Manhattan Associates Reports Third Quarter Results

About this update from Manhattan Associates, Inc.

RPO Bookings Increased 23% over Prior Year ATLANTA --(BUSINESS WIRE)-- Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $275.8 million for the third quarter ended September 30, 2025 . GAAP diluted earnings per share for Q3 2025 was $0.96 compared to $1.03 in Q3 2024. Non-GAAP adjusted diluted earnings per share for Q3 2025 was $1.36 compared to $1.35 in Q3 2024. “Manhattan delivered record third quarter and year-to-date results. Solid demand drove cloud revenue growth of 21% and better than expected services revenue generation in the quarter,” said Manhattan Associates president and CEO Eric Clark . “We are optimistic about our expanding market opportunity. To capitalize on this, we are making targeted investments in our people, enhancing our industry-leading solutions, and developing processes designed to increase the adoption of Manhattan Active solutions across our customer base,” Mr. Clark concluded. THIRD QUARTER 2025 FINANCIAL SUMMARY: Consolidated total revenue was $275.8 million for Q3 2025, compared to $266.7 million for Q3 2024. Cloud subscription revenue was $104.9 million for Q3 2025, compared to $86.5 million for Q3 2024. License revenue was $1.4 million for Q3 2025, compared to $3.8 million for Q3 2024. Services revenue was $133.0 million for Q3 2025, compared to $137.0 million for Q3 2024. GAAP diluted earnings per share was $0.96 for Q3 2025, compared to $1.03 for Q3 2024. Adjusted diluted earnings per share, a non-GAAP measure, was $1.36 for Q3 2025, compared to $1.35 for Q3 2024. GAAP operating income was $75.8 million for Q3 2025, compared to $75.1 million for Q3 2024. Adjusted operating income, a non-GAAP measure, was $103.4 million for Q3 2025, compared to $98.9 million for Q3 2024. Cash flow from operations was $93.1 million for Q3 2025, compared to $62.3 million for Q3 2024. Days Sales Outstanding was 73 days at September 30, 2025 , compared to 70 days at June 30, 2025 . Cash totaled $263.6 million at September 30, 2025 , compared to $230.6 million at June 30, 2025 . During the three months ended September 30, 2025 , the Company repurchased 233,425 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $49.9 million . In October 2025 , our Board of Directors replenished the Company’s remaining share repurchase authority to an aggregate of $100.0 million of our common stock. NINE MONTH 2025 FINANCIAL SUMMARY: Consolidated total revenue for the nine months ended September 30, 2025 , was $811.0 million , compared to $786.6 million for the nine months ended September 30, 2024 . Cloud subscription revenue was $299.6 million for the nine months ended September 30, 2025 , compared to $246.9 million for the nine months ended September 30, 2024 . License revenue was $12.2 million for the nine months ended September 30, 2025 , compared to $9.6 million for the nine months ended September 30, 2024 . Services revenue was $383.0 million for the nine months ended September 30, 2025 , compared to $406.0 million for the nine months ended September 30, 2024 . GAAP diluted earnings per share for the nine months ended September 30, 2025 , was $2.75 , compared to $2.74 for the nine months ended September 30, 2024 . Adjusted diluted earnings per share, a non-GAAP measure, was $3.85 for the nine months ended September 30, 2025 , compared to $3.55 for the nine months ended September 30, 2024 . GAAP operating income was $212.8 million for the nine months ended September 30, 2025 , compared to $200.9 million for the nine months ended September 30, 2024 . Adjusted operating income, a non-GAAP measure, was $295.7 million for the nine months ended September 30, 2025 , compared to $271.5 million for the nine months ended September 30, 2024 . Cash flow from operations was $242.4 million for the nine months ended September 30, 2025 , compared to $190.3 million for the nine months ended September 30, 2024 . During the nine months ended September 30, 2025 , the Company repurchased 1,035,094 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $199.5 million . In October 2025 , our Board of Directors replenished the Company’s remaining share repurchase authority to an aggregate of $100.0 million of our common stock. 