Manhattan Associates Reports Record Fourth Quarter and Full Year 2016 Performance

ATLANTA, Jan. 31, 2017 -- Leading Supply Chain Commerce Solutions provider Manhattan Associates, Inc. (NASDAQ:MANH) today reported record Q4 GAAP diluted earnings per share for the fourth quarter ended December 31, 2016 of $0.42 compared to $0.36 in Q4 2015, on record Q4 license revenue of $22.1 million and record Q4 total revenue of $147.6 million. Non-GAAP adjusted diluted earnings per share for Q4 2016 was a Q4 record of $0.46 compared to $0.39 in Q4 2015.

“We posted solid fourth quarter and full year financial results marking our 5th consecutive year of record revenue and earnings per share performance. As important, we are very pleased with our strong Q4 and 2nd half license momentum exiting 2016. Demand for our omni-channel, store and distribution management solutions continues to be solid and our associates continue to execute very well serving our customers,” said Eddie Capel, Manhattan Associates President and CEO. “Despite persistent global macro sluggishness and near-term services revenue headwinds, we significantly strengthened our company in 2016 and improved our market leadership position. We are bullish on the market opportunity ahead of us and continue to place significant energy and investment into developing and advancing the world’s leading suite of Supply Chain Commerce solutions to extend our market leadership in 2017 and beyond.”

FOURTH QUARTER 2016 FINANCIAL SUMMARY:

• GAAP diluted earnings per share was $0.42 in Q4 2016, compared to $0.36 in Q4 2015.
  
  
• Adjusted diluted earnings per share, a non-GAAP measure, was $0.46 in Q4 2016, compared to $0.39 in Q4 2015.
  
  
• Consolidated total revenue was $147.6 million in Q4 2016, compared to $141.4 million in Q4 2015. License revenue was $22.1 million in Q4 2016, compared to $20.4 million in Q4 2015.
  
  
• GAAP operating income was $45.4 million in Q4 2016, compared to $39.5 million in Q4 2015.
  
  
• Adjusted operating income, a non-GAAP measure, was $49.7 million in Q4 2016, compared to $43.1 million in Q4 2015.
  
  
• Cash flow from operations was $37.8 million in Q4 2016, compared to $36.1 million in Q4 2015. Days Sales Outstanding was 63 days at December 31, 2016, compared to 60 days at September 30, 2016.
  
  
• Cash and investments totaled $95.6 million at December 31, 2016, compared to $110.8 million at September 30, 2016.
  
  
• During the three months ended December 31, 2016, the Company repurchased 957,470 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $49.9 million. In January 2017, the Board of Directors authorized the Company to repurchase up to an aggregate of $50 million of the Company’s common stock.

FULL YEAR 2016 FINANCIAL SUMMARY:

• GAAP diluted earnings per share for the twelve months ended December 31, 2016 was a record $1.72, compared to $1.40 for the twelve months ended December 31, 2015.  
  
  
• Adjusted diluted earnings per share, a non-GAAP measure, was a record $1.87 for the twelve months ended December 31, 2016, compared to $1.52 for the twelve months ended December 31, 2015.
  
  
• Consolidated revenue for the twelve months ended December 31, 2016, was a record $604.6 million, compared to $556.4 million for the twelve months ended December 31, 2015. License revenue was a record $85.0 million for the twelve months ended December 31, 2016, compared to $78.6 million for the twelve months ended December 31, 2015.  
  
  
• GAAP operating income was a record $194.3 million for the twelve months ended December 31, 2016, compared to $161.4 million for the twelve months ended December 31, 2015.
  
  
• Adjusted operating income, a non-GAAP measure, was a record $210.7 million for the twelve months ended December 31, 2016, compared to $176.4 million for the twelve months ended December 31, 2015. 
  
  
• Cash flow from operations was a record $139.3 million in the twelve months ended December 31, 2016, compared to $120.2 million in the twelve months ended December 31, 2015.
  
  
• During the twelve months ended December 31, 2016, the Company repurchased 2,821,488 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $158.4 million.

