[NASDAQ] Manhattan Associates Reports Record Fourth Quarter and Full Year 2016 Performance
[NASDAQ] Manhattan Associates Reports Record Fourth Quarter and Full Year 2016 Performance
  • By D.Peter Kim (info@koreaittimes.com)
  • 승인 2017.02.01 09:40
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ATLANTA, Jan. Feb.1, 2017 (GLOBE NEWSWIRE KOREA IT TIMES) -- Leading Supply Chain Commerce Solutions provider Manhattan Associates, Inc. (NASDAQ:MANH) today reported record Q4 GAAP diluted earnings per share for the fourth quarter ended December 31, 2016 of $0.42 compared to $0.36 in Q4 2015, on record Q4 license revenue of $22.1 million and record Q4 total revenue of $147.6 million. Non-GAAP adjusted diluted earnings per share for Q4 2016 was a Q4 record of $0.46 compared to $0.39 in Q4 2015.

“We posted solid fourth quarter and full year financial results marking our 5th consecutive year of record revenue and earnings per share performance. As important, we are very pleased with our strong Q4 and 2nd half license momentum exiting 2016. Demand for our omni-channel, store and distribution management solutions continues to be solid and our associates continue to execute very well serving our customers,” said Eddie Capel, Manhattan Associates President and CEO. “Despite persistent global macro sluggishness and near-term services revenue headwinds, we significantly strengthened our company in 2016 and improved our market leadership position. We are bullish on the market opportunity ahead of us and continue to place significant energy and investment into developing and advancing the world’s leading suite of Supply Chain Commerce solutions to extend our market leadership in 2017 and beyond.”

FOURTH QUARTER 2016 FINANCIAL SUMMARY:

  • GAAP diluted earnings per share was $0.42 in Q4 2016, compared to $0.36 in Q4 2015.

  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.46 in Q4 2016, compared to $0.39 in Q4 2015.

  • Consolidated total revenue was $147.6 million in Q4 2016, compared to $141.4 million in Q4 2015. License revenue was $22.1 million in Q4 2016, compared to $20.4 million in Q4 2015.

  • GAAP operating income was $45.4 million in Q4 2016, compared to $39.5 million in Q4 2015.

  • Adjusted operating income, a non-GAAP measure, was $49.7 million in Q4 2016, compared to $43.1 million in Q4 2015.

  • Cash flow from operations was $37.8 million in Q4 2016, compared to $36.1 million in Q4 2015. Days Sales Outstanding was 63 days at December 31, 2016, compared to 60 days at September 30, 2016.

  • Cash and investments totaled $95.6 million at December 31, 2016, compared to $110.8 million at September 30, 2016.

  • During the three months ended December 31, 2016, the Company repurchased 957,470 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $49.9 million. In January 2017, the Board of Directors authorized the Company to repurchase up to an aggregate of $50 million of the Company’s common stock.

FULL YEAR 2016 FINANCIAL SUMMARY:

  • GAAP diluted earnings per share for the twelve months ended December 31, 2016 was a record $1.72, compared to $1.40 for the twelve months ended December 31, 2015.  

  • Adjusted diluted earnings per share, a non-GAAP measure, was a record $1.87 for the twelve months ended December 31, 2016, compared to $1.52 for the twelve months ended December 31, 2015.

  • Consolidated revenue for the twelve months ended December 31, 2016, was a record $604.6 million, compared to $556.4 million for the twelve months ended December 31, 2015. License revenue was a record $85.0 million for the twelve months ended December 31, 2016, compared to $78.6 million for the twelve months ended December 31, 2015.  

  • GAAP operating income was a record $194.3 million for the twelve months ended December 31, 2016, compared to $161.4 million for the twelve months ended December 31, 2015.

  • Adjusted operating income, a non-GAAP measure, was a record $210.7 million for the twelve months ended December 31, 2016, compared to $176.4 million for the twelve months ended December 31, 2015. 

  • Cash flow from operations was a record $139.3 million in the twelve months ended December 31, 2016, compared to $120.2 million in the twelve months ended December 31, 2015.

  • During the twelve months ended December 31, 2016, the Company repurchased 2,821,488 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $158.4 million.

SALES ACHIEVEMENTS:

  • Recognized license revenue of $1.0 million or more on seven new contracts during Q4 2016.

  • Completed software license wins with new customers such as: Autozone, Blokker, China Logistics, Guzman Gastronomia, Kurt Geiger, Milan Supply Chain Solutions, Sonae and The Warehouse Limited.

