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Manhattan Associates Reports Record Third Quarter 2015 Performance

ATLANTA, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Leading Supply Chain Commerce Solutions provider Manhattan Associates, Inc. (NASDAQ:MANH) today reported record non-GAAP adjusted diluted earnings per share for the third quarter ended September 30, 2015 of $0.42 compared to $0.32 in Q3 2014, on license revenue of $19.1 million and record total revenue of $142.3 million. GAAP diluted earnings per share for Q3 2015 was a record $0.38 compared to $0.30 in Q3 2014.

“We’re very pleased with our third quarter performance and year-to-date 2015 results. Our associates continue to execute well serving our customers and delivering strong financial performance,” said Eddie Capel, Manhattan Associates president and CEO. Demand for our omni-channel, store and distribution management solutions continues to be strong and we continue to lead with product innovation to enhance our market leadership position. Our outlook for the balance of 2015 and the future is quite positive.”

THIRD QUARTER 2015 FINANCIAL SUMMARY:

  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.42 in Q3 2015, compared to $0.32 in Q3 2014.
  • GAAP diluted earnings per share was $0.38 in Q3 2015, compared to $0.30 in Q3 2014.
  • Consolidated total revenue was $142.3 million in Q3 2015, compared to $125.6 million in Q3 2014. License revenue was $19.1 million in Q3 2015, compared to $16.9 million in Q3 2014.
  • Adjusted operating income, a non-GAAP measure, was $49.1 million in Q3 2015, compared to $37.9 million in Q3 2014.
  • GAAP operating income was $43.7 million in Q3 2015, compared to $35.5 million in Q3 2014.
  • Cash flow from operations was $41.3 million in Q3 2015, compared to $32.7 million in Q3 2014. Days Sales Outstanding was 60 days at September 30, 2015, compared to 54 days at June 30, 2015.
  • Cash and investments was $119.1 million at September 30, 2015, compared to $108.4 million at June 30, 2015.
  • During the three months ended September 30, 2015, the Company repurchased 399,315 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 2015, 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 2015 FINANCIAL SUMMARY:

  • Adjusted diluted earnings per share, a non-GAAP measure, was $1.14 for the nine months ended September 30, 2015, compared to $0.87 for the nine months ended September 30, 2014.
  • GAAP diluted earnings per share for the nine months ended September 30, 2015 was $1.04, compared to $0.81 for the nine months ended September 30, 2014.
  • Consolidated revenue for the nine months ended September 30, 2015 was $414.9 million, compared to $361.7 million for the nine months ended September 30, 2014. License revenue was $58.2 million for the nine months ended September 30, 2015, compared to $52.0 million for the nine months ended September 30, 2014.
  • Adjusted operating income, a non-GAAP measure, was $133.3 million for the nine months ended September 30, 2015, compared to $105.1 million for the nine months ended September 30, 2014.
  • GAAP operating income was $121.9 million for the nine months ended September 30, 2015, compared to $98.1 million for the nine months ended September 30, 2014.
  • Cash flow from operations was $84.0 million in the nine months ended September 30, 2015, compared to $53.7 million in the nine months ended September 30, 2014.
  • During the nine months ended September 30, 2015, the Company repurchased 1,381,375 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $76.5 million.


SALES ACHIEVEMENTS:

  • Recognized license revenue of $1.0 million or more on four new contracts during Q3 2015.
  • Completed software license wins with new customers such as: Citizen Watch, FreshDirect, ID Logistics, JM Family Enterprises, L.L.Bean, Lojas Riachuelo, Parlogis, Santens Service.
  • Expanded relationships with existing customers such as: Alliance Healthcare, Banaja Holdings, Beger, Belk, Brooks Brothers, Coach, Con-Way Truckload, Damco Distribution Services, Inc., DCG Fulfillment, Dentsply International, Eram, Harris Teeter, Hastings Deering, Innes, Integracolor, Jasco, MatahariMall.com, MXD Group, My Chemist, New Balance Athletics, Office Depot Mexico, Ozburn-Hessey Logistics, Petrovich, PurCotton, Richline Group, Rochester Drug Cooperative, Servicios Empresariales Zimag, Simplehuman, Southern Wine & Spirits of America, Speed Global Services, Sportsman’s Guide (A Northern Tool and Equipment Company), Stella and Dot, Team Hardinger Transportation and Warehousing, The Hillman Group, Tuesday Morning, United Natural Foods, Vitamin Shoppe, Wineworks, Winning Appliances, Woodcraft Supply.


