Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 23, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | MANHATTAN ASSOCIATES, INC. | |
Trading Symbol | MANH | |
Entity Central Index Key | 0001056696 | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation, State or Country Code | GA | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 61,245,946 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 0-23999 | |
Entity Tax Identification Number | 58-2373424 | |
Entity Address, Address Line One | 2300 Windy Ridge Parkway | |
Entity Address, Address Line Two | Tenth Floor | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30339 | |
City Area Code | 770 | |
Local Phone Number | 955-7070 | |
Title of each class | Common stock | |
Name of each exchange on which registered | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 202,709 | $ 270,741 |
Accounts receivable, net | 191,226 | 181,173 |
Prepaid expenses and other current assets | 32,211 | 27,276 |
Total current assets | 426,146 | 479,190 |
Property and equipment, net | 13,392 | 11,795 |
Operating lease right-of-use assets | 51,181 | 21,645 |
Goodwill, net | 62,230 | 62,235 |
Deferred income taxes | 78,529 | 66,043 |
Other assets | 33,834 | 32,445 |
Total assets | 665,312 | 673,353 |
Current liabilities: | ||
Accounts payable | 25,581 | 24,508 |
Accrued compensation and benefits | 54,550 | 73,210 |
Accrued and other liabilities | 23,167 | 27,374 |
Deferred revenue | 258,987 | 237,793 |
Income taxes payable | 425 | 3,030 |
Total current liabilities | 362,710 | 365,915 |
Operating lease liabilities, long-term | 50,842 | 17,694 |
Other non-current liabilities | 11,131 | 11,466 |
Shareholders' equity: | ||
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2024 and 2023 | ||
Common stock, $0.01 par value; 200,000,000 shares authorized; 61,245,638 and 61,566,037 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 612 | 615 |
Retained earnings | 267,771 | 304,701 |
Accumulated other comprehensive loss | (27,754) | (27,038) |
Total shareholders' equity | 240,629 | 278,278 |
Total liabilities and shareholders' equity | $ 665,312 | $ 673,353 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 61,245,638 | 61,566,037 |
Common stock, shares outstanding | 61,245,638 | 61,566,037 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Total revenue | $ 265,318 | $ 231,016 | $ 519,870 | $ 452,029 |
Total costs | 120,041 | 108,813 | 239,328 | 212,442 |
Research and development | 35,334 | 31,600 | 70,344 | 62,394 |
Sales and marketing | 19,154 | 18,563 | 39,083 | 36,628 |
General and administrative | 21,112 | 20,237 | 42,315 | 40,190 |
Depreciation and amortization | 1,489 | 1,320 | 2,982 | 2,807 |
Total costs and expenses | 197,130 | 180,533 | 394,052 | 354,461 |
Operating income | 68,188 | 50,483 | 125,818 | 97,568 |
Other income, net | 914 | 1,041 | 1,910 | 1,184 |
Income before income taxes | 69,102 | 51,524 | 127,728 | 98,752 |
Income tax provision | 16,336 | 11,904 | 21,161 | 20,341 |
Net income | $ 52,766 | $ 39,620 | $ 106,567 | $ 78,411 |
Basic earnings per share | $ 0.86 | $ 0.64 | $ 1.73 | $ 1.26 |
Diluted earnings per share | $ 0.85 | $ 0.63 | $ 1.71 | $ 1.25 |
Weighted average number of shares: | ||||
Basic | 61,421 | 61,862 | 61,523 | 62,036 |
Diluted | 62,118 | 62,432 | 62,305 | 62,599 |
Cloud Subscriptions | ||||
Total revenue | $ 82,361 | $ 60,943 | $ 160,388 | $ 118,163 |
Software License | ||||
Total revenue | 3,061 | 3,745 | 5,871 | 9,097 |
Total costs | 345 | 368 | 677 | 670 |
Maintenance | ||||
Total revenue | 35,273 | 35,826 | 70,245 | 71,476 |
Services | ||||
Total revenue | 136,831 | 124,609 | 269,026 | 240,779 |
Hardware | ||||
Total revenue | 7,792 | 5,893 | 14,340 | 12,514 |
Cloud Subscriptions, Maintenance and Services | ||||
Total costs | $ 119,696 | $ 108,445 | $ 238,651 | $ 211,772 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 52,766 | $ 39,620 | $ 106,567 | $ 78,411 |
Foreign currency translation adjustment, net of tax | 11 | (16) | (716) | 792 |
Comprehensive income | $ 52,777 | $ 39,604 | $ 105,851 | $ 79,203 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities: | ||
Net income | $ 106,567 | $ 78,411 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,982 | 2,807 |
Equity-based compensation | 46,761 | 34,568 |
(Gain) loss on disposal of equipment | (124) | 22 |
Deferred income taxes | (12,519) | (11,038) |
Unrealized foreign currency loss | 610 | 1,577 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (11,153) | (11,024) |
Other assets | (2,088) | (5,825) |
Accounts payable, accrued and other liabilities | (18,082) | (2,593) |
Income taxes | (7,043) | (5,359) |
Deferred revenue | 22,089 | 17,740 |
Net cash provided by operating activities | 128,000 | 99,286 |
Investing activities: | ||
Purchase of property and equipment | (4,538) | (1,675) |
Net cash used in investing activities | (4,538) | (1,675) |
Financing activities: | ||
Repurchase of common stock | (189,546) | (169,115) |
Net cash used in financing activities | (189,546) | (169,115) |
Foreign currency impact on cash | (1,948) | (665) |
Net change in cash and cash equivalents | (68,032) | (72,169) |
Cash and cash equivalents at beginning of period | 270,741 | 225,463 |
Cash and cash equivalents at end of period | $ 202,709 | $ 153,294 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Balance at Dec. 31, 2022 | $ 226,800 | $ 621 | $ 253,711 | $ (27,532) | |
