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- **Revenue Growth**: Q4 revenue up 6% to $270M, cloud revenue +20%. Full year RPO $2.2B (25% YoY). 
- **AI Breakthrough**: Launched Agentic AI agents and Foundry, with 90-day pilot program for low-risk adoption. 
- **ARR Visibility**: 4-year ramped ARR $600M (23% YoY), reflecting strong cloud contract visibility. 
- **2026 Guidance**: RPO $2.62–$2.68B, revenue $1.133–$1.153B, EPS $5.04–$5.20. 
- **Customer Momentum**: 75% Q4 cloud bookings from new logos, 55% 2025 bookings from new logos. 
- **Margins Expansion**: Target 34.5%–35% operating margin, 75bps improvement ex-license/maintenance.

**【CEO Summary Section】**
- **Record Q4 and Full Year Performance**: Achieved record cloud bookings, RPO, revenue, operating income, free cash flow, and EPS in 2025. Q4 revenue grew 6% to $270 million, with cloud revenue up 20% to $109 million. 
- **AI Agent Launch**: Commercialized Agentic AI agents and Agent Foundry in Q4, enabling customers to automate supply chain processes and build custom agents. Early adopters reported significant productivity gains. 
- **New ARR Metric**: Introduced 4-year ramped ARR of $600 million (up 23% YoY) to better reflect cloud revenue visibility. 
- **Customer Momentum**: 75% of new cloud bookings in Q4 came from net new logos, with 55% of 2025 bookings from new logos. Cross-sell opportunities with existing customers are growing. 

**【CFO Financial Commentary】**
- **Q4 Financials**: GAAP net income $420 million, Non-GAAP EPS $1.21 (up 3%). Free cash flow $147 million (52.7% margin). Full year operating cash flow $389 million (34.6% margin). 
- **2026 Guidance**: 
  - RPO: $2.62–$2.68 billion (18%–20% growth). 
  - Revenue: $1.133–$1.153 billion (10% growth ex-license/maintenance). 
  - Adjusted EPS: $5.04–$5.20. 
- **Share Repurchases**: $75 million in Q4, $275 million for 2025. Board approved $100 million buyback replenishment. 
- **Margins**: Target 34.5%–35% adjusted operating margin, with 75bps expansion ex-license/maintenance. 

**【Q&A Key Highlights】**
- **Conversion Progress**: 100 new services hires in Q1 to support cloud migration, with conversions driving Q1 bookings. 
- **Services Growth**: 3% YoY growth guided for 2026, driven by strong pipeline and Agentic AI cross-sell. 
- **AI Monetization**: Low-risk 90-day pilot program for AI agents, with pricing as a simple uplift to existing contracts. 
- **Customer Sentiment**: Strong demand for WMS/TMS conversions, with CIOs prioritizing efficiency and ROI. 
- **ARR Dynamics**: 38% of RPO to be recognized as revenue over next 24 months, with renewals contributing 18%–20% of 2026 RPO. 
- **Tax Impact**: 22% effective tax rate for 2026, with no material FX impact on growth rates.

Manhattan Associates, Inc. (MANH) Q4 2025 Earnings Call Transcript

- **Cloud Growth Accelerates**: 21% cloud revenue growth and 23% RPO expansion highlight execution strength despite macro challenges.
- **AI-Driven Innovation**: Agentic AI agents delivered immediate value, with 80% YoY transaction growth in POS.
- **Conversion Playbook Succeeds**: 30+ pipeline deals from fixed-fee conversions, targeting 20% cloud growth in 2026.
- **Financial Discipline**: 37.5% operating margin and $93M free cash flow reflect strong cost control.
- **Leadership Expansion**: COO Greg Betz focused on scaling conversions and partner ecosystem.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 cloud revenue grew 21%, driven by 23% year-over-year RPO increase to $2.1 billion. Services revenue declined 3% due to macro headwinds but showed sequential improvement.
- **AI Strategy**: Launched Agentic AI agents in Q3, with early access customers seeing real-time value in warehouse and transportation use cases. EPF (Enterprise Promise & Fulfill) and supply chain planning solutions are gaining traction with large 3PLs and retailers.
- **Customer Engagement**: 17% of new cloud bookings were net new logos, while 50% of year-to-date bookings came from conversions. Renewal win rates remain above 70%.
- **Leadership Update**: Appointed Greg Betz as COO to focus on conversions, renewals, and partner ecosystem expansion.

**【CFO Financial Commentary】**
- **Top Line**: Total revenue $276M (3% ex-FX), cloud revenue $105M (21% growth). Adjusted operating margin 37.5%, up 40bps YoY.
- **Bottom Line**: GAAP EPS $0.96, Non-GAAP EPS $1.36 (up 1% YoY). Free cash flow $93M (9% growth), ending cash balance $264M.
- **Guidance Update**: Full-year RPO $2.11-2.15B (ex-FX), total revenue $1.03-1.07B, adjusted EPS $4.82-4.96.
- **2026 Outlook**: Target 20% cloud growth, services revenue growth, and 50-75bps margin expansion.

