Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 26, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
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 | GA | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 61,565,157 | |
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, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 182,312 | $ 225,463 |
Accounts receivable, net of allowance of $5,367 and $6,009, at September 30, 2023 and December 31, 2022, respectively | 183,377 | 166,767 |
Prepaid expenses and other current assets | 27,170 | 23,145 |
Total current assets | 392,859 | 415,375 |
Property and equipment, net | 11,266 | 12,803 |
Operating lease right-of-use assets | 19,976 | 17,794 |
Goodwill, net | 62,228 | 62,230 |
Deferred income taxes | 55,523 | 37,206 |
Other assets | 31,143 | 24,770 |
Total assets | 572,995 | 570,178 |
Current liabilities: | ||
Accounts payable | 25,253 | 25,701 |
Accrued compensation and benefits | 67,187 | 54,469 |
Accrued and other liabilities | 26,429 | 24,569 |
Deferred revenue | 213,440 | 208,807 |
Income taxes payable | 517 | 2,049 |
Total current liabilities | 332,826 | 315,595 |
Operating lease liabilities, long-term | 16,237 | 14,065 |
Other non-current liabilities | 13,827 | 13,718 |
Shareholders' equity: | ||
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2023 and 2022 | ||
Common stock, $0.01 par value; 200,000,000 shares authorized; 61,562,480 and 62,191,570 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 616 | 621 |
Retained earnings | 238,315 | 253,711 |
Accumulated other comprehensive loss | (28,826) | (27,532) |
Total shareholders' equity | 210,105 | 226,800 |
Total liabilities and shareholders' equity | $ 572,995 | $ 570,178 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 5,367 | $ 6,009 |
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 | 61,562,480 | 62,191,570 |
Common stock, shares outstanding | 61,562,480 | 62,191,570 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total revenue | $ 238,441 | $ 198,101 | $ 690,470 | $ 568,981 |
Total costs | 111,439 | 96,158 | 323,881 | 268,231 |
Research and development | 33,093 | 29,375 | 95,487 | 84,754 |
Sales and marketing | 17,650 | 15,742 | 54,278 | 47,881 |
General and administrative | 21,371 | 18,392 | 61,561 | 54,963 |
Depreciation and amortization | 1,440 | 1,664 | 4,247 | 5,157 |
Total costs and expenses | 184,993 | 161,331 | 539,454 | 460,986 |
Operating income | 53,448 | 36,770 | 151,016 | 107,995 |
Other income, net | 1,739 | 1,612 | 2,923 | 4,593 |
Income before income taxes | 55,187 | 38,382 | 153,939 | 112,588 |
Income tax provision | 5,766 | 8,708 | 26,107 | 21,497 |
Net income | $ 49,421 | $ 29,674 | $ 127,832 | $ 91,091 |
Basic earnings per share | $ 0.8 | $ 0.47 | $ 2.07 | $ 1.45 |
Diluted earnings per share | $ 0.79 | $ 0.47 | $ 2.05 | $ 1.43 |
Weighted average number of shares: | ||||
Basic | 61,639 | 62,592 | 61,902 | 62,917 |
Diluted | 62,310 | 63,165 | 62,501 | 63,483 |
Cloud Subscriptions | ||||
Total revenue | $ 65,033 | $ 45,267 | $ 183,196 | $ 124,767 |
Software License | ||||
Total revenue | 3,870 | 6,386 | 12,967 | 19,869 |
Total costs | 297 | 467 | 967 | 1,749 |
Maintenance | ||||
Total revenue | 35,296 | 35,820 | 106,772 | 107,115 |
Services | ||||
Total revenue | 127,965 | 103,425 | 368,744 | 294,284 |
Hardware | ||||
Total revenue | 6,277 | 7,203 | 18,791 | 22,946 |
Cloud Subscriptions, Maintenance and Services | ||||
Total costs | $ 111,142 | $ 95,691 | $ 322,914 | $ 266,482 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 49,421 | $ 29,674 | $ 127,832 | $ 91,091 |
Foreign currency translation adjustment | (2,086) | (3,566) | (1,294) | (8,781) |
Comprehensive income | $ 47,335 | $ 26,108 | $ 126,538 | $ 82,310 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities: | ||
Net income | $ 127,832 | $ 91,091 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,247 | 5,157 |
