EX-99.1 2 manh-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

 

 

Contact:

Michael Bauer

Rick Fernandez

Senior Director,

Investor Relations

Director,

Corporate Communications

Manhattan Associates, Inc.

 

Manhattan Associates, Inc.

678-597-7538

678-597-6988

mbauer@manh.com

rfernandez@manh.com

 

 

 

Manhattan Associates Reports Record First Quarter Results

RPO Bookings Increase 31% over Prior Year on Solid Demand

Company Raises 2024 Full-Year Guidance

 

ATLANTA – April 23, 2024 – Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $254.6 million for the first quarter ended March 31, 2024. GAAP diluted earnings per share for Q1 2024 was $0.86 compared to $0.62 in Q1 2023. Non-GAAP adjusted diluted earnings per share for Q1 2024 was $1.03 compared to $0.80 in Q1 2023.

“We are very pleased with our solid start to 2024 and better than expected first quarter results. Manhattan’s fundamentals are strong, as demand continues to drive favorable pipeline and revenue momentum,” said Manhattan Associates president and CEO Eddie Capel.

“While macro volatility persists, we are optimistic about our growing market opportunity. Our global teams are executing very well for our customers and are focused on delivering leading innovation across supply chain execution, Omni-channel solutions, and retail point of sale markets,” Mr. Capel concluded.
 

FIRST QUARTER 2024 FINANCIAL SUMMARY:

Consolidated total revenue for the three months ended March 31, 2024, was $254.6 million, compared to $221.0 million for the three months ended March 31, 2023.
o
Cloud subscription revenue was $78.0 million for the three months ended March 31, 2024, compared to $57.2 million for the three months ended March 31, 2023.
o
License revenue was $2.8 million for the three months ended March 31, 2024, compared to $5.4 million for the three months ended March 31, 2023.

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o
Services revenue was $132.2 million for the three months ended March 31, 2024, compared to $116.2 million for the three months ended March 31, 2023.
GAAP diluted earnings per share for the three months ended March 31, 2024, was $0.86, compared to $0.62 for the three months ended March 31, 2023.
Adjusted diluted earnings per share, a non-GAAP measure, was $1.03 for the three months ended March 31, 2024, compared to $0.80 for the three months ended March 31, 2023.
GAAP operating income was $57.6 million for the three months ended March 31, 2024, compared to $47.1 million for the three months ended March 31, 2023.
Adjusted operating income, a non-GAAP measure, was $79.7 million for the three months ended March 31, 2024, compared to $63.7 million for the three months ended March 31, 2023.
Cash flow from operations was $54.7 million for the three months ended March 31, 2024, compared to $58.7 million for the three months ended March 31, 2023. Days Sales Outstanding was 74 days at March 31, 2024, compared to 70 days at December 2023.
Cash totaled $207.5 million at March 31, 2024, compared to $270.7 million at December 31, 2023.
During the three months ended March 31, 2024, the Company repurchased 293,592 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $73.4 million. In April 2024, our Board of Directors approved replenishing the Company’s remaining share repurchase authority to an aggregate of $75.0 million of our common stock.

 

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2024 GUIDANCE

Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2024:

 

 

Guidance Range - 2024 Full Year

 

($'s in millions, except operating margin and EPS)

$ Range

 

% Growth Range

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue - current guidance

$1,026

 

$1,034

 

10%

 

11%

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin:

 

 

 

 

 

 

 

 

 

GAAP operating margin - current guidance

20.8%

 

21.2%

 

 

 

 

 

 

Equity-based compensation

8.8%

 

8.7%

 

 

 

 

 

 

Adjusted operating margin(1) - current guidance

29.6%

 

29.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share (EPS):

 

 

 

 

 

 

 

 

 

GAAP EPS - current guidance

$2.78

 

$2.86

 

-1%

 

1%

 

 

Equity-based compensation, net of tax

1.22

 

1.22

 

 

 

 

 

 

Excess tax benefit on stock vesting(2)

(0.14)

 

(0.14)

 

 

 

 

 

 

Adjusted EPS(1) - current guidance

$3.86

 

$3.94

 

3%

 

5%

 

 

 

 

 

 

 

 

 

 

 

 

(1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based

 

 

   compensation and related income tax effects.

