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Manhattan Associates Reports Fourth Quarter Results
“Manhattan's business momentum continues to strengthen. We delivered record fourth quarter cloud bookings, and our industry leading solutions are gaining market share,” said Manhattan Associates president and CEO Eric Clark.
“Manhattan enters 2026 with an expanded go-to-market footprint and numerous opportunities to drive growth from new and existing customers. Our global team is dedicated to our customers’ success, and we are excited for our newly released AI agents to help deliver optimal results for our entire Active customer community,” Mr. Clark concluded.
FOURTH QUARTER 2025 FINANCIAL SUMMARY:
- Consolidated total revenue was $270.4 million for Q4 2025, compared to $255.8 million for Q4 2024.
- Cloud subscription revenue was $108.6 million for Q4 2025, compared to $90.3 million for Q4 2024.
- License revenue was $2.6 million for Q4 2025, compared to $5.5 million for Q4 2024.
- Services revenue was $120.0 million for Q4 2025, compared to $119.5 million for Q4 2024.
- GAAP diluted earnings per share was $0.86for Q4 2025, compared to $0.77 for Q4 2024.
- Adjusted diluted earnings per share, a non-GAAP measure, was $1.21for Q4 2025, compared to $1.17 for Q4 2024.
- GAAP operating income was $67.0 million for Q4 2025, compared to $60.7 million for Q4 2024.
- Adjusted operating income, a non-GAAP measure, was $91.4 million for Q4 2025, compared to $90.3 million for Q4 2024.
- Cash flow from operations was $147.0 million for Q4 2025, compared to $104.7 million for Q4 2024. Days Sales Outstanding was 73 days at both December 31, 2025 and at September 30, 2025.
- Cash totaled $328.7 million at December 31, 2025, compared to $263.6 million at September 30, 2025.
- During the three months ended December 31, 2025, the Company repurchased 415,925 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $75.0 million. In January 2026, our Board of Directors replenished the Company’s share repurchase authority to an aggregate of $100.0 million of our common stock.
FULL YEAR 2025 FINANCIAL SUMMARY:
- Consolidated total revenue for the twelve months ended December 31, 2025, was $1,081.4 million, compared to $1,042.4 million for the twelve months ended December 31, 2024.
- Cloud subscription revenue was $408.1 million for the twelve months ended December 31, 2025, compared to $337.2 million for the twelve months ended December 31, 2024.
- License revenue was $14.8 million for the twelve months ended December 31, 2025, compared to $15.1 million for the twelve months ended December 31, 2024.
- Services revenue was $503.0 million for the twelve months ended December 31, 2025, compared to $525.5 million for the twelve months ended December 31, 2024.
- GAAP diluted earnings per share for the twelve months ended December 31, 2025, was $3.60, compared to $3.51 for the twelve months ended December 31, 2024.
- Adjusted diluted earnings per share, a non-GAAP measure, was $5.06 for the twelve months ended December 31, 2025, compared to $4.72 for the twelve months ended December 31, 2024.
- GAAP operating income was $279.8 million for the twelve months ended December 31, 2025, compared to $261.6 million for the twelve months ended December 31, 2024.
- Adjusted operating income, a non-GAAP measure, was $387.1 million for the twelve months ended December 31, 2025, compared to $361.8 million for the twelve months ended December 31, 2024.
- Cash flow from operations was $389.5 million for the twelve months ended December 31, 2025, compared to $295.0 million for the twelve months ended December 31, 2024.
- During the twelve months ended December 31, 2025, the Company repurchased 1,451,019 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $274.5 million. In January 2026, our Board of Directors replenished the Company’s share repurchase authority to an aggregate of $100.0 million of our common stock.
