Manhattan Associates Reports Record Fourth Quarter and Full Year 2013 Performance

ATLANTA, Feb. 4, 2014 (GLOBE NEWSWIRE) -- Leading Supply Chain Commerce Solutions provider Manhattan Associates, Inc. (Nasdaq:MANH) today reported, on a post stock split adjusted basis, record non-GAAP adjusted diluted earnings per share for the fourth quarter ended December 31, 2013 of $0.24 compared to $0.18 in Q4 2012, on license revenue of $17.3 million and total revenue of $107.6 million. GAAP diluted earnings per share for Q4 2013 was $0.22 compared to $0.16 in Q4 2012.

"We're very pleased with our 2013 fourth quarter and full year financial performance and operating metrics. As important, we significantly strengthened the company and improved our market position," said Eddie Capel, Manhattan Associates President and CEO. "In the new omni-channel world of Supply Chain Commerce, we continue to make substantial investments in our people, products and technology to deliver innovation that meets the demands of this emerging market and extends our leadership role. Despite continuing uncertainties in the global macro environment, we expect to continue to strive to enhance our market position and improve our financial results throughout 2014."

FOURTH QUARTER 2013 FINANCIAL SUMMARY:

  • On December 19, 2013, our Board of Directors approved a four-for-one stock split of the Company's Common Stock, effected in the form of a stock dividend. All references made to shares or per share amounts have been restated to reflect the effect of this four-for-one stock split for all periods presented.
  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.24 in Q4 2013, compared to $0.18 in Q4 2012.
  • GAAP diluted earnings per share was $0.22 in Q4 2013, compared to $0.16 in Q4 2012.
  • Consolidated total revenue was $107.6 million in Q4 2013, compared to $95.4 million in Q4 2012. License revenue was $17.3 million in Q4 2013, compared to $14.4 million in Q4 2012.
  • Adjusted operating income, a non-GAAP measure, was $26.7 million in Q4 2013, compared to $21.7 million in Q4 2012.
  • GAAP operating income was $24.7 million in Q4 2013, compared to $19.1 million in Q4 2012.
  • Cash flow from operations was $23.0 million in Q4 2013, compared to $23.9 million in Q4 2012. Days Sales Outstanding was 61 days at December 31, 2013, compared to 58 days at September 30, 2013.
  • Cash and investments at December 31, 2013 was $133.0 million, compared to $125.9 million at September 30, 2013 and $103.0 million at December 31, 2012.
  • During the three months ended December 31, 2013, the Company repurchased 536,816 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $15.3 million. In January 2014, 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.

FULL YEAR 2013 FINANCIAL SUMMARY:

  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.92 for the twelve months ended December 31, 2013, compared to $0.71 for the twelve months ended December 31, 2012.
  • GAAP diluted earnings per share for the twelve months ended December 31, 2013 was $0.86, compared to $0.64 for the twelve months ended December 31, 2012.
  • Consolidated total revenue for the twelve months ended December 31, 2013 was $414.5 million, compared to $376.2 million for the twelve months ended December 31, 2012. License revenue was $62.4 million for the twelve months ended December 31, 2013, compared to $61.5 million for the twelve months ended December 31, 2012.
  • Adjusted operating income, a non-GAAP measure, was $108.6 million for the twelve months ended December 31, 2013, compared to $88.4 million for the twelve months ended December 31, 2012.
  • GAAP operating income was $101.3 million for the twelve months ended December 31, 2013, compared to $80.1 million for the twelve months ended December 31, 2012.
  • During the twelve months ended December 31, 2013, the Company repurchased 2,831,520 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $59.2 million.

