Manhattan Associates, Inc. Financial Statements — MANH Stock

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Sales/Revenue/Turnover	297	329	376	415	492	556	605	595	559	618	586	664	767	929	1,042
- Cost of Revenue	129	139	162	181	213	235	250	246	241	285	270	298	358	431	471
+ Cost of Goods & Services	129	139	162	181	213	235	250	246	241	285	270	298	358	431	471
+ Sales & Services Revenue	297	329	376	415	492	556	605	595	559	618	586	664	767	929	1,042
Gross Profit	168	190	215	233	280	321	355	349	318	333	316	366	409	498	571
- Operating Expenses	126	131	134	132	152	159	160	160	184	217	202	231	256	288	310
+ Research & Development	41	42	45	45	49	54	55	58	72	88	84	98	112	127	138
+ Other Operating Expense	9	7	6	6	6	8	9	9	9	8	9	8	7	6	6
+ Selling, General & Admin	77	82	84	82	97	98	97	94	104	121	109	126	138	156	166
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	42	59	80	101	127	161	194	189	134	116	114	134	153	210	262
- Non-Operating (Income) Loss	- -	-4	-1	-2	-1	-1	-2	4	-2	- -	- -	- -	-5	-4	-5
+ Interest Expense, Net	-1	-1	-1	-1	-1	-1	-1	-1	-1	-1	- -	- -	-1	-5	-6
+ Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Interest Income	1	1	1	1	1	1	1	1	1	1	- -	- -	1	5	6
+ Other Non-Op (Income) Loss	1	-3	- -	-1	- -	- -	-1	5	-1	1	- -	- -	-5	2	1
Pretax Income	42	63	81	103	128	163	196	185	136	116	114	134	158	214	267
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Income Tax Expense (Benefit)	14	18	29	36	46	59	72	68	32	30	27	24	29	37	48
Income (Loss) from Cont Ops	28	45	52	67	82	103	124	116	105	86	87	110	129	177	218
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	28	45	52	67	82	103	124	116	105	86	87	110	129	177	218
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	28	45	52	67	82	103	124	116	105	86	87	110	129	177	218
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	28	45	52	67	82	103	124	116	105	86	87	110	129	177	218
Basic Weighted Avg Shares	86	82	79	77	75	73	72	69	66	64	64	63	63	62	61
Basic EPS, GAAP	0.33	0.55	0.66	0.88	1.09	1.41	1.73	1.68	1.58	1.33	1.37	1.74	2.05	2.86	3.56
Basic EPS from Cont Ops	0.33	0.55	0.66	0.88	1.09	1.41	1.73	1.68	1.58	1.33	1.37	1.74	2.05	2.86	3.56
Diluted Weighted Avg Shares	90	86	81	78	76	74	72	69	66	65	64	64	63	63	62
Diluted EPS, GAAP	0.31	0.52	0.64	0.86	1.08	1.4	1.72	1.68	1.58	1.32	1.36	1.72	2.03	2.82	3.51
Diluted EPS from Cont Ops	0.31	0.52	0.64	0.86	1.08	1.4	1.72	1.68	1.58	1.32	1.36	1.72	2.03	2.82	3.51
EBITDA	51	66	86	107	134	169	203	198	142	124	123	142	159	216	268
EBITDA Margin (%)	17.19	20.08	22.78	25.84	27.13	30.41	33.64	33.24	25.48	20.05	20.98	21.43	20.78	23.22	25.7
EBITA	42	59	80	101	127	161	194	189	134	116	114	134	153	210	262
EBIT	42	59	80	101	127	161	194	189	134	116	114	134	153	210	262
Gross Margin (%)	56.65	57.75	57.01	56.3	56.8	57.69	58.67	58.67	56.92	53.89	53.97	55.12	53.3	53.63	54.82
Operating Margin (%)	14.11	17.87	21.28	24.43	25.83	29.02	32.14	31.71	23.94	18.76	19.45	20.24	19.91	22.6	25.1
Profit Margin (%)	9.44	13.64	13.78	16.23	16.66	18.6	20.55	19.59	18.72	13.88	14.88	16.65	16.81	19.01	20.95
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	9	7	6	6	6	8	9	9	9	8	9	8	7	6	6

