Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 20, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 | 2Q | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 63,281,836 | |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 246,445 | $ 204,705 |
Accounts receivable, net of allowance of $3,930 and $3,497, at September 30, 2021 and December 31, 2020, respectively | 115,344 | 109,202 |
Prepaid expenses and other current assets | 23,878 | 20,134 |
Total current assets | 385,667 | 334,041 |
Property and equipment, net | 14,272 | 17,903 |
Operating lease right-of-use assets | 27,602 | 31,470 |
Goodwill, net | 62,242 | 62,252 |
Deferred income taxes | 5,939 | 5,760 |
Other assets | 18,561 | 13,986 |
Total assets | 514,283 | 465,412 |
Current liabilities: | ||
Accounts payable | 21,647 | 17,805 |
Accrued compensation and benefits | 51,626 | 41,962 |
Accrued and other liabilities | 20,589 | 21,181 |
Deferred revenue | 136,452 | 114,164 |
Income taxes payable | 2,548 | 1,874 |
Total current liabilities | 232,862 | 196,986 |
Operating lease liabilities, long-term | 23,881 | 27,843 |
Other non-current liabilities | 18,913 | 21,686 |
Shareholders' equity: | ||
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2021 and 2020 | ||
Common stock, $0.01 par value; 200,000,000 shares authorized; 63,281,757 and 63,527,186 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 633 | 635 |
Retained earnings | 257,507 | 236,524 |
Accumulated other comprehensive loss | (19,513) | (18,262) |
Total shareholders' equity | 238,627 | 218,897 |
Total liabilities and shareholders' equity | $ 514,283 | $ 465,412 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 3,930 | $ 3,497 |
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 | 63,281,757 | 63,527,186 |
Common stock, shares outstanding | 63,281,757 | 63,527,186 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Total revenue | $ 169,185 | $ 149,757 | $ 492,149 | $ 439,290 |
Total costs | 71,503 | 65,199 | 216,196 | 203,055 |
Research and development | 23,372 | 20,454 | 70,845 | 63,713 |
Sales and marketing | 14,057 | 11,399 | 41,203 | 34,196 |
General and administrative | 15,928 | 15,536 | 50,579 | 45,666 |
Depreciation and amortization | 1,917 | 2,193 | 6,136 | 6,796 |
Total costs and expenses | 126,777 | 114,781 | 384,959 | 353,426 |
Operating income | 42,408 | 34,976 | 107,190 | 85,864 |
Other (loss) income, net | (42) | (891) | (29) | 371 |
Income before income taxes | 42,366 | 34,085 | 107,161 | 86,235 |
Income tax provision | 5,712 | 9,119 | 17,271 | 19,535 |
Net income | $ 36,654 | $ 24,966 | $ 89,890 | $ 66,700 |
Basic earnings per share | $ 0.58 | $ 0.39 | $ 1.42 | $ 1.05 |
Diluted earnings per share | $ 0.57 | $ 0.39 | $ 1.40 | $ 1.04 |
Weighted average number of shares: | ||||
Basic | 63,363 | 63,524 | 63,514 | 63,541 |
Diluted | 64,238 | 64,427 | 64,339 | 64,298 |
Cloud Subscriptions | ||||
Total revenue | $ 32,196 | $ 21,064 | $ 87,434 | $ 56,827 |
Software License | ||||
Total revenue | 8,461 | 13,233 | 25,122 | 28,649 |
Total costs | 690 | 527 | 1,802 | 1,673 |
Maintenance | ||||
Total revenue | 34,479 | 37,305 | 108,370 | 108,947 |
Services | ||||
Total revenue | 88,172 | 73,470 | 253,234 | 232,654 |
Hardware | ||||
Total revenue | 5,877 | 4,685 | 17,989 | 12,213 |
Cloud Subscriptions, Maintenance and Services | ||||
Total costs | $ 70,813 | $ 64,672 | $ 214,394 | $ 201,382 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 36,654 | $ 24,966 | $ 89,890 | $ 66,700 |
Foreign currency translation adjustment | (294) | 1,589 | (1,251) | (1,546) |
Comprehensive income | $ 36,360 | $ 26,555 | $ 88,639 | $ 65,154 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Net income | $ 89,890 | $ 66,700 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,136 | 6,796 |
Equity-based compensation | 31,333 | 24,068 |
Loss on disposal of equipment | 14 | 15 |
Deferred income taxes | (213) | 2,409 |
Unrealized foreign currency (gain) loss | (949) | 415 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (7,296) | (3,799) |
Other assets | (8,328) | 2,331 |
Accounts payable, accrued and other liabilities | 13,429 | (15,446) |
Income taxes | (2,965) | 547 |
Deferred revenue | 24,029 | 18,832 |
Net cash provided by operating activities | 145,080 | 102,868 |
Investing activities: | ||
Purchase of property and equipment | (2,158) | (1,928) |
Net cash used in investing activities | (2,158) | (1,928) |
Financing activities: | ||
Purchase of common stock | (100,242) | (43,523) |