SALES ACHIEVEMENTS:

  • Closing 5 contracts of $1.0 million or more in recognized license revenue during the fourth quarter of 2013, resulting in a total of 14 contracts of $1.0 million or more in recognized license revenue for the full year 2013.
  • Completing software license wins with new customers such as: Arcadia Group, Body Central Stores, Desigual, Elof Hansson Bygg-Gross, Kintetsu World Express South Africa, Orchestra-Premaman, National DCP, Scandinavskiy Dom, Santens Service, Woodcraft Supply, Zhejiang Geely Automobile, and Zohoor Alreef.
  • Expanding relationships with existing customers such as: AcuSport, Alidi, Assuramed, Belk, Cornerstone Brands, Devanlay SA (Lacoste), DOME, Dubois Chemical, eStore Logistics, Express Scripts, Heineken Enterprise, GENCO Holdings, Gopher Sport, HEB Grocery, HVHC, Integracolor, John Christner Trucking, Legacy Supply Chain Services, The Lehigh Group and Leslie-Locke, Monoprice, Movianto, MTD Products, Nestlé Nespresso, Northern Safety, O'Key, Performance Team Freight Systems, Phillips-Van Heusen, Servicios Empresariales Zimag, Simplehuman, Speed Commerce, Speed Global Services, Super Retail Group, Team Hardinger Transportation and Warehousing, True Religion Brand Jeans, Toys R Us, and Uhrenholt.

2014 GUIDANCE

Manhattan Associates provides the following revenue and diluted earnings per share guidance for the full year 2014:

Guidance Range - 2014 Full Year
($'s in millions, except EPS) $ Range % Growth Range
Total revenue $450 $455 9% 10%
Diluted earnings per share (EPS):
Adjusted EPS(1) - post stock split $1.01 $1.03 10% 12%
GAAP EPS - post stock split $0.94 $0.96 10% 12%
(1) Adjusted EPS is a Non-GAAP measure which excludes the impact of equity-based compensation

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, especially in the current uncertain economic environment. 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). Beginning the close of business on March 15, 2014, Manhattan Associates will observe a "Quiet Period" during which Manhattan Associates and its representatives will not comment concerning previously published financial expectations. Prior to the start of the Quiet Period, the public can continue to rely on the expectations published in this 2014 Guidance section as being Manhattan Associates' current expectation on matters covered, unless Manhattan Associates publishes a notice stating otherwise. During the Quiet Period, previously published expectations should be considered historical only, speaking only as of or prior to the Quiet Period, and Manhattan Associates disclaims any obligation to update any previously published financial expectations during the Quiet Period. The Quiet Period will extend until publication of Manhattan Associates' next quarterly earnings release, currently scheduled for the third full week of April 2014.

CONFERENCE CALL

The Company's conference call regarding its fourth quarter and twelve months ended December 31, 2013 financial results will be held today, February 4, 2014, at 4:30 p.m. Eastern 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 +1.800.585.8367 in the U.S. and Canada, or +1.404.537.3406 outside the U.S., and entering the conference identification number 71205458 or via the web at www.manh.com. The phone replay will be available for two weeks after the call, and the Internet webcast will be available until Manhattan Associates' first quarter 2014 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 operating results. These measures are not in accordance with – or an alternative 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 important 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's competitors and 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 year ended December 31, 2013.