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Current Assets	189	175	182	219	230	237	207	228	215	232	334	408	415	479	503
+ Accounts & Notes Receiv	50	61	62	71	87	97	100	92	101	102	111	127	167	183	211
+ Accounts Receivable, Net	47	56	62	71	87	97	100	92	100	101	109	124	167	181	205
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	2	5	- -	- -	- -	- -	- -	- -	1	1	2	3	1	1	5
+ Cash, Cash Equivalents & STI	125	98	103	133	124	129	96	126	101	111	205	264	225	271	266
+ Cash & Cash Equivalents	121	92	97	124	116	118	96	126	99	111	205	264	225	271	266
+ ST Investments	4	6	6	9	9	10	- -	- -	1	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	14	15	16	15	19	11	11	10	14	19	18	18	22	26	26
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	91	85	80	79	88	95	90	87	92	140	131	131	155	194	254
+ LT Investments & Receivables	2	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	2	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	15	13	16	14	17	21	17	15	14	59	49	41	31	33	62
- Accumulated Depreciation	58	56	47	50	51	54	42	47	49	44	51	53	55	57	59
+ Property, Plant & Equip	73	70	63	64	68	75	59	63	64	103	100	94	85	91	121
+ Other LT Assets	75	71	65	65	71	74	73	71	77	82	82	90	124	161	192
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Intangible Assets	63	62	62	62	62	62	62	62	62	62	62	62	62	62	62
+ Goodwill	62	62	62	62	62	62	62	62	62	62	62	62	62	62	62
+ Other Intangible Assets	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	11	9	2	2	9	12	10	9	15	19	20	28	62	98	130
Total Assets	280	260	262	298	318	332	297	315	307	372	465	540	570	673	758
+ Payables & Accruals	41	22	26	31	33	29	33	33	34	41	41	43	52	55	50
+ Other Payables & Accruals	34	14	12	12	13	14	13	12	12	19	21	23	25	27	22
+ Accounts Payable	8	8	10	12	12	11	12	14	18	21	18	20	26	25	27
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	- -	- -	4	7	8	4	9	7	4	1	2	- -	2	3	1
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	45	66	65	73	90	98	84	91	111	140	156	206	263	311	350
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	17	17	19	31	29	21	16	29	46	42	53	54	73	72
+ Deferred Revenue	45	50	48	54	59	69	63	75	82	94	114	153	209	238	278
Total Current Liabilities	86	88	91	104	123	127	118	124	145	182	197	249	316	366	400
+ LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	32	28	23	14	18	48
+ LT Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	32	28	23	14	18	48
+ Other LT Liabilities	10	9	9	12	13	10	10	16	15	16	22	17	14	11	10
+ Accrued Liabilities	7	7	6	8	9	4	3	2	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	3	3	3	4	4	6	7	14	15	16	22	17	14	11	10
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	10	9	9	12	13	10	10	16	15	48	50	40	28	29	58
Total Liabilities	97	98	100	116	136	137	128	140	160	230	247	289	343	395	458
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	1	- -	1	1	1	1	1	1	1	1	1	1	1	1	1
+ Additional Paid in Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Common Stock	- -	- -	1	1	1	1	1	1	1	1	1	1	1	1	1
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	184	167	165	189	191	207	185	186	163	159	237	270	254	305	329
+ Other Equity	-1	-5	-5	-8	-10	-12	-16	-12	-17	-18	-18	-20	-28	-27	-31
Equity Before Minority Interest	184	162	162	182	182	195	169	175	147	142	219	251	227	278	299
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	184	162	162	182	182	195	169	175	147	142	219	251	227	278	299
Total Liabilities & Equity	280	260	262	298	318	332	297	315	307	372	465	540	570	673	758
Shares Outstanding	87	82	78	76	74	73	70	68	65	63	64	63	62	62	61
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	32	28	23	14	18	48
Net Debt	-121	-92	-97	-124	-116	-118	-96	-126	-99	-111	-205	-264	-225	-271	-266