Net cash used in financing activities | (100,242) | (43,523) |
Foreign currency impact on cash | (940) | (1,841) |
Net change in cash and cash equivalents | 41,740 | 55,576 |
Cash and cash equivalents at beginning of period | 204,705 | 110,678 |
Cash and cash equivalents at end of period | $ 246,445 | $ 166,254 |
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, 2019 | $ 142,278 | $ 635 | $ 159,490 | $ (17,847) | |
Balance (in shares) at Dec. 31, 2019 | 63,456,986 | ||||
Repurchase of common stock | (43,523) | $ (6) | $ (24,062) | (19,455) | |
Repurchase of common stock (in shares) | (561,901) | ||||
Restricted stock units issuance | $ 6 | (6) | |||
Restricted stock units issuance (in shares) | 631,021 | ||||
Equity-based compensation | 24,068 | 24,068 | |||
Foreign currency translation adjustment | (1,546) | (1,546) | |||
Net income | 66,700 | 66,700 | |||
Balance at Sep. 30, 2020 | 187,977 | $ 635 | 206,735 | (19,393) | |
Balance (in shares) at Sep. 30, 2020 | 63,526,106 | ||||
Balance at Jun. 30, 2020 | 152,778 | $ 635 | 173,125 | (20,982) | |
Balance (in shares) at Jun. 30, 2020 | 63,518,968 | ||||
Repurchase of common stock | (368) | (9,012) | 8,644 | ||
Repurchase of common stock (in shares) | (3,963) | ||||
Restricted stock units issuance (in shares) | 11,101 | ||||
Equity-based compensation | 9,012 | 9,012 | |||
Foreign currency translation adjustment | 1,589 | 1,589 | |||
Net income | 24,966 | 24,966 | |||
Balance at Sep. 30, 2020 | 187,977 | $ 635 | 206,735 | (19,393) | |
Balance (in shares) at Sep. 30, 2020 | 63,526,106 | ||||
Balance at Dec. 31, 2020 | 218,897 | $ 635 | 236,524 | (18,262) | |
Balance (in shares) at Dec. 31, 2020 | 63,527,186 | ||||
Repurchase of common stock | (100,242) | $ (7) | (31,328) | (68,907) | |
Repurchase of common stock (in shares) | (759,057) | ||||
Restricted stock units issuance | $ 5 | (5) | |||
Restricted stock units issuance (in shares) | 513,628 | ||||
Equity-based compensation | 31,333 | 31,333 | |||
Foreign currency translation adjustment | (1,251) | (1,251) | |||
Net income | 89,890 | 89,890 | |||
Balance at Sep. 30, 2021 | 238,627 | $ 633 | 257,507 | (19,513) | |
Balance (in shares) at Sep. 30, 2021 | 63,281,757 | ||||
Balance at Jun. 30, 2021 | 212,450 | $ 634 | 231,035 | (19,219) | |
Balance (in shares) at Jun. 30, 2021 | 63,397,603 | ||||
Repurchase of common stock | (20,756) | $ (1) | (10,573) | (10,182) | |
Repurchase of common stock (in shares) | (128,043) | ||||
Restricted stock units issuance (in shares) | 12,197 | ||||
Equity-based compensation | 10,573 | $ 10,573 | |||
Foreign currency translation adjustment | (294) | (294) | |||
Net income | 36,654 | 36,654 | |||
Balance at Sep. 30, 2021 | $ 238,627 | $ 633 | $ 257,507 | $ (19,513) | |
Balance (in shares) at Sep. 30, 2021 | 63,281,757 |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, the results of operations for the three and nine months ended September 30, 2021 and 2020, and cash flows for the nine months ended September 30, 2021 and 2020. The results for the three and nine months ended September 30, 2021 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, 2020. Principles of Consolidation The accompanying condensed consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. New Accounting Pronouncements Adopted in Fiscal Year 2021 Income Taxes In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The new guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating taxes during the quarters and the recognition of deferred tax liabilities for outside basis differences. This guidance also simplifies aspects of the accounting for franchise taxes and changes in tax laws or rates, as well as clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. On January 1, 2021, we adopted this guidance, and the adoption did not have a material impact on our financial statements. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