The non-GAAP adjusted operating income, adjusted net income and adjusted diluted earnings per share exclude the impact of acquisition-related costs and the amortization thereof and equity-based compensation – 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 brings companies closer to their customers. We design, build and deliver market-leading Supply Chain Commerce Solutions that drive top line growth by converging front-end sales with back-end supply chain execution and efficiency. Our software, platform technology and unmatched experience help our customers around the world adapt to the challenges 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 "2014 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; and the additional risk factors set forth in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2012. 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,
2013 2012 2013 2012
(unaudited) (unaudited)
Revenue:
Software license $ 17,267 $ 14,398 $ 62,416 $ 61,494
Services 77,786 72,294 315,901 283,872
Hardware and other 12,546 8,667 36,201 30,882
Total revenue 107,599 95,359 414,518 376,248
Costs and expenses:
Cost of license 2,564 2,487 8,724 7,838
Cost of services 36,297 34,040 142,236 128,686
Cost of hardware and other 10,142 6,797 30,191 25,213
Research and development 11,135 10,951 44,549 44,704
Sales and marketing 11,374 10,805 44,559 45,622
General and administrative 9,952 9,668 37,147 38,474
Depreciation and amortization 1,468 1,497 5,825 5,638
Total costs and expenses 82,932 76,245 313,231 296,175
Operating income 24,667 19,114 101,287 80,073
Other income (loss), net (118) 534 1,822 965
Income before income taxes 24,549 19,648 103,109 81,038
Income tax provision 7,703 7,178 35,813 29,185
Net income $ 16,846 $ 12,470 $ 67,296 $ 51,853
Basic earnings per share $ 0.22 $ 0.16 $ 0.88 $ 0.66
Diluted earnings per share $ 0.22 $ 0.16 $ 0.86 $ 0.64
Weighted average number of shares:
Basic 76,032 77,636 76,664 78,640
Diluted 77,256 79,652 77,932 81,084
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,
2013 2012 2013 2012
Operating income $ 24,667 $ 19,114 $ 101,287 $ 80,073
Equity-based compensation (b) 2,076 2,543 7,325 8,338
Purchase amortization (c) 1 1 6 6
Adjusted operating income (Non-GAAP) $ 26,744 $ 21,658 $ 108,618 $ 88,417
Income tax provision $ 7,703 $ 7,178 $ 35,813 $ 29,185
Equity-based compensation (b) 729 942 2,602 3,028
Purchase amortization (c) -- -- 2 2
Adjusted income tax provision (Non-GAAP) $ 8,432 $ 8,120 $ 38,417 $ 32,215
Net income $ 16,846 $ 12,470 $ 67,296 $ 51,853
Equity-based compensation (b) 1,347 1,601 4,723 5,310
Purchase amortization (c) 1 1 4 4
Adjusted net income (Non-GAAP) $ 18,194 $ 14,072 $ 72,023 $ 57,167
Diluted EPS (a) $ 0.22 $ 0.16 $ 0.86 $ 0.64
Equity-based compensation (a,b) 0.02 0.02 0.06 0.07
Purchase amortization (a,c) -- -- -- --
Adjusted diluted EPS (Non-GAAP) (a) $ 0.24 $ 0.18 $ 0.92 $ 0.71
Fully diluted shares 77,256 79,652 77,932 81,084
(a) On December 19, 2013, our Board of Directors approved a four-for-one stock split of the Company's Common Stock, effected in the form of a stock dividend. All references made to shares or per share amounts have been restated to reflect the effect of this four-for-one stock split for all periods presented.
(b) To be consistent with other companies in the software industry, we began to report adjusted results excluding all equity-based compensation. The equity-based compensation is included in the following GAAP operating expense lines for the three and twelve months ended December 31, 2013 and 2012:
Three Months Ended December 31, Year Ended December 31,
2013 2012 2013 2012
Cost of services $ 354 $ 334 1,235 $ 824
Research and development 274 424 1,110 1,558
Sales and marketing 364 553 975 2,220
General and administrative 1,084 1,232 4,005 3,736
Total equity-based compensation $ 2,076 $ 2,543 7,325 $ 8,338
(c) Adjustments represent purchased intangibles amortization from prior acquisitions. Such amortization is commonly excluded from GAAP net income by companies in our industry and we therefore exclude these amortization costs to provide more relevant and meaningful comparisons of our operating results to that of our competitors.
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
December 31, 2013 December 31, 2012
ASSETS
Current Assets:
Cash and cash equivalents $ 124,375 $ 96,737
Short-term investments 8,581 6,310
Accounts receivable, net of allowance of $3,156 and $6,235 in 2013 and 2012, respectively 71,136 62,102
Deferred income taxes 7,300 7,787
Prepaid expenses and other current assets 7,346 8,571
Total current assets 218,738 181,507
Property and equipment, net 14,342 15,650
Goodwill, net 62,272 62,265
Deferred income taxes 427 732
Other assets 2,049 1,659
Total assets $ 279,828 $ 261,813
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 11,555 $ 10,229
Accrued compensation and benefits 19,465 16,720
Accrued and other liabilities 12,225 12,233
Deferred revenue 53,812 47,935
Income taxes payable 7,131 4,024
Total current liabilities 104,188 91,141
Other non-current liabilities 12,054 9,163
Shareholders' equity:
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2013 and 2012 -- --
Common stock, $.01 par value; 100,000,000 shares authorized; 76,374,180 and 78,483,868 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively 764 785
Retained earnings 188,604 165,427
Accumulated other comprehensive loss (7,782) (4,703)
Total shareholders' equity 181,586 161,509
Total liabilities and shareholders' equity $ 297,828 $ 261,813
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
2013 2012
Operating activities:
Net income $ 67,296 $ 51,853
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 5,825 5,638
Equity-based compensation 7,325 8,338
Loss (gain) on disposal of equipment 31 (46)
Tax benefit of stock awards exercised/vested 6,980 9,901
Excess tax benefits from equity-based compensation (6,637) (7,531)
Deferred income taxes 3,165 5,388
Unrealized foreign currency loss 205 427
Changes in operating assets and liabilities:
Accounts receivable, net (9,174) (5,446)
Other assets 697 281
Accounts payable, accrued and other liabilities 3,164 (162)
Income taxes 4,500 8,831
Deferred revenue 6,010 (2,201)
Net cash provided by operating activities 89,387 75,271
Investing activities:
Purchase of property and equipment (4,740) (7,873)
Net (purchases) maturities of investments (3,065) 864
Net cash used in investing activities (7,805) (7,009)
Financing activities:
Purchase of common stock (64,199) (103,155)
Proceeds from issuance of common stock from options exercised 5,754 32,082
Excess tax benefits from equity-based compensation 6,637 7,531
Net cash used in financing activities (51,808) (63,542)
Foreign currency impact on cash (2,136) (163)
Net change in cash and cash equivalents 27,638 4,557
Cash and cash equivalents at beginning of period 96,737 92,180
Cash and cash equivalents at end of period $ 124,375 $ 96,737
MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