Balance (in shares) at Dec. 31, 2022 | 62,191,570 | ||||
Repurchase of common stock | (169,115) | $ (10) | $ (33,656) | (135,449) | |
Repurchase of common stock (in shares) | (1,108,415) | ||||
Restricted stock units issuance | $ 6 | (6) | |||
Restricted stock units issuance (in shares) | 585,357 | ||||
Excise tax on net stock repurchases | (906) | (906) | |||
Equity-based compensation | 34,568 | 34,568 | |||
Foreign currency translation adjustment | 792 | 792 | |||
Net income | 78,411 | 78,411 | |||
Balance at Jun. 30, 2023 | 170,550 | $ 617 | 196,673 | (26,740) | |
Balance (in shares) at Jun. 30, 2023 | 61,668,512 | ||||
Balance at Mar. 31, 2023 | 181,072 | $ 620 | 207,176 | (26,724) | |
Balance (in shares) at Mar. 31, 2023 | 62,026,840 | ||||
Repurchase of common stock | (67,427) | $ (3) | (17,301) | (50,123) | |
Repurchase of common stock (in shares) | (385,047) | ||||
Restricted stock units issuance (in shares) | 26,719 | ||||
Excise tax on net stock repurchases | (627) | (627) | |||
Equity-based compensation | 17,928 | 17,928 | |||
Foreign currency translation adjustment | (16) | (16) | |||
Net income | 39,620 | 39,620 | |||
Balance at Jun. 30, 2023 | 170,550 | $ 617 | 196,673 | (26,740) | |
Balance (in shares) at Jun. 30, 2023 | 61,668,512 | ||||
Balance at Dec. 31, 2023 | 278,278 | $ 615 | 304,701 | (27,038) | |
Balance (in shares) at Dec. 31, 2023 | 61,566,037 | ||||
Repurchase of common stock | (189,546) | $ (8) | (46,041) | (143,497) | |
Repurchase of common stock (in shares) | (804,804) | ||||
Restricted stock units issuance | $ 5 | (5) | |||
Restricted stock units issuance (in shares) | 484,405 | ||||
Excise tax on net stock repurchases | (715) | (715) | |||
Equity-based compensation | 46,761 | 46,761 | |||
Foreign currency translation adjustment | (716) | (716) | |||
Net income | 106,567 | 106,567 | |||
Balance at Jun. 30, 2024 | 240,629 | $ 612 | 267,771 | (27,754) | |
Balance (in shares) at Jun. 30, 2024 | 61,245,638 | ||||
Balance at Mar. 31, 2024 | 239,607 | $ 615 | 266,757 | (27,765) | |
Balance (in shares) at Mar. 31, 2024 | 61,569,549 | ||||
Repurchase of common stock | (75,712) | $ (3) | (23,957) | (51,752) | |
Repurchase of common stock (in shares) | (346,068) | ||||
Restricted stock units issuance (in shares) | 22,157 | ||||
Excise tax on net stock repurchases | (709) | (709) | |||
Equity-based compensation | 24,666 | $ 24,666 | |||
Foreign currency translation adjustment | 11 | 11 | |||
Net income | 52,766 | 52,766 | |||
Balance at Jun. 30, 2024 | $ 240,629 | $ 612 | $ 267,771 | $ (27,754) | |
Balance (in shares) at Jun. 30, 2024 | 61,245,638 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 52,766 | $ 39,620 | $ 106,567 | $ 78,411 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | 1. Basis of Presentation and Principles of Consolidation Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Manhattan Associates, Inc. and its subsidiaries (the “Company,” “we,” “us,” “our,” or “Manhattan”) have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information, with the instructions to Form 10-Q and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for complete financial statements. In the opinion of management, these condensed consolidated financial statements contain all normal recurring adjustments considered necessary for a fair presentation of our financial position at June 30, 2024, the results of operations for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other interim period. These statements should be read in conjunction with our audited consolidated financial statements and management’s discussion and analysis included in our annual report on Form 10-K for the year ended December 31, 2023 . Principles of Consolidation The accompanying condensed consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. We expect to adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2024. We are currently evaluating the impact the adoption of the new accounting guidance will have on our segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance, among other things, requires additional disclosure primarily related to the income tax rate reconciliation and income taxes paid. We expect to adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2025. We are currently evaluating the impact the adoption of the new accounting guidance will have on our income tax disclosures. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2. Revenue Recognition We recognize revenue when we transfer control of the promised products or services to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. We derive our revenue from cloud subscriptions, software licenses, customer support services and software enhancements (“maintenance”), implementation and training services, and sales of hardware. We exclude sales and usage-based taxes from revenue. Nature of Products and Services Cloud subscriptions includes software as a service (SaaS) and arrangements which provide customers with the right to use our software within a cloud environment that we provide and manage, where the customer does not have the right to take possession of the software without significant penalty. SaaS and hosting revenues are recognized ratably over the contract period. Our perpetual software licenses provide the customer with a right to use the software as it exists at the time of purchase. We recognize revenue