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-based 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. For contracts that include a perpetual license and hosting services, we generally consider the arrangement as an overall service, recognized over the initial hosting term. The software license fee typically due at the outset of the arrangement is not payable again if the customer renews the hosting services, so that the customer’s option to renew the hosting services is a material right, the revenue from which, if the option is exercised, we will recognize over the applicable renewal 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. Our services revenue consists of fees generated from implementation, training, and application managed services, including reimbursements of out-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 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 software licenses is highly variable. Thus, we estimate SSP for 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 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. Services are typically billed 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. Deferred revenue mainly represents amounts collected prior to having completed performance of cloud subscriptions, maintenance, and professional services. In the three and nine months ended September 30, 2021, we recognized $17.0 million and $99.5 million No revenue was recognized during the three and nine months ended September 30, 2021 from performance obligations that were satisfied in prior periods. Remaining Performance Obligations As of September 30, 2021, approximately $573.7 million of revenue is expected to be recognized from remaining performance obligations for cloud subscriptions, maintenance contracts, and application managed services with a non-cancelable term greater than 1 year (including deferred revenue as well as amounts that will be invoiced and recognized as revenue in future periods). We expect to recognize revenue on approximately 45% of these remaining performance obligations over the next 24 months with the balance recognized thereafter. 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 doubtful accounts based on historical experience of write-offs and a detailed assessment of accounts receivable. Additions to the allowance for credit losses generally represent a sales allowance on services revenue, which are recorded to operations as a reduction to services revenue. The total amount charged to operations was immaterial for both the three months ended September 30, 2021 and 2020, and $2.1 million and $2.7 million for the nine months ended September 30, 2021 and 2020, respectively. Our analysis involved utilizing a model of internal historical losses data. In estimating the allowance for credit losses, we considered the age of the accounts receivable, our historical write-offs, and the historical creditworthiness of the customer, among other factors. Should any of these factors change, the estimates made by us will also change accordingly, which could affect the level of our future allowances. We also analyzed future expected credit losses given ever present changes to future risks in projected economic conditions and future risks of customer collection. 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 apply the practical expedient to expense sales commissions when the amortization period would have been one year or less. Deferred commissions were $21.0 million as of September 30, 2021, of which $15.3 million is included in other assets and $5.7 million is included in prepaid expenses and other current assets. Sales commission expense is included in Sales and Marketing expense in the accompanying Consolidated Statements of Income. Amortization of sales commissions was $1.4 million and $0.8 million for the three months ended September 30, 2021 and 2020, respectively, and $3.7 million and $2.2 million for the nine months ended September 30, 2021 and 2020, respectively. No impairment losses were recognized during the periods. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, our cash and cash equivalents were $232.9 million and $13.5 million, respectively. We had neither short-term investments nor long-term investments at September 30, 2021. 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 September 30, 2021. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | 4. Leases We lease our facilities and some of our equipment under noncancelable operating lease arrangements that expire at various dates through 2029. For a few of our facility leases, we have certain options to extend the lease term for up to 10 years, at our sole discretion. We have no finance leases. We present below the operating lease right-of-use assets and lease liabilities as of September 30, 2021 (in thousands): September 30, 2021 ASSETS Operating lease right-of-use assets $ 27,602 LIABILITIES Operating lease liabilities, current (included in accrued and other liabilities) $ 6,608 Operating lease liabilities, long-term 23,881 Total operating lease liabilities $ 30,489 Aggregate