 

 

(2) Excess tax benefit on stock vesting expected to occur primarily in the first quarter of 2024.

 

 

 

 


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. See our cautionary note regarding “forward-looking statements” below.

Manhattan Associates will make this earnings release and published expectations 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, including the guidance, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.

 

 

 

 

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CONFERENCE CALL

Manhattan Associates’ conference call regarding its first quarter financial results will be held today, April 23, 2024, 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’ second quarter 2024 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 months ended March 31, 2024.

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 – net of income tax effects. 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.

 

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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 “2024 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 inflation; 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, 2023, 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.

 

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MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

 

 

(unaudited)

 

(unaudited)

Revenue:

 

 

 

 

Cloud subscriptions

 

$78,027

 

$57,220

Software license

 

2,810

 

5,352

Maintenance

 

34,972

 

35,650

Services

 

132,195

 

116,170

Hardware

 

6,548

 

6,621

Total revenue

 

254,552

 

221,013

Costs and expenses:

 

 

 

 

Cost of cloud subscriptions, maintenance and services

 

118,955

 

103,327

Cost of software license

 

332

 

302

Research and development

 

35,010

 

30,794

Sales and marketing

 

19,929

 

18,065

General and administrative

 

21,203

 

19,953

Depreciation and amortization

 

1,493

 

1,487

Total costs and expenses

 

196,922

 

173,928

Operating income

 

57,630

 

47,085

Other income, net

 

996

 

143

Income before income taxes

 

58,626

 

47,228

Income tax provision

 

4,825

 

8,437

Net income

 

$53,801

 

$38,791

 

 

 

 

 

Basic earnings per share

 

$0.87

 

$0.62

Diluted earnings per share

 

$0.86

 

$0.62

 

 

 

 

 

Weighted average number of shares:

 

 

 

 

Basic

 

61,625

 

62,211

Diluted

 

62,493

 

62,767

 

 

 


 

 

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES

Reconciliation of Selected GAAP to Non-GAAP Measures

(in thousands, except per share amounts)

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

2023

 

 

 

 

 

 

Operating income

 

 

$57,630

 

$47,085

Equity-based compensation (a)

 

 

22,095

 

16,640

Adjusted operating income (Non-GAAP)

 

 

$79,725

 

$63,725

 

 

 

 

 

 

Income tax provision

 

 

$4,825

 

$8,437

Equity-based compensation (a)

 

 

3,436

 

2,409

Tax benefit of stock awards vested (b)

 

 

8,157

 

2,955

Adjusted income tax provision (Non-GAAP)

 

 

$16,418

 

$13,801

 

 

 

 

 

 

Net income

 

 

$53,801

 

$38,791

Equity-based compensation (a)

 

 

18,659

 

14,231

Tax benefit of stock awards vested (b)

 

 

(8,157)

 

(2,955)

Adjusted net income (Non-GAAP)

 

 

$64,303

 

$50,067

 

 

 

 

 

 

Diluted EPS

 

 

$0.86

 

$0.62

Equity-based compensation (a)

 

 

0.30

 

0.23

Tax benefit of stock awards vested (b)

 

 

(0.13)

 

(0.05)

Adjusted diluted EPS (Non-GAAP)

 

 

$1.03

 

$0.80

 

 

 

 

 

 

Fully diluted shares

 

 

62,493

 

62,767

 

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 March 31,

 

 

 

2024

 

2023

 

 

 

 

 

 

Cost of services

 

 

$9,289

 

$6,516

Research and development

 

 

5,240

 

3,655

Sales and marketing

 

 

1,990

 

1,648

General and administrative

 

 

5,576

 

4,821

Total equity-based compensation

 

 

$22,095

 

$16,640

 

(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.

