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Manhattan Associates Reports Record Third Quarter 2016 Performance

Company raises full-year EPS guidance

ATLANTA, Oct. 18, 2016 (GLOBE NEWSWIRE) -- Leading Supply Chain Commerce Solutions provider Manhattan Associates, Inc. (NASDAQ:MANH) today reported record Q3 GAAP diluted earnings per share for the third quarter ended September 30, 2016, of $0.47 compared to $0.38 in Q3 2015, on record Q3 license revenue of $21.6 million and record Q3 total revenue of $152.2 million. Non-GAAP adjusted diluted earnings per share for Q3 2016 was a record $0.50 compared to $0.42 in Q3 2015.

/EIN News/ -- We delivered another good quarter of financial performance growing our business with solid customer activity and competitive win rates,” said Eddie Capel, Manhattan Associates President and CEO. “We remain focused on serving our customers and investing in omni-channel, retail store and distribution management innovation to extend our market leadership. Demand for our solutions continues to be solid and we are making excellent progress with our innovation road map. Our outlook for the balance of 2016 and beyond is quite positive.”

THIRD QUARTER 2016 FINANCIAL SUMMARY:

  • GAAP diluted earnings per share was $0.47 in Q3 2016, compared to $0.38 in Q3 2015.

  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.50 in Q3 2016, compared to $0.42 in Q3 2015.

  • Consolidated total revenue was $152.2 million in Q3 2016, compared to $142.3 million in Q3 2015. License revenue was $21.6 million in Q3 2016, compared to $19.1 million in Q3 2015.

  • GAAP operating income was $53.6 million in Q3 2016, compared to $43.7 million in Q3 2015.

  • Adjusted operating income, a non-GAAP measure, was $57.2 million in Q3 2016, compared to $49.1 million in Q3 2015.

  • Cash flow from operations was $42.0 million in Q3 2016, compared to $41.3 million in Q3 2015. Days Sales Outstanding was 60 days at September 30, 2016, compared to 55 days at June 30, 2016.

  • Cash and investments totaled $110.8 million at September 30, 2016, compared to $95.2 million at June 30, 2016.

  • During the three months ended September 30, 2016, the Company repurchased 420,412 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $25.0 million. In October 2016, the Board of Directors approved raising the Company's share repurchase authority to an aggregate of $50.0 million of the Company’s outstanding common stock.

NINE MONTH 2016 FINANCIAL SUMMARY:

  • GAAP diluted earnings per share for the nine months ended September 30, 2016, was a record $1.30, compared to $1.04 for the nine months ended September 30, 2015.  

  • Adjusted diluted earnings per share, a non-GAAP measure, was a record $1.41 for the nine months ended September 30, 2016, compared to $1.14 for the nine months ended September 30, 2015.

  • Consolidated revenue for the nine months ended September 30, 2016, was a record $457.0 million, compared to $414.9 million for the nine months ended September 30, 2015. License revenue was a record $62.9 million for the nine months ended September 30, 2016, compared to $58.2 million for the nine months ended September 30, 2015.  

  • GAAP operating income was a record $149.0 million for the nine months ended September 30, 2016, compared to $121.9 million for the nine months ended September 30, 2015.

  • Adjusted operating income, a non-GAAP measure, was a record $161.0 million for the nine months ended September 30, 2016, compared to $133.3 million for the nine months ended September 30, 2015. 

  • Cash flow from operations was a record $101.5 million in the nine months ended September 30, 2016, compared to $84.0 million in the nine months ended September 30, 2015.

  • During the nine months ended September 30, 2016, the Company repurchased 1,864,018 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $108.5 million.

SALES ACHIEVEMENTS:

  • Recognized license revenue of $1.0 million or more on five new contracts during Q3 2016.

  • Completed software license wins with new customers such as: Arhaus, Brightstar, Custom Goods, Euromaster Tires, LTI Trucking, 1912, Raia Drogasil, Saint-Gobain and SDR Distribution Services.