future minimum lease payments under noncancelable operating leases as of September 30, 2021 are as follows (in thousands): Year Ending December 31, 2021 (excluding the nine months ended September 30, 2021) $ 1,932 2022 7,126 2023 6,969 2024 6,385 2025 5,588 Thereafter 7,686 Total minimum payments required 35,686 Less short-term leases - Less imputed interest (5,197 ) Total operating lease liabilities $ 30,489 The total lease cost for the three and nine months ended September 30, 2021 was $2.0 million and $6.0 million, respectively. Total lease cost for the three months ended September 30, 2021 consisted of $1.9 million of operating lease costs, and $0.1 million of short-term lease costs. For the nine months ended September 30, 2021, total lease cost consisted of $5.7 million of operating lease costs, and $0.3 million of short-term lease costs. The total lease cost for the three and nine months ended September 30, 2020 was $2.0 million and $6.0 million, respectively. Total lease cost for the three months ended September 30, 2020 consisted of $1.9 million of operating lease costs, and $0.1 million of short-term lease costs. For the nine months ended September 30, 2020, total lease cost consisted of $5.7 million of operating lease cost, and $0.3 million of short-term lease costs. Our variable lease costs for the three and nine months ended September 30, 2021 and 2020 were immaterial. Other information related to operating leases are as follows: Weighted average remaining lease term 5.3 years Weighted average discount rate 3 % Supplemental cash flow information - operating cash flows (in thousands): Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 5,290 |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 5. Equity-Based Compensation We granted 123,245 and 632 restricted stock units (RSUs) during the three months ended September 30, 2021 and 2020, respectively, and granted 500,073 and 533,099 RSUs during the nine months ended September 30, 2021 and 2020, respectively. Equity-based compensation expense related to RSUs was $10.6 million and $9.0 million during the three months ended September 30, 2021 and 2020, respectively, and $31.3 million and $24.1 million during the nine months ended September 30, 2021 and 2020, respectively. We present below a summary of changes during the nine months ended September 30, 2021 in our unvested units of restricted stock: Number of shares/units Outstanding at December 31, 2020 1,462,864 Granted 500,073 Vested (513,628 ) Forfeited (68,103 ) Outstanding at September 30, 2021 1,381,206 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Our effective tax rate was 13.5% and 26.8% for the three months ended September 30, 2021 and 2020, respectively, and 16.1% and 22.7% for the nine months ended September 30, 2021 and 2020, respectively. The decrease in the effective tax rate for three and nine months ended September 30, 2021 and 2020 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 September 30, 2021, there were material changes to our uncertain tax positions due to statute of limitations expiry for periods that were extended as part of a transfer pricing advance pricing agreement process since completed. There has been no change to our policy that recognizes potential interest and penalties related to uncertain tax positions within our global operations in income tax expense. 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 the U.S. federal, substantially all state and local income tax examinations and substantially all non-U.S. income tax examinations for years before 2010. |
Basic and Diluted Net Income Pe
Basic and Diluted Net Income Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | 7. 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 nine months ended September 30, 2021 and 2020 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in (in thousands, except per share data) Net income $ 36,654 $ 24,966 $ 89,890 $ 66,700 Earnings per share: Basic $ 0.58 $ 0.39 $ 1.42 $ 1.05 Effect of CESs (0.01 ) - (0.02 ) (0.01 ) Diluted $ 0.57 $ 0.39 $ 1.40 $ 1.04 Weighted average number of shares: Basic 63,363 63,524 63,514 63,541 Effect of CESs 875 903 825 757 Diluted 64,238 64,427 64,339 64,298 The number of anti-dilutive CESs during the three and nine months ended September 30, 2021 and 2020 was immaterial. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 8. 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 in the ordinary course of business or other 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. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Operating Segments | 9. Operating 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 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 $1.5 million and $1.0 million for the three months ended September 30, 2021 and 2020, respectively, and $4.4 million and $2.5 million for the nine months ended September 30, 2021, respectively, In accordance with the segment reporting topic of the FASB Accounting Standards Codification, we present below certain financial information by reportable segment Three Months Ended September 30, 2021 2020 Americas EMEA APAC Consolidated Americas EMEA APAC Consolidated Revenue: Cloud subscriptions $ 27,355 $ 4,182 $ 659 $ 32,196 $ 18,112 $ 2,447 $ 505 $ 21,064 Software license 7,065 1,024 372 8,461 11,468 1,048 717 13,233 Maintenance 26,551 5,639 2,289 34,479 29,164 5,630 2,511 37,305 Services 68,421 16,521 3,230 88,172 57,789 12,546 3,135 73,470 Hardware 5,841 36 - 5,877 4,635 50 - 4,685 Total revenue 135,233 27,402 6,550 169,185 121,168 21,721 6,868 149,757 Costs and Expenses: Cost of revenue 55,213 13,185 3,105 71,503 49,300 12,497 3,402 65,199 Operating expenses 48,594 3,554 1,209 53,357 42,634 3,696 1,059 47,389 Depreciation and amortization 1,699 178 40 1,917 1,938 209 46 2,193 Total costs and expenses 105,506 16,917 4,354 126,777 93,872 16,402 4,507 114,781 Operating income $ 29,727 $ 10,485 $ 2,196 $ 42,408 $ 27,296 $ 5,319 $ 2,361 $ 34,976 Nine Months Ended September 30, 2021 2020 Americas EMEA APAC Consolidated Americas EMEA APAC Consolidated Revenue: Cloud subscriptions $ 74,498 $ 10,947 $ 1,989 $ 87,434 $ 49,700 $ 5,746 $ 1,381 $ 56,827 Software license 18,646 5,018 1,458 25,122 23,771 2,487 2,391 28,649 Maintenance 84,000 17,409 6,961 108,370 85,835 16,392 6,720 108,947 Services 195,391 49,482 8,361 253,234 180,227 42,906 9,521 232,654 Hardware 17,819 170 - 17,989 12,149 61 3 12,213 Total revenue 390,354 83,026 18,769 492,149 351,682 67,592 20,016 439,290 Costs and Expenses: Cost of revenue 163,625 42,861 9,710 216,196 153,396 39,267 10,392 203,055 Operating expenses 146,862 12,092 3,673 162,627 129,687 10,561 3,327 143,575 Depreciation and amortization 5,434 571 131 6,136 6,037 617 142 6,796 Total costs and expenses 315,921 55,524 13,514 384,959 289,120 50,445 13,861 353,426 Operating income $ 74,433 $ 27,502 $ 5,255 $ 107,190 $ 62,562 $ 17,147 $ 6,155 $ 85,864 Cloud subscriptions revenue primarily relates to our Manhattan Active omnichannel, warehouse management solutions, and transportation management solutions for the nine months ended September 30, 2021. The majority of our software license revenue relates to our warehouse management product group (over 80%) for the three and nine months ended September 30, 2021. At September 30, 2021, total assets for the Americas, EMEA and APAC segments were $448.3 million, $52.2 million and $13.8 million, respectively. |
Basis of Presentation and Pri_2
Basis of Presentation and Principles of Consolidation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, the results of operations for the three and nine months ended September 30, 2021 and 2020, and cash flows for the nine months ended September 30, 2021 and 2020. The results for the three and nine months ended September 30, 2021 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, 2020. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
New Accounting Pronouncements Adopted in Fiscal Year 2021 | New Accounting Pronouncements Adopted in Fiscal Year 2021 Income Taxes In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The new guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating taxes during the quarters and the recognition of deferred tax liabilities for outside basis differences. This guidance also simplifies aspects of the accounting for franchise taxes and changes in tax laws or rates, as well as clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. On January 1, 2021, we adopted this guidance, and the adoption did not have a material impact on our financial statements. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Summary of Operating Lease Right-of-Use Assets and Lease Liabilities | We present below the operating lease right-of-use assets and lease liabilities as of September 30, 2021 (in thousands): September 30, 2021 ASSETS Operating lease right-of-use assets $ 27,602 LIABILITIES Operating lease liabilities, current (included in accrued and other liabilities) $ 6,608 Operating lease liabilities, long-term 23,881 Total operating lease liabilities $ 30,489 |
