Manhattan Associates Inc.
07/23/2024 | Press release | Distributed by Public on 07/23/2024 14:04
Manhattan Associates Reports Record Revenue and Earnings RPO Bookings Increase 29% over Prior Year on Strong Demand Company Raises 2024 Full Year Guidance Form 8 K
Manhattan Associates Reports Record Revenue and Earnings
RPO Bookings Increase 29% over Prior Year on Strong Demand
Company Raises 2024 Full-Year Guidance
ATLANTA - July 23, 2024 -Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $265.3 million for the second quarter ended June 30, 2024. GAAP diluted earnings per share for Q2 2024 was $0.85 compared to $0.63 in Q2 2023. Non-GAAP adjusted diluted earnings per share for Q2 2024 was $1.18 compared to $0.88 in Q2 2023.
"Our second quarter was another solid quarter of growth, margin expansion, and cash flow. We have achieved record second quarter and first half results, each exceeding expectations," said Manhattan Associates president and CEO Eddie Capel.
"Manhattan's business fundamentals are solid, as our global teams continue to execute well for our customers and deliver industry leading innovation to the market. While we remain appropriately cautious regarding the global economy, we enter the second half of the year with a record pipeline and are optimistic on our growing opportunity," Mr. Capel concluded.
SECOND QUARTER 2024 FINANCIAL SUMMARY:
•
Consolidated total revenue was $265.3 million for Q2 2024, compared to $231.0 million for Q2 2023.
o
Cloud subscription revenue was $82.4 million for Q2 2024, compared to $60.9 million for Q2 2023.
o
License revenue was $3.1 million for Q2 2024, compared to $3.7 million for Q2 2023.
o
Services revenue was $136.8 million for Q2 2024, compared to $124.6 million for Q2 2023.
•
GAAP diluted earnings per share was $0.85for Q2 2024, compared to $0.63for Q2 2023.
Adjusted diluted earnings per share, a non-GAAP measure, was $1.18for Q2 2024, compared to $0.88 for Q2 2023.
GAAP operating income was $68.2 million for Q2 2024, compared to $50.5 million for Q2 2023.
Adjusted operating income, a non-GAAP measure, was $92.9 million for Q2 2024, compared to $68.4 million for Q2 2023.
Cash flow from operations was $73.3 million for Q2 2024, compared to $40.6 million for Q2 2023. Days Sales Outstanding was 66 days at June 30, 2024, compared to 74 days at March 31, 2024.
Cash totaled $202.7 million at June 30, 2024, compared to $207.5 million at March 31, 2024.
During the three months ended June 30, 2024, the Company repurchased 342,807 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $75.0 million. In July 2024, our Board of Directors approved replenishing the Company's remaining share repurchase authority to an aggregate of $75.0 million of our common stock.
SIX MONTH 2024 FINANCIAL SUMMARY:
•
Consolidated total revenue for the six months ended June 30, 2024, was $519.9 million, compared to $452.0 million for the six months ended June 30, 2023.
o
Cloud subscription revenue was $160.4 million for the six months ended June 30, 2024, compared to $118.2 million for the six months ended June 30, 2023.
o
License revenue was $5.9 million for the six months ended June 30, 2024, compared to $9.1 million for the six months ended June 30, 2023.
o
Services revenue was $269.0 million for the six months ended June 30, 2024, compared to $240.8 million for the six months ended June 30, 2023.
•
GAAP diluted earnings per share for the six months ended June 30, 2024, was $1.71, compared to $1.25 for the six months ended June 30, 2023.
•
Adjusted diluted earnings per share, a non-GAAP measure, was $2.21 for the six months ended June 30, 2024, compared to $1.67 for the six months ended June 30, 2023.
•
GAAP operating income was $125.8 million for the six months ended June 30, 2024, compared to $97.6 million for the six months ended June 30, 2023.
•
Adjusted operating income, a non-GAAP measure, was $172.6 million for the six months ended June 30, 2024, compared to $132.1 million for the six months ended June 30, 2023.
•
Cash flow from operations was $128.0 million for the six months ended June 30, 2024, compared to $99.3 million for the six months ended June 30, 2023.