  • Expanded relationships with existing customers such as: Allen Edmonds, Asda, Bally Technologies, Conair, Costa del Mar, Five Below, Floor & Decor, Gerber Childrenswear, Hy-Vee, J.Crew, L Brands, Langham Logistics, LS Distribution North America, National DCP, O’Key, Össur, Ozburn-Hessey Logistics, Padini, Perfect 10, Precision Planting, Rhee Brothers, Samson Opt, Purcotton, Simplehuman, Southern Glazer’s Wine & Spirits, Stella & Dot, Super Retail Group, The Travis Association for the Blind, Thermwell Products, TwinMed, Uline, Uni-Select, UPS Supply Chain, VF Services and West Coast Distribution. 

2016 GUIDANCE

Manhattan Associates provides the following revenue and diluted earnings per share guidance for the full year 2016:

                     
        Guidance Range - 2016 Full Year
  ($'s in millions, except EPS)   $ Range   % Growth Range
                     
  Total revenue - current guidance $   603     $   609       8 %     9 %
                     
  Total revenue - previous guidance   $   615     $   620       11 %     12 %
                     
Diluted earnings per share (EPS):                
  GAAP EPS - current guidance   $   1.68     $   1.70       20 %     21 %
  Equity-based compensation       0.14         0.14          
  Purchase amortization       -          -           
  Adjusted EPS(1) - current guidance $   1.82     $   1.84       20 %     21 %
                     
  GAAP EPS - previous guidance   $   1.63     $   1.66       16 %     19 %
  Equity-based compensation       0.15         0.15          
  Purchase amortization       -          -           
  Adjusted EPS(1) - previous guidance $   1.78     $   1.81       17 %     19 %
                     
  (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 third quarter financial results will be held today, October 18, 2016, at 4:30 p.m. Eastern Daylight Time. Investors are invited to listen to a live webcast of the conference call through the investor relations section of Manhattan Associates' website at www.manh.com. To listen to the live webcast, please go to the website at least 15 minutes before the call to download and install any necessary audio software.

For those who cannot listen to the live broadcast, a replay can be accessed shortly after the call by dialing +1.855.859.2056 in the U.S. and Canada, or +1.404.537.3406 outside the U.S., and entering the conference identification number 81439460 or via the web www.manh.com. The phone replay will be available for two weeks after the call, and the Internet webcast will be available until Manhattan Associates’ fourth quarter 2016 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 nine months ended September 30, 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 makes commerce-ready supply chains that bring all points of commerce together so you’re ready to sell and ready to execute. Across the store, through your network or from your fulfillment center, we design, build and deliver market-leading solutions that support both top-line growth and bottom-line profitability. By converging front-end sales with back-end supply chain execution, our software, platform technology and unmatched experience help our customers get commerce ready—and ready to reap the rewards of the omni-channel marketplace. For more information, please visit www.manh.com.

This press release contains “forward-looking statements” relating to Manhattan Associates, Inc.  Forward-looking statements in this press release include the information set forth under “2016 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 September 30,     Nine Months Ended September 30,  
    2016     2015     2016     2015  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Revenue:                                
Software license   $ 21,633     $ 19,130     $ 62,871     $ 58,202  
Services     119,267       112,549       355,363       321,096  
Hardware and other     11,313       10,625       38,731       35,638  
Total revenue     152,213       142,304       456,965       414,936  
Costs and expenses:                                
Cost of license     2,966       2,305       8,401       7,348  
Cost of services     49,436       46,682       149,733       137,930  
Cost of hardware and other     9,276       9,109       30,874       29,819  
Research and development     13,389       13,589       41,553       40,402  
Sales and marketing     10,003       10,904       34,606       34,640  
General and administrative     11,225       14,058       36,041       37,223  
Depreciation and amortization     2,334       1,977       6,806       5,656  
Total costs and expenses     98,629       98,624       308,014       293,018  
Operating income     53,584       43,680       148,951       121,918  
Other income, net     210       604       1,384       1,225  
Income before income taxes     53,794       44,284       150,335       123,143  
Income tax provision     20,298       16,387       56,018       46,038  
Net income   $ 33,496     $ 27,897     $ 94,317     $ 77,105  
                                 
Basic earnings per share   $ 0.47     $ 0.38     $ 1.31     $ 1.05  
Diluted earnings per share   $ 0.47     $ 0.38     $ 1.30     $ 1.04  
                                 