Aggregate Future Minimum Lease Payments Under Noncancelable Operating Leases | Aggregate future minimum lease payments under noncancelable operating leases as of September 30, 2021 are as follows (in thousands): Year Ending December 31, 2021 (excluding the nine months ended September 30, 2021) $ 1,932 2022 7,126 2023 6,969 2024 6,385 2025 5,588 Thereafter 7,686 Total minimum payments required 35,686 Less short-term leases - Less imputed interest (5,197 ) Total operating lease liabilities $ 30,489 |
Schedule of Other Information Related to Leases | Other information related to operating leases are as follows: Weighted average remaining lease term 5.3 years Weighted average discount rate 3 % Supplemental cash flow information - operating cash flows (in thousands): Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 5,290 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Changes in Unvested Units of Restricted Stock | We present below a summary of changes during the nine months ended September 30, 2021 in our unvested units of restricted stock: Number of shares/units Outstanding at December 31, 2020 1,462,864 Granted 500,073 Vested (513,628 ) Forfeited (68,103 ) Outstanding at September 30, 2021 1,381,206 |
Basic and Diluted Net Income _2
Basic and Diluted Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Per Share and Shares Used 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 nine months ended September 30, 2021 and 2020 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in (in thousands, except per share data) Net income $ 36,654 $ 24,966 $ 89,890 $ 66,700 Earnings per share: Basic $ 0.58 $ 0.39 $ 1.42 $ 1.05 Effect of CESs (0.01 ) - (0.02 ) (0.01 ) Diluted $ 0.57 $ 0.39 $ 1.40 $ 1.04 Weighted average number of shares: Basic 63,363 63,524 63,514 63,541 Effect of CESs 875 903 825 757 Diluted 64,238 64,427 64,339 64,298 |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Reportable Segment | In accordance with the segment reporting topic of the FASB Accounting Standards Codification, we present below certain financial information by reportable segment Three Months Ended September 30, 2021 2020 Americas EMEA APAC Consolidated Americas EMEA APAC Consolidated Revenue: Cloud subscriptions $ 27,355 $ 4,182 $ 659 $ 32,196 $ 18,112 $ 2,447 $ 505 $ 21,064 Software license 7,065 1,024 372 8,461 11,468 1,048 717 13,233 Maintenance 26,551 5,639 2,289 34,479 29,164 5,630 2,511 37,305 Services 68,421 16,521 3,230 88,172 57,789 12,546 3,135 73,470 Hardware 5,841 36 - 5,877 4,635 50 - 4,685 Total revenue 135,233 27,402 6,550 169,185 121,168 21,721 6,868 149,757 Costs and Expenses: Cost of revenue 55,213 13,185 3,105 71,503 49,300 12,497 3,402 65,199 Operating expenses 48,594 3,554 1,209 53,357 42,634 3,696 1,059 47,389 Depreciation and amortization 1,699 178 40 1,917 1,938 209 46 2,193 Total costs and expenses 105,506 16,917 4,354 126,777 93,872 16,402 4,507 114,781 Operating income $ 29,727 $ 10,485 $ 2,196 $ 42,408 $ 27,296 $ 5,319 $ 2,361 $ 34,976 Nine Months Ended September 30, 2021 2020 Americas EMEA APAC Consolidated Americas EMEA APAC Consolidated Revenue: Cloud subscriptions $ 74,498 $ 10,947 $ 1,989 $ 87,434 $ 49,700 $ 5,746 $ 1,381 $ 56,827 Software license 18,646 5,018 1,458 25,122 23,771 2,487 2,391 28,649 Maintenance 84,000 17,409 6,961 108,370 85,835 16,392 6,720 108,947 Services 195,391 49,482 8,361 253,234 180,227 42,906 9,521 232,654 Hardware 17,819 170 - 17,989 12,149 61 3 12,213 Total revenue 390,354 83,026 18,769 492,149 351,682 67,592 20,016 439,290 Costs and Expenses: Cost of revenue 163,625 42,861 9,710 216,196 153,396 39,267 10,392 203,055 Operating expenses 146,862 12,092 3,673 162,627 129,687 10,561 3,327 143,575 Depreciation and amortization 5,434 571 131 6,136 6,037 617 142 6,796 Total costs and expenses 315,921 55,524 13,514 384,959 289,120 50,445 13,861 353,426 Operating income $ 74,433 $ 27,502 $ 5,255 $ 107,190 $ 62,562 $ 17,147 $ 6,155 $ 85,864 |
Basis of Presentation and Pri_3
Basis of Presentation and Principles of Consolidation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2021 |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Accounting Standards Update [Extensible List] | (ASU) 2019-12 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue recognized in the reporting period from performance obligations satisfied in prior periods | $ 0 | $ 0 | ||
Revenue expected to be recognized from remaining performance obligations | 573,700,000 | $ 573,700,000 | ||
