Manhattan Associates Reports Second Quarter Results
'Manhattan delivered record second quarter results. Solid demand drove Q2 cloud revenue growth of 22% and RPO surpassing the $2 billion milestone,' said Manhattan Associates president and CEO Eric Clark.
'While the global macro environment remains challenging, we believe our cloud platform leadership advantage positions Manhattan as the clear choice for modern supply chain commerce solutions. We remain optimistic about our business fundamentals and our sustained growth opportunity. As technology and innovation cycles continue to accelerate, our unified cloud platform allows us to increase our leadership advantage over our competitors, expand our addressable market, and drive optimal results for our customers,' Mr. Clark concluded.
SECOND QUARTER 2025 FINANCIAL SUMMARY:
Consolidated total revenue was $272.4 million for Q2 2025, compared to $265.3 million for Q2 2024.
Cloud subscription revenue was $100.4 million for Q2 2025, compared to $82.4 million for Q2 2024.
License revenue was $1.5 million for Q2 2025, compared to $3.1 million for Q2 2024.
Services revenue was $128.9 million for Q2 2025, compared to $136.8 million for Q2 2024.
GAAP diluted earnings per share was $0.93 for Q2 2025, compared to $0.85 for Q2 2024.
Adjusted diluted earnings per share, a non-GAAP measure, was $1.31 for Q2 2025, compared to $1.18 for Q2 2024.
GAAP operating income was $73.8 million for Q2 2025, compared to $68.2 million for Q2 2024.
Adjusted operating income, a non-GAAP measure, was $101.1 million for Q2 2025, compared to $92.9 million for Q2 2024.
Cash flow from operations was $74.0 million for Q2 2025, compared to $73.3 million for Q2 2024. Days Sales Outstanding was 70 days at June 30, 2025, compared to 72 days at March 31, 2025.
Cash totaled $230.6 million at June 30, 2025, compared to $205.9 million at March 31, 2025.
During the three months ended June 30, 2025, the Company repurchased 262,341 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $49.6 million. In July 2025, our Board of Directors replenished the Company's remaining share repurchase authority to an aggregate of $100.0 million of our common stock.
SIX MONTH 2025 FINANCIAL SUMMARY:
Consolidated total revenue for the six months ended June 30, 2025, was $535.2 million, compared to $519.9 million for the six months ended June 30, 2024.
Cloud subscription revenue was $194.7 million for the six months ended June 30, 2025, compared to $160.4 million for the six months ended June 30, 2024.
License revenue was $10.8 million for the six months ended June 30, 2025, compared to $5.9 million for the six months ended June 30, 2024.
Services revenue was $250.0 million for the six months ended June 30, 2025, compared to $269.0 million for the six months ended June 30, 2024.
GAAP diluted earnings per share for the six months ended June 30, 2025, was $1.78, compared to $1.71 for the six months ended June 30, 2024.
Adjusted diluted earnings per share, a non-GAAP measure, was $2.50 for the six months ended June 30, 2025, compared to $2.21 for the six months ended June 30, 2024.
GAAP operating income was $137.0 million for the six months ended June 30, 2025, compared to $125.8 million for the six months ended June 30, 2024.
Adjusted operating income, a non-GAAP measure, was $192.3 million for the six months ended June 30, 2025, compared to $172.6 million for the six months ended June 30, 2024.
Cash flow from operations was $149.3 million for the six months ended June 30, 2025, compared to $128.0 million for the six months ended June 30, 2024.
During the six months ended June 30, 2025, the Company repurchased 801,669 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $149.6 million. In July 2025, our Board of Directors replenished the Company's remaining share repurchase authority to an aggregate of $100.0 million of our common stock.
2025 GUIDANCE
Manhattan Associates provides the following revenue, operating margin, and diluted earnings per share guidance for the full year 2025:
Manhattan Associates currently intends to make public 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 a recording of the conference call referenced below 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 or the conference call, 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 22, 2025, 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 2025 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, 2025.
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, an expense related to an unusual health insurance claim, and restructuring expense – net of income tax effects, collectively. 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 '2025 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 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, 2024, 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.
Reconciliation of Selected GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Operating income
$73,788
$68,188
$136,960
$125,818
Equity-based compensation (a)
24,275
24,666
53,101
46,761
Unusual health insurance claim (c)
3,000
-
(658
)
-
Restructuring expense (d)
8
-
2,937
-
Adjusted operating income (Non-GAAP)
$101,071
$92,854
$192,340
$172,579
Income tax provision
$17,723
$16,336
$29,650
$21,161
Equity-based compensation (a)
3,156
3,848
7,496
7,284
Tax benefit of stock awards vested (b)
61
327
3,603
8,484
Unusual health insurance claim (c)
724
-
(159
)
-
Restructuring expense (d)
1
-
708
-
Adjusted income tax provision (Non-GAAP)
$21,665
$20,511
$41,298
$36,929
Net income
$56,780
$52,766
$109,362
$106,567
Equity-based compensation (a)
21,119
20,818
45,605
39,477
Tax benefit of stock awards vested (b)
(61
)
(327
)
(3,603
)
(8,484
)
Unusual health insurance claim (c)
2,276
-
(499
)
-
Restructuring expense (d)
7
-
2,229
-
Adjusted net income (Non-GAAP)
$80,121
$73,257
$153,094
$137,560
Diluted EPS
$0.93
$0.85
$1.78
$1.71
Equity-based compensation (a)
0.35
0.34
0.74
0.63
Tax benefit of stock awards vested (b)
-
(0.01
)
(0.06
)
(0.14
)
Unusual health insurance claim (c)
0.04
-
(0.01
)
-
Restructuring expense (d)
-
-
0.04
-
Adjusted diluted EPS (Non-GAAP)
$1.31
$1.18
$2.50
$2.21
Fully diluted shares
61,074
62,118
61,300
62,305
Expand
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.