Equity-based compensation | 53,598 | 44,209 |
Loss (gain) on disposal of equipment | 42 | (20) |
Deferred income taxes | (18,359) | (20,736) |
Unrealized foreign currency loss (gain) | 922 | (2,933) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (17,168) | (23,384) |
Other assets | (7,747) | (9,190) |
Accounts payable, accrued and other liabilities | 13,477 | 20,743 |
Income taxes | (4,347) | (730) |
Deferred revenue | 5,362 | 20,195 |
Net cash provided by operating activities | 157,859 | 124,402 |
Investing activities: | ||
Purchase of property and equipment | (2,761) | (4,152) |
Net cash used in investing activities | (2,761) | (4,152) |
Financing activities: | ||
Repurchase of common stock | (195,716) | (179,029) |
Net cash used in financing activities | (195,716) | (179,029) |
Foreign currency impact on cash | (2,533) | (7,872) |
Net change in cash and cash equivalents | (43,151) | (66,651) |
Cash and cash equivalents at beginning of period | 225,463 | 263,706 |
Cash and cash equivalents at end of period | $ 182,312 | $ 197,055 |
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, 2021 | $ 250,644 | $ 631 | $ 269,841 | $ (19,828) | |
Balance (in shares) at Dec. 31, 2021 | 63,154,494 | ||||
Repurchase of common stock | (179,029) | $ (13) | $ (44,203) | (134,813) | |
Repurchase of common stock (in shares) | (1,361,605) | ||||
Restricted stock units issuance | $ 6 | (6) | |||
Restricted stock units issuance (in shares) | 601,571 | ||||
Equity-based compensation | 44,209 | 44,209 | |||
Foreign currency translation adjustment | (8,781) | (8,781) | |||
Net income | 91,091 | 91,091 | |||
Balance at Sep. 30, 2022 | 198,134 | $ 624 | 226,119 | (28,609) | |
Balance (in shares) at Sep. 30, 2022 | 62,394,460 | ||||
Balance at Jun. 30, 2022 | 208,735 | $ 627 | 233,151 | (25,043) | |
Balance (in shares) at Jun. 30, 2022 | 62,718,513 | ||||
Repurchase of common stock | (51,242) | $ (3) | (14,533) | (36,706) | |
Repurchase of common stock (in shares) | (354,711) | ||||
Restricted stock units issuance (in shares) | 30,658 | ||||
Equity-based compensation | 14,533 | 14,533 | |||
Foreign currency translation adjustment | (3,566) | (3,566) | |||
Net income | 29,674 | 29,674 | |||
Balance at Sep. 30, 2022 | 198,134 | $ 624 | 226,119 | (28,609) | |
Balance (in shares) at Sep. 30, 2022 | 62,394,460 | ||||
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 | (195,716) | $ (11) | (52,477) | (143,228) | |
Repurchase of common stock (in shares) | (1,244,580) | ||||
Restricted stock units issuance | $ 6 | (6) | |||
Restricted stock units issuance (in shares) | 615,490 | ||||
Excise tax accrued | (1,115) | (1,115) | |||
Equity-based compensation | 53,598 | 53,598 | |||
Foreign currency translation adjustment | (1,294) | (1,294) | |||
Net income | 127,832 | 127,832 | |||
Balance at Sep. 30, 2023 | 210,105 | $ 616 | 238,315 | (28,826) | |
Balance (in shares) at Sep. 30, 2023 | 61,562,480 | ||||
Balance at Jun. 30, 2023 | 170,550 | $ 617 | 196,673 | (26,740) | |
Balance (in shares) at Jun. 30, 2023 | 61,668,512 | ||||
Repurchase of common stock | (26,601) | $ (1) | (18,821) | (7,779) | |
Repurchase of common stock (in shares) | (136,165) | ||||
Restricted stock units issuance (in shares) | 30,133 | ||||
Excise tax on net stock repurchases | (209) | (209) | |||
Equity-based compensation | 19,030 | $ 19,030 | |||
Foreign currency translation adjustment | (2,086) | (2,086) | |||
Net income | 49,421 | 49,421 | |||
Balance at Sep. 30, 2023 | $ 210,105 | $ 616 | $ 238,315 | $ (28,826) | |
Balance (in shares) at Sep. 30, 2023 | 61,562,480 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 49,421 | $ 29,674 | $ 127,832 | $ 91,091 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