•
During the six months ended June 30, 2024, the Company repurchased 636,399 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $148.4 million. In July 2024, our Board of Directors approved replenishing the Company's remaining share repurchase authority to an aggregate of $75.0 million of our common stock.
2024 GUIDANCE
Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2024:
|
Guidance Range - 2024 Full Year |
||||
|
($'s in millions, except operating margin and EPS) |
$ Range |
% Growth Range |
||
|
Total revenue - current guidance |
$1,036 |
$1,044 |
12% |
12% |
|
Operating margin: |
||||
|
GAAP operating margin - current guidance |
22.8% |
23.1% |
||
|
Equity-based compensation |
9.2% |
9.1% |
||
|
Adjusted operating margin(1) - current guidance |
32.0% |
32.2% |
||
|
Diluted earnings per share (EPS): |
||||
|
GAAP EPS - current guidance |
$3.08 |
$3.16 |
9% |
12% |
|
Equity-based compensation, net of tax |
1.29 |
1.29 |
||
|
Excess tax benefit on stock vesting(2) |
(0.15) |
(0.15) |
||
|
Adjusted EPS(1) - current guidance |
$4.22 |
$4.30 |
13% |
15% |
|
(1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based |
||||
|
compensation and related income tax effects. |
||||
|
(2) Excess tax benefit on stock vesting expected to occur primarily in the first quarter of 2024. |
||||
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. See our cautionary note regarding "forward-looking statements" below.
Manhattan Associates will make this earnings release and published expectations available on the investor relations section of the Manhattan Associates website at ir.manh.com. Following publication of this earnings release, any expectations with respect to future financial performance contained in this release, including the guidance, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.
CONFERENCE CALL
Manhattan Associates' conference call regarding its second quarter financial results will be held today, July 23, 2024, at 4:30 p.m. Eastern Time. The Company will also discuss its business and expectations for the year and next quarter in additional detail during the call. We invite investors to a live webcast of the conference call through the Investor Relations section of the Manhattan Associates website at ir.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. The Internet webcast will be available until Manhattan Associates' third quarter 2024 earnings release.
GAAP VERSUS NON-GAAP PRESENTATION
Manhattan Associates provides adjusted operating income and margin, adjusted income tax provision, 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 similarly titled non-GAAP measures used by other companies. The Company believes 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 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 three and six months ended June 30, 2024.
Non-GAAP adjusted operating income and margin, adjusted income tax provision, adjusted net income and adjusted diluted earnings per share exclude the impact of equity-based compensation - net of income tax effects. They also exclude the tax benefits or deficiencies of vested stock awards caused by differences in the amount deductible for tax purposes from the compensation expense recorded for financial reporting purposes. We include reconciliations of the Company's GAAP financial measures to non-GAAP adjustments in the supplemental information attached to this release.
ABOUT MANHATTAN ASSOCIATES
Manhattan Associates is a global technology leader in supply chain and omnichannel 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 solutions so that across the store, through your network or from your fulfillment center, you are ready to reap the rewards of the omnichannel 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, without limitation, the information set forth under "2024 Guidance" and statements identified by words such as "may," "expect," "forecast," "anticipate," "intend," "plan," "believe," "could," "seek," "project," "estimate" and similar expressions. Prospective investors are cautioned that any of those 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 those forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by those forward-looking statements are: economic conditions, including inflation; disruption and transformation in the retail sector and our vertical markets; delays in product development; competitive and pricing pressures; software errors and information technology failures, disruption and security breaches; risks related to our products' technology and customer implementations; global instability, including the wars in Ukraine and the Middle East; and the other risk factors set forth in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in Item 1A of Part II in subsequent Quarterly Reports on Form 10-Q. 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, |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