SALES ACHIEVEMENTS:

• Recognized license revenue of $1.0 million or more on seven new contracts during Q4 2016.
  
  
• Completed software license wins with new customers such as: Autozone, Blokker, China Logistics, Guzman Gastronomia, Kurt Geiger, Milan Supply Chain Solutions, Sonae and The Warehouse Limited.
  
  
• Expanded relationships with existing customers such as: Alidi, Alloga, Aramark Uniform, Avery Dennison, Buffalo Hospital Supply, Cdiscount, Coach, Costa del Mar, Cotton On, Custom Goods, DICK’S Sporting Goods, Eram, Evine, Federal-Mogul, Fedway, Genco, Gold City Footwear, Goodman, Groupe Dynamite, Harng Central Department Stores, Hastings Deering, Hibbett Sports, Hot Topic, ID Logistics, Leroy Merlin, Northern Safety, Oatey, Olympus, Papa John’s, Redmart, Republic National Distributing Company, Ryder Integrated Logistics, Shaw Industries, Southern Glazer’s Wine & Spirits, STD Petrovich, The Honest Company, Tommy Bahama, Uniform Advantage, United Natural Foods, UPS Supply Chain, US Foods and Vitamin Shoppe.

2017 GUIDANCE

Manhattan Associates provides the following revenue and diluted earnings per share guidance for the full year 2017:

		Guidance Range - 2017 Full Year
	( s in millions, except EPS)	$ Range						% Growth Range
	Total revenue	$	622		$	632		3	%		5	%
	Diluted earnings per share (EPS):
	GAAP EPS	$	1.74		$	1.78		1	%		3	%
	Adjusted EPS(1)	$	1.89		$	1.93		1	%		3	%
	(1) Adjusted EPS is a Non-GAAP measure which excludes the impact of equity-based compensation
	and acquisition-related costs, and the related income tax effects of both.

Manhattan Associates currently intends to publish, in each quarterly earnings release, certain expectations with respect to future financial performance. Those statements, including the guidance provided above, are forward looking. Actual results may differ materially. Those statements, including the guidance provided above, do not reflect the potential impact of mergers, acquisitions or other business combinations that may be completed after the date of the release.

Manhattan Associates will make its earnings release and published expectations available on its website (www.manh.com). Following publication of this earnings release, any expectations with respect to future financial performance contained in this release, including the guidance above, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.

CONFERENCE CALL

The Company’s conference call regarding its fourth quarter and twelve months ended December 31, 2016 financial results will be held today, January 31, 2017, at 4:30 p.m. Eastern Standard Time. Investors are invited to listen to a live webcast of the conference call through the investor relations section of Manhattan Associates' website at www.manh.com. To listen to the live webcast, please go to the website at least 15 minutes before the call to download and install any necessary audio software.

For those who cannot listen to the live broadcast, a replay can be accessed shortly after the call by dialing +1.855.859.2056 in the U.S. and Canada, or +1.404.537.3406 outside the U.S., and entering the conference identification number 43521083 or via the web at www.manh.com. The phone replay will be available for two weeks after the call, and the Internet webcast will be available until Manhattan Associates’ first quarter 2017 earnings release.

GAAP VERSUS NON-GAAP PRESENTATION

The Company provides adjusted operating income, adjusted net income and adjusted diluted earnings per share in this press release as additional information regarding the Company’s historical and projected operating results. These measures are not in accordance with – or alternatives to – GAAP, and may be different from non-GAAP operating income, non-GAAP net income and non-GAAP earnings per share measures used by other companies. The Company believes that the presentation of these non-GAAP financial measures facilitates investors’ ability to understand and compare the Company’s results and guidance, because the measures provide supplemental information in evaluating the operating results of its business, as distinct from results that include items that are not indicative of ongoing operating results, and because the Company believes its peers typically publish similar non-GAAP measures. This release should be read in conjunction with the Company’s Form 8-K earnings release filing for the quarter and twelve months ended December 31, 2016. 