Net Debt to Equity	-65.69	-56.87	-59.9	-68.49	-63.57	-60.57	-56.45	-71.74	-67.37	-77.79	-93.52	-105.21	-99.41	-97.29	-89
Tangible Common Equity Ratio	55.46	50.58	49.73	50.65	46.8	49.35	45.61	44.59	34.67	25.82	38.85	39.46	32.4	35.35	34.07
Current Ratio	2.19	1.98	1.99	2.1	1.87	1.86	1.76	1.84	1.48	1.28	1.7	1.64	1.32	1.31	1.26
Cash Conversion Cycle	35.18	36.69	36.74	36.71	37.95	42.05	42.67	39.72	38.37	34.56	39.46	41.31	46.19	47.09	47.89
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
+ Net Income	28	45	52	67	82	103	124	116	105	86	87	110	129	177	218
+ Depreciation & Amortization	9	7	6	6	6	8	9	9	9	8	9	8	7	6	6
+ Non-Cash Items	12	15	16	11	7	16	17	18	16	29	35	41	28	44	64
+ Asset Impairment Charge	- -	-3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Income Taxes	- -	2	5	3	-2	2	2	2	-4	-1	1	-2	-30	-29	-29
+ Other Non-Cash Adj	2	5	3	1	-1	- -	- -	- -	- -	-1	1	- -	-2	1	-1
+ Stock-Based Compensation	10	10	8	7	10	15	16	16	20	32	33	43	59	72	93
+ Chg in Non-Cash Work Cap	1	-11	1	5	-2	-7	-11	20	8	24	9	26	16	20	6
+ (Inc) Dec in Accts Receiv	-9	-9	-5	-9	-17	-12	-4	10	-9	-1	-7	-17	-44	-13	-27
+ Inc (Dec) in Accts Payable	5	-6	9	8	14	-4	-3	-3	14	22	-1	9	13	17	-5
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Other	5	4	-2	7	1	9	-4	14	3	3	17	34	47	16	38
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	50	56	75	89	94	120	139	164	137	147	141	185	180	246	295
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-6	-5	-8	-5	-9	-11	-7	-6	-7	-15	-3	-4	-7	-5	-9
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-6	-5	-8	-5	-9	-11	-7	-6	-7	-15	-3	-4	-7	-5	-9
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-3	- -	1	-3	- -	-2	10	- -	-3	1	- -	- -	- -	- -	- -
+ Dec in LT Investment	6	8	8	12	14	13	10	13	12	1	- -	- -	- -	- -	- -
+ Inc in LT Investment	-9	-7	-8	-15	-15	-15	- -	-13	-15	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	- -	- -	- -	-3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	-3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-9	-5	-7	-8	-13	-14	3	-6	-10	-14	-3	-4	-7	-5	-9
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Repayments of Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-41	-80	-103	-64	-99	-112	-168	-132	-149	-121	-44	-120	-204	-196	-286
+ Decrease in Capital Stock	-78	-133	-103	-64	-99	-112	-168	-132	-149	-121	-44	-120	-204	-196	-286
+ Increase in Capital Stock	36	53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	- -	2	40	12	10	10	5	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-41	-78	-64	-52	-89	-102	-163	-132	-149	-121	-44	-120	-204	-196	-286
Effect of Foreign Exchange Rates	- -	-2	- -	-2	-1	-2	-3	3	-5	- -	-1	-2	-7	- -	-4
Net Changes in Cash	- -	-27	5	30	-8	4	-20	27	-22	12	95	61	-31	45	- -
Capital Expenditures	-6	-5	-8	-5	-9	-11	-7	-6	-7	-15	-3	-4	-7	-5	-9
EBITDA	51	66	86	107	134	169	203	198	142	124	123	142	159	216	268
EBITDA Margin (%)	17.19	20.08	22.78	25.84	27.13	30.41	33.64	33.24	25.48	20.05	20.98	21.43	20.78	23.22	25.7
Net Cash Paid for Acquisitions	- -	- -	- -	- -	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow	44	51	67	85	85	109	133	158	130	132	138	181	173	241	286
Free Cash Flow to Firm	44	51	67	85	85	109	133	158	130	132	138	181	173	241	286
Free Cash Flow to Equity	44	51	67	85	85	109	133	158	130	132	138	181	173	241	286
Free Cash Flow per Basic Share	0.51	0.62	0.86	1.1	1.13	1.48	1.85	2.28	1.96	2.05	2.17	2.86	2.76	3.91	4.67
Price/Free Cash Flow	12.28	14.29	14.71	24.32	29.82	37.21	26.14	20.2	19.46	32.03	47.12	52.86	41.34	53.72	55.34
Cash Flow to Net Income	1.78	1.24	1.45	1.33	1.15	1.16	1.12	1.41	1.31	1.71	1.61	1.68	1.39	1.39	1.35

Manhattan Associates, Inc.

Income Statement

Balance Sheet

Cash Flow Statement