**【Q&A Highlights】**
- **Conversion Strategy**: Fixed-fee, fixed-timeline conversions for 100+ warehouse customers drove 30+ pipeline deals in Q3. Expanding to TMS and DC rollout cohorts.
- **Services Momentum**: Q3 services revenue up 18% YoY (ex-FX), with backlog and pipeline strength supporting 2026 growth.
- **AI Impact**: Agentic AI agents deployed in minutes, no data lakes, with early access customers seeing 80% YoY transaction growth in POS.
- **FX Impact**: Q3 FX tailwind $1M, year-to-date tailwind $40M.

Manhattan Associates, Inc. (MANH) Q3 2025 Earnings Call Transcript

- **Record Q2 Growth**: Cloud revenue up 22%, RPO surpasses $2B, and 70% of new cloud bookings from net new logos.
- **AI Innovation**: Launching Agentic AI agents for warehouse, transportation, and store roles, plus customer-driven AI solutions via Agent Foundry.
- **Sales Expansion**: 20+ new hires, Google/Shopify partnerships, and 20%+ cloud growth target maintained.
- **Financial Strength**: Adjusted EPS $1.31, operating margin 37.1%, and $74M free cash flow. Full-year revenue raised to $1.073B midpoint.
- **2026 Renewal Opportunity**: $100M+ incremental RPO expected from MATM renewals, with global renewal structure being built.

**【Management Opening Remarks】**
- Eddie Capel highlighted a smooth CEO transition under Eric Clark, noting Q2's strong performance and the success of the Momentum Conference. He announced his transition to Chairman of the Board effective January 2026, emphasizing ongoing support for Eric and the team.

**【CEO Commentary】**
- **Q2 Results**: Total revenue of $272M (+3% YoY), cloud revenue up 22% to $100M, and RPO surpassing $2B (+26% YoY). New cloud bookings from net new logos accounted for 70% of growth.
- **AI and Innovation**: Agentic AI agents for each application role (e.g., labor optimization, store selling) will launch Q4, with a customer-driven Agent Foundry enabling custom AI solutions.
- **Sales Expansion**: 20+ new sales hires, including leaders for POS and TMS, and partnerships with Google and Shopify to accelerate deal flow.
- **Macro Caution**: Services revenue declined 6% YoY due to customer budget constraints, with cautious outlook on future growth.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EPS of $1.31 (+11% YoY), operating margin 37.1% (+210bps YoY), and free cash flow of $74M.
- **Guidance Update**: Full-year revenue raised to $1.073B midpoint, operating margin to 35%, and EPS to $4.80. Cloud revenue expected to grow 20%+ in 2025, with 2026 renewals driving future growth.
- **Balance Sheet**: $231M cash, $50M share buybacks, and $100M repurchase authority replenished.

**【Q&A Highlights】**
- **Unification Strategy**: 80% of MATM customers also use MAWM, with cross-sell success driven by unified engineering teams and customer councils.
- **Cloud Growth Confidence**: 20%+ multiyear target maintained, with 2026 renewals (e.g., Warehouse Management) expected to drive $100M+ incremental RPO.
- **Sales Velocity**: New hires and partnerships (Google, Shopify) are already contributing to pipeline growth, with Q2's largest deal influenced by Google Cloud Marketplace.
- **Renewal Preparation**: Global renewal structure being built to maximize cross-sell opportunities, with 18-month advance planning for 2026 renewals.


Manhattan Associates, Inc. (MANH) Q2 2025 Earnings Conference Call Transcript

- **Q1 Growth Drivers**: 21% cloud revenue growth and 25% RPO increase highlight strong execution, with 50% new cloud bookings from net new logos.
- **AI Innovation Lead**: Launch of EPF and Maven email capabilities demonstrate Manhattan's AI-driven competitive advantage in B2B fulfillment.
- **Financial Strength**: 34.7% operating margin and $75M free cash flow support $100M buybacks and balanced growth strategy.
- **Guidance Confidence**: Reiterated FY25 RPO target of $2.11B-$2.15B despite macro caution, with 38% RPO conversion visibility over 24 months.
- **Risk Management**: Services growth cautious due to contract flexibility, but Q1 services outperformance suggests resilience.

**【CEO Business Overview】**
- Q1 2025 revenue exceeded expectations, with 21% YoY cloud revenue growth and RPO up 25% to $1.9 billion.
- New cloud bookings from net new logos accounted for 50% of Q1 sales, signaling strong demand for Manhattan's unified cloud solutions.
- Launch of Enterprise Promise & Fulfill (EPF) to address B2B order fulfillment complexity, and expansion of Manhattan Active Maven AI chatbot to handle emails, reducing customer service workload by 40%+.
- Q1 completed over 100 customer go-lives, with services revenue slightly better than expected despite macro uncertainty.