Non-GAAP adjusted operating income, adjusted net income and adjusted diluted earnings per share exclude the impact of equity-based compensation and acquisition-related costs and the amortization thereof – all net of income tax effects. Reconciliations of the Company’s GAAP financial measures to non-GAAP adjustments are included in the supplemental information attached to this release.

ABOUT MANHATTAN ASSOCIATES

Manhattan Associates is a technology leader in supply chain and omni-channel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology and unmatched experience help drive both top-line growth and bottom-line profitability for our customers. 

Manhattan Associates designs, builds and delivers leading edge cloud and on-premise solutions so that across the store, through your network or from your fulfillment center, you are ready to reap the rewards of the omni-channel marketplace. For more information, please visit www.manh.com.

This press release contains “forward-looking statements” relating to Manhattan Associates, Inc.  Forward-looking statements in this press release include the information set forth under “2017 Guidance.” Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: uncertainty about the global economy, delays in product development, competitive pressures, software errors, information security breaches and the risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 and Form 10-Q for the quarter ended June 30, 2016. Manhattan Associates undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results.

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
		Three Months Ended December 31,								Year Ended December 31,
		2016				2015				2016				2015
		(unaudited)				(unaudited)
Revenue:
Software license		$	22,125			$	20,413			$	84,996			$	78,615
Services			111,923				106,982				467,286				428,078
Hardware and other			13,544				14,040				52,275				49,678
Total revenue			147,592				141,435				604,557				556,371
Costs and expenses:
Cost of license			2,419				2,590				10,820				9,938
Cost of services			47,742				46,419				197,475				184,349
Cost of hardware and other			10,710				11,322				41,584				41,141
Research and development			13,183				13,457				54,736				53,859
Sales and marketing			13,617				13,975				48,223				48,615
General and administrative			12,281				12,036				48,322				49,259
Depreciation and amortization			2,284				2,108				9,090				7,764
Total costs and expenses			102,236				101,907				410,250				394,925
Operating income			45,356				39,528				194,307				161,446
Other income, net			416				170				1,800				1,395
Income before income taxes			45,772				39,698				196,107				162,841
Income tax provision			15,855				13,328				71,873				59,366
Net income		$	29,917			$	26,370			$	124,234			$	103,475
Basic earnings per share		$	0.42			$	0.36			$	1.73			$	1.41
Diluted earnings per share		$	0.42			$	0.36			$	1.72			$	1.40
Weighted average number of shares:
Basic			70,742				72,929				71,674				73,443
Diluted			71,148				73,555				72,060				74,038

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
		Three Months Ended December 31,								Year Ended December 31,
		2016				2015				2016				2015
Operating income		$	45,356			$	39,528			$	194,307			$	161,446
Equity-based compensation (a)			4,210				3,441				15,934				14,528
Purchase amortization (b)			108				107				430				432
Adjusted operating income (Non-GAAP)		$	49,674			$	43,076			$	210,671			$	176,406
Income tax provision		$	15,855			$	13,328			$	71,873			$	59,366
Equity-based compensation (a)			1,451				1,216				5,789				5,385
Purchase amortization (b)			37				38				156				160
Adjusted income tax provision (Non-GAAP)		$	17,343			$	14,582			$	77,818			$	64,911
Net income		$	29,917			$	26,370			$	124,234			$	103,475
Equity-based compensation (a)			2,759				2,225				10,145				9,143
Purchase amortization (b)			71				69				274				272
Adjusted net income (Non-GAAP)		$	32,747			$	28,664			$	134,653			$	112,890
Diluted EPS		$	0.42			$	0.36			$	1.72			$	1.40
Equity-based compensation (a)			0.04				0.03				0.14				0.12
Purchase amortization (b)			-				-				-				-
Adjusted diluted EPS (Non-GAAP)		$	0.46			$	0.39			$	1.87			$	1.52
Fully diluted shares			71,148				73,555				72,060				74,038

