Manhattan Associates Reports Record Fourth Quarter and Full Year Results


RPO Increased 126% over Prior Year on Strong Demand

ATLANTA, Feb. 01, 2022 (GLOBE NEWSWIRE) -- Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $171.5 million for the fourth quarter ended December 31, 2021. GAAP diluted earnings per share for both Q4 2021 and Q4 2020 was $0.32. Non-GAAP adjusted diluted earnings per share for Q4 2021 was $0.48 compared to $0.45 in Q4 2020.

“We ended the year with strong momentum, posting our third consecutive all-time record revenue quarter, which again exceeded our expectations,” said Manhattan Associates president and CEO Eddie Capel. “Our Manhattan Active® solutions continue to elevate our leadership position, and market demand for our unified supply chain commerce platform is increasing across the globe, leading to RPO growth of 126%.”

“We enter 2022 very excited about our opportunity to help our customers digitally transform their supply chains and enable success. While a turbulent global macro environment persists, our business momentum continues to accelerate,” Mr. Capel concluded.

FOURTH QUARTER 2021 FINANCIAL SUMMARY:

  • Consolidated total revenue was $171.5 million for Q4 2021, compared to $147.1 million for Q4 2020.

    • Cloud subscription revenue was $34.8 million for Q4 2021, compared to $23.0 million for Q4 2020.

    • License revenue was $11.9 million for Q4 2021, compared to $9.6 million for Q4 2020.

    • Services revenue was $81.6 million for Q4 2021, compared to $70.9 million for Q4 2020.

  • GAAP diluted earnings per share was $0.32 for both Q4 2021 and Q4 2020.

  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.48 for Q4 2021, compared to $0.45 for Q4 2020.

  • GAAP operating income was $27.1 million for Q4 2021, compared to $28.2 million for Q4 2020.

  • Adjusted operating income, a non-GAAP measure, was $39.1 million for Q4 2021, compared to $37.6 million for Q4 2020.

  • Cash flow from operations was $40.1 million for Q4 2021, compared to $38.0 million for Q4 2020. Days Sales Outstanding was 67 days at December 31, 2021, compared to 63 days at September 30, 2021.

  • Cash totaled $263.7 million at December 31, 2021, compared to $246.4 million at September 30, 2021.

  • During the three months ended December 31, 2021, the Company repurchased 128,374 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $20.1 million. In January 2022, our Board of Directors approved raising the Company’s remaining share repurchase authority to an aggregate of $50.0 million of our common stock.

FULL YEAR 2021 FINANCIAL SUMMARY:

  • Consolidated total revenue for the twelve months ended December 31, 2021, was $663.6 million, compared to $586.4 million for the twelve months ended December 31, 2020.

    • Cloud subscription revenue was $122.2 million for the twelve months ended December 31, 2021, compared to $79.8 million for the twelve months ended December 31, 2020.

    • License revenue was $37.1 million for the twelve months ended December 31, 2021, compared to $38.3 million for the twelve months ended December 31, 2020. 

    • Services revenue was $334.8 million for the twelve months ended December 31, 2021, compared to $303.6 million for the twelve months ended December 31, 2020.

  • GAAP diluted earnings per share for the twelve months ended December 31, 2021, was $1.72, compared to $1.36 for the twelve months ended December 31, 2020.  

  • Adjusted diluted earnings per share, a non-GAAP measure, was $2.23 for the twelve months ended December 31, 2021, compared to $1.76 for the twelve months ended December 31, 2020.

  • GAAP operating income was $134.3 million for the twelve months ended December 31, 2021, compared to $114.1 million for the twelve months ended December 31, 2020.

  • Adjusted operating income, a non-GAAP measure, was $177.9 million for the twelve months ended December 31, 2021, compared to $147.8 million for the twelve months ended December 31, 2020. 

  • Cash flow from operations was $185.2 million for the twelve months ended December 31, 2021, compared to $140.9 million for the twelve months ended December 31, 2020.

  • During the twelve months ended December 31, 2021, the Company repurchased 709,200 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $100.0 million.