**【CFO Financial Highlights】**
- Total revenue: $263 million (+3% YoY), driven by cloud growth of $94 million (+21% YoY).
- Adjusted operating margin: 34.7% (up 340bps YoY), with EPS of $1.19 (+16% YoY).
- Free cash flow: $75 million (28% margin), with $100 million in share buybacks and $100 million replenished buyback authority.
- 2025 guidance: RPO $2.11B-$2.15B, cloud revenue $405M-$410M, adjusted EPS $4.54-$4.64.

**【Q&A Key Takeaways】**
- **Pipeline Resilience**: Despite macro uncertainty, Q1 pipeline remains solid with 35% net new customer demand, and 50% of new cloud bookings from net new logos.
- **Cloud Adoption**: 38% of RPO expected to convert to revenue over next 24 months, reflecting cautious customer ramp timelines.
- **AI Investment**: Ongoing R&D simplification initiatives to accelerate deployment and adoption of Manhattan Active solutions.
- **Services Risk**: Caution on near-term services growth due to time/materials contract flexibility, but Q1 services performance better than expected.
- **FX Impact**: <1% tailwind for FY25, with minimal impact on RPO growth despite Q1 $14M sequential FX tailwind.


Manhattan Associates (MANH)-22 Apr 25-2025 Q1 Earnings call transcript

- **Cloud Dominance**: 2024 cloud revenue up 32%, 2025+ growth >20% with services crossover by 2026.
- **Resilient Execution**: Q4 RPO $1.8B beats targets, 2025 cloud bookings +21% despite $50M services headwind.
- **Innovation Payoff**: $138M R&D investment yields first Active Planning customer, Iris POS wins top retailers.
- **Margin Expansion**: 2025 operating margin 33-33.5%, free cash flow >$300M/Q with $1.2B annual collections.
- **Risk Management**: FX hedging mitigates $70M+ annual impact, 80%+ on-premise customers drive long-term growth.


**【CEO Summary Section】**
- **Record 2024 Performance**: Total revenue exceeded $1 billion, with cloud subscription revenue growing 32% to $337 million. Q4 cloud revenue surged 26% to $90 million.
- **2025 Outlook**: Cloud subscription revenue expected to grow over 20% annually, surpassing services revenue by 2026. Q1 2025 starts strong with new software bookings.
- **Service Challenges**: 10% of customers reduced 2025 services spending, causing Q1 services revenue to trough. Sequential growth resumes mid-2025 with Q4 YoY recovery.
- **Innovation Momentum**: $138M R&D investment in 2024, launching Manhattan Active Supply Chain Planning and Iris POS. Win rates remain above 70% across retail, manufacturing, and wholesale.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Total revenue $256M (+7%), adjusted EPS $1.17 (+14%). RPO reached $1.8B (+25% YoY). Full year free cash flow $295M, operating margin 34.7%.
- **2025 Guidance**: Cloud revenue $405-410M (+21%), services $494-500M. Total revenue $1.06-1.07B. Adjusted EPS $4.45-4.55. Operating margin 33-33.5%.
- **FX Impact**: $33M headwind to 2025 RPO, $20M to total revenue. Share buyback authority increased to $100M.

**【Q&A Highlights】**
- **Cloud Adoption**: 80%+ on-premise customers yet to migrate. First Manhattan Active Planning customer on track for H2 2025 launch.
- **Services Efficiency**: Attrition rates remain low, enabling 50bp margin improvement. Hiring aligned with demand recovery in H2.
- **POS Growth**: NRF 2025 saw record interest, winning major retail deals. Forrester Wave leader status validates omnichannel capabilities.
- **FX Mitigation**: Hedging strategies to offset $70M+ annual FX volatility impact.


Actual											0.4	0.4	0.51	0.45	0.43	0.61	0.71	0.48	0.6	0.69	0.66	0.81	0.8	0.88	1.05	1.03	1.03	1.18	1.35	1.17	1.19	1.31	1.36	1.21
Forecast											0.3267	0.3433	0.3933	0.3243	0.3229	0.4314	0.5433	0.385	0.45	0.5467	0.5717	0.4967	0.6511	0.7215	0.7643	0.8011	0.869	0.9566	1.0646	1.0594	1.0265	1.1269	1.1872	1.13
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+22.44%	+16.52%	+29.67%	+38.76%	+33.17%	+41.40%	+30.68%	+24.68%	+33.33%	+26.21%	+15.45%	+63.08%	+22.87%	+21.97%	+37.38%	+28.57%	+18.53%	+23.35%	+26.81%	+10.44%	+15.93%	+16.25%	+14.56%	+7.08%

MANH

MANH fundamentals

MANH Q4 2025 Earnings

Earnings Call

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MANH

MANH fundamentals

MANH Q4 2025 Earnings

Earnings Call

MANH Earnings Call Summary for Q4/20254:30 PM on Jan 27, 2026

MANH Earnings Call Summary for Q3/20254:30 PM on Oct 21, 2025

MANH Earnings Call Summary for Q2/20254:30 PM on Jul 22, 2025

MANH Earnings Call Summary for Q1/20254:30 PM on Apr 22, 2025

MANH Earnings Call Summary for Q4/20244:30 PM on Jan 28, 2025

You can ask Aime