Remaining performance obligation, explanation | We expect to recognize revenue on approximately 45% of these remaining performance obligations over the next 24 months with the balance recognized thereafter. | |||
Percentage of expected revenue recognition | 45.00% | |||
Provision for cost of return and product warranty claims recorded | 0 | $ 0 | ||
Allowance for credit losses recorded to operations | 2,100,000 | $ 2,100,000 | $ 2,700,000 | $ 2,700,000 |
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 | 1,400,000 | 800,000 | $ 3,700,000 | 2,200,000 |
Impairment losses | 0 | $ 0 | 0 | $ 0 |
Balance as of December 31,2020 | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred revenue recognized | 17,000,000 | 99,500,000 | ||
Balance as of June 30, 2021 | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred revenue recognized | 54,200,000 | |||
Sales Commission | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred commissions | 21,000,000 | 21,000,000 | ||
Sales Commission | Other Assets | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred commissions | 15,300,000 | 15,300,000 | ||
Sales Commission | Prepaid Expenses and Other Current Assets | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred commissions | $ 5,700,000 | $ 5,700,000 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail 1) | Sep. 30, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01 | |
Disaggregation Of Revenue [Line Items] | |
Revenue recognized on remaining performance obligations period | 24 months |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) | Sep. 30, 2021USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Cash balance | $ 232,900,000 |
Cash equivalents | 13,500,000 |
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 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Option to extend, lease term | 10 years | |||
Total lease cost | $ 2 | $ 2 | $ 6 | $ 6 |
Operating lease costs | 1.9 | 1.9 | 5.7 | 5.7 |
Short-term lease costs | $ 0.1 | $ 0.1 | $ 0.3 | $ 0.3 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Operating lease right-of-use assets | $ 27,602 | $ 31,470 |
LIABILITIES | ||
Operating lease liabilities, current (included in accrued and other liabilities) | $ 6,608 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent, us-gaap:OtherLiabilitiesCurrent | |
Operating lease liabilities, long-term | $ 23,881 | $ 27,843 |
Total operating lease liabilities | $ 30,489 |
Leases - Aggregate Future Minim
Leases - Aggregate Future Minimum Lease Payments Under Noncancelable Operating Leases (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2021 (excluding the nine months ended September 30, 2021) | $ 1,932 |
2022 | 7,126 |
2023 | 6,969 |
2024 | 6,385 |
2025 | 5,588 |
Thereafter | 7,686 |
Total minimum payments required | 35,686 |
Less imputed interest | (5,197) |
Total operating lease liabilities | $ 30,489 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Leases [Abstract] | |
Weighted average remaining lease term | 5 years 3 months 18 days |
Weighted average discount rate | 3.00% |
Supplemental cash flow information - operating cash flows (in thousands): | |
Operating cash flows for operating leases | $ 5,290 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted stock expense | $ 10.6 | $ 9 | $ 31.3 | $ 24.1 |
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of restricted units granted in the period | 123,245 | 632 | 500,073 | 533,099 |
Summary of Changes in Unvested
Summary of Changes in Unvested Units of Restricted Stock (Detail) - Restricted Stock Units - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of units, Outstanding at December 31, 2020 | 1,462,864 | |||
Number of units, Granted | 123,245 | 632 | 500,073 | 533,099 |
Number of units, Vested | (513,628) | |||
Number of units, Forfeited | (68,103) | |||
Number of units, Outstanding at September 30, 2021 | 1,381,206 | 1,381,206 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 13.50% | 26.80% | 16.10% | 22.70% |
Reconciliation of Earnings Per
Reconciliation of Earnings Per Share and Shares Used in Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 36,654 | $ 24,966 | $ 89,890 | $ 66,700 |
Earnings per share: | ||||
Basic | $ 0.58 | $ 0.39 | $ 1.42 | $ 1.05 |
Effect of CESs | (0.01) | (0.02) | (0.01) | |
Diluted | $ 0.57 | $ 0.39 | $ 1.40 | $ 1.04 |
Weighted average number of shares: | ||||
Basic | 63,363 | 63,524 | 63,514 | 63,541 |
Effect of CESs | 875 | 903 | 825 | 757 |
Diluted | 64,238 | 64,427 | 64,339 | 64,298 |