2022 GUIDANCE

Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2022:

   
  Guidance Range - 2022 Full Year 
 ($'s in millions, except operating margin and EPS)$ Range % Growth Range 
          
 Total revenue$700  $715  5% 8% 
          
 Operating Margin:        
 GAAP operating margin 14.9%   16.1%      
 Equity-based compensation 8.1%   7.9%      
 Adjusted operating margin(1) 23.0%   24.0%      
          
 Diluted earnings per share (EPS):        
 GAAP EPS$1.31  $1.43  -25% -18% 
 Equity-based compensation 0.74   0.74      
 Excess tax benefit on stock vesting(2) (0.07)   (0.07)      
 Adjusted EPS(1)$1.98  $2.10  -11% -6% 
                
 (1)  Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based compensation and acquisition-related costs, and the related income tax effects of those items if applicable. 
 (2)  Excess tax benefit on stock vesting expected to occur primarily in the first quarter of 2022. 
                
                

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 and guideposts in the supplemental information below, are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below. We note in particular that the severity, duration and ultimate impact of the COVID-19 pandemic are difficult to predict at this time. In addition, those statements 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 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 and guideposts, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.

CONFERENCE CALL

Manhattan Associates’ conference call regarding its fourth quarter and twelve months ended December 31, 2021, financial results will be held today, February 1, 2022, 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.

Those who cannot listen to the live broadcast may access a replay 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 3361948 or via the web at ir.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 2022 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 twelve months ended December 31, 2021.

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, acquisition-related costs and the amortization of these costs, and (from time to time) restructuring charges – all net of income tax effects. 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 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 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 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 “2022 Guidance” and “Guideposts,” any statements about the future effect of the COVID-19 pandemic on our business, customers or the global economy, our business prospects following the pandemic, statements we make about market adoption of our cloud-based solution and other 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: the risk that the duration and severity of the COVID-19 pandemic, and its ultimate effects on the global economy, our customers and our business, may be worse than expected; risks related to transitioning our business from a traditional perpetual license software company (generally hosted by our customers on their own premises and equipment) to a subscription/cloud-based software-as-a service model; disruption in the retail sector; the possible effect of new U.S. tariffs on imports from other countries (and possible responsive tariffs on U.S. exports by other countries) on international commerce; 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; 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, 2020, 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 December 31,  Year Ended December 31, 
 2021  2020  2021  2020 
 (unaudited)  (unaudited)         
Revenue:               
Cloud subscriptions$34,761  $23,003  $122,195  $79,830 
Software license 11,948   9,635   37,070   38,284 
Maintenance 37,471   38,801   145,841   147,748 
Services 81,565   70,915   334,799   303,569 
Hardware 5,749   4,728   23,738   16,941 
Total revenue 171,494   147,082   663,643   586,372 
Costs and expenses:               
Cost of software license 507   1,221   2,309   2,894 
Cost of cloud subscriptions, maintenance and services 81,124   65,611   295,518   266,993 
Research and development 26,783   20,563   97,628   84,276 
Sales and marketing 16,652   13,562   57,855   47,758 
General and administrative 17,507   15,778   68,086   61,444 
Depreciation and amortization 1,778   2,150   7,914   8,946 
Total costs and expenses 144,351   118,885   529,310   472,311 
Operating income 27,143   28,197   134,333   114,061 
Other loss, net (232)  (656)  (261)  (285)
Income before income taxes 26,911   27,541   134,072   113,776 
Income tax provision 6,329   7,001   23,600   26,536 
Net income$20,582  $20,540  $110,472  $87,240 
                
Basic earnings per share$0.33  $0.32  $1.74  $1.37 
Diluted earnings per share$0.32  $0.32  $1.72  $1.36 
                
Weighted average number of shares:               
Basic 63,241   63,527   63,445   63,538 
Diluted 64,224   64,484   64,323   64,333 
                
                


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, 
  2021  2020  2021  2020 
                 
Operating income $27,143  $28,197  $134,333  $114,061 
Equity-based compensation (a)  11,926   9,287   43,259   33,355 
Purchase amortization (c)  -   105   264   429 
Adjusted operating income (Non-GAAP) $39,069  $37,589  $177,856  $147,845 
                 
                 
Income tax provision $6,329  $7,001  $23,600  $26,536 
Equity-based compensation (a)  1,873   1,132   6,272   3,679 
Tax benefit of stock awards vested (b)  14   (31)  4,383   3,830 
Purchase amortization (c)  -   24   65   105 
Adjusted income tax provision (Non-GAAP) $8,216  $8,126  $34,320  $34,150 
                 