(a)     Adjusted results exclude all equity-based compensation, to facilitate comparison with our peers and for the other reasons explained in our Current Report on Form 8-K filed with the SEC on the date hereof. Equity-based compensation is included in the following GAAP operating expense lines for the three and twelve months ended December 31, 2016 and 2015:

		Three Months Ended December 31,								Year Ended December 31,
		2016				2015				2016				2015
Cost of services		$	819			$	524			$	3,794			$	2,548
Research and development			567				625				2,489				2,128
Sales and marketing			593				850				2,431				2,577
General and administrative			2,231				1,442				7,220				7,275
Total equity-based compensation		$	4,210			$	3,441			$	15,934			$	14,528

(b)     Adjustments represent purchased intangibles amortization from prior acquisition. Such amortization is excluded from adjusted results to facilitate comparison with our peers, to facilitate comparisons of the results of our core operations from period to period and for the other reasons explained in our Current Report on Form 8-K filed with the SEC on the date hereof.

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
		December 31, 2016				December 31, 2015
ASSETS
Current Assets:
Cash and cash equivalents		$	95,615			$	118,416
Short-term investments			-				10,344
Accounts receivable, net of allowance of $3,595 and $7,031 in 2016 and 2015, respectively			100,285				97,379
Prepaid expenses and other current assets			11,118				10,772
Total current assets			207,018				236,911
Property and equipment, net			19,019				21,176
Goodwill, net			62,228				62,233
Deferred income taxes			2,867				4,648
Other assets			6,008				7,275
Total assets		$	297,140			$	332,243
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	12,052			$	11,219
Accrued compensation and benefits			20,700				29,284
Accrued and other liabilities			12,510				13,853
Deferred revenue			63,457				68,757
Income taxes payable			8,924				4,072
Total current liabilities			117,643				127,185
Other non-current liabilities			10,131				9,566
Shareholders' equity:
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2016 and 2015			-				-
Common stock, $.01 par value; 200,000,000 shares authorized; 70,233,955 and 72,766,383 shares issued and outstanding at December 31, 2016 and   December 31, 2015, respectively			702				728
Retained earnings			184,558				207,070
Accumulated other comprehensive loss			(15,894	)			(12,306	)
Total shareholders' equity			169,366				195,492
Total liabilities and shareholders' equity		$	297,140			$	332,243

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
		Year Ended December 31,
		2016				2015
Operating activities:
Net income		$	124,234			$	103,475
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			9,090				7,764
Equity-based compensation			15,934				14,528
Loss (Gain) on disposal of equipment			30				(30	)
Tax benefit of stock awards exercised/vested			5,209				9,170
Excess tax benefits from equity-based compensation			(5,214	)			(9,147	)
Deferred income taxes			1,797				1,532
Unrealized foreign currency (gain) loss			(393	)			49
Changes in operating assets and liabilities:
Accounts receivable, net			(4,358	)			(12,223	)
Other assets			299				(1,427	)
Accounts payable, accrued and other liabilities			(9,261	)			(1,592	)
Income taxes			6,129				(2,271	)
Deferred revenue			(4,150	)			10,325
Net cash provided by operating activities			139,346				120,153
Investing activities:
Purchases of property and equipment			(6,843	)			(11,492	)
Net maturities (purchases) of short-term investments			10,201				(2,051	)
Net cash provided by (used in) investing activities			3,358				(13,543	)
Financing activities:
Purchase of common stock			(167,933	)			(112,138	)
Proceeds from issuance of common stock from options exercised			18				717
Excess tax benefits from equity-based compensation			5,214				9,147
Net cash used in financing activities			(162,701	)			(102,274	)
Foreign currency impact on cash			(2,804	)			(1,628	)
Net change in cash and cash equivalents			(22,801	)			2,708
Cash and cash equivalents at beginning of period			118,416				115,708
Cash and cash equivalents at end of period		$	95,615			$	118,416

MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION

1.    GAAP and Adjusted earnings per share by quarter are as follows:

		2015																				2016
		1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year				1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year
GAAP Diluted EPS		$	0.31			$	0.35			$	0.38			$	0.36			$	1.40			$	0.38			$	0.46			$	0.47			$	0.42			$	1.72
Adjustments to GAAP:
Equity-based compensation			0.03				0.02				0.05				0.03				0.12				0.04				0.03				0.03				0.04				0.14
Purchase amortization			-				-				-				-				-				-				-				-				-				-
Adjusted Diluted EPS		$	0.34			$	0.37			$	0.42			$	0.39			$	1.52			$	0.42			$	0.49			$	0.50			$	0.46			$	1.87
Fully Diluted Shares			74,607				74,126				73,761				73,555				74,038				73,020				72,228				71,743				71,148				72,060

2.    Revenues and operating income by reportable segment are as follows (in thousands):

		2015																				2016
		1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year				1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year
Revenue:
Americas		$	109,959			$	117,154			$	120,118			$	117,245			$	464,476			$	128,807			$	131,018			$	130,099			$	123,660			$	513,584
EMEA			18,305				17,175				16,829				17,767				70,076				15,686				18,185				15,078				17,333				66,282
APAC			5,259				4,780				5,357				6,423				21,819				5,367				5,689				7,036				6,599				24,691
		$	133,523			$	139,109			$	142,304			$	141,435			$	556,371			$	149,860			$	154,892			$	152,213			$	147,592			$	604,557
GAAP Operating Income:
Americas		$	30,182			$	36,214			$	36,407			$	31,020			$	133,823			$	37,454			$	44,126			$	46,213			$	37,154			$	164,947
EMEA			5,522				4,516				5,909				6,363				22,310				4,439				6,854				4,822				5,945				22,060
APAC			1,160				644				1,364				2,145				5,313				1,206				1,288				2,549				2,257				7,300
		$	36,864			$	41,374			$	43,680			$	39,528			$	161,446			$	43,099			$	52,268			$	53,584			$	45,356			$	194,307
Adjustments (pre-tax):
Americas:
Equity-based compensation		$	3,078			$	2,661			$	5,348			$	3,441			$	14,528			$	4,688			$	3,495			$	3,541			$	4,210			$	15,934
Purchase amortization			106				106				113				107				432				107				108				107				108				430
		$	3,184			$	2,767			$	5,461			$	3,548			$	14,960			$	4,795			$	3,603			$	3,648			$	4,318			$	16,364
Adjusted non-GAAP Operating Income:
Americas		$	33,366			$	38,981			$	41,868			$	34,568			$	148,783			$	42,249			$	47,729			$	49,861			$	41,472			$	181,311
EMEA			5,522				4,516				5,909				6,363				22,310				4,439				6,854				4,822				5,945				22,060
APAC			1,160				644				1,364				2,145				5,313				1,206				1,288				2,549				2,257				7,300
		$	40,048			$	44,141			$	49,141			$	43,076			$	176,406			$	47,894			$	55,871			$	57,232			$	49,674			$	210,671

3.    Our services revenue consists of fees generated from professional services and customer support and software enhancements related to our software products as follows (in thousands):

		2015																				2016
		1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year				1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year
Professional services		$	72,659			$	76,548			$	80,994			$	74,423			$	304,624			$	84,506			$	86,992			$	84,843			$	77,097			$	333,438
Customer support and software enhancements			28,544				30,796				31,555				32,559				123,454				31,757				32,841				34,424				34,826				133,848
Total services revenue		$	101,203			$	107,344			$	112,549			$	106,982			$	428,078			$	116,263			$	119,833			$	119,267			$	111,923			$	467,286

4.    Hardware and other revenue includes the following items (in thousands):

		2015																				2016
		1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year				1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year
Hardware revenue		$	7,730			$	7,080			$	5,462			$	9,243			$	29,515			$	8,761			$	9,554			$	6,543			$	9,070			$	33,928
Billed travel			5,276				4,927				5,163				4,797				20,163				4,229				4,874				4,770				4,474				18,347
Total hardware and other revenue		$	13,006			$	12,007			$	10,625			$	14,040			$	49,678			$	12,990			$	14,428			$	11,313			$	13,544			$	52,275

