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Manhattan Associates Owner Earnings per Share (TTM)

: 1.94 (As of Mar. 2022)
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In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

Manhattan Associates's Owner Earnings per Share (TTM) ended in Mar. 2022 was $1.94. It's Price-to-Owner-Earnings ratio for today is 60.33.


The historical rank and industry rank for Manhattan Associates's Owner Earnings per Share (TTM) or its related term are showing as below:

MANH' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 16.51   Med: 36.41   Max: 90.32
Current: 60.39


During the past 13 years, the highest Price-to-Owner-Earnings ratio of Manhattan Associates was 90.32. The lowest was 16.51. And the median was 36.41.


MANH's Price-to-Owner-Earnings is ranked worse than
81.23% of 943 companies
in the Software industry
Industry Median: 21.75 vs MANH: 60.39

Manhattan Associates's Earnings per Share (Diluted) for the three months ended in Mar. 2022 was $0.48. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2022 was $1.85. It's PE Ratio ratio for today is 63.26.

Manhattan Associates's EPS without NRI for the three months ended in Mar. 2022 was $0.48. Its EPS without NRI for the trailing twelve months (TTM) ended in Mar. 2022 was $1.85. It's PE Ratio without NRI ratio for today is 63.26.


Manhattan Associates Owner Earnings per Share (TTM) Historical Data

The historical data trend for Manhattan Associates's Owner Earnings per Share (TTM) can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Manhattan Associates Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Owner Earnings per Share (TTM)
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.04 1.67 1.65 1.55 2.11

Manhattan Associates Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Owner Earnings per Share (TTM) Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.94 1.86 2.12 2.11 1.94

Competitive Comparison

For the Software - Application subindustry, Manhattan Associates's Owner Earnings per Share (TTM), along with its competitors' market caps and Owner Earnings per Share (TTM) data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Manhattan Associates Owner Earnings per Share (TTM) Distribution

For the Software industry and Technology sector, Manhattan Associates's Owner Earnings per Share (TTM) distribution charts can be found below:

* The bar in red indicates where Manhattan Associates's Owner Earnings per Share (TTM) falls into.



Manhattan Associates Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

Manhattan Associates's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income 118.4
Depreciation, Depletion and Amortization 7.5
Change In Deferred Tax -9.5
5Y Average of Maintenance Capital Expenditure 6.5
Change In Working Capital 13.9
Shares Outstanding (Diluted Average) 63.9

1. Start with "Net Income" from income statement. Manhattan Associates's Net Income for the trailing twelve months (TTM) ended in Mar. 2022 was $118.4 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. Manhattan Associates's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Mar. 2022 was $7.5 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. Manhattan Associates's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2022 was $-9.5 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $6.5 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

Manhattan Associates's 5-Year Average Maintenance Capital Expenditure = $6.5 Mil

5. "Change In Working Capital" is from cashflow statement. Manhattan Associates's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2022 was $13.9 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. Manhattan Associates's Shares Outstanding (Diluted Average) for the months ended in Mar. 2022 was 63.871 Mil.

Manhattan Associates's Onwer Earnings Per Share for Mar. 2022 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 118.421 +7.526+-9.533
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-6.5260504740828+13.922)/63.871
=1.94

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=117.04/1.94
=60.33

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.


Manhattan Associates Owner Earnings per Share (TTM) Related Terms

Thank you for viewing the detailed overview of Manhattan Associates's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.


Manhattan Associates Business Description

Manhattan Associates logo
Industry
Technology » Software NAICS : 511210 SIC : 7372
Traded in Other Exchanges
Address
2300 Windy Ridge Parkway, Tenth Floor, Atlanta, GA, USA, 30339
Manhattan Associates provides software that helps users manage their supply chains, inventory, and omnichannel operations. Customers are generally retailers, wholesalers, manufacturers, and logistics providers. The company was founded in 1990 and serves more than 1,200 customers around the world.
Executives
Eger Edmond director 135 CHEROKEE WAY PORTOLA VALLEY CA 94028
Richards Bruce officer: Sr. V.P. & Chief Legal Officer 190 NORTHLAND RIDGE TRAIL ATLANTA GA 30342
Howell Robert G officer: Sr VP, Americas Sales 2300 WINDY RIDGE PARKWAY 10TH FLOOR ATLANTA GA 30339
Huntz John J Jr director 1201 W PEACHTREE STREET NW STE 5000 ATLANTA GA 30309
Noonan Thomas E director C/O INTERNET SECURITY SYSTEM INC 6303 BARFIELD RD ATLANTA GA 30328
Hollembaek Linda T. director 2300 WINDY RIDGE PARKWAY TENTH FLOOR ATLANTA GA 30339
Raghavan Deepak director 2300 WINDY RIDGE PARKWAY SUITE 700 ATLANTA GA 30339
Moran Charles E director 2300 WINDY RIDGE PARKWAY 10TH FLOOR ATLANTA GA 30339
Story Dennis B officer: EVP, CFO & Treasurer PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: STORY DENNIS B a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Capel Eddie director, officer: President & CEO 2300 WINDY RIDGE PARKWAY, SUITE 1000 ATLANTA GA 30339
Pinne Linda C. officer: Sr VP, Global Corp Controller 2300 WINDY RIDGE PARKWAY TENTH FLOOR ATLANTA GA 30339
Heyman John H director 3925 BROOKSIDE PARKWAY ALPHARETTA GA 30022
Cassidy Brian J director MEENTSESTREAST 81 NL 6987 GLESBEEK NETHERLANDS P7 0000
Lautenbach Dan J director 106 COSTA BELLA COVE AUSTIN TX 78734
Sinisgalli Peter F director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: SINISGALLI PETER F a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}

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