Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MANHATTAN ASSOCIATES INC | d292328d8k.htm |
Exhibit 99.1
| Contact: |
Dennis Story Chief Financial Officer Manhattan Associates, Inc. 678-597-7115 dstory@manh.com |
Will Haraway Senior Manager, Media Relations Manhattan Associates, Inc. 678-597-7466 wharaway@manh.com |
Manhattan Associates Reports Record Fourth Quarter and Full Year
2011 Earnings on Strong Revenue Growth
ATLANTA – January 31, 2012 – Leading supply chain optimization provider Manhattan Associates, Inc. (NASDAQ: MANH) today reported record fourth quarter 2011 non-GAAP adjusted diluted earnings per share of $0.60 compared to $0.38 in the 2010 fourth quarter, on license revenue of $16.6 million and total revenue of $83.5 million. For the quarter, license revenue increased 31% and total revenue increased 17% versus the prior year. GAAP diluted earnings per share were a record $0.50 compared to $0.29 in the prior year fourth quarter.
For the year ended December 31, 2011, non-GAAP adjusted diluted earnings per share were a record $2.32 compared to $1.58 for the full year 2010, and GAAP diluted earnings per share were a record $2.09 compared to $1.25 in the prior year. For the twelve months ended December 31, 2011, the Company recorded total revenue of $329.3 million, an increase of 11%, compared to 2010 full year revenue.
Manhattan Associates President and CEO Pete Sinisgalli commented, “We are quite pleased with the market’s reception for our full complement of platform-based supply chain solutions. Our results reflect our customers’ support for leveraging common technology, data and workflows to improve performance and lower total cost of ownership across their supply chains.”
FOURTH QUARTER 2011 FINANCIAL SUMMARY:
| • | Adjusted diluted earnings per share, a non-GAAP measure, were a record $0.60 in the fourth quarter of 2011, compared to $0.38 in the fourth quarter of 2010. |
| • | The Company reported record GAAP diluted earnings per share of $0.50 in the fourth quarter of 2011, compared to $0.29 in the fourth quarter of 2010. |
| • | Consolidated total revenue for the fourth quarter of 2011 was $83.5 million, compared to $71.5 million in the fourth quarter of 2010. License revenue was $16.6 million in the fourth quarter of 2011, compared to $12.7 million in the fourth quarter of 2010. |
| • | Adjusted operating income, a non-GAAP measure, was $19.3 million in the fourth quarter of 2011, compared to $12.0 million in the fourth quarter of 2010. |
| • | GAAP operating income for the fourth quarter of 2011 was $16.2 million, compared to $8.8 million in the fourth quarter of 2010. |
| • | Cash flow from operations was $14.8 million in the fourth quarter of 2011, compared to $14.6 million in the fourth quarter of 2010. Days Sales Outstanding were 62 days at December 31, 2011, compared to 61 days at September 30, 2011. |
| • | Cash and investments on-hand at December 31, 2011 was $99.1 million, compared to $101.7 million at September 30, 2011. |
| • | The Company repurchased approximately 0.9 million common shares under the share repurchase program authorized by the Board of Directors, totaling $37.4 million in the fourth quarter of 2011. In January 2012, the Board of Directors approved raising the Company's remaining share repurchase authority to an aggregate of $50.0 million of Manhattan Associates’ outstanding common stock. |
FULL YEAR FINANCIAL SUMMARY:
| • | Adjusted diluted earnings per share, a non-GAAP measure, were a record $2.32 for the twelve months ended December 31, 2011, compared to $1.58 for the twelve months ended December 31, 2010. Results for the twelve months ended December 31, 2011 include a $2.0 million tax benefit, or $0.09 per share, resulting from the reduction of a valuation allowance associated with a change in India tax law. The change eliminates the tax holiday for India companies under the STPI (Software Technology Park of India) tax plan. |
| • | GAAP diluted earnings per share for the twelve months ended December 31, 2011 were a record $2.09, compared to $1.25 for the twelve months ended December 31, 2010. Results for the twelve months ended December 31, 2011 include a positive impact of $0.12 per share for the recovery of an auction rate security investment, which had been impaired in a prior period, and a $2.0 million tax benefit, or $0.09 per share, resulting from the reduction of a valuation allowance associated with a change in India tax law mentioned above. The prior year results include $0.04 per share of recoveries of previously expensed sales tax associated with expiring sales tax audit statutes. |
| • | Consolidated total revenue for the twelve months ended December 31, 2011 was $329.3 million, compared to $297.1 million for the twelve months ended December 31, 2010. License revenue was $54.2 million for the twelve months ended December 31, 2011, compared to $54.5 million in the twelve months ended December 31, 2010. |
| • | Adjusted operating income, a non-GAAP measure, was $70.4 million for the twelve months ended December 31, 2011, compared to $53.4 million for the twelve months ended December 31, 2010. |
| • | GAAP operating income was $61.4 million for the twelve months ended December 31, 2011, which includes a $2.5 million recovery of an auction rate security investment referred to above, compared to $41.9 million for the twelve months ended December 31, 2010. |
| • | For the twelve months ended December 31, 2011, the Company repurchased approximately 3.6 million common shares under the share repurchase program authorized by the Board of Directors, for a total investment of $130.7 million. |
SALES ACHIEVEMENTS:
| • | Closing five contracts of $1.0 million or more in recognized license revenue during the quarter, for a total of 13 contracts of $1.0 million or more in recognized license revenue for the full year 2011. |
| • | Completing software license wins with new customers such as: Ahold USA, Inc.; Alliant Techsystems, Inc.; Charming Shoppes of Delaware, Inc.; Freight Mark Sdn Bhd; Jeanswest Corporation Pty Ltd; Karmaloop, Inc.; Pitt-Ohio, Inc.; Schneider Electric Industries; Shanghai RongChen Boshiwa Group Co., Ltd; Société Coopérative d’approvisionnement Rhone Alpes (E. Leclerc); Stella & DOT LLC; S.F. Express (Group) Co., Ltd.; and The Container Store. |
| • | Expanding partnerships with existing customers such as: A.N. Deringer, Inc.; Belk, Inc.; Brown Shoe Company, Inc.; BuBuGao; Chanel; Coach, Inc.; Fasteners for Retail; GSI Commerce Solutions, Inc.; Heineken Enterprise SAS; Holiday Classic; Jack Link’s Beef Jerky; Legrand North America, Inc.; Leisure Arts, Inc.; MARR Russia; Mulberry Group Plc; MWI Veterinary Supply Co.; LeSaint Logistics (fka IMC Logistics); Northern Tool & Equipment Co., Inc.; Performance Team Freight Systems, Inc.; PETCO Animal Supplies Stores, Inc.; Simplehuman LLC; Sara Lee Corporation; Southern Wine & Spirits of America, Inc.; Speed Global Services; and The Jones Group. |
2012 GUIDANCE
Manhattan Associates provides the following revenue and diluted earnings per share guidance for the full year 2012. A full reconciliation of GAAP to non-GAAP diluted earnings per share is included in the supplemental attachments to this release.