2015 GUIDANCE

Manhattan Associates provides the following updated revenue and diluted earnings per share guidance for the full year 2015:

Guidance Range - 2015 Full Year
($'s in millions, except EPS)$ Range % Growth Range
Total revenue - current guidance$553 $558 12% 13%
Total revenue - previous guidance $553 $558 12% 13%
Diluted earnings per share (EPS):
Adjusted EPS(1) - current guidance$1.47 $1.49 27% 28%
GAAP EPS - current guidance$1.34 $1.36 24% 26%
Adjusted EPS(1) - previous guidance$1.40 $1.42 20% 22%
GAAP EPS - previous guidance$1.29 $1.31 19% 21%
(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. 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 December 15, 2015, 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 2015 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, 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 first full week of February 2016.

CONFERENCE CALL

The Company’s conference call regarding its third quarter financial results will be held today, October 20, 2015, 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 52894484 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 2015 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 nine months ended September 30, 2015.

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 “2015 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 additional risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. 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,
2015 2014 2015 2014
(unaudited) (unaudited) (unaudited) (unaudited)
Revenue:
Software license $19,130 $16,945 $58,202 $52,041
Services 112,549 98,518 321,096 278,950
Hardware and other 10,625 10,145 35,638 30,710
Total revenue 142,304 125,608 414,936 361,701
Costs and expenses:
Cost of license 2,305 1,679 7,348 5,140
Cost of services 46,682 43,689 137,930 123,606
Cost of hardware and other 9,109 8,496 29,819 25,240
Research and development 13,589 12,236 40,402 35,906
Sales and marketing 10,904 11,476 34,640 36,344
General and administrative 14,058 10,856 37,223 32,761
Depreciation and amortization 1,977 1,675 5,656 4,652
Total costs and expenses 98,624 90,107 293,018 263,649
Operating income 43,680 35,501 121,918 98,052
Other income (loss), net 604 (55) 1,225 24
Income before income taxes 44,284 35,446 123,143 98,076
Income tax provision 16,387 13,106 46,038 36,430
Net income $27,897 $22,340 $77,105 $61,646
Basic earnings per share $0.38 $0.30 $1.05 $0.82
Diluted earnings per share $0.38 $0.30 $1.04 $0.81
Weighted average number of shares:
Basic 73,259 74,687 73,616 75,255
Diluted 73,761 75,466 74,162 76,104



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,
2015 2014 2015 2014
Operating income $43,680 $35,501 $121,918 $98,052
Equity-based compensation (a) 5,348 2,297 11,087 6,967
Purchase amortization (b) 113 58 325 59
Adjusted operating income (Non-GAAP) $49,141 $37,856 $133,330 $105,078
Income tax provision $16,387 $13,106 $46,038 $36,430
Equity-based compensation (a) 2,011 852 4,169 2,585
Purchase amortization (b) 42 22 122 22
Adjusted income tax provision (Non-GAAP) $18,440 $13,980 $50,329 $39,037
Net income $27,897 $22,340 $77,105 $61,646
Equity-based compensation (a) 3,337 1,445 6,918 4,382
Purchase amortization (b) 71 36 203 37
Adjusted net income (Non-GAAP) $31,305 $23,821 $84,226 $66,065
Diluted EPS $0.38 $0.30 $1.04 $0.81
Equity-based compensation (a) 0.05 0.02 0.09 0.06
Purchase amortization (b) - - - -
Adjusted diluted EPS (Non-GAAP) $0.42 $0.32 $1.14 $0.87
Fully diluted shares 73,761 75,466 74,162 76,104

(a) Adjusted results exclude all equity-based compensation, to facilitate comparison with our competitors and 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, 2015 and 2014:

Three Months Ended September 30, Nine Months Ended September 30,
2015 2014 2015 2014
Cost of services $504 $441 $2,024 $1,288
Research and development 575 374 1,503 1,133
Sales and marketing 847 389 1,727 1,094
General and administrative 3,422 1,093 5,833 3,452
Total equity-based compensation $5,348 $2,297 $11,087 $6,967

