    2,620    524    458    982 
 Shares withheld for taxes
  due upon vesting of
  restricted stock
   235    1    10    3    249    212    2    214 
 Total shares purchased   930    783    514    642    2,869    736    460    1,196 
 Total cash paid for shares
  purchased under
  publicly-announced
  buy-back program
$  25,459 $  25,090 $  15,112 $  25,422 $  91,083 $  26,306 $  25,214 $  51,520 
 Total cash paid for shares
  withheld for taxes due
  upon vesting of restricted
  stock
   7,720    36    289    76    8,121    9,727    83    9,810 
 Total cash paid for shares
  repurchased
$  33,179 $  25,126 $  15,401 $  25,498 $  99,204 $  36,033 $  25,297 $  61,330 
Contact:
Dennis Story
Chief Financial Officer
Manhattan Associates, Inc.
770-955-7070
dstory@manh.com

Cameron Smith
Director, Corporate Communications
Manhattan Associates, Inc.
678-597-6841
camsmith@manh.com

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