for distinct software licenses once the license period has begun and we have made the software available to the customer. Our perpetual software licenses are typically sold with maintenance under which we provide a comprehensive 24 hours per day, 365 days per year program that provides customers with software upgrades, when and if available, which include additional or improved functionality and technological advances incorporating emerging supply chain and industry initiatives. Revenue related to maintenance is generally paid in advance and recognized ratably over the term of the agreement, typically twelve months. Perpetual software license revenue accounts for approximately 1 % of total revenue. Our services revenue consists of fees generated from implementation, training, and application managed services, including reimbursements of out-of-pocket expenses in connection with our implementation services. Implementation services include system planning, design, configuration, testing, and other software implementation support, and are typically optional and distinct from our software. Following implementation, customers who have purchased perpetual licenses may purchase application managed services to support and maintain our software. Fees for our services are separately priced and are generally billed on an hourly basis, and revenue is recognized over time as the services are performed. In certain situations, we render professional services under agreements based upon a fixed fee for portions of or all of the engagement. Revenue related to fixed-fee-based services contracts is recognized over time based on the proportion performed. As part of a complete solution, our customers periodically purchase hardware products developed and manufactured by third parties from us for use with the software licenses purchased from us. These products include computer hardware, radio frequency terminal networks, radio frequency identification (RFID) chip readers, bar code printers and scanners, and other peripherals. As we do not physically control the hardware that we sell, we are acting as an agent in the transaction and recognize our hardware revenue net of related cost. We recognize hardware revenue when control is transferred to the customer upon shipment. Significant Judgments Our contracts with customers typically contain promises to transfer multiple products and services to a customer. Judgment is required to determine whether each product and service is considered to be a distinct performance obligation that should be accounted for separately under the contract. We allocate the transaction price to the distinct performance obligations based on relative standalone selling price (“SSP”). We estimate SSP based on the prices charged to customers, or by using information such as market conditions and other observable inputs. However, the selling price of our cloud subscriptions and software licenses are highly variable. Thus, we estimate SSP for our cloud subscriptions and software licenses using the residual approach, determined based on total transaction price less the SSP of other goods and services promised in the contract. Contract Balances Cloud subscriptions and maintenance for perpetual software licenses are typically billed annually in advance. Timing of invoicing to customers may differ from timing of revenue recognition. Payment terms for our software licenses vary. We have an established history of collecting under the terms of our software license contracts without providing refunds or concessions to our customers. We typically bill our professional services monthly as performed. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined that our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with predictable ways to purchase our software and services, not to provide or receive financing. Additionally, we are applying the practical expedient to exclude from consideration any contracts with payment terms of one year or less as we rarely offer terms extending beyond one year or invoice more than a year in advance. Deferred revenue represents amounts collected prior to having completed performance of cloud subscriptions, maintenance, and professional services. In the three and six months ended June 30, 2024 , we recognized $ 68.3 million and $ 169.7 million of revenue that was included in the deferred revenue balance as of December 31, 2023. In the three months ended June 30, 2024 , we recognized $ 110.5 million of revenue that was included in the deferred revenue balance as of March 31, 2024. Remaining Performance Obligations As of June 30, 2024 , approximately $ 1.6 billion of revenue - over 98 % of which is cloud-native subscriptions - is expected to be recognized from remaining performance obligations (RPO) with a non-cancelable term greater than 1 year (including deferred revenue as well as amounts that are expected to be invoiced and recognized as revenue in future periods). We expect to recognize revenue on approximately 40 % of these remaining performance obligations over the next 24 months with the majority of the remaining balance recognized over the following 36 months. We have elected not to provide disclosures regarding remaining performance obligations for contracts with a term of 1 year or less. Returns and Allowances We have not experienced significant returns or warranty claims to date