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 | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023, the results of operations for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022. The results for the three and nine months ended September 30, 2023 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, 2022 . 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. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
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. 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. Managed services account for less than 2 % of our cloud subscription contracts. 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 2 % 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 customer contracts include the sale of multiple SaaS services or licensed products. Judgment is required to determine whether each service or product sold is a distinct performance obligation that should be accounted for separately. We allocate the transaction price to the distinct performance obligations based on relative standalone selling price (SSP). We estimate SSP based on the prices we charge our customers or by using other 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 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. Cloud subscriptions and maintenance are typically billed annually in advance. 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 nine months ended September 30, 2023 , we recognized $ 39.2 million and $ 181.9 million of revenue that was included in the deferred revenue balance as of December 31, 2022. In the three months ended September 30, 2023 , we recognized $ 97.9 million of revenue that was included in the deferred revenue balance as of June 30, 2023. Remaining Performance Obligations As of September 30, 2023, approximately $ 1.3 billion of revenue - approximately 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 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 no t recorded a provision for the cost of returns and product warranty claims. We record an allowance for credit losses 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 $ 2.8 million and $ 0.9 million for the three months ended September 30, 2023 and 2022, respectively, and $ 4.0 million and $ 2.1 million for both the nine months ended September 30, 2023 and 2022. 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 $ 38.0 million as of September 30, 2023, of which $ 28.7 million is included in other assets and $ 9.3 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 $ 2.4 million and $ 1.8 million for the three months ended September 30, 2023 and 2022, respectively, and $ 7.0 million and $ 5.5 million for the nine months ended September 30, 2023 and 2022 , respectively. No impairment losses were recognized during the periods. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023, our cash and cash equivalents were $ 98.4 million and $ 83.9 million, respectively. We had neither short-term investments nor long-term investments at September 30, 2023 . 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, 2023 . |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | 4. Equity-Based Compensation We granted 876 and 2,411 restricted stock units (RSUs) during the three months ended September 30, 2023 and 2022, respectively, and granted 582,209 and 679,540 RSUs during the nine months ended September 30, 2023 and 2022, respectively. Equity-based compensation expense related to RSUs was $ 19.0 million and $ 14.5 million during the three months ended September 30, 2023 and 2022, respectively, and $ 53.6 million and $ 44.2 million during the nine months ended September 30, 2023 and 2022, respectively. We present below a summary of changes during the nine months ended September 30, 2023 in our unvested units of restricted stock: Number of shares/units Outstanding at December 31, 2022 1,427,831 Granted 582,209 Vested ( 615,490 ) Forfeited ( 12,726 ) Outstanding at September 30, 2023 1,381,824 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes Our effective tax rate was 10.4 % and 