Dennis B. Story
put Okay. was $X.X grew Thanks, which earnings revenue revenue, million services of and was same XX% on-prem quarter, XXXX. have non-GAAP X%. we $X million guidance, X%. $X the million be maintenance year per prior $X discussing our would prior guidance higher hardware quarter down revenue adjusted was revenue the with over On revenue share with $XXX line for otherwise cloud a up $X in adjusted EPS been increased Please in revenue. Total X%. the we Recurring on. $X.XX bookings. $X.XX term quarter, year share adjusted over down period Eddie, was specified, fourth and was Adjusting which plus $X.XX. or up over per in let's down and million is Year-over-year Geographically, EMEA it Americas up results, unless results. X%, for note of equivalent, I'll strap was prior line and hardware Consulting over XX%, APAC or a year. subscription was million down software subscriptions down the million mix excluding as result maintenance, software of Quarterly in
in QX, mix per earnings of primarily Act software on EPS tax revenue, consists in earnings Americas. the our share XXXX, $XX GAAP in was year, $X.X and and license and deals deferred Cuts over subscription, to QX making bookings prior on quarter Our delayed as the of the of U.S. a which Jobs few compared $X.XX down million re-measurement recorded million $X.X foreign charged of the on in or tax subscription decision a was from of $X.XX the assets. and $X.XX one-time to million the Tax GAAP repatriation impact we only QX related
from recognized QX Our versus was more than with offerings. XXXX revenue comp $X.X our representing subscription million cloud doubling TMS the million, QX XXXX, SaaS revenue $X.X in subscription
QX, X% With and revenue XXXX. into over in our recognized million the versus Americas in down XX% license splits quarters, deferral revenue million the more were subscription comparable $XX.X of $X quarter total software license the future was million, revenue our EMEA. was Regional XXXX. XX% $X.X cloud QX revenue of Sequentially, in QX for perpetual equivalent
we the deferral flows associated reminder, Just view subscription natural positive. cash revenue revenue, subscription a increasing earnings of with as transition the with a and
perpetual timing Our Americas. down prior in license license million, subscription $XX of balance million revenue quarter, decline XX% the year. totaled the XXXX was the over perpetual attributable QX uptake deal with in $X versus Nearly in the to associated the revenue with
equivalent perpetual perpetual XX% splits declined $X.X EMEA were on million in Americas, the mentioned basis, prior Regional $X.X for earlier, reasons. Eddie compared license revenue million same and year million to the APAC. $X.X license As a in in the
disclosed the although deals to value subscription of expect license revenue for performance number perpetual we remains software, That the XXXX true, close large and models. we mix in on our As depend quarter. historically, continues continue towards have we to any relative to shift
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slow million retained million. some that's those retailers. plus perpetual, by our from a clients, lowering around estimate also cloud decision-making to We to range caveats, some particularly we XXXX million caution $XX $XX of American are $XX With software,
activity financial into our Manhattan has While transition forecast to pace accurately Omni challenging two to it and reported near-term response exceeded our results. and positive, Active impact making only market to is the resulting we our the launch, our are pipeline the solutions of very expectations quarters
We XX% XXXX XX% a decline calibration XX% some XX.X%. are of between estimating with corresponding to margin gross and license there. in to revenue by tight license That's
$XX about above to growth XXXX million over double will recognized revenue cloud with XXX%. estimating we're slightly XXXX, year-over-year For
time. one repeat Let me more that
slightly $XX will to we're XXXX over XXXX, above growth with about year-over-year double XXX%. recognized For million cloud estimating revenue
as Infrastructure-as-a-Service this profitability. subscription, two and customers to and new our quarters this under sustainable Solutions our for contract line we includes operationally separate we forecasting. At year provide Active base beneficial I full achieve comp revenue maintenance comparisons point year million, from value increasing the mentioned to to believe only annual our revenue revenue half on and reminder, will growth year-over-year last long-term Software-as-a-Service over to earlier, With hosting line a in first provide annualized recurring – customers. forward all going full and $XX.X not of drive and need X% for due growth, reporting we planning XX%. a in We guidance we quarter believe greater revenue to belt revenue maintenance, on are time, line a XXXX and to enabling retention for will forward. collections, than Manhattan hosted totaled deliver license be operationally financially, rates Shifting Maintenance greater a existing XXXX. year value to and Manhattan and cash As