and, as a result, have not recorded a provision for the cost of returns and product warranty claims. We record an allowance for credit losses utilizing a model of internal historical losses data. In estimating the allowance for credit losses, we considered our historical write-offs, the historical creditworthiness of the customer, and other factors. We also analyzed expected credit losses given future risks in projected economic conditions and future risks of customer collection. Should any of these factors change, the estimates made by us will also change accordingly, which could affect the level of our future allowances. Additions to the allowance for credit losses are recorded in general and administrative expense and were immaterial in all periods presented. Our credit loss reserve was $ 0.9 million as of June 30, 2024 and December 31, 2023. We also reduce accounts receivable with a corresponding reduction in services revenue for the most likely amount of potential service revenue adjustments based on a detailed assessment of accounts receivable. The total amount recorded to services revenue was $ 0.8 million and $ 0.7 million for the three months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023 , we have reduced our accounts receivable balance by $ 3.7 million and $ 4.4 million, respectively, for these potential adjustments. Deferred Commissions We consider sales commissions to be incremental costs of obtaining a contract with a customer. We defer and recognize an asset for sales commissions related to performance obligations with an expected period of benefit of more than one year. We amortize these amounts over the expected benefit period, which we estimate by considering several factors, including the rate of technological change and duration of our customer contracts. Sales commission for renewal contracts are amortized over the related contractual renewal period. We apply the practical expedient to expense sales commissions when the amortization period would have been one year or less. Deferred commissions were $ 39.8 million as of June 30, 2024, of which $ 29.9 million is included in other assets and $ 9.9 million is included in prepaid expenses. Sales commission expense is included in Sales and Marketing expense in the accompanying Consolidated Statements of Income. Amortization of sales commissions was $ 2.6 million and $ 2.3 million for the three months ended June 30, 2024 and 2023, respectively, and $ 5.3 million and $ 4.6 million fo r the six months ended June 30, 2024 and 2023 , respectively. No impairment losses were recognized during the periods. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 3. Fair Value Measurement We measure our investments based on a fair value hierarchy disclosure framework that prioritizes and ranks the level of market price observability used in measuring assets and liabilities at fair value. Market price observability is affected by a number of factors, including the type of asset or liability and its characteristics. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1–Quoted prices in active markets for identical instruments. • Level 2–Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3–Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Investments with maturities of 90 days or less from the date of purchase are classified as cash equivalents; investments with maturities of greater than 90 days from the date of purchase but less than one year are generally classified as short-term investments; and investments with maturities of one year or greater from the date of purchase are generally classified as long-term investments. Unrealized holding gains and losses are reflected as a net amount in a separate component of shareholders’ equity until realized. For the purposes of computing realized gains and losses, cost is determined on a specific identification basis. At June 30, 2024, our cash and cash equivalents were $ 106.7 million and $ 96.0 million, respectively. We had neither short-term investments nor long-term investments at June 30, 2024 . Cash equivalents consist of highly liquid money market funds. For money market funds, we use quoted prices from active markets that are classified at Level 1, the highest level of observable input in the disclosure hierarchy framework. We had no investments classified at Level 2 or Level 3 at June 30, 2024 . |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | 4. Equity-Based Compensation We granted 8,521 and 11,107 restricted stock units (RSUs) during the three months ended June 30, 2024 and 2023 , respectively, and granted 547,849 and 581,333 RSUs during the six months ended June 30, 2024 and 2023, respectively. Equity-based compensation expense related to RSUs was $ 24.7 million and $ 17.9 million during the three months ended June 30, 2024 and 2023, respectively, and $ 46.8 million and $ 34.6 million during the six months ended June 30, 2024 and 2023, respectively. We present below a summary of changes during the six months ended June 30, 2024 in our unvested units of restricted stock: Number of shares/units Outstanding at December 31, 2023 1,376,063 Granted 547,849 Vested ( 484,405 ) Forfeited ( 6,628 ) Outstanding at June 30, 2024 1,432,879 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes Our effective tax rate was 23.6 % and 23.1 % for the three months ended June 30, 2024 and 