22.7 % for the three months ended September 30, 2023 and 2022, respectively, and 17.0 % and 19.1 % for the nine months ended September 30, 2023 and 2022, respectively. The decrease in the effective tax rate for three months ended September 30, 2023 is due to a decrease of tax with respect to foreign tax creditability in the United States, allowable United States research and development credits, and favorable return to provision estimates. The decrease in the effective tax rate for the nine months ended September 30, 2023 is due to a decrease of tax with respect to foreign tax creditability in the United States, allowable United States research and development credits, and favorable return to provision estimates offset by a decrease of excess tax benefits on restricted stock vesting. 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, 2023 , our uncertain tax positions increased by a net $ 0.3 million due to the settlement of a tax contingency reserve. 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 | 9 Months Ended |
Sep. 30, 2023 | |
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 nine months ended September 30, 2023 and 2022 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except per share data) (in thousands, except per share data) Net income $ 49,421 $ 29,674 $ 127,832 $ 91,091 Earnings per share: Basic $ 0.80 $ 0.47 $ 2.07 $ 1.45 Effect of CESs ( 0.01 ) - ( 0.02 ) ( 0.02 ) Diluted $ 0.79 $ 0.47 $ 2.05 $ 1.43 Weighted average number of shares: Basic 61,639 62,592 61,902 62,917 Effect of CESs 671 573 599 566 Diluted 62,310 63,165 62,501 63,483 The number of anti-dilutive CESs during the three and nine months ended September 30, 2023 and 2022 was immaterial. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
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 | 9 Months Ended |
Sep. 30, 2023 | |
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 evaluates 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 $ 3.1 million and $ 2.1 million for the three months ended September 30, 2023 and 2022, respectively, and $ 9.7 million and $ 6.6 million for the three and nine months ended September 30, 2023 and 2022, 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 nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, 2023 2022 Americas EMEA APAC Consolidated Americas EMEA APAC Consolidated Revenue: Cloud subscriptions $ 52,846 $ 10,343 $ 1,844 $ 65,033 $ 38,451 $ 5,695 $ 1,121 $ 45,267 Software license 3,502 51 317 3,870 4,686 708 992 6,386 Maintenance 27,951 5,159 2,186 35,296 27,901 5,657 2,262 35,820 Services 96,045 25,594 6,326 127,965 78,479 19,737 5,209 103,425 Hardware 6,220 57 - 6,277 7,157 46 - 7,203 Total revenue 186,564 41,204 10,673 238,441 156,674 31,843 9,584 198,101 Costs and Expenses: Cost of revenue 84,275 22,134 5,030 111,439 73,787 18,117 4,254 96,158 Operating expenses 66,356 4,514 1,244 72,114 58,475 3,731 1,303 63,509 Depreciation and amortization 1,278 141 21 1,440 1,498 144 22 1,664 Total costs and expenses 151,909 26,789 6,295 184,993 133,760 21,992 5,579 161,331 Operating income $ 34,655 $ 14,415 $ 4,378 $ 53,448 $ 22,914 $ 9,851 $ 4,005 $ 36,770 Nine Months Ended September 30, 2023 2022 Americas EMEA APAC Consolidated Americas EMEA APAC Consolidated Revenue: Cloud subscriptions $ 148,812 $ 29,454 $ 4,930 $ 183,196 $ 106,064 $ 15,544 $ 3,159 $ 124,767 Software license 8,556 1,902 2,509 12,967 12,147 5,969 1,753 19,869 Maintenance 84,938 14,919 6,915 106,772 84,984 15,288 6,843 107,115 Services 275,602 75,321 17,821 368,744 222,206 58,670 13,408 294,284 Hardware 18,623 168 - 18,791 22,809 137 - 22,946 Total revenue 536,531 121,764 32,175 690,470 448,210 95,608 25,163 568,981 Costs and Expenses: Cost of revenue 242,998 66,401 14,482 323,881 203,592 52,552 12,087 268,231 Operating expenses 193,080 14,238 4,008 211,326 171,179 12,799 3,620 187,598 Depreciation and amortization 3,825 361 61 4,247 