| Guidance Range - 2012 Full year | ||||||||||||||||
| ($’s in millions, except EPS) |
$ Range | % Growth range | ||||||||||||||
| Total revenue |
$ | 363 | $ | 370 | 10 | % | 12 | % | ||||||||
| Diluted earnings per share (EPS): |
||||||||||||||||
| Adjusted EPS(1) |
$ | 2.50 | $ | 2.55 | 8 | % | 10 | % | ||||||||
| GAAP EPS |
$ | 2.22 | $ | 2.27 | 6 | % | 9 | % | ||||||||
| (1) | Adjusted EPS is Non-GAAP |
Manhattan Associates currently intends to publish, in each quarterly earnings release, certain expectations with respect to future financial performance. These statements are forward-looking. Actual results may differ materially, especially in the current uncertain economic environment. These statements do not reflect the potential impact of mergers, acquisitions or other business combinations that may be completed after the date of this release.
Manhattan Associates will make its earnings release and published expectations available on its website (www.manh.com). Beginning March 15, 2012, Manhattan Associates will observe a “Quiet Period” during which Manhattan Associates and its representatives will not comment concerning previously published financial expectations. Prior to the start of the Quiet Period, the public can continue to rely on the expectations published in this 2012 Guidance section as being Manhattan Associates’ current expectation on matters covered, unless Manhattan Associates publishes a notice stating otherwise. During the Quiet Period, previously published expectations should be considered historical only, speaking only as of or prior to the Quiet Period, and Manhattan Associates disclaims any obligation to update any previously published financial expectations during the Quiet Period. The Quiet Period will extend until publication of Manhattan Associates’ next quarterly earnings release, currently scheduled for the third full week of April 2012.
CONFERENCE CALL
The Company’s conference call regarding its fourth quarter and full year 2011 financial results will be held at 4:30 p.m. Eastern Time on Tuesday January 31, 2012. 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 40599389 or via the web at www.manh.com. The phone replay will be available for two weeks after the call, and the Internet broadcast will be available until Manhattan Associates’ first quarter 2012 earnings release.
GAAP VERSUS NON-GAAP PRESENTATION
The Company provides adjusted operating income, adjusted net income and adjusted earnings per share in this press release as additional information regarding the Company’s operating results. These measures are not in accordance with – or an alternative for – 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’ understanding of its historical operating trends, because it provides important supplemental measurement information in evaluating the operating results of its business, as distinct from results that include items that are not indicative of ongoing operating results. The Company consequently believes that the presentation of these non-GAAP financial measures provides investors with useful insight into its profitability. This release should be read in conjunction with the Company’s Form 8-K earnings release filing for the quarter and year ended December 31, 2011.
The non-GAAP adjusted operating income, adjusted net income and adjusted earnings per share exclude the impact of acquisition-related costs and the amortization thereof; the recapture of previously recognized sales tax expense; equity-based compensation; and asset impairment charges and related reversals – all net of income tax effects and unusual tax adjustments. 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, INC.