(b) Adjustments represent purchased intangibles amortization from prior acquisition. Such amortization is excluded from adjusted results to facilitate comparison with our competitors and 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, 2015 December 31, 2014
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $109,029 $115,708
Short-term investments 10,117 8,730
Accounts receivable, net of allowance of $6,863 and $4,164, respectively 92,045 86,828
Deferred income taxes 9,352 9,900
Prepaid expenses and other current assets 11,092 8,695
Total current assets 231,635 229,861
Property and equipment, net 21,351 17,265
Goodwill, net 62,237 62,250
Deferred income taxes 260 270
Other assets 7,264 8,524
Total assets $322,747 $318,170
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $10,095 $12,483
Accrued compensation and benefits 24,914 30,889
Accrued and other liabilities 12,258 12,501
Deferred revenue 65,180 58,968
Income taxes payable 7,204 7,974
Total current liabilities 119,651 122,815
Other non-current liabilities 12,733 13,332
Shareholders' equity:
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2015 and 2014 - -
Common stock, $0.01 par value; 200,000,000 shares authorized; 73,064,213 and 74,104,064 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively 731 741
Retained earnings 201,673 191,305
Accumulated other comprehensive loss (12,041) (10,023)
Total shareholders' equity 190,363 182,023
Total liabilities and shareholders' equity $322,747 $318,170



MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
Nine Months Ended September 30,
2015 2014
(unaudited) (unaudited)
Operating activities:
Net income $77,105 $61,646
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 5,656 4,652
Equity-based compensation 11,087 6,967
Gain on disposal of equipment (38) (23)
Tax benefit of stock awards exercised/vested 8,435 7,395
Excess tax benefits from equity-based compensation (8,413) (7,359)
Deferred income taxes 712 122
Unrealized foreign currency loss (gain) 86 (36)
Changes in operating assets and liabilities:
Accounts receivable, net (6,609) (17,147)
Other assets (1,592) (6,408)
Accounts payable, accrued and other liabilities (8,444) 1,564
Income taxes (602) (2,442)
Deferred revenue 6,651 4,786
Net cash provided by operating activities 84,034 53,717
Investing activities:
Purchase of property and equipment (9,619) (6,676)
Net purchases of investments (1,825) (1,849)
Payment in connection with acquisition - (2,773)
Net cash used in investing activities (11,444) (11,298)
Financing activities:
Purchase of common stock (86,839) (73,706)
Proceeds from issuance of common stock from options exercised 568 1,014
Excess tax benefits from equity-based compensation 8,413 7,359
Net cash used in financing activities (77,858) (65,333)
Foreign currency impact on cash (1,411) (345)
Net change in cash and cash equivalents (6,679) (23,259)
Cash and cash equivalents at beginning of period 115,708 124,375
Cash and cash equivalents at end of period $109,029 $101,116


MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION

1. GAAP and Adjusted earnings per share by quarter are as follows:

2014 2015
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD
GAAP Diluted EPS $0.24 $0.27 $0.30 $0.27 $1.08 $0.31 $0.35 $0.38 $1.04
Adjustments to GAAP:
Equity-based
compensation
0.02 0.02 0.02 0.02 0.08 0.03 0.02 0.05 0.09
Purchase amortization - - - - - - - - -
Adjusted Diluted EPS $0.26 $0.29 $0.32 $0.30 $1.16 $0.34 $0.37 $0.42 $1.14
Fully Diluted Shares 76,795 76,037 75,466 75,034 75,841 74,607 74,126 73,761 74,162


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

2014 2015
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD
Revenue:
Americas $91,355 $98,633 $103,419 $108,557 $401,964 $109,959 $117,154 $120,118 $347,231
EMEA 15,679 15,911 14,253 15,012 60,855 18,305 17,175 16,829 52,309
APAC 6,529 7,986 7,936 6,834 29,285 5,259 4,780 5,357 15,396
$113,563 $122,530 $125,608 $130,403 $492,104 $133,523 $139,109 $142,304 $414,936
GAAP Operating Income:
Americas $24,133 $25,127 $28,750 $23,926 $101,936 $30,182 $36,214 $36,407 $102,803
EMEA 4,058 4,239 3,617 3,399 15,313 5,522 4,516 5,909 15,947
APAC 1,860 3,134 3,134 1,747 9,875 1,160 644 1,364 3,168
$30,051 $32,500 $35,501 $29,072 $127,124 $36,864 $41,374 $43,680 $121,918
Adjustments (pre-tax):
Americas:
Equity-based
compensation
$2,274 $2,396 $2,297 $2,704 $9,671 $3,078 $2,661 $5,348 $11,087
Purchase amortization 1 - 58 106 165 106 106 113 325
$2,275 $2,396 $2,355 $2,810 $9,836 $3,184 $2,767 $5,461 $11,412
Adjusted non-GAAP
Operating Income:
Americas $26,408 $27,523 $31,105 $26,736 $111,772 $33,366 $38,981 $41,868 $114,215
EMEA 4,058 4,239 3,617 3,399 15,313 5,522 4,516 5,909 15,947
APAC 1,860 3,134 3,134 1,747 9,875 1,160 644 1,364 3,168
$32,326 $34,896 $37,856 $31,882 $136,960 $40,048 $44,141 $49,141 $133,330