1. GAAP and Adjusted earnings per share:
On December 19, 2013, our Board of Directors approved a four-for-one stock split of the Company's Common Stock, effected in the form of a stock dividend. All references made to shares or per share amounts have been restated to reflect the effect of this four-for-one stock split for all periods presented.
GAAP and Adjusted earnings per share (Post-Split) by quarter are as follows:
2012 2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
GAAP Diluted EPS $ 0.14 $ 0.17 $ 0.17 $ 0.16 $ 0.64 $ 0.17 $ 0.22 $ 0.25 $ 0.22 $ 0.86
Adjustments to GAAP:
Equity-based compensation 0.01 0.02 0.02 0.02 0.07 0.02 0.02 0.01 0.02 0.06
Purchase amortization -- -- -- -- -- -- -- -- -- --
Adjusted Diluted EPS $ 0.15 $ 0.19 $ 0.19 $ 0.18 $ 0.71 $ 0.19 $ 0.24 $ 0.26 $ 0.24 $ 0.92
Fully Diluted Shares 82,548 81,404 80,520 79,652 81,084 78,740 78,036 77,552 77,256 77,932
GAAP and Adjusted earnings per share (Pre-Split) by quarter are as follows:
2012 2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
GAAP Diluted EPS $ 0.55 $ 0.70 $ 0.69 $ 0.63 $ 2.56 $ 0.68 $ 0.89 $ 1.02 $ 0.87 $ 3.45
Adjusted Diluted EPS $ 0.60 $ 0.76 $ 0.75 $ 0.71 $ 2.82 $ 0.74 $ 0.96 $ 1.05 $ 0.94 $ 3.70
Fully Diluted Shares 20,637 20,351 20,130 19,913 20,271 19,685 19,509 19,388 19,314 19,483
2. Revenues and operating income by reportable segment are as follows (in thousands):
2012 2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Revenue:
Americas $ 73,195 $ 77,094 $ 79,657 $ 77,646 $ 307,592 $ 79,820 $ 83,600 $ 87,977 $ 86,947 $ 338,344
EMEA 12,407 12,334 10,589 11,808 47,138 11,431 11,964 12,686 14,333 50,414
APAC 5,879 4,139 5,595 5,905 21,518 5,350 6,952 7,139 6,319 25,760
$ 91,481 $ 93,567 $ 95,841 $ 95,359 $ 376,248 $ 96,601 $ 102,516 $ 107,802 $ 107,599 $ 414,518
GAAP Operating Income:
Americas $ 13,685 $ 18,130 $ 17,718 $ 15,984 $ 65,517 $ 16,964 $ 21,256 $ 25,613 $ 19,618 $ 83,451
EMEA 2,580 2,944 2,707 1,494 9,725 1,753 2,736 2,633 3,166 10,288
APAC 1,675 268 1,252 1,636 4,831 944 2,195 2,526 1,883 7,548
$ 17,940 $ 21,342 $ 21,677 $ 19,114 $ 80,073 $ 19,661 $ 26,187 $ 30,772 $ 24,667 $ 101,287
Adjustments (pre-tax):
Americas:
Equity-based compensation $ 1,660 $ 1,977 $ 2,158 $ 2,543 $ 8,338 $ 1,907 $ 2,133 $ 1,209 $ 2,076 $ 7,325
Purchase amortization 2 1 2 1 6 2 1 2 1 6
$ 1,662 $ 1,978 $ 2,160 $ 2,544 $ 8,344 $ 1,909 $ 2,134 $ 1,211 $ 2,077 $ 7,331
Adjusted non-GAAP Operating Income:
Americas $ 15,347 $ 20,108 $ 19,878 $ 18,528 $ 73,861 $ 18,873 $ 23,390 $ 26,824 $ 21,695 $ 90,782
EMEA 2,580 2,944 2,707 1,494 9,725 1,753 2,736 2,633 3,166 10,288
APAC 1,675 268 1,252 1,636 4,831 944 2,195 2,526 1,883 7,548
$ 19,602 $ 23,320 $ 23,837 $ 21,658 $ 88,417 $ 21,570 $ 28,321 $ 31,983 $ 26,744 $ 108,618
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):
2012 2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Professional services $ 46,621 $ 45,497 $ 47,082 $ 46,042 $ 185,242 $ 49,151 $ 52,492 $ 57,690 $ 51,490 210,823
Customer support and software enhancements 23,749 23,825 24,804 26,252 98,630 25,736 25,711 27,335 26,296 105,078
Total services revenue $ 70,370 $ 69,322 $ 71,886 $ 72,294 $ 283,872 $ 74,887 $ 78,203 $ 85,025 $ 77,786 $ 315,901
4. Hardware and other revenue includes the following items (in thousands):
2012 2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Hardware revenue $ 3,054 $ 5,740 $ 4,234 $ 5,242 $ 18,270 $ 4,175 $ 4,285 $ 3,904 $ 8,557 $ 20,921
Billed travel 2,470 3,160 3,557 3,425 12,612 3,294 3,892 4,105 3,989 15,280