Weighted average number of shares:                                
Basic     71,403       73,259       71,981       73,616  
Diluted     71,743       73,761       72,340       74,162  
                                 


MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES  
Reconciliation of Selected GAAP to Non-GAAP Measures  
(in thousands, except per share amounts)  
   
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2016     2015     2016     2015  
                                 
Operating income   $ 53,584     $ 43,680     $ 148,951     $ 121,918  
Equity-based compensation (a)     3,541       5,348       11,724       11,087  
Purchase amortization (b)     107       113       322       325  
Adjusted operating income (Non-GAAP)   $ 57,232     $ 49,141     $ 160,997     $ 133,330  
                                 
                                 
Income tax provision   $ 20,298     $ 16,387     $ 56,018     $ 46,038  
Equity-based compensation (a)     1,310       2,011       4,338       4,169  
Purchase amortization (b)     40       42       119       122  
Adjusted income tax provision (Non-GAAP)   $ 21,648     $ 18,440     $ 60,475     $ 50,329  
                                 
                                 
Net income   $ 33,496     $ 27,897     $ 94,317     $ 77,105  
Equity-based compensation (a)     2,231       3,337       7,386       6,918  
Purchase amortization (b)     67       71       203       203  
Adjusted net income (Non-GAAP)   $ 35,794     $ 31,305     $ 101,906     $ 84,226  
                                 
                                 
Diluted EPS   $ 0.47     $ 0.38     $ 1.30     $ 1.04  
Equity-based compensation (a)     0.03       0.05       0.10       0.09  
Purchase amortization (b)     -       -       -       -  
Adjusted diluted EPS (Non-GAAP)   $ 0.50     $ 0.42     $ 1.41     $ 1.14  
                                 
Fully diluted shares     71,743       73,761       72,340       74,162  
                                 

(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 nine months ended September 30, 2016 and 2015:

             
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2016     2015     2016     2015  
                                 
Cost of services   $ 828     $ 504     $ 2,975     $ 2,024  
Research and development     548       575       1,922       1,503  
Sales and marketing     558       847       1,838       1,727  
General and administrative     1,607       3,422       4,989       5,833  
Total equity-based compensation   $ 3,541     $ 5,348     $ 11,724     $ 11,087  
                                 

(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)  
   
    September 30, 2016     December 31, 2015  
    (unaudited)          
ASSETS                
Current Assets:                
Cash and cash equivalents   $ 110,831     $ 118,416  
Short-term investments     -       10,344  
Accounts receivable, net of allowance of $4,208 and $7,031, respectively     98,895       97,379  
Prepaid expenses and other current assets     12,513       10,772  
Total current assets     222,239       236,911  
                 
Property and equipment, net     19,995       21,176  
Goodwill, net     62,237       62,233  
Deferred income taxes     4,922       4,648  
Other assets     6,688       7,275  
Total assets   $ 316,081     $ 332,243  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY                
Current liabilities:                
Accounts payable   $ 9,548     $ 11,219  
Accrued compensation and benefits     18,237       29,284  
Accrued and other liabilities     12,611       13,853  
Deferred revenue     69,067       68,757  
Income taxes payable     9,813       4,072  
Total current liabilities     119,276       127,185  
                 
Other non-current liabilities     9,771       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, $0.01 par value; 200,000,000 shares authorized; 71,189,036 and 72,766,383 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively     712       728  
Retained earnings     200,343       207,070  
Accumulated other comprehensive loss     (14,021 )     (12,306 )
Total shareholders' equity     187,034       195,492  
Total liabilities and shareholders' equity   $ 316,081     $ 332,243  
                 


MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
 
    Nine Months Ended September 30,
      2016       2015  
    (unaudited)   (unaudited)
Operating activities:        
Net income   $   94,317     $   77,105  
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization     6,806       5,656  
Equity-based compensation     11,724       11,087  
Loss (Gain) on disposal of equipment     19       (38 )
Tax benefit of stock awards exercised/vested     5,166       8,435  
Excess tax benefits from equity-based compensation     (5,170 )     (8,413 )
Deferred income taxes     (259 )     712  
Unrealized foreign currency (gain) loss     (363 )     86  
Changes in operating assets and liabilities:        
Accounts receivable, net     (1,850 )     (6,609 )
Other assets     (1,555 )     (1,592 )
Accounts payable, accrued and other liabilities     (14,033 )     (8,444 )
Income taxes     6,063       (602 )
Deferred revenue     633       6,651  
Net cash provided by operating activities     101,498       84,034  
         
Investing activities:        
Purchase of property and equipment     (5,465 )     (9,619 )
Net maturities (purchases) of investments     10,201       (1,825 )
Net cash provided by (used in) investing activities     4,736       (11,444 )
         
Financing activities:        
Purchase of common stock     (117,968 )     (86,839 )
Proceeds from issuance of common stock from options exercised     18       568  
Excess tax benefits from equity-based compensation     5,170       8,413  
Net cash used in financing activities     (112,780 )     (77,858 )
         
Foreign currency impact on cash     (1,039 )     (1,411 )
         
Net change in cash and cash equivalents     (7,585 )     (6,679 )
Cash and cash equivalents at beginning of period     118,416       115,708  
Cash and cash equivalents at end of period   $   110,831     $    109,029  
                 

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     YTD  
GAAP Diluted EPS     $ 0.31     $ 0.35     $ 0.38     $ 0.36     $ 1.40     $ 0.38     $ 0.46     $ 0.47     $ 1.30  
Adjustments to GAAP:                                                                          
Equity-based
  compensation
      0.03       0.02       0.05       0.03       0.12       0.04       0.03       0.03       0.10  
Purchase amortization       -       -       -       -       -       -       -       -       -  
Adjusted Diluted EPS     $ 0.34     $ 0.37     $ 0.42     $ 0.39     $ 1.52     $ 0.42     $ 0.49     $ 0.50     $ 1.41  
Fully Diluted Shares       74,607       74,126       73,761       73,555       74,038       73,020       72,228       71,743       72,340  

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     YTD  
Revenue:                                                                          
Americas     $ 109,959     $ 117,154     $ 120,118     $ 117,245     $ 464,476     $ 128,807     $ 131,018     $ 130,099     $ 389,924  
EMEA       18,305       17,175       16,829       17,767       70,076       15,686       18,185       15,078       48,949  
APAC       5,259       4,780       5,357       6,423       21,819       5,367       5,689       7,036       18,092  
      $ 133,523     $ 139,109     $ 142,304     $ 141,435     $ 556,371     $ 149,860     $ 154,892     $ 152,213     $ 456,965  
                                                                           
GAAP Operating
Income:
                                                                         
Americas     $ 30,182     $ 36,214     $ 36,407     $ 31,020     $ 133,823     $ 37,454     $ 44,126     $ 46,213     $ 127,793  
EMEA       5,522       4,516       5,909       6,363       22,310       4,439       6,854       4,822       16,115  
APAC       1,160       644       1,364       2,145       5,313       1,206       1,288       2,549       5,043  
      $ 36,864     $ 41,374     $ 43,680     $ 39,528     $ 161,446     $ 43,099     $ 52,268     $ 53,584     $ 148,951  
                                                                           
Adjustments (pre-tax):                                                                          
Americas:                                                                          
Equity-based
  compensation
    $ 3,078     $ 2,661     $ 5,348     $ 3,441     $ 14,528     $ 4,688     $ 3,495     $ 3,541     $ 11,724  
Purchase amortization       106       106       113       107       432       107       108       107       322  
      $ 3,184     $ 2,767     $ 5,461     $ 3,548     $ 14,960     $ 4,795     $ 3,603     $ 3,648     $ 12,046  
                                                                           
Adjusted non-GAAP
  Operating Income:
                                                                         
Americas     $ 33,366     $ 38,981     $ 41,868     $ 34,568     $ 148,783     $ 42,249     $ 47,729     $ 49,861     $ 139,839  
EMEA       5,522       4,516       5,909       6,363       22,310       4,439       6,854       4,822       16,115  
APAC       1,160       644       1,364       2,145       5,313       1,206       1,288       2,549       5,043  
      $ 40,048     $ 44,141     $ 49,141     $ 43,076     $ 176,406     $ 47,894     $ 55,871     $ 57,232     $ 160,997  
                                                                           