Manhattan Associates continues to deliver on its 22-year heritage of providing global supply chain excellence to more than 1,200 customers worldwide that consider supply chain optimization core to their strategic market leadership. The Company's supply chain innovations include: Manhattan SCOPE®, a portfolio of software solutions and technology that leverages a Supply Chain Process Platform to help organizations optimize their supply chains from planning through execution; Manhattan SCALE™, a portfolio of distribution management and transportation management solutions built on Microsoft .NET technology; and Manhattan Carrier™, a suite of supply chain solutions specifically addressing the needs of the motor carrier industry. 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 includes the information set forth under “2012 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; and additional risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. 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 OPERATIONS
(in thousands, except per share amounts)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Revenue: |
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| Software license |
$ | 16,567 | $ | 12,666 | $ | 54,241 | $ | 54,450 | ||||||||
| Services |
60,612 | 52,023 | 244,058 | 213,750 | ||||||||||||
| Hardware and other |
6,360 | 6,824 | 30,954 | 28,917 | ||||||||||||
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| Total revenue |
83,539 | 71,513 | 329,253 | 297,117 | ||||||||||||
| Costs and expenses: |
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| Cost of license |
2,547 | 1,541 | 6,806 | 6,172 | ||||||||||||
| Cost of services |
27,036 | 25,145 | 107,510 | 98,776 | ||||||||||||
| Cost of hardware and other |
5,333 | 5,478 | 24,785 | 23,844 | ||||||||||||
| Research and development |
10,436 | 9,868 | 42,372 | 40,508 | ||||||||||||
| Sales and marketing |
10,170 | 9,832 | 43,944 | 42,702 | ||||||||||||
| General and administrative |
10,452 | 8,668 | 37,708 | 34,027 | ||||||||||||
| Depreciation and amortization |
1,362 | 2,166 | 7,284 | 9,161 | ||||||||||||
| Recovery of previously impaired investment |
— | — | (2,519 | ) | — | |||||||||||
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| Total costs and expenses |
67,336 | 62,698 | 267,890 | 255,190 | ||||||||||||
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| Operating income |
16,203 | 8,815 | 61,363 | 41,927 | ||||||||||||
| Other income (loss), net |
650 | 239 | 1,864 | (143 | ) | |||||||||||
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| Income before income taxes |
16,853 | 9,054 | 63,227 | 41,784 | ||||||||||||
| Income tax provision |
6,328 | 2,609 | 18,320 | 13,723 | ||||||||||||
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| Net income |
$ | 10,525 | $ | 6,445 | $ | 44,907 | $ | 28,061 | ||||||||
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| Basic earnings per share |
$ | 0.53 | $ | 0.31 | $ | 2.20 | $ | 1.31 | ||||||||
| Diluted earnings per share |
$ | 0.50 | $ | 0.29 | $ | 2.09 | $ | 1.25 | ||||||||
| Weighted average number of shares: |
||||||||||||||||
| Basic |
19,941 | 21,078 | 20,455 | 21,497 | ||||||||||||
| Diluted |
20,923 | 22,350 | 21,492 | 22,450 | ||||||||||||
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES
(in thousands, except per share amounts)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Operating income |
$ | 16,203 | $ | 8,815 | $ | 61,363 | $ | 41,927 | ||||||||
| Equity-based compensation (a) |
3,055 | 2,713 | 10,372 | 10,420 | ||||||||||||
| Purchase amortization (b) |
2 | 439 | 1,172 | 2,287 | ||||||||||||
| Recovery of previously impaired investment (c) |
— | — | (2,519 | ) | — | |||||||||||
| Sales tax recoveries (d) |
— | — | — | (1,212 | ) | |||||||||||
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| Adjusted operating income (Non-GAAP) |
$ | 19,260 | $ | 11,967 | $ | 70,388 | $ | 53,422 | ||||||||
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| Income tax provision |
$ | 6,328 | $ | 2,609 | $ | 18,320 | $ | 13,723 | ||||||||
| Equity-based compensation (a) |
1,075 | 955 | 3,526 | 3,614 | ||||||||||||
| Purchase amortization (b) |
6 | 155 | 398 | 793 | ||||||||||||
| Sales tax recoveries (d) |
— | (2 | ) | — | (420 | ) | ||||||||||
| Unusual tax adjustments (e) |
11 | 80 | 238 | 209 | ||||||||||||
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| Adjusted income tax provision (Non-GAAP) |
$ | 7,420 | $ | 3,797 | $ | 22,482 | $ | 17,919 | ||||||||
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| Net income |
$ | 10,525 | $ | 6,445 | $ | 44,907 | $ | 28,061 | ||||||||
| Equity-based compensation (a) |
1,980 | 1,758 | 6,846 | 6,806 | ||||||||||||
| Purchase amortization (b) |
(4 | ) | 284 | 774 | 1,494 | |||||||||||
| Recovery of previously impaired investment (c) |
— | — | (2,519 | ) | — | |||||||||||
| Sales tax recoveries (d) |
— | 2 | — | (792 | ) | |||||||||||
| Unusual tax adjustments (e) |
(11 | ) | (80 | ) | (238 | ) | (209 | ) | ||||||||
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| Adjusted net income (Non-GAAP) |
$ | 12,490 | $ | 8,409 | $ | 49,770 | $ | 35,360 | ||||||||
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| Diluted EPS |
$ | 0.50 | $ | 0.29 | $ | 2.09 | $ | 1.25 | ||||||||
| Equity-based compensation (a) |
0.09 | 0.08 | 0.32 | 0.30 | ||||||||||||
| Purchase amortization (b) |
— | 0.01 | 0.04 | 0.07 | ||||||||||||
| Recovery of previously impaired investment (c) |
— | — | (0.12 | ) | — | |||||||||||
| Sales tax recoveries (d) |
— | — | — | (0.04 | ) | |||||||||||
| Unusual tax adjustments (e) |
— | — | (0.01 | ) | (0.01 | ) | ||||||||||
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| Adjusted diluted EPS (Non-GAAP) |
$ | 0.60 | $ | 0.38 | $ | 2.32 | $ | 1.58 | ||||||||