2026 GUIDANCE
Manhattan Associates provides the following revenue, operating margin, and diluted earnings per share guidance for the full year 2026:
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| Guidance Range - 2026 Full Year |
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| ($'s in millions, except operating margin and EPS) | $ Range |
| % Growth Range |
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| Total revenue | $1,133 |
| $1,153 |
| 5% |
| 7% |
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| Operating Margin: |
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| GAAP operating margin | 24.1% |
| 24.7% |
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| Equity-based compensation | 10.4% |
| 10.3% |
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| Adjusted operating margin(1) | 34.5% |
| 35.0% |
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| Diluted earnings per share (EPS): |
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| GAAP EPS | $3.37 |
| $3.53 |
| -6% |
| -2% |
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| Equity-based compensation | 1.69 |
| 1.69 |
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| Excess tax benefit on stock vesting(2) | (0.02) |
| (0.02) |
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| Adjusted EPS(1) | $5.04 |
| $5.20 |
| 0% |
| 3% |
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| (1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based compensation and the related income tax effects, if applicable. |
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| (2) Excess tax benefit on stock vesting expected to occur primarily in the first quarter of 2026. |
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Manhattan Associates currently intends to make public certain expectations with respect to future financial performance. Those statements, including the guidance provided above, are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below.
Manhattan Associates will make this earnings release and a recording of the conference call referenced below available on the investor relations section of the Manhattan Associates website at ir.manh.com. Following publication of this earnings release, any expectations with respect to future financial performance contained in this release or the conference call, including the guidance, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.
CONFERENCE CALL
Manhattan Associates’ conference call regarding its fourth quarter and twelve months ended December 31, 2025 financial results will be held today, January 27, 2026, 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’ first quarter 2026 earnings release.
GAAP VERSUS NON-GAAP PRESENTATION
Manhattan Associates provides adjusted operating income and margin, adjusted income tax provision, adjusted net income, and adjusted diluted earnings per share in this press release as additional information regarding the Company’s historical and projected operating results. These measures are not in accordance with, or alternatives to, GAAP, and may be different from similarly titled non-GAAP measures used by other companies. The Company believes the presentation of these non-GAAP financial measures facilitates investors’ ability to understand and compare the Company’s results and guidance, because the measures provide supplemental information in evaluating the operating results of its business, as distinct from results that include items not indicative of ongoing operating results, and because the Company believes its peers typically publish similar non-GAAP measures. This release should be read in conjunction with the Company’s Form 8-K earnings release filing for the three and twelve months ended December 31, 2025.
Non-GAAP adjusted operating income and margin, adjusted income tax provision, adjusted net income, and adjusted diluted earnings per share exclude the impact of equity-based compensation, an expense – net of insurance recoveries, related to an unusual health insurance claim, and restructuring expense – net of income tax effects, collectively. They also exclude the tax benefits or deficiencies of vested stock awards caused by differences in the amount deductible for tax purposes from the compensation expense recorded for financial reporting purposes. We include reconciliations of the Company’s GAAP financial measures to non-GAAP adjustments in the supplemental information attached to this release.
ABOUT MANHATTAN ASSOCIATES
Manhattan Associates is a global technology leader in supply chain and omnichannel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology, and unmatched experience help drive both top-line growth and bottom-line profitability for our customers.
Manhattan Associates designs, builds, and delivers leading edge cloud solutions so that across the store, through your network, or from your fulfillment center, you are ready to reap the rewards of the omnichannel marketplace. For more information, please visit www.manh.com.
This press release contains “forward-looking statements” relating to Manhattan Associates, Inc. Forward-looking statements in this press release include, without limitation, the information set forth under “2026 Guidance” and statements identified by words such as “may,” “expect,” “forecast,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “project,” “estimate,” and similar expressions. Prospective investors are cautioned that any of those forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by those forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by those forward-looking statements are: economic conditions, including disruption and transformation in the retail sector and our vertical markets; delays in product development; competitive and pricing pressures; software errors and information technology failures, disruption and security breaches; risks related to our products’ technology and customer implementations; risks associated with our use of generative and agentic artificial intelligence; global instability, including the wars in Ukraine and the Middle East; and the other risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and in Item 1A of Part II in subsequent Quarterly Reports on Form 10-Q. Manhattan Associates undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results.
| MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (in thousands, except per share amounts) | |||||||
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| Three Months Ended December 31, |
| Year Ended December 31, | ||||
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| 2025 |
| 2024 |
| 2025 |
| 2024 |
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| (unaudited) |
| (unaudited) |
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| Revenue: |
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| Cloud subscriptions | $108,558 |
| $90,330 |
| $408,138 |
| $337,203 |
| Software license | 2,643 |
| 5,452 |
| 14,819 |
| 15,085 |
| Maintenance | 32,279 |
| 33,568 |
| 129,972 |
| 138,304 |
| Services | 120,011 |
| 119,482 |
| 503,044 |
| 525,517 |
| Hardware | 6,898 |
| 6,969 |
| 25,419 |
| 26,243 |
| Total revenue | 270,389 |
| 255,801 |
| 1,081,392 |
| 1,042,352 |
| Costs and expenses: |
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| Cost of cloud subscriptions, maintenance and services | 121,522 |
| 112,739 |
| 471,405 |
| 469,659 |
| Cost of software license | 223 |
| 253 |
| 934 |
| 1,321 |
| Research and development | 38,533 |
| 32,996 |
| 145,062 |
| 137,689 |
| Sales and marketing | 22,078 |
| 20,307 |
| 81,175 |
| 75,976 |
| General and administrative | 19,489 |
| 27,187 |
| 93,762 |
| 89,810 |
| Depreciation and amortization | 1,532 |
| 1,631 |
| 6,317 |
| 6,301 |
| Restructuring expense | - |
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| 2,937 |
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| Total costs and expenses | 203,377 |
| 195,113 |
| 801,592 |
| 780,756 |
| Operating income | 67,012 |
| 60,688 |
| 279,800 |
| 261,596 |
| Other income, net | 1,438 |
| 1,996 |
| 6,094 |
| 5,218 |
| Income before income taxes | 68,450 |
| 62,684 |
| 285,894 |
| 266,814 |
| Income tax provision | 16,497 |
| 14,668 |
| 65,946 |
| 48,450 |
| Net income | $51,953 |
| $48,016 |
| $219,948 |
| $218,364 |
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| Basic earnings per share | $0.87 |
| $0.79 |
| $3.64 |
| $3.56 |
| Diluted earnings per share | $0.86 |
| $0.77 |
| $3.60 |
| $3.51 |
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| Weighted average number of shares: |
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| Basic | 60,036 |
| 60,999 |
| 60,473 |
| 61,303 |
| Diluted | 60,642 |
| 62,009 |
| 61,054 |
| 62,183 |
| Reconciliation of Selected GAAP to Non-GAAP Measures (in thousands, except per share amounts) | ||||||||
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| Three Months Ended December 31, |
| Year Ended December 31, | ||||
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| 2025 |
| 2024 |
| 2025 |
| 2024 |
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| Operating income |
| $67,012 |
| 60,688 |
| $279,800 |
| 261,596 |
| Equity-based compensation (a) |
| 30,585 |
| 22,592 |
| 111,263 |
| 93,206 |
| Unusual health insurance claim (c) |
| (6,224) |
| 7,002 |
| (6,882) |
| 7,002 |
| Restructuring expense (d) |
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| 2,937 |
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| Adjusted operating income (Non-GAAP) |
| $91,373 |
| $90,282 |
| $387,118 |
| $361,804 |
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| Income tax provision |
| $16,497 |
| 14,668 |
| 65,946 |
| 48,450 |
| Equity-based compensation (a) |
| 4,498 |
| 3,160 |
| 15,247 |
| 14,127 |
| Tax benefit of stock awards vested (b) |
| 4 |
| 57 |
| 3,928 |
| 9,120 |
| Unusual health insurance claim (c) |
| (1,501) |
| 1,690 |
| (1,660) |
| 1,690 |
| Restructuring expense (d) |
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| 708 |
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| Adjusted income tax provision (Non-GAAP) |
| $19,498 |
| 19,575 |
| 84,169 |
| 73,387 |
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| Net income |
| $51,953 |
| 48,016 |
| 219,948 |
| 218,364 |
| Equity-based compensation (a) |
| 26,087 |
| 19,432 |
| 96,016 |
| 79,079 |
| Tax benefit of stock awards vested (b) |
| (4) |
| (57) |
| (3,928) |
| (9,120) |
| Unusual health insurance claim (c) |
| (4,723) |
| 5,312 |
| (5,222) |
| 5,312 |
| Restructuring expense (d) |
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| 2,229 |
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| Adjusted net income (Non-GAAP) |
| $73,313 |
| 72,703 |
| 309,043 |
| 293,635 |
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| Diluted EPS |
| $0.86 |
| $0.77 |
| $3.60 |
| $3.51 |
| Equity-based compensation (a) |
| 0.43 |
| 0.31 |
| 1.57 |
| 1.27 |
| Tax benefit of stock awards vested (b) |
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| (0.06) |
| (0.15) | ||
| Unusual health insurance claim (c) |
| (0.08) |
| 0.09 |
| (0.09) |
| 0.09 |
| Restructuring expense (d) |
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| 0.04 |
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| Adjusted diluted EPS (Non-GAAP) |
| $1.21 |
| $1.17 |
| $5.06 |
| $4.72 |
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| Fully diluted shares |
| 60,642 |
| 62,009 |
| 61,054 |
| 62,183 |
| 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. |
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| Three Months Ended December 31, |
| Year Ended December 31, | ||||
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| 2025 |
| 2024 |
| 2025 |
| 2024 |
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| Cost of services |
| $12,275 |
| $10,049 |
| $45,630 |
| $41,531 |
| Research and development |
| 6,744 |
| 4,948 |
| 24,592 |
| 20,760 |
| Sales and marketing |
| 3,400 |
| 2,149 |
| 9,094 |
| 8,444 |
| General and administrative |
| 8,166 |
| 5,446 |
| 31,947 |
| 22,471 |
| Total equity-based compensation |
| $30,585 |
| $22,592 |