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     YTD  
Professional services     $ 72,659     $ 76,548     $ 80,994     $ 74,423     $ 304,624     $ 84,506     $ 86,992     $ 84,843     $ 256,341  
Customer support and
  software enhancements
      28,544       30,796       31,555       32,559       123,454       31,757       32,841       34,424       99,022  
Total services revenue     $ 101,203     $ 107,344     $ 112,549     $ 106,982     $ 428,078     $ 116,263     $ 119,833     $ 119,267     $ 355,363  
                                                                           

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     YTD  
Hardware revenue     $ 7,730     $ 7,080     $ 5,462     $ 9,243     $ 29,515     $ 8,761     $ 9,554     $ 6,543     $ 24,858  
Billed travel       5,276       4,927       5,163       4,797       20,163       4,229       4,874       4,770       13,873  
Total hardware and
  other revenue
    $ 13,006     $ 12,007     $ 10,625     $ 14,040     $ 49,678     $ 12,990     $ 14,428     $ 11,313     $ 38,731  
                                                                           

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     YTD  
Revenue     $ (3,426 )   $ (3,599 )   $ (3,421 )   $ (2,263 )   $ (12,709 )   $ (810 )   $ (474 )   $ (784 )   $ (2,068 )
Costs and expenses       (2,546 )     (3,201 )     (2,820 )     (2,058 )     (10,625 )     (1,292 )     (702 )     (782 )     (2,776 )
Operating income       (880 )     (398 )     (601 )     (205 )     (2,084 )     482       228       (2 )     708  
Foreign currency (losses)
  gains in other income
      (86 )     (4 )     213       (199 )     (76 )     165       331       (72 )     424  
      $ (966 )   $ (402 )   $ (388 )   $ (404 )   $ (2,160 )   $ 647     $ 559     $ (74 )   $ 1,132  
                                                                           

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     YTD  
Operating income     $ 72     $ 468     $ 571     $ 492     $ 1,603     $ 682     $ 459     $ 259     $ 1,400  
Foreign currency gains
  (losses) in other income
      45       182       423       2       652       (109 )     212       (44 )     59  
Total impact of changes
  in the Indian Rupee
    $ 117     $ 650     $ 994     $ 494     $ 2,255     $ 573     $ 671     $ 215     $ 1,459  
                                                                           

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

      2015     2016  
      1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     YTD  
Interest income     $ 324     $ 335     $ 336     $ 336     $ 1,331     $ 335     $ 329     $ 281     $ 945  
Foreign currency (losses)
  gains
      (86 )     (4 )     213       (199 )     (76 )     165       331       (72 )     424  
Other non-operating
  income (expense)
      24       28       55       33       140       20       (6 )     1       15  
Total other income (loss)     $ 262     $ 359     $ 604     $ 170     $ 1,395     $ 520     $ 654     $ 210     $ 1,384  
                                                                           

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     YTD  
Capital expenditures     $ 3,098     $ 2,671     $ 3,850     $ 1,873     $ 11,492     $ 1,906     $ 2,201     $ 1,358     $ 5,465  
                                                                           

8.    Stock Repurchase Activity (in thousands):

      2015     2016  
      1st Qtr     2nd Qtr     3rd Qtr     4th Qtr     Full Year     1st Qtr     2nd Qtr     3rd Qtr     YTD  
Shares purchased under
  publicly-announced
  buy-back program
    524       458       399       340       1,721       892       552       420       1,864  
Shares withheld for taxes
  due upon vesting of
  restricted stock
    212       2       9       3       226       163       -       3       166  
Total shares purchased       736       460       408       343       1,947       1,055       552       423       2,030  
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     $ 108,492  
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       9,476  
Total cash paid for shares
  repurchased
    $ 36,033     $ 25,297     $ 25,509     $ 25,299     $ 112,138     $ 57,791     $ 35,021     $ 25,156     $ 117,968  
                                                                           

 

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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