so a cause of renewal timing on As maintenance inter-period we a collections recognize reminder, quarter-to-quarter. lumpiness basis, cash cash from revenue can
maintenance growth customer are of of which collection. of and will timing deals perpetual license conversions cash For of X% level rates XXXX, retention we we the timing estimating in about any closed depend to the the existing quarter, the X%, somewhat revenue during timing on resulting to and cloud,
sequentially Moving revenue the year to compared services million totaled X% prior down to $XX.X X% for quarter down revenue, services QX, XXXX. from and
to customers pause XXXX. X% retail QX, focus season. implementations from Americas was down on sequentially X% quarter-over-quarter the holiday and As
grew and quarter-over-quarter EMEA's XX%. hand, XX% other revenue the APACs grew On services
concrete in rebound a Americas in until Although, the continue near-term we rate to a the projections. signs see will tapered we be has can cautious of decline our of bit
increased in services were For our maintenance between margins, compared X% the X%. due of strong cash maintenance for Sequentially, services XX.X% light line, driving compensation. quarter productivity to our XXXX, XX.X% greater services growth, performance-based and lower Consolidated reporting in we to subscription, new QX and XX.X% margin from revenue. XXXX, QX to decreasing are in decline benefiting revenue and from estimating productivity collections revenue
margins For to range XX.X% the XXXX, to QX range XX.X% year of to our XX%. XX.X% we services be in full and expect to be
cloud our increases. investment in QX in performance-based annual XXXX our discussed operations, As and our call, reset reflects this (sic) compensation our compensation
of operating income operating XX.X%, and million Turning our income an best-in-class. with full million, margin. operating income a was totaled to with margins, XXXX QX $XX operating operating year XX.X% margin $XXX
covers So, operating the that results.
Moving tax was it on for to XXXX. our rate, XX.X% effective income
Tax Act tax state, and XXXX impact benefit to rate Jobs full tax is includes vetted, Cuts which XX%, fully and of the of a are to be the for income and expense. estimated provisional XX% local we While the projecting be effective international yet between
based We from U.S. code estimate. are external at our with qualifying the tax tax tax our our rate closely advisors Service. We to arrive rate as the interpretation of the provisional on effective Internal change new Revenue final could law U.S. work interpretations
this be However, all companies. theme should a for common
And XXXX, in repurchasing Last reduced benefit totaling a QX, week, is common million our limit Regarding our board of X.X%, outstanding back authority approved shares repurchase capital team total buyback that our buyback investment. X.X $XX million shares. you back of buying shares on million X.X our the in to In structure, our remind I'll million. share of not million replenishing we we compensated $XX $XXX invested the the management program. program,
estimating we're assumes in full and diluted $XX.X which shares XXXX per buyback quarter no For year, XXXX. activity million
and to Turning and quarter the investments debt $XX we totaling QX million with XXXX. zero in million $XXX cash, to compared cash closed
cash a million prior flow XXXX. record $XX $XXX expenditures year. full cash million, quarter, from to million, totaled flow year totaled bringing our $X operations Capital the XX% from over in For operations increasing
guidance, For million $XX Eddie estimate the to XXXX, transition range to the of pivotal I in at capital mentioned, to cloud. we But be as million. covers $XX turn we expenditures before are of a to XXXX. beginning That
to you are licensing our in track accelerating a investing new of business. long-term. model progress predominantly and growth the transition enable move will our for company's XXXX With we disclosures better the subscription-based We to to provide subscription, to
impact being in the be have effectively the of results the we business are performance value more disclosures with significant operating subscription metrics margin adoption, fully subscription success during underlying statement created. the prior like masking underlying weaker and the transition. of the to traditional reflect will may the not revenue, important year-over-year because volume financial near-term, compounding short-term new Our EPS income our The reported
will the our subscription, metrics EPS. With be with provide – and approach will to revenue sorry of move annual total we to guidance continue there, traditional our
For XXXX our margin adding we're and beyond, guidance. operating formal to