2023, respectively, and 16.6 % and 20.6 % for the six months ended June 30, 2024 and 2023, respectively. The increase in the effective tax rate for three months ended June 30, 2024 is mainly due to a decrease of a favorable tax contingency reserve settlement. The decrease in the effective tax rate for the six months ended June 30, 2024 is due to an increase of excess tax benefits on restricted stock vesting and a decrease of expense from a favorable tax law change allowing creditability of foreign tax. We apply the provisions for income taxes related to, among other things, accounting for uncertain tax positions and disclosure requirements in accordance with Accounting Standards Classification (ASC) 740, Income Taxes. For the three months ended June 30, 2024, there were no material changes to our uncertain tax positions. We conduct business globally and, as a result, file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, Manhattan is subject to examination by taxing authorities throughout the world. We are no longer subject to U.S. federal, substantially all state and local income tax examinations and substantially all non-U.S. income tax examinations for years before 2010. Under the Inflation Reduction Act of 2022, we are subject to a 1% excise tax on stock repurchases, net of stock issuances, beginning in 2023. We have included the tax in the cost of our stock repurchases as a reduction of shareholders' equity. |
Basic and Diluted Net Income Pe
Basic and Diluted Net Income Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | 6. Basic and Diluted Net Income Per Share Basic net income per share is computed using net income divided by the weighted average number of shares of common stock outstanding (“Weighted Shares”) for the period presented. Diluted net income per share is computed using net income divided by Weighted Shares and the treasury stock method effect of common equivalent shares (CESs) outstanding for each period presented. In the following table, we present a reconciliation of earnings per share and the shares used in the computation of earnings per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands, except per share data) (in thousands, except per share data) Net income $ 52,766 $ 39,620 $ 106,567 $ 78,411 Earnings per share: Basic $ 0.86 $ 0.64 $ 1.73 $ 1.26 Effect of CESs ( 0.01 ) ( 0.01 ) ( 0.02 ) ( 0.01 ) Diluted $ 0.85 $ 0.63 $ 1.71 $ 1.25 Weighted average number of shares: Basic 61,421 61,862 61,523 62,036 Effect of CESs 697 570 782 563 Diluted 62,118 62,432 62,305 62,599 The number of anti-dilutive CESs during the three and six months ended June 30, 2024 and 2023 was immaterial . |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 7. Contingencies From time to time, we may be involved in litigation relating to claims arising out of the ordinary course of business, and occasionally legal proceedings not in the ordinary course. Many of our installations involve products that are critical to the operations of our clients’ businesses. Any failure in one of our products could result in a claim for substantial damages against us, regardless of our responsibility for such failure. Although we attempt to limit contractually our liability for damages arising from product failures or negligent acts or omissions, there can be no assurance that the limitations of liability set forth in our contracts will be enforceable in all instances. We are not currently a party to any legal proceedings the result of which we believe is likely to have a material adverse impact on our business, financial position, results of operations, or cash flows. We expense legal costs associated with loss contingencies as such legal costs are incurred. |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Reportable Segments | 8. Reportable Segments We manage our business by geographic region and have three geographic reportable segments: North and Latin America (the “Americas”); Europe, the Middle East and Africa (EMEA); and Asia Pacific (APAC). All segments derive revenue from the sale and implementation of our supply chain commerce solutions. The individual products sold by the segments are similar in nature and are all designed to help companies manage the effectiveness and efficiency of their supply chain commerce. We use the same accounting policies for each reportable segment. The chief operating decision maker (chief executive officer and chief financial officer) evaluate performance based on revenue and operating results for each reportable segment. The Americas segment charges royalty fees to the other segments based on software licenses and cloud subscriptions sold by those reportable segments. The royalties, which totaled approximately $ 4.6 million and $ 3.1 million for the three months ended June 30, 2024 and 2023, respectively, and $ 9.0 million and $ 6.5 million for the six months ended June 30, 2024 and 2023, respectively, are included in costs of revenue for each segment with a corresponding reduction in the Americas segment’s cost of revenue. The revenues represented below are from external customers only. The geography-based costs consist of costs for professional services personnel, direct sales and marketing expenses, infrastructure costs to support the employee and customer base, billing and financial systems, management and general and administrative support. Certain corporate expenses included