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):

2014 2015
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD
Professional services $59,422 $65,702 $69,398 $65,536 $260,058 $72,659 $76,548 $80,994 $230,201
Customer support and
software enhancements
27,491 27,817 29,120 31,537 115,965 28,544 30,796 31,555 90,895
Total services revenue $86,913 $93,519 $98,518 $97,073 $376,023 $101,203 $107,344 $112,549 $321,096


4. Hardware and other revenue includes the following items (in thousands):

2014 2015
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD
Hardware revenue $5,946 $6,114 $4,707 $8,856 $25,623 $7,730 $7,080 $5,462 $20,272
Billed travel 3,597 4,908 5,438 4,932 18,875 5,276 4,927 5,163 15,366
Total hardware and
other revenue
$9,543 $11,022 $10,145 $13,788 $44,498 $13,006 $12,007 $10,625 $35,638


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):

2014 2015
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD
Revenue $202 $696 $479 $(1,397) $(20) $(3,426) $(3,599) $(3,421) $(10,446)
Costs and expenses (713) 73 522 (1,097) (1,215) (2,546) (3,201) (2,820) (8,567)
Operating income 915 623 (43) (300) 1,195 (880) (398) (601) (1,879)
Foreign currency (losses)
gains in other income
(516) 12 (415) 491 (428) (86) (4) 213 123
$399 $635 $(458) $191 $767 $(966) $(402) $(388) $(1,756)


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):

2014 2015
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD
Operating income $898 $505 $(171) $24 $1,256 $72 $468 $571 $1,111
Foreign currency (losses)
gains in other income
(141) (129) 191 342 263 45 182 423 650
Total impact of changes
in the Indian Rupee
$757 $376 $20 $366 $1,519 $117 $650 $994 $1,761


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

2014 2015
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD
Interest income $267 $302 $349 $350 $1,268 $324 $335 $336 $995
Foreign currency (losses)
gains
(516) 12 (415) 491 (428) (86) (4) 213 123
Other non-operating
income (expense)
16 (2) 11 9 34 24 28 55 107
Total other (loss) income $(233) $312 $(55) $850 $874 $262 $359 $604 $1,225


7. Total equity-based compensation is as follows (in thousands except per share amounts):

2014 2015
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD
Total equity-based
compensation -
restricted stock
$2,274 $2,396 $2,297 $2,704 $9,671 $3,078 $2,661 $5,348 $11,087
Income tax provision 844 889 852 990 3,575 1,154 1,004 2,011 4,169
Net income $1,430 $1,507 $1,445 $1,714 $6,096 $1,924 $1,657 $3,337 $6,918
Diluted earnings per
share - restricted
stock
$0.02 $0.02 $0.02 $0.02 $0.08 $0.03 $0.02 $0.05 $0.09


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

2014 2015
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD
Capital expenditures $1,156 $2,424 $3,096 $2,739 $9,415 $3,098 $2,671 $3,850 $9,619


9. Stock Repurchase Activity (in thousands):

2014 2015
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
695 782 504 639 2,620 524 458 399 1,381
Shares withheld for taxes
due upon vesting of
restricted stock
235 1 10 3 249 212 2 9 223
Total shares purchased 930 783 514 642 2,869 736 460 408 1,604
Total cash paid for shares
purchased under
publicly-announced
buy-back program
$25,459 $25,090 $15,112 $25,422 $91,083 $26,306 $25,214 $25,001 $76,521
Total cash paid for shares
withheld for taxes due
upon vesting of restricted
stock
7,720 36 289 76 8,121 9,727 83 508 10,318
Total cash paid for shares
repurchased
$33,179 $25,126 $15,401 $25,498 $99,204 $36,033 $25,297 $25,509 $86,839


Contact: Dennis Story Chief Financial Officer Manhattan Associates, Inc. 770-955-7070 dstory@manh.com Cameron Smith Director, Corporate Communications Manhattan Associates, Inc. 678-597-6841 camsmith@manh.com

Source:Manhattan Associates