  • Expanded relationships with existing customers such as: Alidi, Alloga, Aramark Uniform, Avery Dennison, Buffalo Hospital Supply, Cdiscount, Coach, Costa del Mar, Cotton On, Custom Goods, DICK’S Sporting Goods, Eram, Evine, Federal-Mogul, Fedway, Genco, Gold City Footwear, Goodman, Groupe Dynamite, Harng Central Department Stores, Hastings Deering, Hibbett Sports, Hot Topic, ID Logistics, Leroy Merlin, Northern Safety, Oatey, Olympus, Papa John’s, Redmart, Republic National Distributing Company, Ryder Integrated Logistics, Shaw Industries, Southern Glazer’s Wine & Spirits, STD Petrovich, The Honest Company, Tommy Bahama, Uniform Advantage, United Natural Foods, UPS Supply Chain, US Foods and Vitamin Shoppe.

2017 GUIDANCE

Manhattan Associates provides the following revenue and diluted earnings per share guidance for the full year 2017:

     
    Guidance Range - 2017 Full Year  
  ($'s in millions, except EPS) $ Range   % Growth Range  
                   
  Total revenue $ 622   $ 632   3 %   5 %  
                   
  Diluted earnings per share (EPS):                
  GAAP EPS $ 1.74   $ 1.78   1 %   3 %  
  Adjusted EPS(1) $ 1.89   $ 1.93   1 %   3 %  
                   
  (1) Adjusted EPS is a Non-GAAP measure which excludes the impact of equity-based compensation  
  and acquisition-related costs, and the related income tax effects of both.  
                   

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. 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). Following publication of this earnings release, any expectations with respect to future financial performance contained in this release, including the guidance above, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.

CONFERENCE CALL

The Company’s conference call regarding its fourth quarter and twelve months ended December 31, 2016 financial results will be held today, January 31, 2017, at 4:30 p.m. Eastern Standard 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 43521083 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’ first quarter 2017 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 historical and projected operating results. These measures are not in accordance with – or alternatives 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 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 believes its peers typically publish similar non-GAAP measures. This release should be read in conjunction with the Company’s Form 8-K earnings release filing for the quarter and twelve months ended December 31, 2016. 

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 is a technology leader in supply chain and omni-channel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology and unmatched experience help drive both top-line growth and bottom-line profitability for our customers. 

Manhattan Associates designs, builds and delivers leading edge cloud and on-premise solutions so that across the store, through your network or from your fulfillment center, you are 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 “2017 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 risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 and Form 10-Q for the quarter ended June 30, 2016. 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 December 31,     Year Ended December 31,  
    2016     2015     2016     2015  
    (unaudited)     (unaudited)                  
Revenue:                                
Software license   $ 22,125     $ 20,413     $ 84,996     $ 78,615  
Services     111,923       106,982       467,286       428,078  
Hardware and other     13,544       14,040       52,275       49,678  
Total revenue     147,592       141,435       604,557       556,371  
Costs and expenses:                                
Cost of license     2,419       2,590       10,820       9,938  
Cost of services     47,742       46,419       197,475       184,349  
Cost of hardware and other     10,710       11,322       41,584       41,141  
Research and development     13,183       13,457       54,736       53,859  
Sales and marketing     13,617       13,975       48,223       48,615  
General and administrative     12,281       12,036       48,322       49,259  
Depreciation and amortization     2,284       2,108       9,090       7,764  
Total costs and expenses     102,236       101,907       410,250       394,925  
Operating income     45,356       39,528       194,307       161,446  
Other income, net     416       170       1,800       1,395  
Income before income taxes     45,772       39,698       196,107       162,841  
Income tax provision     15,855       13,328       71,873       59,366  
Net income   $ 29,917     $ 26,370     $ 124,234     $ 103,475  
                                 
Basic earnings per share   $ 0.42     $ 0.36     $ 1.73     $ 1.41  
Diluted earnings per share   $ 0.42     $ 0.36     $ 1.72     $ 1.40  
                                 
Weighted average number of shares:                                
Basic     70,742       72,929       71,674       73,443  
Diluted     71,148       73,555       72,060       74,038  
                                 

 

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
             
    Three Months Ended December 31,     Year Ended December 31,  
    2016     2015     2016     2015  
                                 
Operating income   $ 45,356     $ 39,528     $ 194,307     $ 161,446  
Equity-based compensation (a)     4,210       3,441       15,934       14,528  
Purchase amortization (b)     108       107       430       432  
Adjusted operating income (Non-GAAP)   $ 49,674     $ 43,076     $ 210,671     $ 176,406  
                                 