in the Americas segment are not charged to the other segments. Such expenses include research and development, certain marketing and general and administrative costs that support the global organization, and the amortization of acquired developed technology. Costs in the Americas segment include all research and development costs, including the costs associated with our operations in India. In accordance with ASC 280, Segment Reporting, we present below certain financial information by reportable segment for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, 2024 2023 Americas EMEA APAC Consolidated Americas EMEA APAC Consolidated Revenue: Cloud subscriptions $ 64,665 $ 15,371 $ 2,325 $ 82,361 $ 49,612 $ 9,782 $ 1,549 $ 60,943 Software license 2,430 362 269 3,061 2,468 501 776 3,745 Maintenance 28,621 4,531 2,121 35,273 28,571 4,902 2,353 35,826 Services 102,469 26,632 7,730 136,831 92,743 25,638 6,228 124,609 Hardware 7,770 22 - 7,792 5,814 79 - 5,893 Total revenue 205,955 46,918 12,445 265,318 179,208 40,902 10,906 231,016 Costs and Expenses: Cost of revenue 89,818 24,810 5,413 120,041 81,356 22,592 4,865 108,813 Operating expenses 69,628 4,673 1,299 75,600 64,356 4,626 1,418 70,400 Depreciation and amortization 1,209 240 40 1,489 1,170 128 22 1,320 Total costs and expenses 160,655 29,723 6,752 197,130 146,882 27,346 6,305 180,533 Operating income $ 45,300 $ 17,195 $ 5,693 $ 68,188 $ 32,326 $ 13,556 $ 4,601 $ 50,483 Six Months Ended June 30, 2024 2023 Americas EMEA APAC Consolidated Americas EMEA APAC Consolidated Revenue: Cloud subscriptions $ 125,797 $ 29,872 $ 4,719 $ 160,388 $ 95,966 $ 19,111 $ 3,086 $ 118,163 Software license 4,259 848 764 5,871 5,054 1,851 2,192 9,097 Maintenance 56,497 9,205 4,543 70,245 56,987 9,760 4,729 71,476 Services 201,584 53,403 14,039 269,026 179,557 49,727 11,495 240,779 Hardware 14,130 210 - 14,340 12,403 111 - 12,514 Total revenue 402,267 93,538 24,065 519,870 349,967 80,560 21,502 452,029 Costs and Expenses: Cost of revenue 178,800 49,896 10,632 239,328 158,723 44,267 9,452 212,442 Operating expenses 139,033 10,106 2,603 151,742 126,724 9,724 2,764 139,212 Depreciation and amortization 2,447 457 78 2,982 2,547 220 40 2,807 Total costs and expenses 320,280 60,459 13,313 394,052 287,994 54,211 12,256 354,461 Operating income $ 81,987 $ 33,079 $ 10,752 $ 125,818 $ 61,973 $ 26,349 $ 9,246 $ 97,568 Cloud subscriptions revenue primarily relates to our Manhattan Active omnichannel, warehouse management solutions, and transportation management solutions for the three and six months ended June 30, 2024. The majority of our software license reve nue (over 80 %) rel ates to our warehouse management product group for the three and six months ended June 30, 2024. At June 30, 2024, total assets for the Americas, EMEA and APAC segments were $ 540.1 million, $ 101.0 million, and $ 24.2 million, r espectively. |
Basis of Presentation and Pri_2
Basis of Presentation and Principles of Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Manhattan Associates, Inc. and its subsidiaries (the “Company,” “we,” “us,” “our,” or “Manhattan”) have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information, with the instructions to Form 10-Q and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for complete financial statements. In the opinion of management, these condensed consolidated financial statements contain all normal recurring adjustments considered necessary for a fair presentation of our financial position at June 30, 2024, the results of operations for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other interim period. These statements should be read in conjunction with our audited consolidated financial statements and management’s discussion and analysis included in our annual report on Form 10-K for the year ended December 31, 2023 . |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. We expect to adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2024. We are currently evaluating the impact the adoption of the new accounting guidance will have on our segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance, among other things, requires additional disclosure primarily related to the income tax rate reconciliation and income taxes paid. We expect to adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2025. We are currently evaluating the impact the adoption of the new accounting guidance will have on our income tax disclosures. |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Changes in Unvested Units of Restricted Stock | We present below a summary of changes during the six months ended June 30, 2024 in our unvested units of restricted stock: Number of shares/units Outstanding at December 31, 2023 1,376,063 Granted 547,849 Vested ( 484,405 ) Forfeited ( 6,628 ) Outstanding at June 30, 2024 1,432,879 |
Basic and Diluted Net Income _2