4,625 466 66 5,157 Total costs and expenses 439,903 81,000 18,551 539,454 379,396 65,817 15,773 460,986 Operating income $ 96,628 $ 40,764 $ 13,624 $ 151,016 $ 68,814 $ 29,791 $ 9,390 $ 107,995 Cloud subscriptions revenue primarily relates to our Manhattan Active omnichannel, warehouse management solutions, and transportation management solutions for the nine months ended September 30, 2023. The majority of our software license revenue (over 80 %) r elates to our warehouse management product group for the three and nine months ended September 30, 2023. At September 30, 2023, total assets for the Americas, EMEA and APAC segments were $ 464.4 million, $ 81.3 million, and $ 27.3 million, r espectively. |
Basis of Presentation and Pri_2
Basis of Presentation and Principles of Consolidation (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023, the results of operations for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022. The results for the three and nine months ended September 30, 2023 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, 2022 . |
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. |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Changes in Unvested Units of Restricted Stock | We present below a summary of changes during the nine months ended September 30, 2023 in our unvested units of restricted stock: Number of shares/units Outstanding at December 31, 2022 1,427,831 Granted 582,209 Vested ( 615,490 ) Forfeited ( 12,726 ) Outstanding at September 30, 2023 1,381,824 |
Basic and Diluted Net Income _2
Basic and Diluted Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 nine months ended September 30, 2023 and 2022 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except per share data) (in thousands, except per share data) Net income $ 49,421 $ 29,674 $ 127,832 $ 91,091 Earnings per share: Basic $ 0.80 $ 0.47 $ 2.07 $ 1.45 Effect of CESs ( 0.01 ) - ( 0.02 ) ( 0.02 ) Diluted $ 0.79 $ 0.47 $ 2.05 $ 1.43 Weighted average number of shares: Basic 61,639 62,592 61,902 62,917 Effect of CESs 671 573 599 566 Diluted 62,310 63,165 62,501 63,483 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, 2023 2022 Americas EMEA APAC Consolidated Americas EMEA APAC Consolidated Revenue: Cloud subscriptions $ 52,846 $ 10,343 $ 1,844 $ 65,033 $ 38,451 $ 5,695 $ 1,121 $ 45,267 Software license 3,502 51 317 3,870 4,686 708 992 6,386 Maintenance 27,951 5,159 2,186 35,296 27,901 5,657 2,262 35,820 Services 96,045 25,594 6,326 127,965 78,479 19,737 5,209 103,425 Hardware 6,220 57 - 6,277 7,157 46 - 7,203 Total revenue 186,564 41,204 10,673 238,441 156,674 31,843 9,584 198,101 Costs and Expenses: Cost of revenue 84,275 22,134 5,030 111,439 73,787 18,117 4,254 96,158 Operating expenses 66,356 4,514 1,244 72,114 58,475 3,731 1,303 63,509 Depreciation and amortization 1,278 141 21 1,440 1,498 144 22 1,664 Total costs and expenses 151,909 26,789 6,295 184,993 133,760 21,992 5,579 161,331 Operating income $ 34,655 $ 14,415 $ 4,378 $ 53,448 $ 22,914 $ 9,851 $ 4,005 $ 36,770 Nine Months Ended September 30, 2023 2022 Americas EMEA APAC Consolidated Americas EMEA APAC Consolidated Revenue: Cloud subscriptions $ 148,812 $ 29,454 $ 4,930 $ 183,196 $ 106,064 $ 15,544 $ 3,159 $ 124,767 Software license 8,556 1,902 2,509 12,967 12,147 5,969 1,753 19,869 Maintenance 84,938 14,919 6,915 106,772 84,984 15,288 6,843 107,115 Services 275,602 75,321 17,821 368,744 222,206 58,670 13,408 294,284 Hardware 18,623 168 - 18,791 22,809 137 - 22,946 Total revenue 536,531 121,764 32,175 690,470 448,210 95,608 25,163 568,981 Costs and Expenses: Cost of revenue 242,998 66,401 14,482 323,881 203,592 52,552 12,087 268,231 Operating expenses 193,080 14,238 4,008 211,326 171,179 12,799 3,620 187,598 Depreciation and amortization 3,825 361 61 4,247 4,625 466 66 5,157 Total costs and expenses 439,903 81,000 18,551 539,454 379,396 65,817 15,773 460,986 Operating income $ 96,628 $ 40,764 $ 13,624 $ 151,016 $ 68,814 $ 29,791 $ 9,390 $ 107,995 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue expected to be recognized from remaining performance obligations | $ 1,300,000,000 | $ 1,300,000,000 | ||