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| Fully diluted shares |
20,923 | 22,350 | 21,492 | 22,450 | ||||||||||||
| (a) | Beginning in 2011, to be consistent with other companies in the software industry, we began to report adjusted results excluding all equity-based compensation. The equity-based compensation is included in the following GAAP operating expense lines for the three and twelve months ended December 31, 2011 and 2010: |
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Cost of services |
$ | 290 | $ | 333 | $ | 1,367 | $ | 1,403 | ||||||||
| Research and development |
410 | 381 | 1,583 | 1,558 | ||||||||||||
| Sales and marketing |
812 | 725 | 2,545 | 2,881 | ||||||||||||
| General and administrative |
1,543 | 1,274 | 4,877 | 4,578 | ||||||||||||
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| Total equity-based compensation |
$ | 3,055 | $ | 2,713 | $ | 10,372 | $ | 10,420 | ||||||||
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| (b) | Adjustments represent purchased intangibles amortization from prior acquisitions. Such amortization is commonly excluded from GAAP net income by companies in our industry and we therefore exclude these amortization costs to provide more relevant and meaningful comparisons of our operating results to that of our competitors. |
| (c) | During the quarter ended September 30, 2008, we recorded an impairment charge of $3.5 million on an investment in an auction rate security. We reduced the carrying value to zero due to credit downgrades of the underlying issuer and the bond insurer as well as increasing publicly reported exposure to bankruptcy risk by the issuer. During the quarter ended September 30, 2011, we were able to sell the auction rate security recovering 72%, or $2.5 million, of our original investment. We previously excluded the asset impairment charge recorded in 2008 to write down the value of the auction rate security because we typically invest our treasury funds in cash, cash equivalents or other liquid investments, not illiquid, high risk securities. We believed the write-down in value of the auction rate security was due to unusual changes in the characteristics of the auction rate security since our initial investment in it, including failed auctions and default risk for a municipal obligor. Consistent with our prior exclusion of the charge, we have excluded the current period’s reversal of the charge from adjusted non-GAAP results because it is not indicative of ongoing operating performance. |
| (d) | Adjustment represents recoveries of previously recorded state sales tax resulting primarily from the expiration of the sales tax audit statutes in certain states. Because we have recognized the full potential amount of the sales tax expense in prior periods, any recovery of that expense resulting from the expiration of the statutes or the collection of tax from our customers would overstate the current period net income derived from our core operations as the recovery is not a result of any event occurring within our control during the current period. Thus, we have excluded these recoveries from adjusted non-GAAP results. |
| (e) | Adjustments represent tax benefit from disqualifying dispositions of incentive stock options that were previously expensed. As discussed above, we excluded equity-based compensation from adjusted non-GAAP results to be consistent with other companies in the software industry. Therefore, we also excluded the related tax benefit generated upon their disposition. |
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
| December 31, 2011 | December 31, 2010 | |||||||
| (unaudited) | ||||||||
| ASSETS |
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| Current Assets: |
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| Cash and cash equivalents |
$ | 92,180 | $ | 120,744 | ||||
| Short term investments |
6,079 | 4,414 | ||||||
| Accounts receivable, net of allowance of $4,816 and $5,711 in 2011 and 2010, respectively |
56,264 | 47,419 | ||||||
| Deferred income taxes |
7,599 | 7,214 | ||||||
| Income taxes receivable |
4,859 | 2,446 | ||||||
| Prepaid expenses and other current assets |
7,533 | 6,743 | ||||||
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| Total current assets |
174,514 | 188,980 | ||||||
| Property and equipment, net |
13,321 | 14,833 | ||||||
| Long-term investments |
855 | 1,711 | ||||||
| Goodwill, net |
62,261 | 62,265 | ||||||
| Acquisition-related intangible assets, net |
14 | 1,186 | ||||||
| Deferred income taxes |
5,696 | 8,816 | ||||||
| Other assets |
2,939 | 2,673 | ||||||
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| Total assets |
$ | 259,600 | $ | 280,464 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Current liabilities: |
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| Accounts payable |
$ | 8,090 | $ | 7,745 | ||||
| Accrued compensation and benefits |
16,503 | 19,807 | ||||||
| Accrued and other liabilities |
13,648 | 13,856 | ||||||
| Deferred revenue |
49,882 | 44,974 | ||||||
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| Total current liabilities |
88,123 | 86,382 | ||||||
| Other non-current liabilities |
9,397 | 10,282 | ||||||
| Shareholders’ equity: |
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| Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2011 or 2010 |
— | — | ||||||
| Common stock, $.01 par value; 100,000,000 shares authorized; 20,415,946 and 21,729,789 shares issued and outstanding at December 31, 2011 and 2010, respectively |
204 | 217 | ||||||
| Additional paid-in capital |
— | 487 | ||||||
| Retained earnings |
166,989 | 184,152 | ||||||
| Accumulated other comprehensive loss |
(5,113 | ) | (1,056 | ) | ||||