2025 GUIDANCE Manhattan Associates provides the following revenue, operating margin, and diluted earnings per share guidance for the full year 2025: Guidance Range - 2025 Full Year ($'s in millions, except operating margin and EPS) $ Range % Growth Range Total revenue $1,073 $1,077 3% 3% Operating Margin: GAAP operating margin 25.0% 25.2% Equity-based compensation 10.1% 10.1% Unusual health insurance claim(3) 0.2% 0.2% Restructuring expense(4) 0.2% 0.2% Adjusted operating margin(1) 35.5% 35.7% Diluted earnings per share (EPS): GAAP EPS $3.43 $3.45 -2% -2% Equity-based compensation 1.52 1.52 Excess tax benefit on stock vesting(2) (0.06) (0.06) Unusual health insurance claim(3) 0.02 0.02 Restructuring expense(4) 0.04 0.04 Adjusted EPS(1) $4.95 $4.97 5% 5% (1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based compensation, expense related to an unusual health insurance claim, restructuring expense, and the related income tax effects, if applicable. (2) The Company expects the excess tax benefit on stock vesting to occur primarily in the first quarter of 2025. (3) Adjustment represents expense for an unusual health insurance claim, net of insurance recoveries. Based on the uncommonly large magnitude and nature of the claim, we do not believe that this expense reflects our normal operating activities, and we have excluded the amount from adjusted non-GAAP results. (4) In January 2025 , the Company eliminated about 100 positions to align our services capacity with customer demand, which has been impacted by macro-economic uncertainty. We recorded a pre-tax restructuring expense in 2025 and exclude the amount from adjusted non-GAAP results. Manhattan Associates currently intends to make public certain expectations with respect to future financial performance. Those statements, including the guidance provided above, are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below. Manhattan Associates will make this earnings release and a recording of the conference call referenced below available on the investor relations section of the Manhattan Associates website at ir.manh.com . Following publication of this earnings release, any expectations with respect to future financial performance contained in this release or the conference call, including the guidance, should be considered historical only, and Manhattan Associates disclaims any obligation to update them. CONFERENCE CALL Manhattan Associates’ conference call regarding its third quarter financial results will be held today, October 21, 2025 , at 4:30 p.m. Eastern Time . The Company will also discuss its business and expectations for the year and next quarter in additional detail during the call. We invite investors to a live webcast of the conference call through the Investor Relations section of the Manhattan Associates website at ir.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. The Internet webcast will be available until Manhattan Associates’ fourth quarter 2025 earnings release. GAAP VERSUS NON-GAAP PRESENTATION Manhattan Associates provides adjusted operating income and margin, adjusted income tax provision, 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 similarly titled non-GAAP measures used by other companies. The Company believes 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 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 three and nine months ended September 30, 2025 . Non-GAAP adjusted operating income and margin, adjusted income tax provision, adjusted net income, and adjusted diluted earnings per share exclude the impact of equity-based compensation, an expense related to an unusual health insurance claim, and restructuring expense – net of income tax effects, collectively. They also exclude the tax benefits or deficiencies of vested stock awards caused by differences in the amount deductible for tax purposes from the compensation expense recorded for financial reporting purposes. We include reconciliations of the Company’s GAAP financial measures to non-GAAP adjustments in the supplemental information attached to this release. ABOUT MANHATTAN ASSOCIATES Manhattan Associates is a global technology leader in supply chain and omnichannel 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 solutions so that across the store, through your network, or from your fulfillment center, you are ready to reap the rewards of the omnichannel 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, without limitation, the information set forth under “2025 Guidance” and statements identified by words such as “may,” “expect,” “forecast,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “project,” “estimate,” and similar expressions. Prospective investors are cautioned that any of those 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 those forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by those forward-looking statements are: economic conditions, including disruption and transformation in the retail sector and our vertical markets; delays in product development; competitive and pricing pressures; software errors and information technology failures, disruption and security breaches; risks related to our products’ technology and customer implementations; global instability, including the wars in Ukraine and the Middle East ; and the other risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 , and in Item 1A of Part II in subsequent Quarterly Reports on Form 10-Q. 