 

 

 

 


 

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

207,524

 

 

$

270,741

 

Accounts receivable, net of allowance

 

 

205,701

 

 

 

181,173

 

Prepaid expenses and other current assets

 

 

31,981

 

 

 

27,276

 

Total current assets

 

 

445,206

 

 

 

479,190

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

12,684

 

 

 

11,795

 

Operating lease right-of-use assets

 

 

52,031

 

 

 

21,645

 

Goodwill, net

 

 

62,232

 

 

 

62,235

 

Deferred income taxes

 

 

69,868

 

 

 

66,043

 

Other assets

 

 

32,741

 

 

 

32,445

 

Total assets

 

$

674,762

 

 

$

673,353

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

26,401

 

 

$

24,508

 

Accrued compensation and benefits

 

 

48,517

 

 

 

73,210

 

Accrued and other liabilities

 

 

24,920

 

 

 

27,374

 

Deferred revenue

 

 

263,905

 

 

 

237,793

 

Income taxes payable

 

 

8,277

 

 

 

3,030

 

Total current liabilities

 

 

372,020

 

 

 

365,915

 

 

 

 

 

 

 

 

Operating lease liabilities, long-term

 

 

51,813

 

 

 

17,694

 

Other non-current liabilities

 

 

11,322

 

 

 

11,466

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2024 and 2023

 

 

-

 

 

 

-

 

Common stock, $0.01 par value; 200,000,000 shares authorized; 61,569,549 and 61,566,037 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively

 

 

615

 

 

 

615

 

Retained earnings

 

 

266,757

 

 

 

304,701

 

Accumulated other comprehensive loss

 

 

(27,765

)

 

 

(27,038

)

Total shareholders' equity

 

 

239,607

 

 

 

278,278

 

Total liabilities and shareholders' equity

 

$

674,762

 

 

$

673,353

 

 

 

 

 

 

 

 

 

 

 

 


 

MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

(unaudited)

 

 

(unaudited)

 

Operating activities:

 

 

 

 

 

 

Net income

 

$

53,801

 

 

$

38,791

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

1,493

 

 

 

1,487

 

Equity-based compensation

 

 

22,095

 

 

 

16,640

 

(Gain) loss on disposal of equipment

 

 

(138

)

 

 

16

 

Deferred income taxes

 

 

(3,869

)

 

 

(2,523

)

Unrealized foreign currency loss

 

 

501

 

 

 

1,167

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

(25,434

)

 

 

6,730

 

Other assets

 

 

(4,520

)

 

 

(8,760

)

Accounts payable, accrued and other liabilities

 

 

(20,809

)

 

 

(10,009

)

Income taxes

 

 

4,594

 

 

 

7,850

 

Deferred revenue

 

 

27,024

 

 

 

7,327

 

Net cash provided by operating activities

 

 

54,738

 

 

 

58,716

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

Purchase of property and equipment

 

 

(2,321

)

 

 

(666

)

Net cash used in investing activities

 

 

(2,321

)

 

 

(666

)

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

Repurchase of common stock

 

 

(113,834

)

 

 

(101,688

)

Net cash used in financing activities

 

 

(113,834

)

 

 

(101,688

)

 

 

 

 

 

 

 

Foreign currency impact on cash

 

 

(1,800

)

 

 

(230

)

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

(63,217

)

 

 

(43,868

)

Cash and cash equivalents at beginning of period

 

 

270,741

 

 

 

225,463

 

Cash and cash equivalents at end of period

 

$

207,524

 

 

$

181,595

 

 

 

 

 

 

 

 

 

 

 

 


 

MANHATTAN ASSOCIATES, INC.

SUPPLEMENTAL INFORMATION

 

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

 

 

2023

 

2024

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

GAAP Diluted EPS

$0.62

 

$0.63

 

$0.79

 

$0.78

 

$2.82

 

$0.86

Adjustments to GAAP:

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation

0.23

 

0.25

 

0.26

 

0.25

 

0.97

 

0.30

Tax benefit of stock awards vested

(0.05)

 

-

 

-

 

-

 

(0.06)

 

(0.13)

 Adjusted Diluted EPS

$0.80

 

$0.88

 

$1.05

 

$1.03

 

$3.74

 

$1.03

Fully Diluted Shares

62,767

 

62,432

 

62,310

 

62,555

 

62,608

 

62,493

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

 

2023

 

2024

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

Revenue:

Americas

$170,759

 

$179,208

 

$186,564

 

$182,664

 

$719,195

 

$196,312

EMEA

39,658

 

40,902

 

41,204

 

44,874

 

166,638

 

46,620

APAC

10,596

 

10,906

 

10,673

 

10,717

 

42,892

 

11,620

 

$221,013

 

$231,016

 

$238,441

 

$238,255

 

$928,725

 

$254,552

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Operating Income:

Americas

$29,647

 

$32,326

 

$34,655

 