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| Total shareholders’ equity |
162,080 | 183,800 | ||||||
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| Total liabilities and shareholders’ equity |
$ | 259,600 | $ | 280,464 | ||||
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MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | ||||||||
| 2011 | 2010 | |||||||
| (unaudited) | ||||||||
| Operating activities: |
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| Net income |
$ | 44,907 | $ | 28,061 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation and amortization |
7,284 | 9,161 | ||||||
| Recovery of previously impaired investment |
(2,519 | ) | — | |||||
| Equity-based compensation |
10,372 | 10,420 | ||||||
| Loss (gain) on disposal of equipment |
25 | (4 | ) | |||||
| Tax benefit of stock awards exercised/vested |
7,481 | 2,207 | ||||||
| Excess tax benefits from equity-based compensation |
(2,474 | ) | (475 | ) | ||||
| Deferred income taxes |
2,409 | (463 | ) | |||||
| Unrealized foreign currency (gain) loss |
(189 | ) | 210 | |||||
| Changes in operating assets and liabilities: |
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| Accounts receivable, net |
(8,994 | ) | (9,454 | ) | ||||
| Other assets |
(1,332 | ) | (2,661 | ) | ||||
| Accounts payable, accrued and other liabilities |
(3,537 | ) | 8,271 | |||||
| Income taxes |
(2,514 | ) | (2,934 | ) | ||||
| Deferred revenue |
4,905 | 7,633 | ||||||
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| Net cash provided by operating activities |
55,824 | 49,972 | ||||||
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| Investing activities: |
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| Purchase of property and equipment |
(5,074 | ) | (5,871 | ) | ||||
| Net maturities (purchases) of investments |
465 | (3,011 | ) | |||||
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| Net cash used in investing activities |
(4,609 | ) | (8,882 | ) | ||||
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| Financing activities: |
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| Purchase of common stock |
(133,144 | ) | (77,704 | ) | ||||
| Proceeds from stock options exercised |
52,721 | 36,368 | ||||||
| Excess tax benefits from equity-based compensation |
2,474 | 475 | ||||||
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| Net cash used in financing activities |
(77,949 | ) | (40,861 | ) | ||||
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| Foreign currency impact on cash |
(1,830 | ) | 298 | |||||
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| Net change in cash and cash equivalents |
(28,564 | ) | 527 | |||||
| Cash and cash equivalents at beginning of period |
120,744 | 120,217 | ||||||
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| Cash and cash equivalents at end of period |
$ | 92,180 | $ | 120,744 | ||||
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MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
| 1. | GAAP and Adjusted earnings (loss) per share by quarter are as follows: |
| 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | |||||||||||||||||||||||||||||||
| GAAP Diluted EPS |
$ | 0.32 | $ | 0.36 | $ | 0.28 | $ | 0.29 | $ | 1.25 | $ | 0.32 | $ | 0.57 | $ | 0.70 | $ | 0.50 | $ | 2.09 | ||||||||||||||||||||
| Adjustments to GAAP: |
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| Equity-based compensation |
0.08 | 0.07 | 0.08 | 0.08 | 0.30 | 0.07 | 0.07 | 0.08 | 0.09 | 0.32 | ||||||||||||||||||||||||||||||
| Purchase amortization |
0.02 | 0.02 | 0.02 | 0.01 | 0.07 | 0.01 | 0.01 | 0.01 | — | 0.04 | ||||||||||||||||||||||||||||||
| Recovery of previously impaired investment |
— | — | — | — | — | — | — | (0.12 | ) | — | (0.12 | ) | ||||||||||||||||||||||||||||
| Sales tax recoveries |
(0.01 | ) | (0.02 | ) | — | — | (0.04 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
| Unusual tax adjustments |
— | (0.01 | ) | — | — | (0.01 | ) | — | — | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||||||||
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| Adjusted Diluted EPS |
$ | 0.40 | $ | 0.42 | $ | 0.38 | $ | 0.38 | $ | 1.58 | $ | 0.41 | $ | 0.65 | $ | 0.67 | $ | 0.60 | $ | 2.32 | ||||||||||||||||||||
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| 2. | Revenues and operating income (loss) by reportable segment are as follows (in thousands): |
| 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | |||||||||||||||||||||||||||||||
| Revenue: |
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| Americas |
$ | 61,889 | $ | 64,875 | $ | 62,555 | $ | 59,631 | $ | 248,950 | $ | 60,185 | $ | 72,634 | $ | 70,663 | $ | 69,377 | $ | 272,859 | ||||||||||||||||||||
| EMEA |
7,989 | 8,587 | 8,266 | 7,324 | 32,166 | 8,336 | 11,075 | 10,041 | 8,843 | 38,295 | ||||||||||||||||||||||||||||||
| APAC |
4,071 | 4,179 | 3,193 | 4,558 | 16,001 | 3,189 | 4,693 | 4,898 | 5,319 | 18,099 | ||||||||||||||||||||||||||||||
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| $ | 73,949 | $ | 77,641 | $ | 74,014 | $ | 71,513 | $ | 297,117 | $ | 71,710 | $ | 88,402 | $ | 85,602 | $ | 83,539 | $ | 329,253 | |||||||||||||||||||||
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| GAAP Operating Income (Loss): |
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| Americas |
$ | 10,333 | $ | 9,836 | $ | 8,121 | $ | 7,578 | $ | 35,868 | $ | 7,087 | $ | 15,749 | $ | 17,183 | $ | 13,531 | $ | 53,550 | ||||||||||||||||||||
| EMEA |
418 | 1,530 | 1,214 | 523 | 3,685 | 909 | 1,963 | 1,334 | 1,033 | 5,239 | ||||||||||||||||||||||||||||||
| APAC |
732 | 651 | 277 | 714 | 2,374 | (443 | ) | 501 | 877 | 1,639 | 2,574 | |||||||||||||||||||||||||||||
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| $ | 11,483 | $ | 12,017 | $ | 9,612 | $ | 8,815 | $ | 41,927 | $ | 7,553 | $ | 18,213 | $ | 19,394 | $ | 16,203 | $ | 61,363 | |||||||||||||||||||||