|
|
Revenue: |
||||
|
Cloud subscriptions |
$82,361 |
$60,943 |
$160,388 |
$118,163 |
|
Software license |
3,061 |
3,745 |
5,871 |
9,097 |
|
Maintenance |
35,273 |
35,826 |
70,245 |
71,476 |
|
Services |
136,831 |
124,609 |
269,026 |
240,779 |
|
Hardware |
7,792 |
5,893 |
14,340 |
12,514 |
|
Total revenue |
265,318 |
231,016 |
519,870 |
452,029 |
|
Costs and expenses: |
||||
|
Cost of cloud subscriptions, maintenance and services |
119,696 |
108,445 |
238,651 |
211,772 |
|
Cost of software license |
345 |
368 |
677 |
670 |
|
Research and development |
35,334 |
31,600 |
70,344 |
62,394 |
|
Sales and marketing |
19,154 |
18,563 |
39,083 |
36,628 |
|
General and administrative |
21,112 |
20,237 |
42,315 |
40,190 |
|
Depreciation and amortization |
1,489 |
1,320 |
2,982 |
2,807 |
|
Total costs and expenses |
197,130 |
180,533 |
394,052 |
354,461 |
|
Operating income |
68,188 |
50,483 |
125,818 |
97,568 |
|
Other income, net |
914 |
1,041 |
1,910 |
1,184 |
|
Income before income taxes |
69,102 |
51,524 |
127,728 |
98,752 |
|
Income tax provision |
16,336 |
11,904 |
21,161 |
20,341 |
|
Net income |
$52,766 |
$39,620 |
$106,567 |
$78,411 |
|
Basic earnings per share |
$0.86 |
$0.64 |
$1.73 |
$1.26 |
|
Diluted earnings per share |
$0.85 |
$0.63 |
$1.71 |
$1.25 |
|
Weighted average number of shares: |
||||
|
Basic |
61,421 |
61,862 |
61,523 |
62,036 |
|
Diluted |
62,118 |
62,432 |
62,305 |
62,599 |
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, |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Operating income |
$68,188 |
$50,483 |
$125,818 |
$97,568 |
|
Equity-based compensation (a) |
24,666 |
17,928 |
46,761 |
34,568 |
|
Adjusted operating income (Non-GAAP) |
$92,854 |
$68,411 |
$172,579 |
$132,136 |
|
Income tax provision |
$16,336 |
$11,904 |
$21,161 |
$20,341 |
|
Equity-based compensation (a) |
3,848 |
2,628 |
7,284 |
5,037 |
|
Tax benefit of stock awards vested (b) |
327 |
281 |
8,484 |
3,236 |
|
Adjusted income tax provision (Non-GAAP) |
$20,511 |
$14,813 |
$36,929 |
$28,614 |
|
Net income |
$52,766 |
$39,620 |
$106,567 |
$78,411 |
|
Equity-based compensation (a) |
20,818 |
15,300 |
39,477 |
29,531 |
|
Tax benefit of stock awards vested (b) |
(327) |
(281) |
(8,484) |
(3,236) |
|
Adjusted net income (Non-GAAP) |
$73,257 |
$54,639 |
$137,560 |
$104,706 |
|
Diluted EPS |
$0.85 |
$0.63 |
$1.71 |
$1.25 |
|
Equity-based compensation (a) |
0.34 |
0.25 |
0.63 |
0.47 |
|
Tax benefit of stock awards vested (b) |
(0.01) |
- |
(0.14) |
(0.05) |
|
Adjusted diluted EPS (Non-GAAP) |
$1.18 |
$0.88 |
$2.21 |
$1.67 |
|
Fully diluted shares |
62,118 |
62,432 |
62,305 |
62,599 |
a)
Adjusted results exclude all equity-based compensation, as detailed below, to facilitate comparison with our peers and for the other reasons explained in our Current Report on Form 8-K filed with the SEC. We do not receive a GAAP tax benefit for a portion of our equity-based compensation, mainly because of Section 162(m) of the Internal Revenue Code, which limits tax deductions for compensation granted to certain executives.
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cost of services |
$11,358 |
$7,178 |
$20,647 |
$13,694 |
|
Research and development |
5,455 |
3,915 |
10,695 |
7,570 |
|
Sales and marketing |
2,116 |
1,807 |
4,106 |
3,455 |
|
General and administrative |
5,737 |
5,028 |
11,313 |
9,849 |
|
Total equity-based compensation |
$24,666 |
$17,928 |
$46,761 |
$34,568 |
(b)
Adjustments represent the excess tax benefits and tax deficiencies of the equity awards vested during the period. Excess tax benefits (deficiencies) occur when the amount deductible on our tax return for an equity award is more (less) than the cumulative compensation cost recognized for financial reporting purposes. As discussed above, we exclude equity-based compensation from adjusted non-GAAP results to be consistent with other companies in the software industry and for the other reasons explained in our Current Report on Form 8-K filed with the SEC. Therefore, we also exclude the related tax benefit (expense) generated upon their vesting.