Expand
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Cost of services
$10,513
$11,358
$21,938
$20,647
Research and development
5,674
5,455
11,632
10,695
Sales and marketing
1,121
2,116
3,427
4,106
General and administrative
6,967
5,737
16,104
11,313
Total equity-based compensation
$24,275
$24,666
$53,101
$46,761
Expand
(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.
(c)
In the fourth quarter of 2024, we recorded $7.0 million of expense for an unusual health insurance claim. During the first quarter of 2025, we received an insurance recovery of $4.7 million for this claim, partially offset by $1.0 million of ongoing expense for the claim. During the second quarter of 2025, we recorded an additional $3.0 million of expense for this unusual health insurance claim. Based on the uncommonly large magnitude and nature of the claim, we do not believe that this expense reflects our normal operating activities, and we have excluded the amount from adjusted non-GAAP results.
(d)
In January 2025, the Company eliminated about 100 positions to align our services capacity with customer demand, which has been impacted by macro-economic uncertainty. We recorded pre-tax restructuring expense in the first quarter of 2025 of approximately $2.9 million. The expense primarily consists of employee severance and outplacement services. We do not believe that the expense is a common cost that resulted from normal operating activities, and thus we have excluded the amount from adjusted non-GAAP results.
Expand
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
June 30, 2025
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
230,593
$
266,230
Accounts receivable, net
209,843
205,475
Prepaid expenses and other current assets
42,910
31,559
Total current assets
483,346
503,264
Property and equipment, net
15,984
13,971
Operating lease right-of-use assets
47,339
47,923
Goodwill, net
62,244
62,226
Deferred income taxes
99,495
94,505
Other assets
36,276
35,662
Total assets
$
744,684
$
757,551
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
23,897
$
26,615
Accrued compensation and benefits
61,165
72,180
Accrued and other liabilities
22,001
22,275
Deferred revenue
299,836
277,970
Income taxes payable
266
1,264
Total current liabilities
407,165
400,304
Operating lease liabilities, long-term
48,585
47,794
Other non-current liabilities
10,175
10,327
Shareholders' equity:
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2025 and 2024
-
-
Common stock, $0.01 par value; 200,000,000 shares authorized; 60,468,401 and 60,921,191 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively
604
609
Retained earnings
304,480
329,439
Accumulated other comprehensive loss
(26,325
)
(30,922
)
Total shareholders' equity
278,759
299,126
Total liabilities and shareholders' equity
$
744,684
$
757,551
Expand
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
Six Months Ended June 30,
2025
2024
(unaudited)
(unaudited)
Operating activities:
Net income
$
109,362
$
106,567
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
3,125
2,982
Equity-based compensation
53,101
46,761
Gain on disposal of equipment
(21
)
(124
)
Deferred income taxes
(4,957
)
(12,519
)
Unrealized foreign currency loss
1,032
610
Changes in operating assets and liabilities:
Accounts receivable, net
1,197
(11,153
)
Other assets
(7,416
)
(2,088
)
Accounts payable, accrued and other liabilities
(16,478
)
(18,082
)
Income taxes
(4,505
)
(7,043
)
Deferred revenue
14,870
22,089
Net cash provided by operating activities
149,310
128,000
Investing activities:
Purchase of property and equipment
(4,871
)
(4,538
)
Net cash used in investing activities
(4,871
)
(4,538
)
Financing activities:
Repurchase of common stock
(186,638
)
(189,546
)
Net cash used in financing activities
(186,638
)
(189,546
)
Foreign currency impact on cash
6,562
(1,948
)
Net change in cash and cash equivalents
(35,637
)
(68,032
)
Cash and cash equivalents at beginning of period
266,230
270,741
Cash and cash equivalents at end of period
$
230,593
$
202,709
Expand
MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
1. GAAP and adjusted earnings per share by quarter are as follows:
2024
2025
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
YTD
Adjustments to GAAP:
Equity-based compensation
0.30
0.34
0.33
0.31
1.27
0.40
0.35
0.74
Tax benefit of stock awards vested
(0.13
)
(0.01
)
(0.01
)
-
(0.15
)
(0.06
)
-
(0.06
)
Restructuring expense
-
-
-
-
-
0.04
-
0.04
Unusual health insurance claim
-
-
-
0.09
0.09
(0.05
)
0.04
(0.01
)
Adjusted Diluted EPS
$1.03
$1.18
$1.35
$1.17
$4.72
$1.19
$1.31
$2.50
Fully Diluted Shares
62,493
62,118
61,948
62,009
62,183
61,527
61,074
61,300
Expand
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):
2024
2025
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
YTD
Revenue
$648
$(531
)
$936
$316
$1,369
$(1,591
)
$2,724
$1,133
Costs and expenses
176
(673
)
211
(227
)
(513
)
(1,966
)
1,180
(786
)
Operating income
472
142
725
543
1,882
375
1,544
1,919
Foreign currency gains (losses) in other income
(564
)
(577
)
(331
)
519
(953
)
131
(65
)
$66
$(92
)
$(435
)
$394
$1,062
$929
$506
$1,479
$1,985
Expand
7. Remaining Performance Obligations
We disclose revenue that 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, 2024
June 30, 2024
September 30, 2024
December 31, 2024
March 31, 2025
June 30, 2025
Expand
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