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| Adjustments (pre-tax): |
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| Americas: |
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| Equity-based compensation |
$ | 2,585 | $ | 2,502 | $ | 2,620 | $ | 2,713 | $ | 10,420 | $ | 2,409 | $ | 2,405 | $ | 2,503 | $ | 3,055 | $ | 10,372 | ||||||||||||||||||||
| Purchase amortization |
638 | 639 | 571 | 439 | 2,287 | 439 | 438 | 293 | 2 | 1,172 | ||||||||||||||||||||||||||||||
| Recovery of previously impaired investment |
— | — | — | — | — | — | — | (2,519 | ) | — | (2,519 | ) | ||||||||||||||||||||||||||||
| Sales tax recoveries |
(420 | ) | (792 | ) | — | — | (1,212 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
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| $ | 2,803 | $ | 2,349 | $ | 3,191 | $ | 3,152 | $ | 11,495 | $ | 2,848 | $ | 2,843 | $ | 277 | $ | 3,057 | $ | 9,025 | |||||||||||||||||||||
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| Adjusted non-GAAP Operating Income (Loss): |
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| Americas |
$ | 13,136 | $ | 12,185 | $ | 11,312 | $ | 10,730 | $ | 47,363 | $ | 9,935 | $ | 18,592 | $ | 17,460 | $ | 16,588 | $ | 62,575 | ||||||||||||||||||||
| EMEA |
418 | 1,530 | 1,214 | 523 | 3,685 | 909 | 1,963 | 1,334 | 1,033 | 5,239 | ||||||||||||||||||||||||||||||
| APAC |
732 | 651 | 277 | 714 | 2,374 | (443 | ) | 501 | 877 | 1,639 | 2,574 | |||||||||||||||||||||||||||||
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| $ | 14,286 | $ | 14,366 | $ | 12,803 | $ | 11,967 | $ | 53,422 | $ | 10,401 | $ | 21,056 | $ | 19,671 | $ | 19,260 | $ | 70,388 | |||||||||||||||||||||
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| 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): |
| 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | |||||||||||||||||||||||||||||||
| Professional services |
$ | 33,960 | $ | 34,349 | $ | 33,349 | $ | 30,213 | $ | 131,871 | $ | 35,184 | $ | 42,150 | $ | 41,403 | $ | 38,057 | $ | 156,794 | ||||||||||||||||||||
| Customer support and software enhancements |
19,501 | 20,431 | 20,137 | 21,810 | 81,879 | 20,894 | 21,624 | 22,191 | 22,555 | 87,264 | ||||||||||||||||||||||||||||||
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| Total services revenue |
$ | 53,461 | $ | 54,780 | $ | 53,486 | $ | 52,023 | $ | 213,750 | $ | 56,078 | $ | 63,774 | $ | 63,594 | $ | 60,612 | $ | 244,058 | ||||||||||||||||||||
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| 4. | Hardware and other revenue includes the following items (in thousands): |
| 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | |||||||||||||||||||||||||||||||
| Hardware revenue |
$ | 4,518 | $ | 5,053 | $ | 5,763 | $ | 4,612 | $ | 19,946 | $ | 5,504 | $ | 5,540 | $ | 5,597 | $ | 3,895 | $ | 20,536 | ||||||||||||||||||||
| Billed travel |
1,763 | 2,323 | 2,673 | 2,212 | 8,971 | 2,366 | 2,741 | 2,846 | 2,465 | 10,418 | ||||||||||||||||||||||||||||||
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| Total hardware and other revenue |
$ | 6,281 | $ | 7,376 | $ | 8,436 | $ | 6,824 | $ | 28,917 | $ | 7,870 | $ | 8,281 | $ | 8,443 | $ | 6,360 | $ | 30,954 | ||||||||||||||||||||
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| 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):
| 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | |||||||||||||||||||||||||||||||
| Revenue |
$ | 1,053 | $ | (72 | ) | $ | (548 | ) | $ | (217 | ) | $ | 216 | $ | 282 | $ | 1,743 | $ | 1,140 | $ | 110 | $ | 3,275 | |||||||||||||||||
| Costs and expenses |
1,346 | 235 | (262 | ) | (26 | ) | 1,293 | 386 | 1,513 | 1,038 | (668 | ) | 2,269 | |||||||||||||||||||||||||||
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| Operating income |
(293 | ) | (307 | ) | (286 | ) | (191 | ) | (1,077 | ) | (104 | ) | 230 | 102 | 778 | 1,006 | ||||||||||||||||||||||||
| Foreign currency gains (losses) in other income |
(415 | ) | 187 | (436 | ) | — | (664 | ) | (207 | ) | 77 | 575 | 367 | 812 | ||||||||||||||||||||||||||
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| $ | (708 | ) | $ | (120 | ) | $ | (722 | ) | $ | (191 | ) | $ | (1,741 | ) | $ | (311 | ) | $ | 307 | $ | 677 | $ | 1,145 | $ | 1,818 | |||||||||||||||
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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):
| 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | |||||||||||||||||||||||||||||||
| Operating income |
$ | (395 | ) | $ | (340 | ) | $ | (180 | ) | $ | (181 | ) | $ | (1,096 | ) | $ | (53 | ) | $ | (82 | ) | $ | (76 | ) | $ | 727 | $ | 516 | ||||||||||||
| Foreign currency gains (losses) in other income |
(289 | ) | 246 | (302 | ) | 64 | (281 | ) | (112 | ) | 53 | 653 | 638 | 1,232 | ||||||||||||||||||||||||||
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| Total impact of changes in the Indian Rupee |
$ | (684 | ) | $ | (94 | ) | $ | (482 | ) | $ | (117 | ) | $ | (1,377 | ) | $ | (165 | ) | $ | (29 | ) | $ | 577 | $ | 1,365 | $ | 1,748 | |||||||||||||
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MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
| 6. | Other (expense) income includes the following components (in thousands): |
| 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | |||||||||||||||||||||||||||||||
| Interest income |
$ | 80 | $ | 109 | $ | 252 | $ | 195 | $ | 636 | $ | 225 | $ | 269 | $ | 298 | $ | 280 | $ | 1,072 | ||||||||||||||||||||
| Foreign currency (losses) gains |
(415 | ) | 187 | (436 | ) | — | (664 | ) | (207 | ) | 77 | 575 | 367 | 812 | ||||||||||||||||||||||||||
| Other non-operating (expense) income |
(163 | ) | 8 | (4 | ) | 44 | (115 | ) | — | (12 | ) | (11 | ) | 3 | (20 | ) | ||||||||||||||||||||||||