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
|
June 30, 2024 |
December 31, 2023 |
|||
|
(unaudited) |
||||
|
ASSETS |
||||
|
Current assets: |
||||
|
Cash and cash equivalents |
$ |
202,709 |
$ |
270,741 |
|
Accounts receivable, net |
191,226 |
181,173 |
||
|
Prepaid expenses and other current assets |
32,211 |
27,276 |
||
|
Total current assets |
426,146 |
479,190 |
||
|
Property and equipment, net |
13,392 |
11,795 |
||
|
Operating lease right-of-use assets |
51,181 |
21,645 |
||
|
Goodwill, net |
62,230 |
62,235 |
||
|
Deferred income taxes |
78,529 |
66,043 |
||
|
Other assets |
33,834 |
32,445 |
||
|
Total assets |
$ |
665,312 |
$ |
673,353 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||
|
Current liabilities: |
||||
|
Accounts payable |
$ |
25,581 |
$ |
24,508 |
|
Accrued compensation and benefits |
54,550 |
73,210 |
||
|
Accrued and other liabilities |
23,167 |
27,374 |
||
|
Deferred revenue |
258,987 |
237,793 |
||
|
Income taxes payable |
425 |
3,030 |
||
|
Total current liabilities |
362,710 |
365,915 |
||
|
Operating lease liabilities, long-term |
50,842 |
17,694 |
||
|
Other non-current liabilities |
11,131 |
11,466 |
||
|
Shareholders' equity: |
||||
|
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2024 and 2023 |
- |
- |
||
|
Common stock, $0.01 par value; 200,000,000 shares authorized; 61,245,638 and 61,566,037 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively |
612 |
615 |
||
|
Retained earnings |
267,771 |
304,701 |
||
|
Accumulated other comprehensive loss |
(27,754 |
) |
(27,038 |
) |
|
Total shareholders' equity |
240,629 |
278,278 |
||
|
Total liabilities and shareholders' equity |
$ |
665,312 |
$ |
673,353 |
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
|
Six Months Ended June 30, |
||||
|
2024 |
2023 |
|||
|
(unaudited) |
(unaudited) |
|||
|
Operating activities: |
||||
|
Net income |
$ |
106,567 |
$ |
78,411 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
||||
|
Depreciation and amortization |
2,982 |
2,807 |
||
|
Equity-based compensation |
46,761 |
34,568 |
||
|
(Gain) loss on disposal of equipment |
(124 |
) |
22 |
|
|
Deferred income taxes |
(12,519 |
) |
(11,038 |
) |
|
Unrealized foreign currency loss |
610 |
1,577 |
||
|
Changes in operating assets and liabilities: |
||||
|
Accounts receivable, net |
(11,153 |
) |
(11,024 |
) |
|
Other assets |
(2,088 |
) |
(5,825 |
) |
|
Accounts payable, accrued and other liabilities |
(18,082 |
) |
(2,593 |
) |
|
Income taxes |
(7,043 |
) |
(5,359 |
) |
|
Deferred revenue |
22,089 |
17,740 |
||
|
Net cash provided by operating activities |
128,000 |
99,286 |
||
|
Investing activities: |
||||
|
Purchase of property and equipment |
(4,538 |
) |
(1,675 |
) |
|
Net cash used in investing activities |
(4,538 |
) |
(1,675 |
) |
|
Financing activities: |
||||
|
Repurchase of common stock |
(189,546 |
) |
(169,115 |
) |
|
Net cash used in financing activities |
(189,546 |
) |
(169,115 |
) |
|
Foreign currency impact on cash |
(1,948 |
) |
(665 |
) |
|
Net change in cash and cash equivalents |
(68,032 |
) |
(72,169 |
) |
|