5.    Impact of Currency Fluctuation

The following table reflects the increases (decreases) in the results of operations for each period attributable to the change in foreign currency exchange rates from the prior period as well as foreign currency gains (losses) included in other income, net for each period (in thousands):

		2015																				2016
		1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year				1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year
Revenue		$	(3,426	)		$	(3,599	)		$	(3,421	)		$	(2,263	)		$	(12,709	)		$	(810	)		$	(474	)		$	(784	)		$	(1,425	)		$	(3,493	)
Costs and expenses			(2,546	)			(3,201	)			(2,820	)			(2,058	)			(10,625	)			(1,292	)			(702	)			(782	)			(1,028	)			(3,804	)
Operating income			(880	)			(398	)			(601	)			(205	)			(2,084	)			482				228				(2	)			(397	)			311
Foreign currency (losses) gains in other income			(86	)			(4	)			213				(199	)			(76	)			165				331				(72	)			211				635
		$	(966	)		$	(402	)		$	(388	)		$	(404	)		$	(2,160	)		$	647			$	559			$	(74	)		$	(186	)		$	946

Manhattan Associates has a large research and development center in Bangalore, India.  The following table reflects the increases (decreases) in the financial results for each period attributable to changes in the Indian Rupee exchange rate (in thousands):

		2015																				2016
		1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year				1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year
Operating income		$	72			$	468			$	571			$	492			$	1,603			$	682			$	459			$	259			$	159			$	1,559
Foreign currency gains (losses) in other income			45				182				423				2				652				(109	)			212				(44	)			159				218
Total impact of changes in the Indian Rupee		$	117			$	650			$	994			$	494			$	2,255			$	573			$	671			$	215			$	318			$	1,777

6.    Other income includes the following components (in thousands):

		2015																				2016
		1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year				1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year
Interest income		$	324			$	335			$	336			$	336			$	1,331			$	335			$	329			$	281			$	216			$	1,161
Foreign currency (losses) gains			(86	)			(4	)			213				(199	)			(76	)			165				331				(72	)			211				635
Other non-operating income (expense)			24				28				55				33				140				20				(6	)			1				(11	)			4
Total other income		$	262			$	359			$	604			$	170			$	1,395			$	520			$	654			$	210			$	416			$	1,800

7.    Capital expenditures are as follows (in thousands):

		2015																				2016
		1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year				1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year
Capital expenditures		$	3,098			$	2,671			$	3,850			$	1,873			$	11,492			$	1,906			$	2,201			$	1,358			$	1,378			$	6,843

8.    Stock Repurchase Activity (in thousands):

		2015																				2016
		1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year				1st Qtr				2nd Qtr				3rd Qtr				4th Qtr				Full Year
Shares purchased under publicly-announced buy-back program			524				458				399				340				1,721				892				552				420				957				2,821
Shares withheld for taxes due upon vesting of restricted stock			212				2				9				3				226				163				-				3				1				167
Total shares purchased			736				460				408				343				1,947				1,055				552				423				958				2,988
Total cash paid for shares purchased under publicly-announced buy-back program		$	26,306			$	25,214			$	25,001			$	25,078			$	101,599			$	48,499			$	34,995			$	24,998			$	49,901			$	158,393
Total cash paid for shares withheld for taxes due upon vesting of restricted stock			9,727				83				508				221				10,539				9,292				26				158				64				9,540
Total cash paid for shares repurchased		$	36,033			$	25,297			$	25,509			$	25,299			$	112,138			$	57,791			$	35,021			$	25,156			$	49,965			$	167,933

Contact:
Dennis Story
Chief Financial Officer
Manhattan Associates, Inc.
770-955-7070
dstory@manh.com

Beverly McDonald
Senior Director, Corporate Marketing
Manhattan Associates, Inc.
678-597-6528
bmcdonald@manh.com