Operating Segments - Additional
Operating Segments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Segment | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | Segment | 3 | ||||
Total assets | $ 514,283 | $ 514,283 | $ 465,412 | ||
Warehouse Management Product Group | Product Concentration Risk | Sales Revenue, Net | |||||
Segment Reporting Information [Line Items] | |||||
Percentage of software license revenue | 80.00% | 80.00% | |||
Americas | |||||
Segment Reporting Information [Line Items] | |||||
Americas royalty fees | $ 1,500 | $ 1,000 | $ 4,400 | $ 2,500 | |
Total assets | 448,300 | 448,300 | |||
EMEA | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 52,200 | 52,200 | |||
APAC | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ 13,800 | $ 13,800 |
Operating Segments - Schedule o
Operating Segments - Schedule of Financial Information by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 169,185 | $ 149,757 | $ 492,149 | $ 439,290 |
Cost of revenue | 71,503 | 65,199 | 216,196 | 203,055 |
Operating expenses | 53,357 | 47,389 | 162,627 | 143,575 |
Depreciation and amortization | 1,917 | 2,193 | 6,136 | 6,796 |
Total costs and expenses | 126,777 | 114,781 | 384,959 | 353,426 |
Operating income | 42,408 | 34,976 | 107,190 | 85,864 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 135,233 | 121,168 | 390,354 | 351,682 |
Cost of revenue | 55,213 | 49,300 | 163,625 | 153,396 |
Operating expenses | 48,594 | 42,634 | 146,862 | 129,687 |
Depreciation and amortization | 1,699 | 1,938 | 5,434 | 6,037 |
Total costs and expenses | 105,506 | 93,872 | 315,921 | 289,120 |
Operating income | 29,727 | 27,296 | 74,433 | 62,562 |
EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 27,402 | 21,721 | 83,026 | 67,592 |
Cost of revenue | 13,185 | 12,497 | 42,861 | 39,267 |
Operating expenses | 3,554 | 3,696 | 12,092 | 10,561 |
Depreciation and amortization | 178 | 209 | 571 | 617 |
Total costs and expenses | 16,917 | 16,402 | 55,524 | 50,445 |
Operating income | 10,485 | 5,319 | 27,502 | 17,147 |
APAC | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 6,550 | 6,868 | 18,769 | 20,016 |
Cost of revenue | 3,105 | 3,402 | 9,710 | 10,392 |
Operating expenses | 1,209 | 1,059 | 3,673 | 3,327 |
Depreciation and amortization | 40 | 46 | 131 | 142 |
Total costs and expenses | 4,354 | 4,507 | 13,514 | 13,861 |
Operating income | 2,196 | 2,361 | 5,255 | 6,155 |
Cloud Subscriptions | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 32,196 | 21,064 | 87,434 | 56,827 |
Cloud Subscriptions | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 27,355 | 18,112 | 74,498 | 49,700 |
Cloud Subscriptions | EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 4,182 | 2,447 | 10,947 | 5,746 |
Cloud Subscriptions | APAC | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 659 | 505 | 1,989 | 1,381 |
Software License | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 8,461 | 13,233 | 25,122 | 28,649 |
Cost of revenue | 690 | 527 | 1,802 | 1,673 |
Software License | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 7,065 | 11,468 | 18,646 | 23,771 |
Software License | EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,024 | 1,048 | 5,018 | 2,487 |
Software License | APAC | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 372 | 717 | 1,458 | 2,391 |
Maintenance | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 34,479 | 37,305 | 108,370 | 108,947 |
Maintenance | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 26,551 | 29,164 | 84,000 | 85,835 |
Maintenance | EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 5,639 | 5,630 | 17,409 | 16,392 |
Maintenance | APAC | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 2,289 | 2,511 | 6,961 | 6,720 |
Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 88,172 | 73,470 | 253,234 | 232,654 |
Services | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 68,421 | 57,789 | 195,391 | 180,227 |
Services | EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 16,521 | 12,546 | 49,482 | 42,906 |
Services | APAC | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 3,230 | 3,135 | 8,361 | 9,521 |
Hardware | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 5,877 | 4,685 | 17,989 | 12,213 |
Hardware | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 5,841 | 4,635 | 17,819 | 12,149 |
Hardware | EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 36 | $ 50 | $ 170 | 61 |
Hardware | APAC | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 3 |