Cash and cash equivalents at beginning of period |
270,741 |
225,463 |
||
|
Cash and cash equivalents at end of period |
$ |
202,709 |
$ |
153,294 |
MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
1. GAAP and adjusted earnings per share by quarter are as follows:
|
2023 |
2024 |
|||||||
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
Full Year |
1st Qtr |
2nd Qtr |
YTD |
|
|
GAAP Diluted EPS |
$0.62 |
$0.63 |
$0.79 |
$0.78 |
$2.82 |
$0.86 |
$0.85 |
$1.71 |
|
Adjustments to GAAP: |
||||||||
|
Equity-based compensation |
0.23 |
0.25 |
0.26 |
0.25 |
0.97 |
0.30 |
0.34 |
0.63 |
|
Tax benefit of stock awards vested |
(0.05) |
- |
- |
- |
(0.06) |
(0.13) |
(0.01) |
(0.14) |
|
Adjusted Diluted EPS |
$0.80 |
$0.88 |
$1.05 |
$1.03 |
$3.74 |
$1.03 |
$1.18 |
$2.21 |
|
Fully Diluted Shares |
62,767 |
62,432 |
62,310 |
62,555 |
62,608 |
62,493 |
62,118 |
62,305 |
2. Revenues and operating income by reportable segment are as follows (in thousands):
|
2023 |
2024 |
|||||||
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
Full Year |
1st Qtr |
2nd Qtr |
YTD |
|
|
Revenue: |
||||||||
|
Americas |
$170,759 |
$179,208 |
$186,564 |
$182,664 |
$719,195 |
$196,312 |
$205,955 |
$402,267 |
|
EMEA |
39,658 |
40,902 |
41,204 |
44,874 |
166,638 |
46,620 |
46,918 |
93,538 |
|
APAC |
10,596 |
10,906 |
10,673 |
10,717 |
42,892 |
11,620 |
12,445 |
24,065 |
|
$221,013 |
$231,016 |
$238,441 |
$238,255 |
$928,725 |
$254,552 |
$265,318 |
$519,870 |
|
|
GAAP Operating Income: |
||||||||
|
Americas |
$29,647 |
$32,326 |
$34,655 |
$38,530 |
$135,158 |
$36,687 |
$45,300 |
$81,987 |
|
EMEA |
12,793 |
13,556 |
14,415 |
15,959 |
56,723 |
15,884 |
17,195 |
33,079 |
|
APAC |
4,645 |
4,601 |
4,378 |
4,376 |
18,000 |
5,059 |
5,693 |
10,752 |
|
$47,085 |
$50,483 |
$53,448 |
$58,865 |
$209,881 |
$57,630 |
$68,188 |
$125,818 |
|
|
Adjustments (pre-tax): |
||||||||
|
Americas: |
||||||||
|
Equity-based |
$16,640 |
$17,928 |
$19,030 |
$17,973 |
$71,571 |
$22,095 |
$24,666 |
$46,761 |
|
$16,640 |
$17,928 |
$19,030 |
$17,973 |
$71,571 |
$22,095 |
$24,666 |
$46,761 |
|
|
Adjusted non-GAAP Operating Income: |
||||||||
|
Americas |
$46,287 |
$50,254 |
$53,685 |
$56,503 |
$206,729 |
$58,782 |
$69,966 |
$128,748 |
|
EMEA |
12,793 |
13,556 |
14,415 |
15,959 |
56,723 |
15,884 |
17,195 |
33,079 |
|
APAC |
4,645 |
4,601 |
4,378 |
4,376 |
18,000 |
5,059 |
5,693 |
10,752 |
|
$63,725 |
$68,411 |
$72,478 |
$76,838 |
$281,452 |
$79,725 |
$92,854 |
$172,579 |
|
3. Impact of Currency Fluctuation
The following table reflects the increases (decreases) in the results of operations for each period attributable to the change in foreign currency exchange rates from the prior period as well as foreign currency gains (losses) included in other income, net for each period (in thousands):
|
2023 |
2024 |
|||||||
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
Full Year |
1st Qtr |
2nd Qtr |
YTD |
|
|
Revenue |
$(3,084) |
$104 |
$2,755 |
$2,341 |
$2,116 |
$648 |
$(531) |
$117 |
|
Costs and expenses |
(3,616) |
(1,133) |
1,033 |
1,212 |
(2,504) |
176 |
(673) |
(497) |
|
Operating income |
532 |
1,237 |
1,722 |
1,129 |