| $111,263 |
| $93,206 |
| (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. | |
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| (c) | In the fourth quarter of 2024, we recorded $7.0 million of expense for an unusual health insurance claim. During the first quarter of 2025, we received an insurance recovery of $4.7 million for this claim, partially offset by $1.0 million of ongoing expense for the claim. During the second quarter of 2025, we recorded an additional $3.0 million of expense for this unusual health insurance claim. During the fourth quarter of 2025, we settled the remaining balance of the claim and recorded $6.2 million of benefit as the final payment was much lower than the cost estimates previously provided by our health insurance provider. Based on the uncommonly large magnitude and nature of the claim and timing of related insurance recoveries, we do not believe that this expense reflects our normal operating activities, and we have excluded the amount from adjusted non-GAAP results. | |
| (d) | In January 2025, the Company eliminated about 100 positions to align our services capacity with customer demand, which has been impacted by macro-economic uncertainty. We recorded pre-tax restructuring expense in the first quarter of 2025 of approximately $2.9 million. The expense primarily consists of employee severance and outplacement services. We do not believe that the expense is a common cost that resulted from normal operating activities, and thus we have excluded the amount from adjusted non-GAAP results. |
| MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except share and per share data) | ||||||||
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| December 31, 2025 |
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| December 31, 2024 |
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| ASSETS |
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| Current Assets: |
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| Cash and cash equivalents |
| $ | 328,747 |
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| 266,230 |
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| Accounts receivable, net |
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| 214,679 |
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| 205,475 |
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| Prepaid expenses and other current assets |
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| 39,912 |
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| 31,559 |
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| Total current assets |
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| 583,338 |
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| 503,264 |
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| Property and equipment, net |
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| 23,120 |
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| 13,971 |
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| Operating lease right-of-use assets |
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| 50,443 |
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| 47,923 |
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| Goodwill |
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| 62,244 |
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| 62,226 |
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| Deferred income taxes |
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| 75,900 |
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| 94,505 |
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| Other assets |
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| 44,343 |
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| 35,662 |
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| Total assets |
| $ | 839,388 |
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| 757,551 |
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| LIABILITIES AND SHAREHOLDERS' EQUITY |
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| Current liabilities: |
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| Accounts payable |
| $ | 22,182 |
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| 26,615 |
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| Accrued compensation and benefits |
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| 69,309 |
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| 72,180 |
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| Accrued and other liabilities |
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| 26,570 |
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| 22,275 |
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| Deferred revenue |
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| 337,049 |
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| 277,970 |
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| Income taxes payable |
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| 803 |
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| 1,264 |
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| Total current liabilities |
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| 455,913 |
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| 400,304 |
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| Operating lease liabilities, long-term |
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| 56,180 |
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| 47,794 |
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| Other non-current liabilities |
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| 12,530 |
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| 10,327 |
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