Total hardware and other revenue $ 5,524 $ 8,900 $ 7,791 $ 8,667 $ 30,882 $ 7,469 $ 8,177 $ 8,009 $ 12,546 $ 36,201
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):
2012 2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Revenue $ (136) $ (1,251) $ (958) $ (128) $ (2,473) $ (182) $ (150) $ (329) $ (63) $ (724)
Costs and expenses (848) (2,067) (1,845) (422) (5,182) (541) (262) (877) (902) (2,582)
Operating income 712 816 887 294 2,709 359 112 548 839 1,858
Foreign currency (losses) gains in other income (370) 571 (564) 231 (132) (179) 972 313 (445) 661
$ 342 $ 1,387 $ 323 $ 525 $ 2,577 $ 180 $ 1,084 $ 861 $ 394 $ 2,519
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):
2012 2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Operating income $ 704 $ 1,193 $ 1,161 348 $ 3,406 $ 440 $ 173 $ 733 $ 900 $ 2,246
Foreign currency (losses) gains in other income (144) 724 (500) 282 362 4 931 204 3 1,142
Total impact of changes in the Indian Rupee $ 560 $ 1,917 $ 661 $ 630 $ 3,768 $ 444 $ 1,104 $ 937 $ 903 $ 3,388
6. Other (loss) income includes the following components (in thousands):
2012 2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Interest income $ 264 $ 228 $ 278 $ 292 $ 1,062 $ 326 $ 271 $ 263 $ 307 $ 1,167
Foreign currency (losses) gains (370) 571 (564) 231 (132) (179) 972 313 (445) 661
Other non-operating (expense) income (18) 3 39 11 35 4 -- (30) 20 (6)
Total other (loss) income $ (124) $ 802 $ (247) $ 534 $ 965 $ 151 $ 1,243 $ 546 $ (118) $ 1,822
7. Total equity-based compensation is as follows (in thousands except per share amounts):
2012 2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Stock options $ 120 $ 140 $ 138 $ 223 $ 621 $ 148 $ 11 $ 11 $ 20 $ 190
Restricted stock 1,540 1,837 2,020 2,320 7,717 1,759 2,122 1,198 2,056 7,135
Total equity-based compensation 1,660 1,977 2,158 2,543 8,338 1,907 2,133 1,209 2,076 7,325
Income tax provision 598 711 777 942 3,028 671 751 451 729 2,602
Net income $ 1,062 $ 1,266 $ 1,381 $ 1,601 $ 5,310 $ 1,236 $ 1,382 $ 758 $ 1,347 $ 4,723
Diluted earnings per share $ 0.01 $ 0.02 $ 0.02 $ 0.02 $ 0.07 $ 0.02 $ 0.02 $ 0.01 $ 0.02 $ 0.06
Diluted earnings per share - stock options $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
Diluted earnings per share - restricted stock $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 $ 0.01 $ 0.02 $ 0.01 $ 0.02 $ 0.06
8. Capital expenditures are as follows (in thousands):
2012 2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Capital expenditures $ 1,796 $ 1,454 $ 1,086 $ 3,537 $ 7,873 $ 598 $ 1,035 $ 1,568 $ 1,539 $ 4,740
9. Stock Repurchase Activity (in thousands):
2012 2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD
Shares purchased under publicly-announced buy-back program 2,611 1,386 1,676 2,106 7,779 903 785 607 537 2,832
Shares withheld for taxes due upon vesting of restricted stock 264 11 19 18 312 281 1 13 5 300
Total shares purchased 2,875 2,443 1,695 2,124 8,091 1,184 786 620 542 3,132
Total cash paid for shares purchased under publicly-announced buy-back program $ 30,647 $ 16,616 $ 21,202 $ 31,223 $ 99,688 $ 15,929 $ 14,409 $ 13,533 $ 15,332 $ 59,203
Total cash paid for shares withheld for taxes due upon vesting of restricted stock 2,840 132 230 265 3,467 4,545 19 280 152 4,996
Total cash paid for shares repurchased $ 33,487 $ 16,748 $ 21,432 $ 31,488 $ 103,155 $ 20,474 $ 14,428 $ 13,813 $ 15,484 $ 64,199

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.comSource:Manhattan Associates