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 September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) Revenue: Cloud subscriptions $104,852 $86,485 $299,580 $246,873 Software license 1,356 3,762 12,176 9,633 Maintenance 30,492 34,491 97,693 104,736 Services 133,007 137,009 383,033 406,035 Hardware 6,088 4,934 18,521 19,274 Total revenue 275,795 266,681 811,003 786,551 Costs and expenses: Cost of cloud subscriptions, maintenance and services 119,604 118,269 349,883 356,920 Cost of software license 208 391 711 1,068 Research and development 36,360 34,349 106,529 104,693 Sales and marketing 18,057 16,586 59,097 55,669 General and administrative 24,078 20,308 74,273 62,623 Depreciation and amortization 1,660 1,688 4,785 4,670 Restructuring expense - - 2,937 - Total costs and expenses 199,967 191,591 598,215 585,643 Operating income 75,828 75,090 212,788 200,908 Other income, net 2,604 1,312 4,656 3,222 Income before income taxes 78,432 76,402 217,444 204,130 Income tax provision 19,799 12,621 49,449 33,782 Net income $58,633 $63,781 $167,995 $170,348 Basic earnings per share $0.97 $1.04 $2.77 $2.77 Diluted earnings per share $0.96 $1.03 $2.75 $2.74 Weighted average number of shares: Basic 60,381 61,169 60,620 61,404 Diluted 60,954 61,948 61,183 62,186 Reconciliation of Selected GAAP to Non-GAAP Measures (in thousands, except per share amounts) Three Months Ended September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 Operating income $75,828 $75,090 $212,788 $200,908 Equity-based compensation (a) 27,577 23,853 80,678 70,614 Unusual health insurance claim (c) - - (658) - Restructuring expense (d) - - 2,937 - Adjusted operating income (Non-GAAP) $103,405 $98,943 $295,745 $271,522 Income tax provision $19,799 $12,621 $49,449 $33,782 Equity-based compensation (a) 3,253 3,683 10,749 10,967 Tax benefit of stock awards vested (b) 321 579 3,924 9,063 Unusual health insurance claim (c) - - (159) - Restructuring expense (d) - - 708 - Adjusted income tax provision (Non-GAAP) $23,373 $16,883 $64,671 $53,812 Net income $58,633 $63,781 $167,995 $170,348 Equity-based compensation (a) 24,324 20,170 69,929 59,647 Tax benefit of stock awards vested (b) (321) (579) (3,924) (9,063) Unusual health insurance claim (c) - - (499) - Restructuring expense (d) - - 2,229 - Adjusted net income (Non-GAAP) $82,636 $83,372 $235,730 $220,932 Diluted EPS $0.96 $1.03 $2.75 $2.74 Equity-based compensation (a) 0.40 0.33 1.14 0.96 Tax benefit of stock awards vested (b) (0.01) (0.01) (0.06) (0.15) Unusual health insurance claim (c) - - (0.01) - Restructuring expense (d) - - 0.04 - Adjusted diluted EPS (Non-GAAP) $1.36 $1.35 $3.85 $3.55 Fully diluted shares 60,954 61,948 61,183 62,186 a) Adjusted results exclude all equity-based compensation, as detailed below, to facilitate comparison with our peers and for the other reasons explained in our Current Report on Form 8-K filed with the SEC . We do not receive a GAAP tax benefit for a portion of our equity-based compensation, mainly because of Section 162(m) of the Internal Revenue Code, which limits tax deductions for compensation granted to certain executives. Three Months Ended September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 Cost of services $11,417 $10,835 $33,355 $31,482 Research and development 6,216 5,117 17,848 15,812 Sales and marketing 2,267 2,189 5,694 6,295 General and administrative 7,677 5,712 23,781 17,025 Total equity-based compensation $27,577 $23,853 $80,678 $70,614 (b) Adjustments represent the excess tax benefits and tax deficiencies of the equity awards vested during the period. Excess tax benefits (deficiencies) occur when the amount deductible on our tax return for an equity award is more (less) than the cumulative compensation cost recognized for financial reporting purposes. As discussed above, we exclude equity-based compensation from adjusted non-GAAP results to be consistent with other companies in the software industry and for the other reasons explained in our Current Report on Form 8-K filed with the SEC . Therefore, we also exclude the related tax benefit (expense) generated upon their vesting. (c) In the