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| Total other (expense) income |
$ | (498 | ) | $ | 304 | $ | (188 | ) | $ | 239 | $ | (143 | ) | $ | 18 | $ | 334 | $ | 862 | $ | 650 | $ | 1,864 | |||||||||||||||||
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| 7. | Effective Tax Rate Reconciliation for GAAP and Adjusted Results (in thousands except tax rate and per share data): |
| Three Months Ended December 31, 2011 | Twelve Months Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||
| Income before income taxes |
Income tax provision |
Net income | Diluted EPS | Effective Tax Rate |
Income before income taxes |
Income tax provision |
Net income | Diluted EPS | Effective Tax Rate |
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| GAAP results before investment recovery and tax adjustments |
$ | 16,853 | $ | 5,950 | $ | 10,903 | $ | 0.52 | 35.3 | % | $ | 60,708 | $ | 20,642 | $ | 40,066 | $ | 1.86 | 34.0 | % | ||||||||||||||||||||
| Recovery of previously impaired investment (a) |
— | — | — | — | 2,519 | — | 2,519 | 0.12 | ||||||||||||||||||||||||||||||||
| Provision to return adjustments (b) |
— | — | — | — | — | 272 | (272 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
| Income tax reserve adjustments (c) |
— | 547 | (547 | ) | (0.03 | ) | — | (173 | ) | 173 | 0.01 | |||||||||||||||||||||||||||||
| Release of India valuation allowance (d) |
— | — | — | — | — | (2,025 | ) | 2,025 | 0.09 | |||||||||||||||||||||||||||||||
| Disqualifying dispositions of incentive stock options (e) |
— | (11 | ) | 11 | — | — | (238 | ) | 238 | 0.01 | ||||||||||||||||||||||||||||||
| Adjustment for change in state deferred tax rate (f) |
— | (158 | ) | 158 | 0.01 | — | (158 | ) | 158 | 0.01 | ||||||||||||||||||||||||||||||
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| GAAP results- reported |
$ | 16,853 | $ | 6,328 | $ | 10,525 | $ | 0.50 | 37.6 | % | $ | 63,227 | $ | 18,320 | $ | 44,907 | $ | 2.09 | 29.0 | % | ||||||||||||||||||||
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| Adjusted results before tax adjustments |
$ | 19,910 | $ | 7,031 | $ | 12,879 | $ | 0.62 | 35.3 | % | $ | 72,252 | $ | 24,566 | $ | 47,686 | $ | 2.22 | 34.0 | % | ||||||||||||||||||||
| Provision to return adjustments (b) |
— | — | — | — | — | 272 | (272 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
| Income tax reserve adjustments (c) |
— | 547 | (547 | ) | (0.03 | ) | — | (173 | ) | 173 | 0.01 | |||||||||||||||||||||||||||||
| Release of India valuation allowance (d) |
— | — | — | — | — | (2,025 | ) | 2,025 | 0.09 | |||||||||||||||||||||||||||||||
| Adjustment for change in state deferred tax rate (f) |
— | (158 | ) | 158 | 0.01 | — | (158 | ) | 158 | 0.01 | ||||||||||||||||||||||||||||||
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| Adjusted results- reported |
$ | 19,910 | $ | 7,420 | $ | 12,490 | $ | 0.60 | 37.3 | % | $ | 72,252 | $ | 22,482 | $ | 49,770 | $ | 2.32 | 31.1 | % | ||||||||||||||||||||
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| (a) | During the quarter ended September 30, 2008, we recorded an impairment charge of $3.5 million on an investment in an auction rate security. We reduced the carrying value to zero due to credit downgrades of the underlying issuer and the bond insurer as well as increasing publicly reported exposure to bankruptcy risk by the issuer. During the quarter ended September 30, 2011, we were able to sell the auction rate security recovering 72%, or $2.5 million, of our original investment. We did not record a tax benefit on the original impairment charge because we did not have any future capital gains to offset the loss and therefore do not have tax expense on the reversal of the charge. |
| (b) | Provision to return adjustments primarily include the true-up of the 2010 tax provision to the 2010 tax return filed in the third quarter of 2011. |
| (c) | Adjustments for the quarter ended December 31, 2011 represents the establishment of income tax reserves mainly related to intercompany transactions. The adjustments for the year ended December 31, 2011 represent the release of U.S. federal income tax reserves that were previously expensed partially offset by the establishment of income tax reserves mainly related to intercompany transactions. The release primarily resulted from the expiration of tax audit statues for tax returns filed for 2007 and prior. |
| (d) | Our subsidiary in India had a tax holiday under Software Technology Park of India Plan through March 2011. Late in the first quarter of 2011, the tax authorities in India announced that the tax holiday would not be extended. This decision eliminated uncertainty as to our ability to realize a tax credit carry-forward and other deferred tax assets. Therefore, we released the corresponding valuation allowance of approximately $2.0 million. |
| (e) | The adjustment represents a tax benefit from disqualifying dispositions of incentive stock options that were previously expensed. |
| (f) | Adjustment represents change in state deferred tax rate. |
| 8. | Beginning in 2011, to be consistent with other companies in the software industry, we began to report adjusted results excluding all equity-based compensation. Historically, our adjusted results did not exclude restricted stock expense. See note 1 above for the other reconciling items between our GAAP and adjusted results. The impact of restricted stock expense on our GAAP and Adjusted Results is as follows (in thousands except per share amounts): |
| 2007 | 2008 | |||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | |||||||||||||||||||||||||||||||
| Cost of services |
$ | 38 | $ | 40 | $ | 42 | $ | 42 | $ | 162 | $ | 81 | $ | 79 | $ | 84 | $ | 81 | $ | 325 | ||||||||||||||||||||