                                 
Income tax provision   $ 15,855     $ 13,328     $ 71,873     $ 59,366  
Equity-based compensation (a)     1,451       1,216       5,789       5,385  
Purchase amortization (b)     37       38       156       160  
Adjusted income tax provision (Non-GAAP)   $ 17,343     $ 14,582     $ 77,818     $ 64,911  
                                 
                                 
Net income   $ 29,917     $ 26,370     $ 124,234     $ 103,475  
Equity-based compensation (a)     2,759       2,225       10,145       9,143  
Purchase amortization (b)     71       69       274       272  
Adjusted net income (Non-GAAP)   $ 32,747     $ 28,664     $ 134,653     $ 112,890  
                                 
                                 
Diluted EPS   $ 0.42     $ 0.36     $ 1.72     $ 1.40  
Equity-based compensation (a)     0.04       0.03       0.14       0.12  
Purchase amortization (b)     -       -       -       -  
Adjusted diluted EPS (Non-GAAP)   $ 0.46     $ 0.39     $ 1.87     $ 1.52  
                                 
Fully diluted shares     71,148       73,555       72,060       74,038  
                                 

(a)     Adjusted results exclude all equity-based compensation, to facilitate comparison with our 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 twelve months ended December 31, 2016 and 2015:

    Three Months Ended December 31,     Year Ended December 31,  
    2016     2015     2016     2015  
                                 
Cost of services   $ 819     $ 524     $ 3,794     $ 2,548  
Research and development     567       625       2,489       2,128  
Sales and marketing     593       850       2,431       2,577  
General and administrative     2,231       1,442       7,220       7,275  
Total equity-based compensation   $ 4,210     $ 3,441     $ 15,934     $ 14,528  
                                 

(b)     Adjustments represent purchased intangibles amortization from prior acquisition. Such amortization is excluded 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 SEC on the date hereof.

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
             
    December 31, 
2016
    December 31, 
2015
 
                 
ASSETS                
Current Assets:                
Cash and cash equivalents   $ 95,615     $ 118,416  
Short-term investments     -       10,344  
Accounts receivable, net of allowance of $3,595 and $7,031 in 2016 and 2015, respectively     100,285       97,379  
Prepaid expenses and other current assets     11,118       10,772  
Total current assets     207,018       236,911  
                 
Property and equipment, net     19,019       21,176  
Goodwill, net     62,228       62,233  
Deferred income taxes     2,867       4,648  
Other assets     6,008       7,275  
Total assets   $ 297,140     $ 332,243  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY                
Current liabilities:                
Accounts payable   $ 12,052     $ 11,219  
Accrued compensation and benefits     20,700       29,284  
Accrued and other liabilities     12,510       13,853  
Deferred revenue     63,457       68,757  
Income taxes payable     8,924       4,072  
Total current liabilities     117,643       127,185  
                 
Other non-current liabilities     10,131       9,566  
                 
Shareholders' equity:                
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2016 and 2015     -       -  
Common stock, $.01 par value; 200,000,000 shares authorized; 70,233,955 and 72,766,383 shares issued and outstanding at December 31, 2016 and
  December 31, 2015, respectively
    702       728  
Retained earnings     184,558       207,070  
Accumulated other comprehensive loss     (15,894 )     (12,306 )
Total shareholders' equity     169,366       195,492  
Total liabilities and shareholders' equity   $ 297,140     $ 332,243  
                 

 

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
     
    Year Ended December 31,
    2016     2015    
                   
Operating activities:                  
Net income   $ 124,234     $ 103,475    
Adjustments to reconcile net income to net cash provided by operating activities:                  
Depreciation and amortization     9,090       7,764    
Equity-based compensation     15,934       14,528    
Loss (Gain) on disposal of equipment     30       (30 )  
Tax benefit of stock awards exercised/vested     5,209       9,170    
Excess tax benefits from equity-based compensation     (5,214 )     (9,147 )  
Deferred income taxes     1,797       1,532    
Unrealized foreign currency (gain) loss     (393 )     49    
Changes in operating assets and liabilities:                  
Accounts receivable, net     (4,358 )     (12,223 )  
Other assets     299       (1,427 )  
Accounts payable, accrued and other liabilities     (9,261 )     (1,592 )  
Income taxes     6,129       (2,271 )  
Deferred revenue     (4,150 )     10,325    
Net cash provided by operating activities     139,346       120,153    
                   