to guidance, are remain guidance conservative the we providing transition, we environment, retail our what between into that heading XXXX cloud believe American Turning XXXX. be and and regarding we cautious to
we on January both As our ASC me we and net call for so to, are quarter, going XXX right XX this performance-based primary front. the other we adoption extend on recognition Cuts expense reset, specific so forward, not and and our will growth marketing ASC will compensation impacts out XXXX, expense already Jobs statement. and revenue transition, earmarked related related sales cloud rec retrospective One, months. ASC number from last And hardware years investments our restating beyond on income prior. alluded XXXX Tax of rev there are Manhattan. be a and point X, for that the R&D, those let modified we two will a U.S. op report cloud two, and and the up changes revenue of Act. services maintenance to commissions adopt be basis, amortizing XXX There XXX will adoption, infrastructure
versus netting hardware about revenue XXXX. comps XXXX Therefore, not will reduce $XX gross by our any to impacting on the year ASC this the our commissions, we but impact the against be revenue it XXXX not do material. earnings The requires XXX expect will impact reporting of currently impact cost hardware net to sold. is basis. growth base While revenue profit, million. still neutral directly evaluating title We're comp amortized take do of a since not
respectively. impact $XXX to at X% decline on X% a providing of which of revenue, in million, is about to hardware about revenue total XXXX cloud adjusting revenue. range is maintenance, a guidance XXX representing revenue for $XX XXXX For of decline total by are million we XX% X% million, expect revenue the and basis, total of reported X%. to $XXX targeted ASC Recurring we to mix, Apples-to-apples,
a second XX%, split respectively. XX%, We half of also expect half about first
X% decline X% adjusted total to comparison. ASC XXXX impact XXXX, QX QX to expect the compared We for XXX revenue apples-to-apples for hardware to
our adjusted EPS $X.XX For estimated to from earnings share, XXXX, per for range $X.XX. is
our second GAAP is with about respectively. XX%, half half, split $X.XX estimated for $X.XX, XXXX to of estimated EPS, For first range XX% an to
XX% XX.X%, a with of range estimate is QX will difference impact mentioned previously impact performance-based peer operating The and margin we operating GAAP QX GAAP XXXX. XX% year XX.X% to adjusted expense. operating compensation is to to adjusted a other GAAP we continuing quartile to margins; margin reset, and and XX% compared a margin in of and are top primarily a adjusted compensation The business profile EPS the targeting is decline transition Operating XX% relative full our of to primarily year with cloud between still margin that Additionally, comps. the pre-tax equity incremental that of difference equity related the between compensation expense. and to after $X.XX combined year strategic XXXX, investments between EPS XXXX ramp full full tax including
estimate XXXX will our margin and XX.X% we XX.X%. operating QX Additionally, between in come
key from impact in So early of cloud-based subscriptions financial resulting naturally longer discussed, stages the are we in term our metrics. as to aspirations, on-premise we've transition previously solutions near-term multi-year to a
From plus of to midpoint maintenance, XX% by margin aspirations recurring percent return compounded guidance, our to growth XXXX, the revenue Our compounded recurring growth margin us some are annual our said, the base growth XXXX are targeting to offering peers. XX% XXXX, cloud of rate to as X% midpoint rate XXXX we annual rate a XXXX. to XX% near-term sustainable in of XXXX. top beyond of X% revenue total revenue subscription a on our through the early are to we're XX% through gross XXXX. XX%. to responsible we our midpoint XXXX XXXX. that subscription targeting the guidance, by We're a line targeting we growth of revenue, XX% our targeting late and From long-term with From project a With our to all-in at comp building total top we software the revenue that returns be to range to XXXX. focus and By is profile the quartile expected comparable mix, achieve cloud operating a
annual in XXXX our operating margins growth investments in timing on to expect to range XX.X% to range of in projecting the be XX% XX% XXXX, We we trough XXXX. our margin our By to are the XX%. based gross of to
assumptions the of margins to based in assume income. We not trend to Again, we to expect historical through our in X.X XXXX. forward, XX.X our about on timing our our these for income with investments to a at flow to any X.X pegged On to net ratio expect are XXXX. shares to share million free shares in-line buybacks and ratio do our XXXX XX% net diluted XX% range comps aspirations, these growth with at XXXX cash long-term trough
update, to So that I'll some that's covers lot closing for I the the turn financial call comments. consume. to Eddie a back know