| Sales and marketing |
134 | 149 | 131 | 152 | 566 | 231 | 235 | 244 | 244 | 954 | ||||||||||||||||||||||||||||||
| Research and development |
57 | 60 | 65 | 63 | 245 | 117 | 117 | 120 | 120 | 474 | ||||||||||||||||||||||||||||||
| General and administrative |
220 | 206 | 322 | 204 | 952 | 377 | 424 | 432 | 420 | 1,653 | ||||||||||||||||||||||||||||||
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| Total restricted stock expense |
$ | 449 | $ | 455 | $ | 560 | $ | 461 | $ | 1,925 | $ | 806 | $ | 855 | $ | 880 | $ | 865 | $ | 3,406 | ||||||||||||||||||||
| Income tax provision |
159 | 162 | 199 | 163 | 683 | 280 | 297 | 306 | 301 | 1,184 | ||||||||||||||||||||||||||||||
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| Net income |
$ | 290 | $ | 293 | $ | 361 | $ | 298 | $ | 1,242 | $ | 526 | $ | 558 | $ | 574 | $ | 564 | $ | 2,222 | ||||||||||||||||||||
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| Diluted earnings per share |
$ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.05 | $ | 0.02 | $ | 0.02 | $ | 0.02 | $ | 0.02 | $ | 0.09 | ||||||||||||||||||||
| 2009 | 2010 | |||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | |||||||||||||||||||||||||||||||
| Cost of services |
$ | 98 | $ | 106 | $ | 108 | $ | 107 | $ | 419 | $ | 198 | $ | 240 | $ | 242 | $ | 236 | $ | 916 | ||||||||||||||||||||
| Sales and marketing |
267 | 146 | 254 | 258 | 925 | 378 | 438 | 442 | 449 | 1,707 | ||||||||||||||||||||||||||||||
| Research and development |
134 | 42 | 125 | 125 | 426 | 206 | 250 | 262 | 269 | 987 | ||||||||||||||||||||||||||||||
| General and administrative |
420 | 395 | 438 | 446 | 1,699 | 625 | 673 | 821 | 899 | 3,018 | ||||||||||||||||||||||||||||||
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| Total restricted stock expense |
$ | 919 | $ | 689 | $ | 925 | $ | 936 | $ | 3,469 | $ | 1,407 | $ | 1,601 | $ | 1,767 | $ | 1,853 | $ | 6,628 | ||||||||||||||||||||
| Income tax provision |
308 | 215 | 300 | 382 | 1,205 | 485 | 553 | 609 | 652 | 2,299 | ||||||||||||||||||||||||||||||
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| Net income |
$ | 611 | $ | 474 | $ | 625 | $ | 554 | $ | 2,264 | $ | 922 | $ | 1,048 | $ | 1,158 | $ | 1,201 | $ | 4,329 | ||||||||||||||||||||
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| Diluted earnings per share |
$ | 0.03 | $ | 0.02 | $ | 0.03 | $ | 0.02 | $ | 0.10 | $ | 0.04 | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.19 | ||||||||||||||||||||
MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
| 9. | Total equity-based compensation is as follows (in thousands except per share amounts): |
| 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | |||||||||||||||||||||||||||||||
| Stock options |
$ | 1,178 | $ | 901 | $ | 853 | $ | 860 | $ | 3,792 | $ | 512 | $ | 487 | $ | 486 | $ | 518 | $ | 2,003 | ||||||||||||||||||||
| Restricted stock |
1,407 | 1,601 | 1,767 | 1,853 | 6,628 | 1,897 | 1,918 | 2,017 | 2,537 | 8,369 | ||||||||||||||||||||||||||||||
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| Total equity-based compensation |
2,585 | 2,502 | 2,620 | 2,713 | 10,420 | 2,409 | 2,405 | 2,503 | 3,055 | 10,372 | ||||||||||||||||||||||||||||||
| Income tax provision |
892 | 863 | 904 | 955 | 3,614 | 807 | 806 | 838 | 1,075 | 3,526 | ||||||||||||||||||||||||||||||
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| Net income |
$ | 1,693 | $ | 1,639 | $ | 1,716 | $ | 1,758 | $ | 6,806 | $ | 1,602 | $ | 1,599 | $ | 1,665 | $ | 1,980 | $ | 6,846 | ||||||||||||||||||||
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| Diluted earnings per share |
$ | 0.08 | $ | 0.07 | $ | 0.08 | $ | 0.08 | $ | 0.30 | $ | 0.07 | $ | 0.07 | $ | 0.08 | $ | 0.09 | $ | 0.32 | ||||||||||||||||||||
| Diluted earnings per share—stock options |
$ | 0.03 | $ | 0.03 | $ | 0.03 | $ | 0.02 | $ | 0.11 | $ | 0.02 | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.06 | ||||||||||||||||||||
| Diluted earnings per share—restricted stock |
$ | 0.04 | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.19 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.08 | $ | 0.26 | ||||||||||||||||||||
| 10. | Capital expenditures are as follows (in thousands): |
| 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | |||||||||||||||||||||||||||||||
| Capital expenditures |
$ | 1,177 | $ | 1,529 | $ | 1,625 | $ | 1,540 | $ | 5,871 | $ | 1,338 | $ | 658 | $ | 1,676 | $ | 1,402 | $ | 5,074 | ||||||||||||||||||||
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| 11. | Stock Repurchase Activity (in thousands): |
| 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
| 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 |
595 | 869 | 573 | 680 | 2,717 | 826 | 1,079 | 845 | 857 | 3,607 | ||||||||||||||||||||||||||||||
| Shares withheld for taxes due upon vesting of restricted stock |
39 | 3 | 3 | 4 | 49 | 65 | 4 | 4 | 5 | 78 | ||||||||||||||||||||||||||||||
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| Total shares purchased |
634 | 872 | 576 | 684 | 2,766 | 891 | 1,083 | 849 | 862 | 3,685 | ||||||||||||||||||||||||||||||
| Total cash paid for shares purchased under publicly-announced buy-back program |
$ | 15,000 | $ | 25,000 | $ | 15,446 | $ | 21,023 | $ | 76,469 | $ | 25,621 | $ | 38,286 | $ | 29,414 | $ | 37,390 | $ | 130,711 | ||||||||||||||||||||
| Total cash paid for shares withheld for taxes due upon vesting of restricted stock |
938 | 84 | 94 | 119 | 1,235 | 1,960 | 129 | 159 | 185 | 2,433 | ||||||||||||||||||||||||||||||
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| Total cash paid for shares repurchased |
$ | 15,938 | $ | 25,084 | $ | 15,540 | $ | 21,142 | $ | 77,704 | $ | 27,581 | $ | 38,415 | $ | 29,573 | $ | 37,575 | $ | 133,144 | ||||||||||||||||||||
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