4,620 |
472 |
142 |
614 |
|
Foreign currency gains (losses) |
(810) |
(516) |
387 |
(527) |
(1,466) |
(564) |
(577) |
$(1,141) |
|
$(278) |
$721 |
$2,109 |
$602 |
$3,154 |
$(92) |
$(435) |
$(527) |
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):
|
2023 |
2024 |
|||||||
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
Full Year |
1st Qtr |
2nd Qtr |
YTD |
|
|
Operating income |
$1,632 |
$1,222 |
$728 |
$267 |
$3,849 |
$185 |
$307 |
$492 |
|
Foreign currency gains (losses) |
(283) |
(31) |
812 |
(105) |
393 |
164 |
41 |
205 |
|
Total impact of |
$1,349 |
$1,191 |
$1,540 |
$162 |
$4,242 |
$349 |
$348 |
$697 |
4. Other income includes the following components (in thousands):
|
2023 |
2024 |
|||||||
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
Full Year |
1st Qtr |
2nd Qtr |
YTD |
|
|
Interest income |
$969 |
$1,555 |
$1,371 |
$1,409 |
$5,304 |
$1,414 |
$1,503 |
$2,917 |
|
Foreign currency gains (losses) |
(810) |
(516) |
387 |
(527) |
(1,466) |
(564) |
(577) |
(1,141) |
|
Other non-operating |
(16) |
2 |
(19) |
(15) |
(48) |
146 |
(12) |
134 |
|
Total other income (loss) |
$143 |
$1,041 |
$1,739 |
$867 |
$3,790 |
$996 |
$914 |
$1,910 |
5. Capital expenditures are as follows (in thousands):
|
2023 |
2024 |
|||||||
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
Full Year |
1st Qtr |
2nd Qtr |
YTD |
|
|
Capital expenditures |
$666 |
$1,009 |
$1,086 |
$1,969 |
$4,730 |
$2,321 |
$2,217 |
$4,538 |
6. Stock Repurchase Activity (in thousands):
|
2023 |
2024 |
|||||||
|
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
Full Year |
1st Qtr |
2nd Qtr |
YTD |
|
|
Shares purchased under publicly announced buy-back program |
515 |
381 |
128 |
- |
1,024 |
294 |
343 |
637 |
|
Shares withheld for taxes due upon vesting of restricted stock units |
208 |
4 |
8 |
2 |
222 |
165 |
3 |
168 |
|
Total shares purchased |
723 |
385 |
136 |
2 |
1,246 |
459 |
346 |
805 |
|
Total cash paid for shares purchased under publicly announced buy-back program |
$74,177 |
$66,769 |
$25,072 |
$0 |
$166,018 |
$73,411 |
$74,999 |
$148,410 |
|
Total cash paid for shares withheld for taxes due upon vesting of restricted stock units |
27,511 |
658 |
1,529 |
331 |
30,029 |
40,423 |
713 |
41,136 |
|
Total cash paid for shares repurchased |
$101,688 |
$67,427 |
$26,601 |
$331 |
$196,047 |
$113,834 |
$75,712 |
$189,546 |
7. Remaining Performance Obligations
We disclose revenue we expect to recognize from our remaining performance obligations ("RPO"). Over 98% of our RPO represents cloud native subscriptions with non-cancelable terms greater than one year (including cloud-deferred revenue as well as amounts we will invoice and recognize as revenue from our performance of cloud services in future periods). Maintenance contracts are typically one year and not included in the RPO. Our RPO as of the end of each period appears below (in thousands):
|
March 31, 2023 |
June 30, 2023 |
September 30, 2023 |
December 30, 2023 |
March 31, 2024 |
June 30, 2024 |
|
|
Remaining Performance Obligations |
$1,153,404 |
$1,238,672 |
$1,324,861 |
$1,427,854 |
$1,516,430 |
$1,601,531 |