Remaining performance obligation, explanation | We expect to recognize revenue on approximately 40% of these remaining performance obligations over the next 24 months with the balance recognized thereafter. | |||
Percentage of expected revenue recognition | 40% | |||
Provision for cost of return and product warranty claims recorded | 0 | $ 0 | ||
Allowance for credit losses recorded to operations | 2,800,000 | $ 900,000 | $ 4,000,000 | $ 2,100,000 |
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 | 2,400,000 | 1,800,000 | $ 7,000,000 | 5,500,000 |
Impairment losses | 0 | $ 0 | 0 | $ 0 |
Balance as of December 31, 2022 | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred revenue recognized | 39,200,000 | 181,900,000 | ||
Balance as of June 30, 2023 | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred revenue recognized | 97,900,000 | |||
Sales Commission | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred commissions | 38,000,000 | 38,000,000 | ||
Sales Commission | Other Assets | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred commissions | 28,700,000 | 28,700,000 | ||
Sales Commission | Prepaid Expenses | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred commissions | $ 9,300,000 | $ 9,300,000 | ||
Cloud Subscriptions | ||||
Disaggregation Of Revenue [Line Items] | ||||
Maximum percentage of managed services | 2% | |||
Percentage of remaining performance obligations expected to be recognized as 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 | 2% |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail 1) | Sep. 30, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01 | |
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, 2023 USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Cash balance | $ 98,400,000 |
Cash equivalents | 83,900,000 |
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 - Summary of Operating L
Leases - Summary of Operating Lease Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Operating lease right-of-use assets | $ 19,976 | $ 17,794 |
LIABILITIES | ||
Operating lease liabilities, long-term | $ 16,237 | $ 14,065 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted stock expense | $ 19 | $ 14.5 | $ 53.6 | $ 44.2 |
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of restricted units granted in the period | 876 | 2,411 | 582,209 | 679,540 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Changes in Unvested Units of Restricted Stock (Detail) - Restricted Stock Units - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of units, Outstanding at December 31, 2022 | 1,427,831 | |||
Number of units, Granted | 876 | 2,411 | 582,209 | 679,540 |
Number of units, Vested | (615,490) | |||
Number of units, Forfeited | (12,726) | |||
Number of units, Outstanding at September 30, 2023 | 1,381,824 | 1,381,824 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 10.40% | 22.70% | 17% | 19.10% |
Uncertain tax positions increased settlement | $ 0.3 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 49,421 | $ 29,674 | $ 127,832 | $ 91,091 |
Earnings per share: | ||||
Basic | $ 0.8 | $ 0.47 | $ 2.07 | $ 1.45 |
Effect of CESs | (0.01) | (0.02) | (0.02) | |
Diluted | $ 0.79 | $ 0.47 | $ 2.05 | $ 1.43 |
Weighted average number of shares: | ||||
Basic | 61,639 | 62,592 | 61,902 | 62,917 |
Effect of CESs | 671 | 573 | 599 | 566 |
Diluted | 62,310 | 63,165 | 62,501 | 63,483 |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Segment | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | Segment | 3 | ||||
Total assets | $ 572,995 | $ 572,995 | $ 570,178 | ||
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 | $ 3,100 | $ 2,100 | $ 9,700 | $ 6,600 | |