Basic and Diluted Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings per Share and Shares in Computation of Earnings Per Share | In the following table, we present a reconciliation of earnings per share and the shares used in the computation of earnings per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands, except per share data) (in thousands, except per share data) Net income $ 52,766 $ 39,620 $ 106,567 $ 78,411 Earnings per share: Basic $ 0.86 $ 0.64 $ 1.73 $ 1.26 Effect of CESs ( 0.01 ) ( 0.01 ) ( 0.02 ) ( 0.01 ) Diluted $ 0.85 $ 0.63 $ 1.71 $ 1.25 Weighted average number of shares: Basic 61,421 61,862 61,523 62,036 Effect of CESs 697 570 782 563 Diluted 62,118 62,432 62,305 62,599 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Reportable Segment | In accordance with ASC 280, Segment Reporting, we present below certain financial information by reportable segment for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, 2024 2023 Americas EMEA APAC Consolidated Americas EMEA APAC Consolidated Revenue: Cloud subscriptions $ 64,665 $ 15,371 $ 2,325 $ 82,361 $ 49,612 $ 9,782 $ 1,549 $ 60,943 Software license 2,430 362 269 3,061 2,468 501 776 3,745 Maintenance 28,621 4,531 2,121 35,273 28,571 4,902 2,353 35,826 Services 102,469 26,632 7,730 136,831 92,743 25,638 6,228 124,609 Hardware 7,770 22 - 7,792 5,814 79 - 5,893 Total revenue 205,955 46,918 12,445 265,318 179,208 40,902 10,906 231,016 Costs and Expenses: Cost of revenue 89,818 24,810 5,413 120,041 81,356 22,592 4,865 108,813 Operating expenses 69,628 4,673 1,299 75,600 64,356 4,626 1,418 70,400 Depreciation and amortization 1,209 240 40 1,489 1,170 128 22 1,320 Total costs and expenses 160,655 29,723 6,752 197,130 146,882 27,346 6,305 180,533 Operating income $ 45,300 $ 17,195 $ 5,693 $ 68,188 $ 32,326 $ 13,556 $ 4,601 $ 50,483 Six Months Ended June 30, 2024 2023 Americas EMEA APAC Consolidated Americas EMEA APAC Consolidated Revenue: Cloud subscriptions $ 125,797 $ 29,872 $ 4,719 $ 160,388 $ 95,966 $ 19,111 $ 3,086 $ 118,163 Software license 4,259 848 764 5,871 5,054 1,851 2,192 9,097 Maintenance 56,497 9,205 4,543 70,245 56,987 9,760 4,729 71,476 Services 201,584 53,403 14,039 269,026 179,557 49,727 11,495 240,779 Hardware 14,130 210 - 14,340 12,403 111 - 12,514 Total revenue 402,267 93,538 24,065 519,870 349,967 80,560 21,502 452,029 Costs and Expenses: Cost of revenue 178,800 49,896 10,632 239,328 158,723 44,267 9,452 212,442 Operating expenses 139,033 10,106 2,603 151,742 126,724 9,724 2,764 139,212 Depreciation and amortization 2,447 457 78 2,982 2,547 220 40 2,807 Total costs and expenses 320,280 60,459 13,313 394,052 287,994 54,211 12,256 354,461 Operating income $ 81,987 $ 33,079 $ 10,752 $ 125,818 $ 61,973 $ 26,349 $ 9,246 $ 97,568 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Disaggregation Of Revenue [Line Items] | |||||
Revenue expected to be recognized from remaining performance obligations | $ 1,600,000,000 | $ 1,600,000,000 | |||
Credit loss reserve | 900,000 | $ 900,000 | $ 900,000 | ||
Remaining performance obligation, explanation | We expect to recognize revenue on approximately 40% of these remaining performance obligations over the next 24 months with the majority of the remaining balance recognized over the following 36 months. | ||||
Percentage of expected revenue recognition | 40% | ||||
Other provisions for doubtful accounts valuation allowance | 3,700,000 | $ 3,700,000 | $ 4,400,000 | ||
Revenue, practical expedient, remaining performance obligation, description | We apply the practical expedient to expense sales commissions when the amortization period would have been one year or less. | ||||
Amortization of sales commissions | 2,600,000 | $ 2,300,000 | $ 5,300,000 | $ 4,600,000 | |
Impairment losses | 0 | 0 | |||
Balance as of December 31, 2023 | |||||
Disaggregation Of Revenue [Line Items] | |||||
Deferred revenue recognized | 68,300,000 | 169,700,000 | |||
Balance as of March 31, 2024 | |||||
Disaggregation Of Revenue [Line Items] | |||||
Deferred revenue recognized | 110,500,000 | ||||
Sales Commission | |||||
Disaggregation Of Revenue [Line Items] | |||||
Deferred commissions | 39,800,000 | 39,800,000 | |||
Sales Commission | Other Assets | |||||
Disaggregation Of Revenue [Line Items] | |||||
Deferred commissions | 29,900,000 | 29,900,000 | |||
Sales Commission | Prepaid Expenses | |||||
Disaggregation Of Revenue [Line Items] | |||||
Deferred commissions | $ 9,900,000 | $ 9,900,000 | |||
Cloud Subscriptions | |||||
Disaggregation Of Revenue [Line Items] | |||||
Percentage of remaining performance obligation to be recognized as cloud revenue | 98% | 98% | |||
Perpetual Software License Revenue | Sales Revenue, Net | Product Concentration Risk | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total software revenue, perpetual software license percentage | 1% | ||||
Services | |||||
Disaggregation Of Revenue [Line Items] | |||||
Amount recorded for potential service revenue adjustments | $ 800,000 | $ 700,000 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail 1) | Jun. 30, 2024 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Revenue recognized on remaining performance obligations period | 24 months |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) | Jun. 30, 2024 USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Cash balance | $ 106,700,000 |
Cash equivalents | 96,000,000 |
Level 2 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Investments | 0 |
Level 3 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Investments | $ 0 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted stock expense | $ 24.7 | $ 17.9 | $ 46.8 | $ 34.6 |
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of restricted units granted in the period | 8,521 | 11,107 | 547,849 | 581,333 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Changes in Unvested Units of Restricted Stock (Detail) - Restricted Stock Units - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of units, Outstanding at December 31, 2023 | 1,376,063 | |||