$38,530

 

$135,158

 

$36,687

EMEA

12,793

 

13,556

 

14,415

 

15,959

 

56,723

 

15,884

APAC

4,645

 

4,601

 

4,378

 

4,376

 

18,000

 

5,059

 

$47,085

 

$50,483

 

$53,448

 

$58,865

 

$209,881

 

$57,630

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments (pre-tax):

Americas:

 

 

 

 

 

 

 

 

 

 

 

Equity-based
   compensation

$16,640

 

$17,928

 

$19,030

 

$17,973

 

$71,571

 

$22,095

 

$16,640

 

$17,928

 

$19,030

 

$17,973

 

$71,571

 

$22,095

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-GAAP Operating Income:

Americas

$46,287

 

$50,254

 

$53,685

 

$56,503

 

$206,729

 

$58,782

EMEA

12,793

 

13,556

 

14,415

 

15,959

 

56,723

 

15,884

APAC

4,645

 

4,601

 

4,378

 

4,376

 

18,000

 

5,059

 

$63,725

 

$68,411

 

$72,478

 

$76,838

 

$281,452

 

$79,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

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):

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

2024

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

Revenue

$(3,084)

 

$104

 

$2,755

 

$2,341

 

$2,116

 

$648

Costs and expenses

(3,616)

 

(1,133)

 

1,033

 

1,212

 

(2,504)

 

176

Operating income

532

 

1,237

 

1,722

 

1,129

 

4,620

 

472

Foreign currency gains (losses)
   in other income

(810)

 

(516)

 

387

 

(527)

 

(1,466)

 

(564)

 

$(278)

 

$721

 

$2,109

 

$602

 

$3,154

 

$(92)

 

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):
 

 

2023

 

2024

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

Operating income

$1,632

 

$1,222

 

$728

 

$267

 

$3,849

 

$185

Foreign currency gains (losses)
    in other income

(283)

 

(31)

 

812

 

(105)

 

393

 

164

Total impact of
   changes in the
   Indian Rupee

$1,349

 

$1,191

 

$1,540

 

$162

 

$4,242

 

$349

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

 

2023

 

2024

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

Interest income

$969

 

$1,555

 

$1,371

 

$1,409

 

$5,304

 

$1,414

Foreign currency gains (losses)

(810)

 

(516)

 

387

 

(527)

 

(1,466)

 

(564)

Other non-operating
    income (expense)

(16)

 

2

 

(19)

 

(15)

 

(48)

 

146

Total other income (loss)

$143

 

$1,041

 

$1,739

 

$867

 

$3,790

 

$996

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

 

2023

 

2024

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

Capital expenditures

$666

 

$1,009

 

$1,086

 

$1,969

 

$4,730

 

$2,321

 

 

 


 

6. Stock Repurchase Activity (in thousands):

 

 

2023

 

2024

 

1st Qtr

 

2nd Qtr

 

3rd Qtr

 

4th Qtr

 

Full Year

 

1st Qtr

Shares purchased under publicly announced buy-back program

515

 

381

 

128

 

-

 

1,024

 

294

Shares withheld for taxes due upon vesting of restricted stock units

208

 

4

 

8

 

2

 

222

 

165

Total shares purchased

723

 

385

 

136

 

2

 

1,246

 

459

 

 

 

 

 

 

 

 

 

 

 

 

Total cash paid for shares purchased under publicly announced buy-back program

$74,177

 

$66,769

 

$25,072

 

$0

 

$166,018

 

$73,411

Total cash paid for shares withheld for taxes due upon vesting of restricted stock units

27,511

 

658

 

1,529

 

331

 

30,029

 

40,423

Total cash paid for shares repurchased

$101,688

 

$67,427

 

$26,601

 

$331

 

$196,047

 

$113,834

 

 

7. Remaining Performance Obligations

We disclose revenue we expect to recognize from our remaining performance obligations ("RPO"). Over 98% of our RPO represent cloud native subscriptions with a non-cancelable term 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, 2023

 

 

June 30, 2023

 

 

September 30, 2023

 

 

December 30, 2023

 

 

March 31, 2024

 

 

 

Remaining Performance Obligations

$

1,153,404

 

 

$

1,238,672

 

 

$

1,324,861

 

 

$

1,427,854

 

 

$

1,516,430