Total assets | 464,400 | 464,400 | |||
EMEA | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 81,300 | 81,300 | |||
APAC | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ 27,300 | $ 27,300 |
Reportable Segments - Schedule
Reportable Segments - Schedule of Financial Information by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 238,441 | $ 198,101 | $ 690,470 | $ 568,981 |
Cost of revenue | 111,439 | 96,158 | 323,881 | 268,231 |
Operating expenses | 72,114 | 63,509 | 211,326 | 187,598 |
Depreciation and amortization | 1,440 | 1,664 | 4,247 | 5,157 |
Total costs and expenses | 184,993 | 161,331 | 539,454 | 460,986 |
Operating income | 53,448 | 36,770 | 151,016 | 107,995 |
Cloud Subscriptions | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 65,033 | 45,267 | 183,196 | 124,767 |
Software License | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 3,870 | 6,386 | 12,967 | 19,869 |
Cost of revenue | 297 | 467 | 967 | 1,749 |
Maintenance | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 35,296 | 35,820 | 106,772 | 107,115 |
Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 127,965 | 103,425 | 368,744 | 294,284 |
Hardware | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 6,277 | 7,203 | 18,791 | 22,946 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 186,564 | 156,674 | 536,531 | 448,210 |
Cost of revenue | 84,275 | 73,787 | 242,998 | 203,592 |
Operating expenses | 66,356 | 58,475 | 193,080 | 171,179 |
Depreciation and amortization | 1,278 | 1,498 | 3,825 | 4,625 |
Total costs and expenses | 151,909 | 133,760 | 439,903 | 379,396 |
Operating income | 34,655 | 22,914 | 96,628 | 68,814 |
Americas | Cloud Subscriptions | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 52,846 | 38,451 | 148,812 | 106,064 |
Americas | Software License | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 3,502 | 4,686 | 8,556 | 12,147 |
Americas | Maintenance | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 27,951 | 27,901 | 84,938 | 84,984 |
Americas | Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 96,045 | 78,479 | 275,602 | 222,206 |
Americas | Hardware | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 6,220 | 7,157 | 18,623 | 22,809 |
EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 41,204 | 31,843 | 121,764 | 95,608 |
Cost of revenue | 22,134 | 18,117 | 66,401 | 52,552 |
Operating expenses | 4,514 | 3,731 | 14,238 | 12,799 |
Depreciation and amortization | 141 | 144 | 361 | 466 |
Total costs and expenses | 26,789 | 21,992 | 81,000 | 65,817 |
Operating income | 14,415 | 9,851 | 40,764 | 29,791 |
EMEA | Cloud Subscriptions | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 10,343 | 5,695 | 29,454 | 15,544 |
EMEA | Software License | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 51 | 708 | 1,902 | 5,969 |
EMEA | Maintenance | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 5,159 | 5,657 | 14,919 | 15,288 |
EMEA | Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 25,594 | 19,737 | 75,321 | 58,670 |
EMEA | Hardware | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 57 | 46 | 168 | 137 |
APAC | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 10,673 | 9,584 | 32,175 | 25,163 |
Cost of revenue | 5,030 | 4,254 | 14,482 | 12,087 |
Operating expenses | 1,244 | 1,303 | 4,008 | 3,620 |
Depreciation and amortization | 21 | 22 | 61 | 66 |
Total costs and expenses | 6,295 | 5,579 | 18,551 | 15,773 |
Operating income | 4,378 | 4,005 | 13,624 | 9,390 |
APAC | Cloud Subscriptions | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,844 | 1,121 | 4,930 | 3,159 |
APAC | Software License | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 317 | 992 | 2,509 | 1,753 |
APAC | Maintenance | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 2,186 | 2,262 | 6,915 | 6,843 |
APAC | Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 6,326 | $ 5,209 | $ 17,821 | $ 13,408 |