Number of units, Granted | 8,521 | 11,107 | 547,849 | 581,333 |
Number of units, Vested | (484,405) | |||
Number of units, Forfeited | (6,628) | |||
Number of units, Outstanding at March 31, 2024 | 1,432,879 | 1,432,879 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 23.60% | 23.10% | 16.60% | 20.60% |
Basic and Diluted Net Income _3
Basic and Diluted Net Income Per Share - Reconciliation of Earnings per Share and Shares in Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 52,766 | $ 39,620 | $ 106,567 | $ 78,411 |
Earnings per share: | ||||
Basic | $ 0.86 | $ 0.64 | $ 1.73 | $ 1.26 |
Effect of CESs | (0.01) | (0.01) | (0.02) | (0.01) |
Diluted | $ 0.85 | $ 0.63 | $ 1.71 | $ 1.25 |
Weighted average number of shares: | ||||
Basic | 61,421 | 61,862 | 61,523 | 62,036 |
Effect of CESs | 697 | 570 | 782 | 563 |
Diluted | 62,118 | 62,432 | 62,305 | 62,599 |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) Segment | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | Segment | 3 | ||||
Total assets | $ 665,312 | $ 665,312 | $ 673,353 | ||
Warehouse Management Product Group | Product Concentration Risk | Sales Revenue, Net | |||||
Segment Reporting Information [Line Items] | |||||
Percentage of software license revenue | 80% | 80% | |||
Americas | |||||
Segment Reporting Information [Line Items] | |||||
Americas royalty fees | $ 4,600 | $ 3,100 | $ 9,000 | $ 6,500 | |
Total assets | 540,100 | 540,100 | |||
EMEA | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 101,000 | 101,000 | |||
APAC | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ 24,200 | $ 24,200 |
Reportable Segments - Schedule
Reportable Segments - Schedule of Financial Information by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 265,318 | $ 231,016 | $ 519,870 | $ 452,029 |
Cost of revenue | 120,041 | 108,813 | 239,328 | 212,442 |
Operating expenses | 75,600 | 70,400 | 151,742 | 139,212 |
Depreciation and amortization | 1,489 | 1,320 | 2,982 | 2,807 |
Total costs and expenses | 197,130 | 180,533 | 394,052 | 354,461 |
Operating income | 68,188 | 50,483 | 125,818 | 97,568 |
Cloud Subscriptions | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 82,361 | 60,943 | 160,388 | 118,163 |
Software License | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 3,061 | 3,745 | 5,871 | 9,097 |
Cost of revenue | 345 | 368 | 677 | 670 |
Maintenance | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 35,273 | 35,826 | 70,245 | 71,476 |
Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 136,831 | 124,609 | 269,026 | 240,779 |
Hardware | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 7,792 | 5,893 | 14,340 | 12,514 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 205,955 | 179,208 | 402,267 | 349,967 |
Cost of revenue | 89,818 | 81,356 | 178,800 | 158,723 |
Operating expenses | 69,628 | 64,356 | 139,033 | 126,724 |
Depreciation and amortization | 1,209 | 1,170 | 2,447 | 2,547 |
Total costs and expenses | 160,655 | 146,882 | 320,280 | 287,994 |
Operating income | 45,300 | 32,326 | 81,987 | 61,973 |
Americas | Cloud Subscriptions | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 64,665 | 49,612 | 125,797 | 95,966 |
Americas | Software License | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 2,430 | 2,468 | 4,259 | 5,054 |
Americas | Maintenance | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 28,621 | 28,571 | 56,497 | 56,987 |
Americas | Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 102,469 | 92,743 | 201,584 | 179,557 |
Americas | Hardware | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 7,770 | 5,814 | 14,130 | 12,403 |
EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 46,918 | 40,902 | 93,538 | 80,560 |
Cost of revenue | 24,810 | 22,592 | 49,896 | 44,267 |
Operating expenses | 4,673 | 4,626 | 10,106 | 9,724 |
Depreciation and amortization | 240 | 128 | 457 | 220 |
Total costs and expenses | 29,723 | 27,346 | 60,459 | 54,211 |
Operating income | 17,195 | 13,556 | 33,079 | 26,349 |
EMEA | Cloud Subscriptions | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 15,371 | 9,782 | 29,872 | 19,111 |
EMEA | Software License | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 362 | 501 | 848 | 1,851 |
EMEA | Maintenance | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 4,531 | 4,902 | 9,205 | 9,760 |
EMEA | Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 26,632 | 25,638 | 53,403 | 49,727 |
EMEA | Hardware | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 22 | 79 | 210 | 111 |
APAC | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 12,445 | 10,906 | 24,065 | 21,502 |
Cost of revenue | 5,413 | 4,865 | 10,632 | 9,452 |
Operating expenses | 1,299 | 1,418 | 2,603 | 2,764 |
Depreciation and amortization | 40 | 22 | 78 | 40 |
Total costs and expenses | 6,752 | 6,305 | 13,313 | 12,256 |
Operating income | 5,693 | 4,601 | 10,752 | 9,246 |
APAC | Cloud Subscriptions | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 2,325 | 1,549 | 4,719 | 3,086 |
APAC | Software License | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 269 | 776 | 764 | 2,192 |
APAC | Maintenance | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 2,121 | 2,353 | 4,543 | 4,729 |
APAC | Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 7,730 | $ 6,228 | $ 14,039 | $ 11,495 |