Investing activities:                  
Purchases of property and equipment     (6,843 )     (11,492 )  
Net maturities (purchases) of short-term investments     10,201       (2,051 )  
Net cash provided by (used in) investing activities     3,358       (13,543 )  
                   
Financing activities:                  
Purchase of common stock     (167,933 )     (112,138 )  
Proceeds from issuance of common stock from options exercised     18       717    
Excess tax benefits from equity-based compensation     5,214       9,147    
Net cash used in financing activities     (162,701 )     (102,274 )  
                   
Foreign currency impact on cash     (2,804 )     (1,628 )  
                   
Net change in cash and cash equivalents     (22,801 )     2,708    
Cash and cash equivalents at beginning of period     118,416       115,708    
Cash and cash equivalents at end of period   $ 95,615     $ 118,416    
                   

MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION

1.    GAAP and Adjusted earnings per share by quarter are as follows:

    2015     2016  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year  
GAAP Diluted EPS   $ 0.31     $ 0.35     $ 0.38     $ 0.36     $ 1.40     $ 0.38     $ 0.46     $ 0.47     $ 0.42     $ 1.72  
Adjustments to GAAP:                                                                                
Equity-based compensation     0.03       0.02       0.05       0.03       0.12       0.04       0.03       0.03       0.04       0.14  
Purchase amortization     -       -       -       -       -       -       -       -       -       -  
Adjusted Diluted EPS   $ 0.34     $ 0.37     $ 0.42     $ 0.39     $ 1.52     $ 0.42     $ 0.49     $ 0.50     $ 0.46     $ 1.87  
Fully Diluted Shares     74,607       74,126       73,761       73,555       74,038       73,020       72,228       71,743       71,148       72,060  
                                                                                 

2.    Revenues and operating income by reportable segment are as follows (in thousands):

    2015     2016  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year  
Revenue:                                                                                
Americas   $ 109,959     $ 117,154     $ 120,118     $ 117,245     $ 464,476     $ 128,807     $ 131,018     $ 130,099     $ 123,660     $ 513,584  
EMEA     18,305       17,175       16,829       17,767       70,076       15,686       18,185       15,078       17,333       66,282  
APAC     5,259       4,780       5,357       6,423       21,819       5,367       5,689       7,036       6,599       24,691  
    $ 133,523     $ 139,109     $ 142,304     $ 141,435     $ 556,371     $ 149,860     $ 154,892     $ 152,213     $ 147,592     $ 604,557  
                                                                                 
GAAP Operating Income:                                                                                
Americas   $ 30,182     $ 36,214     $ 36,407     $ 31,020     $ 133,823     $ 37,454     $ 44,126     $ 46,213     $ 37,154     $ 164,947  
EMEA     5,522       4,516       5,909       6,363       22,310       4,439       6,854       4,822       5,945       22,060  
APAC     1,160       644       1,364       2,145       5,313       1,206       1,288       2,549       2,257       7,300  
    $ 36,864     $ 41,374     $ 43,680     $ 39,528     $ 161,446     $ 43,099     $ 52,268     $ 53,584     $ 45,356     $ 194,307  
                                                                                 
Adjustments (pre-tax):                                                                                
Americas:                                                                                
Equity-based compensation   $ 3,078     $ 2,661     $ 5,348     $ 3,441     $ 14,528     $ 4,688     $ 3,495     $ 3,541     $ 4,210     $ 15,934  
Purchase amortization     106       106       113       107       432       107       108       107       108       430  
    $ 3,184     $ 2,767     $ 5,461     $ 3,548     $ 14,960     $ 4,795     $ 3,603     $ 3,648     $ 4,318     $ 16,364  
                                                                                 
Adjusted non-GAAP Operating Income:                                                                                
Americas   $ 33,366     $ 38,981     $ 41,868     $ 34,568     $ 148,783     $ 42,249     $ 47,729     $ 49,861     $ 41,472     $ 181,311  
EMEA     5,522       4,516       5,909       6,363       22,310       4,439       6,854       4,822       5,945       22,060  
APAC     1,160       644       1,364       2,145       5,313       1,206       1,288       2,549       2,257       7,300  
    $ 40,048     $ 44,141     $ 49,141     $ 43,076     $ 176,406     $ 47,894     $ 55,871     $ 57,232     $ 49,674     $ 210,671  
                                                                                 

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):