                 
Net income $20,582  $20,540  $110,472  $87,240 
Equity-based compensation (a)  10,053   8,155   36,987   29,676 
Tax benefit of stock awards vested (b)  (14)  31   (4,383)  (3,830)
Purchase amortization (c)  -   81   199   324 
Adjusted net income (Non-GAAP) $30,621  $28,807  $143,275  $113,410 
                 
                 
Diluted EPS $0.32  $0.32  $1.72  $1.36 
Equity-based compensation (a)  0.16   0.13   0.58   0.46 
Tax benefit of stock awards vested (b)  -  -   (0.07)  (0.06)
Purchase amortization (c)  -  -   -  - 
Adjusted diluted EPS (Non-GAAP) $0.48  $0.45  $2.23  $1.76 
                 
Fully diluted shares  64,224   64,484   64,323   64,333 

 

(a) Adjusted results exclude all equity-based compensation to facilitate comparison with our peers and because it typically does not require cash settlement. As explained in our Current Report on Form 8-K filed today with the SEC, we do not include that expense when assessing our operating performance. We do not receive a GAAP tax benefit for a portion of our equity-based compensation, mainly due to Section 162(m) of the Internal Revenue Code, which limits tax deductions for compensation granted to certain executives. The Tax Cuts and Jobs Act further increased those limitations.

 

  Three Months Ended December 31,  Year Ended December 31, 
  2021  2020  2021  2020 
                 
Cost of services $4,390  $2,850  $15,159  $10,156 
Research and development  2,567   1,884   8,814   6,810 
Sales and marketing  1,147   976   4,345   3,454 
General and administrative  3,822   3,577   14,941   12,935 
Total equity-based compensation $11,926  $9,287  $43,259  $33,355 

 

(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) Adjustments represent purchased intangibles amortization from a prior acquisition. We exclude that amortization 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.
   

 

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
 
  December 31, 2021  December 31, 2020 
         
ASSETS        
Current Assets:        
Cash and cash equivalents $263,706  $204,705 
Accounts receivable, net of allowance of $2,419 and $3,497 at December 31, 2021 and December 31, 2020, respectively  124,420   109,202 
Prepaid expenses and other current assets  20,293   20,134 
Total current assets  408,419   334,041 
         
Property and equipment, net  13,889   17,903 
Operating lease right-of-use assets  27,272   31,470 
Goodwill, net  62,239   62,252 
Deferred income taxes  7,650   5,760 
Other assets  20,239   13,986 
Total assets $539,708  $465,412 
         
LIABILITIES AND SHAREHOLDERS' EQUITY        
Current liabilities:        
Accounts payable $19,625  $17,805 
Accrued compensation and benefits  53,104   41,962 
Accrued and other liabilities  22,741   21,181 
Deferred revenue  153,196   114,164 
Income taxes payable  376   1,874 
Total current liabilities  249,042   196,986 
         
Operating lease liabilities, long-term  23,157   27,843 
Other non-current liabilities  16,865   21,686 
         
Shareholders' equity:        
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding at December 31, 2021 and December 31, 2020  -   - 
Common stock, $.01 par value; 200,000,000 shares authorized; 63,154,494 and 63,527,186 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively  631   635 
Retained earnings  269,841   236,524 
Accumulated other comprehensive loss  (19,828)  (18,262)
Total shareholders' equity  250,644   218,897 
Total liabilities and shareholders' equity $539,708  $465,412 
         


MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
 
  Year Ended December 31,
  2021  2020 
         
Operating activities:        
Net income $110,472  $87,240 
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization  7,914   8,946 
Equity-based compensation  43,259   33,355 
Loss on disposal of equipment  7   21 
Deferred income taxes  (1,912)  1,036 
Unrealized foreign currency (gain) loss  (493)  897 
Changes in operating assets and liabilities:        
     Accounts receivable, net  (16,650)  (6,592)
     Other assets  (6,533)  (971)
     Accounts payable, accrued and other liabilities  12,256   (3,097)
     Income taxes  (3,667)  1,886 
     Deferred revenue  40,530   18,164 
Net cash provided by operating activities  185,183   140,885 
         