fourth quarter of 2024, we recorded $7.0 million of expense for an unusual health insurance claim. During the first quarter of 2025, we received an insurance recovery of $4.7 million for this claim, partially offset by $1.0 million of ongoing expense for the claim. During the second quarter of 2025, we recorded an additional $3.0 million of expense for this unusual health insurance claim. Based on the uncommonly large magnitude and nature of the claim, we do not believe that this expense reflects our normal operating activities, and we have excluded the amount from adjusted non-GAAP results. (d) In January 2025 , the Company eliminated about 100 positions to align our services capacity with customer demand, which has been impacted by macro-economic uncertainty. We recorded pre-tax restructuring expense in the first quarter of 2025 of approximately $2.9 million . The expense primarily consists of employee severance and outplacement services. We do not believe that the expense is a common cost that resulted from normal operating activities, and thus we have excluded the amount from adjusted non-GAAP results. MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except share and per share data) September 30, 2025 December 31, 2024 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 263,555 $ 266,230 Accounts receivable, net 219,556 205,475 Prepaid expenses and other current assets 42,659 31,559 Total current assets 525,770 503,264 Property and equipment, net 20,050 13,971 Operating lease right-of-use assets 45,734 47,923 Goodwill , net 62,244 62,226 Deferred income taxes 76,374 94,505 Other assets 38,651 35,662 Total assets $ 768,823 $ 757,551 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 21,355 $ 26,615 Accrued compensation and benefits 59,475 72,180 Accrued and other liabilities 23,589 22,275 Deferred revenue 295,903 277,970 Income taxes payable 86 1,264 Total current liabilities 400,408 400,304 Operating lease liabilities, long-term 47,713 47,794 Other non-current liabilities 11,486 10,327 Shareholders' equity: Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2025 and 2024 - - Common stock, $0.01 par value; 200,000,000 shares authorized; 60,256,442 and 60,921,191 shares issued and outstanding at September 30, 2025 and December 31, 2024 , respectively 602 609 Retained earnings 338,690 329,439 Accumulated other comprehensive loss (30,076 ) (30,922 ) Total shareholders' equity 309,216 299,126 Total liabilities and shareholders' equity $ 768,823 $ 757,551 MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) Nine Months Ended September 30 , 2025 2024 (unaudited) (unaudited) Operating activities: Net income $ 167,995 $ 170,348 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,785 4,670 Equity-based compensation 80,678 70,614 Gain on disposal of equipment (22 ) (131 ) Deferred income taxes 17,946 (20,544 ) Unrealized foreign currency loss 246 906 Changes in operating assets and liabilities: Accounts receivable, net (8,865 ) (17,515 ) Other assets (4,311 ) (9,688 ) Accounts payable, accrued and other liabilities (18,463 ) (13,367 ) Income taxes (9,840 ) (7,956 ) Deferred revenue 12,271 12,962 Net cash provided by operating activities 242,420 190,299 Investing activities: Purchase of property and equipment (10,799 ) (5,547 ) Net cash used in investing activities (10,799 ) (5,547 ) Financing activities: Repurchase of common stock (238,187 ) (241,150 ) Net cash used in financing activities (238,187 ) (241,150 ) Foreign currency impact on cash 3,891 609 Net change in cash and cash equivalents (2,675 ) (55,789 ) Cash and cash equivalents at beginning of period 266,230 270,741 Cash and cash equivalents at end of period $ 263,555 $ 214,952 MANHATTAN ASSOCIATES, INC. SUPPLEMENTAL INFORMATION 1. GAAP and adjusted earnings per share by quarter are as follows: 2024 2025 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD GAAP Diluted EPS $0.86 $0.85 $1.03 $0.77 $3.51 $0.85 $0.93 $0.96 $2.75 Adjustments to GAAP: Equity-based compensation 0.30 0.34 0.33 0.31 1.27 0.40 0.35 0.40 1.14 Tax benefit of stock awards vested (0.13) (0.01) (0.01) - (0.15) (0.06) - (0.01) (0.06) Restructuring expense - - - - - 0.04 - - 0.04 Unusual health insurance claim - - - 0.09 0.09 (0.05) 0.04 - (0.01) Adjusted Diluted EPS $1.03 $1.18 $1.35 $1.17 $4.72 $1.19 $1.31 $1.36 $3.85 Fully Diluted Shares 62,493 62,118 61,948 62,009 62,183 61,527 61,074 60,954 61,183 2. Revenues and operating income by reportable segment are as follows (in thousands): 2024 2025 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD Revenue: Americas $196,312 $205,955 $205,852 $194,367 $802,486 $194,615 $206,606 $206,659 $607,880 EMEA 46,620 46,918 48,082 48,903 190,523 55,542 52,301 53,975 161,818 APAC 11,620 12,445 12,747 12,531 49,343 12,630 13,514 15,161 41,305 $254,552 $265,318 $266,681 $255,801 $1,042,352 $262,787 $272,421 $275,795 $811,003 GAAP Operating Income: Americas $36,687 $45,300 $49,033 $36,323 $167,343 $33,862 $48,051 $45,783 $127,696 EMEA 15,884 17,195 20,521 18,896 72,496 23,703 19,807 22,877 66,387 APAC 5,059 5,693 5,536 5,469 21,757 5,607 5,930 7,168 18,705 $57,630 $68,188 $75,090 $60,688 $261,596 $63,172 $73,788 $75,828 $212,788 Adjustments (pre-tax): Americas : Equity-based compensation $22,095 $24,666 $23,853 $22,592 $93,206 $28,826 $24,275 $27,577 $80,678 Unusual health insurance claim - - - 7,002 7,002 (3,658) 3,000 - (658) Restructuring expense - - - - - 2,929 8 - 2,937 $22,095 $24,666 $23,853 $29,594 $100,208 $28,097 $27,283 $27,577 $82,957 Adjusted non-GAAP Operating Income: Americas $58,782 $69,966 $72,886 $65,917 $267,551 $61,959 $75,334 $73,360 $210,653 EMEA 15,884 17,195 20,521 18,896 72,496 23,703 19,807 22,877 66,387 APAC 5,059 5,693 5,536 5,469 21,757 5,607 5,930 7,168 18,705 $79,725 $92,854 $98,943 $90,282 $361,804 $91,269 $101,071 $103,405 $295,745 3. 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): 2024 2025 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD Revenue $648 $(531) $936 $316 $1,369 $(1,591) $2,724 $2,652 $3,785 Costs and expenses 176 (673) 211 (227) (513) (1,966) 1,180 738 (48) Operating income 472 142 725 543 1,882 375 1,544 1,914 3,833 Foreign currency gains (losses) in other income (564) (577) (331) 519 (953) 131 (65) 1,596 $1,662 $(92) $(435) $394 $1,062 $929 $506 $1,479 $3,510 $5,495 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): 2024 2025 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD Operating income $185 $307 $261 $302 $1,055 $785 $514 $832 $2,131 Foreign currency gains (losses) in other income 164 41 284 1,283 1,772 15 140 1,978 2,133 Total impact of changes in the Indian Rupee $349 $348 $545 $1,585 $2,827 $800 $654 $2,810 $4,264 4. Other income includes the following components (in thousands): 2024 2025 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD Interest income $1,414 $1,503 $1,636 $1,476 $6,029 $1,101 $852 $1,007 $2,960 Foreign currency gains (losses) (564) (577) (331) 519 (953) 130 (65) 1,597 1,662 Other non-operating income (expense) 146 (12) 7 1 142 106 (72) - 34 Total other income (loss) $996 $914 $1,312 $1,996 $5,218 $1,337 $715 $2,604 $4,656 5. Capital expenditures are as follows (in thousands): 2024 2025 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD Capital expenditures $2,321 $2,217 $1,009 $3,128 $8,675 $891 $3,980 $5,928 $10,799 6. Stock Repurchase Activity (in thousands): 2024 2025 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr YTD Shares purchased under publicly-announced buy-back program 294 343 194 156 987 539 263 233 1,035 Shares withheld for taxes due upon vesting of restricted stock 165 3 8 2 178 179 3 8 190 Total shares purchased 459 346 202 158 1,165 718 266 241 1,225 Total cash paid for shares purchased under publicly-announced buy-back program $73,411 $74,999 $49,687 $43,539 $241,636 $100,000 $49,596 $49,947 $199,543 Total cash paid for shares withheld for taxes due upon vesting of restricted stock 40,423 713 1,917 569 43,622 36,447 595 1,602 38,644 Total cash paid for excise tax - - - 1,108 1,108 - - - - Total cash paid for shares repurchased $113,834 $75,712 $51,604 $45,216 $286,366 $136,447 $50,191 $51,549 $238,187 7. Remaining Performance Obligations We disclose revenue that we expect to recognize from our remaining performance obligations ("RPO"). Over 98% of our RPO represents cloud native subscriptions with non-cancelable terms greater than one year (including cloud-deferred revenue as well as amounts we will invoice and recognize as revenue from our performance of cloud services in future periods). Maintenance contracts are typically one year and not included in the RPO. Our RPO as of the end of each period appears below (in thousands): March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Remaining Performance Obligations $1,516,430 $1,601,531 $1,686,421 $1,780,400 $1,891,384 $2,013,495 $2,076,628 View source version on businesswire.com : https://www.businesswire.com/news/home/20251021098763/en/ Michael Bauer Senior Director, Investor Relations Manhattan Associates, Inc. 678-597-7538 [email protected] Devika Goel Senior Manager, Public Relations Manhattan Associates, Inc. 678-597-6754 [email protected] Source: Manhattan Associates Inc.

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