    2015     2016  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year  
Professional services   $ 72,659     $ 76,548     $ 80,994     $ 74,423     $ 304,624     $ 84,506     $ 86,992     $ 84,843     $ 77,097     $ 333,438  
Customer support and software enhancements     28,544       30,796       31,555       32,559       123,454       31,757       32,841       34,424       34,826       133,848  
Total services revenue   $ 101,203     $ 107,344     $ 112,549     $ 106,982     $ 428,078     $ 116,263     $ 119,833     $ 119,267     $ 111,923     $ 467,286  
                                                                                 

4.    Hardware and other revenue includes the following items (in thousands):

    2015     2016  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year  
Hardware revenue   $ 7,730     $ 7,080     $ 5,462     $ 9,243     $ 29,515     $ 8,761     $ 9,554     $ 6,543     $ 9,070     $ 33,928  
Billed travel     5,276       4,927       5,163       4,797       20,163       4,229       4,874       4,770       4,474       18,347  
Total hardware and other revenue   $ 13,006     $ 12,007     $ 10,625     $ 14,040     $ 49,678     $ 12,990     $ 14,428     $ 11,313     $ 13,544     $ 52,275  
                                                                                 

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):

    2015     2016  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year  
Revenue   $ (3,426 )   $ (3,599 )   $ (3,421 )   $ (2,263 )   $ (12,709 )   $ (810 )   $ (474 )   $ (784 )   $ (1,425 )   $ (3,493 )
Costs and expenses     (2,546 )     (3,201 )     (2,820 )     (2,058 )     (10,625 )     (1,292 )     (702 )     (782 )     (1,028 )     (3,804 )
Operating income     (880 )     (398 )     (601 )     (205 )     (2,084 )     482       228       (2 )     (397 )     311  
Foreign currency (losses) gains in other income     (86 )     (4 )     213       (199 )     (76 )     165       331       (72 )     211       635  
    $ (966 )   $ (402 )   $ (388 )   $ (404 )   $ (2,160 )   $ 647     $ 559     $ (74 )   $ (186 )   $ 946  
                                                                                 

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):

    2015     2016  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year  
Operating income   $ 72     $ 468     $ 571     $ 492     $ 1,603     $ 682     $ 459     $ 259     $ 159     $ 1,559  
Foreign currency gains (losses) in other income     45       182       423       2       652       (109 )     212       (44 )     159       218  
Total impact of changes in the Indian Rupee   $ 117     $ 650     $ 994     $ 494     $ 2,255     $ 573     $ 671     $ 215     $ 318     $ 1,777  
                                                                                 

6.    Other income includes the following components (in thousands):

    2015     2016  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year  
Interest income   $ 324     $ 335     $ 336     $ 336     $ 1,331     $ 335     $ 329     $ 281     $ 216     $ 1,161  
Foreign currency (losses) gains     (86 )     (4 )     213       (199 )     (76 )     165       331       (72 )     211       635  
Other non-operating income (expense)     24       28       55       33       140       20       (6 )     1       (11 )     4  
Total other income   $ 262     $ 359     $ 604     $ 170     $ 1,395     $ 520     $ 654     $ 210     $ 416     $ 1,800  
                                                                                 

7.    Capital expenditures are as follows (in thousands):

    2015     2016  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year  
Capital expenditures   $ 3,098     $ 2,671     $ 3,850     $ 1,873     $ 11,492     $ 1,906     $ 2,201     $ 1,358     $ 1,378     $ 6,843  
                                                                                 

8.    Stock Repurchase Activity (in thousands):

    2015     2016  
    1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year  
Shares purchased under publicly-announced buy-back program     524       458       399       340       1,721       892       552       420       957       2,821  
Shares withheld for taxes due upon vesting of restricted stock     212       2       9       3       226       163       -       3       1       167  
Total shares purchased     736       460       408       343       1,947       1,055       552       423       958       2,988  
                                                                                 
Total cash paid for shares purchased under publicly-announced buy-back program   $ 26,306     $ 25,214     $ 25,001     $ 25,078     $ 101,599     $ 48,499     $ 34,995     $ 24,998     $ 49,901     $ 158,393  
Total cash paid for shares withheld for taxes due upon vesting of restricted stock     9,727       83       508       221       10,539       9,292       26       158       64       9,540  
Total cash paid for shares repurchased   $ 36,033     $ 25,297     $ 25,509     $ 25,299     $ 112,138     $ 57,791     $ 35,021     $ 25,156     $ 49,965     $ 167,933  
                                                                                 
CONTACT:
Dennis Story
Chief Financial Officer
Manhattan Associates, Inc.
770-955-7070
dstory@manh.com

Beverly McDonald
Senior Director, Corporate Marketing
Manhattan Associates, Inc.
678-597-6528
bmcdonald@manh.com

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