Investing activities:        
Purchases of property and equipment  (4,016)  (2,730)
Net cash used in investing activities  (4,016)  (2,730)
         
Financing activities:        
Purchase of common stock  (120,418)  (43,561)
Net cash used in financing activities  (120,418)  (43,561)
         
Foreign currency impact on cash  (1,748)  (567)
         
Net change in cash and cash equivalents  59,001   94,027 
Cash and cash equivalents at beginning of period  204,705   110,678 
Cash and cash equivalents at end of period $263,706  $204,705 
         


MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION

1.        Continuing Impact of COVID-19:

Regarding the impact of the COVID-19 pandemic, we remain cautious about the global recovery, which we expect to be protracted.

Despite the COVID-19 pandemic, our 2021 results exceeded our expectations due to solid demand for our cloud solutions. Our solutions are mission critical, supporting complex global supply chains. Favorable secular tailwinds, such as the digital transformation of businesses in manufacturing, wholesale and retail, coupled with our commitment to investing in organic innovation to deliver leading cloud supply chain, inventory and omnichannel commerce solutions, are in synergistic alignment with current market demand. That alignment is contributing to our strong financial results, higher demand and strong win rates for our solutions for the period.

We remain committed to investing in our business to drive customer success and expand our total addressable market, which we believe will position us well to achieve long-term sustainable growth and earnings.

2.        GAAP and adjusted earnings per share by quarter are as follows:

 2020 2021
 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
GAAP Diluted EPS$0.35 $0.30 $0.39 $0.32 $1.36 $0.35 $0.48 $0.57 $0.32 $1.72
Adjustments to GAAP:                   
Equity-based compensation0.10 0.10 0.13 0.13 0.46 0.13 0.14 0.14 0.16 0.58
Tax benefit of stock awards vested(0.06) - - - (0.06) (0.06) (0.01) - - (0.07)
Purchase amortization- - - - - - - - - -
Adjusted Diluted EPS$0.40 $0.40 $0.51 $0.45 $1.76 $0.43 $0.61 $0.71 $0.48 $2.23
Fully Diluted Shares64,342 64,126 64,427 64,484 64,333 64,466 64,276 64,238 64,224 64,323
                    

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

 2020 2021
 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
Revenue:
Americas$123,146 $107,368 $121,168 $114,257 $465,939 $122,813 $132,308 $135,233 $135,861 $526,215
EMEA24,313 21,558 21,721 25,990 93,582 28,434 27,190 27,402 27,548 110,574
APAC6,444 6,704 6,868 6,835 26,851 5,603 6,616 6,550 8,085 26,854
 $153,903 $135,630 $149,757 $147,082 $586,372 $156,850 $166,114 $169,185 $171,494 $663,643
                    
GAAP Operating Income:
Americas$16,282 $18,984 $27,296 $18,547 $81,109 $16,116 $28,590 $29,727 $16,746 $91,179
EMEA6,313 5,515 5,319 7,490 24,637 8,374 8,643 10,485 7,245 34,747
APAC1,601 2,193 2,361 2,160 8,315 935 2,124 2,196 3,152 8,407
 $24,196 $26,692 $34,976 $28,197 $114,061 $25,425 $39,357 $42,408 $27,143 $134,333
                    
Adjustments (pre-tax):
Americas:                   
Equity-based compensation$7,564 $7,492 $9,012 $9,287 $33,355 $10,051 $10,709 $10,573 $11,926 $43,259
Purchase amortization107 110 107 105 429 107 107 50 - 264
 $7,671 $7,602 $9,119 $9,392 $33,784 $10,158 $10,816 $10,623 $11,926 $43,523
                    
Adjusted non-GAAP Operating Income:
Americas$23,953 $26,586 $36,415 $27,939 $114,893 $26,274 $39,406 $40,350 $28,672 $134,702
EMEA6,313 5,515 5,319 7,490 24,637 8,374 8,643 10,485 7,245 34,747
APAC1,601 2,193 2,361 2,160 8,315 935 2,124 2,196 3,152 8,407
 $31,867 $34,294 $44,095 $37,589 $147,845 $35,583 $50,173 $53,031 $39,069 $177,856
                    

4.        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):

                    
 2020 2021
 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
Revenue($988) ($777) $1,165 $1,946 $1,346 $2,932 $3,209 $823 ($716) $6,248
Costs and expenses(996) (1,430) 291 918 (1,217) 2,000 2,442 551 (887) 4,106
Operating income8 653 874 1,028 2,563 932 767 272 171 2,142
Foreign currency gains (losses) in other income1,348 (193) (913) (639) (397) (287) 315 (30) (243) (245)
 $1,356 $460 ($39) $389 $2,166 $645 $1,082 $242 ($72) $1,897
                    

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):

 2020 2021
 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
Operating income$308 $895 $601 $445 $2,249 $79 ($294) ($37) $281 $29
Foreign currency gains (losses) in other income1,450 262 (1,165) (381) 166 315 535 3 (9) 844
Total impact of changes in the Indian Rupee$1,758 $1,157 ($564) $64 $2,415 $394 $241 ($34) $272 $873
                    

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

 2020 2021
 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
Interest income$68 $28 $8 ($6) $98 ($15) ($10) ($9) $102 $68
Foreign currency gains (losses)1,348 (193) (913) (639) (397) (287) 315 (30) (243) (245)
Other non-operating income (expense)4 7 14 (11) 14 9 1 (3) (91) (84)
Total other income (loss)$1,420 ($158) ($891) ($656) ($285) ($293) $306 ($42) ($232) ($261)
                    

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

 2020
 2021
 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
Capital expenditures$1,245 $507 $176 $802 $2,730 $569 $602 $987 $1,858 $4,016
                    

7.        Stock Repurchase Activity (in thousands):

 2020 2021
 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 program337 - - - 337 214 244 123 128 709
Shares withheld for taxes due upon vesting of restricted stock219 2 4 - 225 172 1 5 1 179
Total shares purchased556 2 4 - 562 386 245 128 129 888
                    
Total cash paid for shares purchased under publicly-announced buy-back program$25,000 $0 $0 $0 $25,000 $26,988 $32,894 $19,994 $20,117 $99,993
Total cash paid for shares withheld for taxes due upon vesting of restricted stock18,032 123 368 38 18,561 19,414 190 762 59 20,425
Total cash paid for shares repurchased$43,032 $123 $368 $38 $43,561 $46,402 $33,084 $20,756 $20,176 $120,418
                    

8.         Remaining Performance Obligations

We disclose revenue we expect to recognize from our remaining performance obligations. Our reported performance obligations primarily represent cloud subscriptions with a non-cancelable term 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 in duration and are not included in the remaining performance obligations. Below are our remaining performance obligations as of the end of each period (in thousands):

 March 31,
2020
 June 30,
2020
 September 30,
2020
 December 31,
2020
 March 31,
2021
 June 30,
2021
 September 30,
2021
 December 31,
2021
Remaining Performance Obligations$202,793 $225,470 $257,287 $308,761 $421,196 $488,718 $573,712 $699,244
                

9.         Guideposts

The following table shows (i) actual 2021 results for cloud revenue and remaining performance obligations (“RPO”) and (ii) current guideposts for cloud revenue and RPO for each year 2022 through 2024.

 Current Guideposts 
 ($'s in millions) 
            
 Cloud Revenue 
 Year    
  Low Mid High % Growth(1) 
 2021(2)   $122 $122 $122 53%  
 2022      $161 $164 $167 34%  
 2023      $220 $230 $240 40%  
 2024      $310 $328 $345 42%  
            
 Remaining Performance Obligations 
 Year    
  Low Mid High % Growth(1) 
 2021(2)   $699 $699 $699 126%  
 2022      $950 $1,000 $1,050 43%  
 2023      $1,250 $1,325 $1,400 33%  
 2024      $1,600 $1,700 $1,800 28%  
            
 (1) Year-over-year percentage growth is calculated based on the actual or forecasted mid-points.
(2) 2021 represents the actual results.
 
            

 


Contact: Michael Bauer Rick Fernandez
  Senior Director,
Investor Relations
 Director, 
Corporate Communications
  Manhattan Associates, Inc. Manhattan Associates, Inc.
  678-597-7538 678-597-6988
  mbauer@manh.com rfernandez@manh.com