Manhattan Associates, Inc. (NASDAQ:MANH) Q1 2018 Earnings Conference Call - Preliminary Transcript
Apr 24, 2018 • 04:30 pm ET
Good afternoon. My name is Emily, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Manhattan Associates Q1 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period.
As a reminder, ladies and gentlemen, this call is being recorded today, April 24th, 2018. I would now like to introduce Eddie Capel, CEO; and Dennis Story, CFO of Manhattan Associates.
Mr. Story, you may begin your conference.
Thank you, Emily, and good afternoon, everyone. Welcome to Manhattan Associates 2018 first quarter earnings call. I'll review our cautionary language and then turn the call over to Eddie Capel, our CEO. During this call, including the question-and-answer session, we may make forward-looking statements regarding future events or future financial performance of Manhattan Associates.
You are cautioned that these forward-looking statements involve risks and uncertainties, are not guarantees of future performance, and that actual results may differ materially from projections contained in our forward-looking statements. I refer you to the reports Manhattan Associates files with the SEC for important factors that could cause actual results to differ materially from those in our projections, particularly our Annual Report on Form 10-K for fiscal 2017 and the risk factor discussion in that report.
We are under no obligation to update these statements. In addition, our comments include certain non-GAAP financial measures in an effort to provide additional information to investors. All non-GAAP measures have been reconciled to related GAAP measures in accordance with SEC rules. You'll find reconciliation schedules in the Form 8-K we submitted to the SEC earlier today and on our website at manh.com.
Finally, with the adoption of ASC 606 revenue accounting rules and the new P&L line item format discussed in our Q4 earnings call, we have included a supplemental schedule in our earnings release which discloses nine quarters of history in the new format with a pro forma presentation of hardware revenue for 2016 and 2017 for the year-over-year apples-to-apples comps for hardware and total revenue growth. Our year-over-year revenue percentage growth comments will be based on an apples-to-apples comparison, normalizing 2017 revenue for the hardware revenue impact.
Now, I'll turn the call over to Eddie.
Good afternoon, everyone, and thank you for joining us to review Manhattan Associates 2018 first quarter results. We delivered Q1 total revenue of $131 million and $0.37 of adjusted EPS, and these were down 5% and 12%, respectively over prior year. But overall, these metrics were in line with our objectives. In fact, we exceeded our Q1 targets across all revenue lines, except license revenue and that was isolated to the Americas, related to deal timing.
Based upon our outlook for the remainder of the year, we're maintaining our 2018 full-year guidance. We are upbeat regarding our transition to cloud and building very positive momentum on multiple parallel fronts in our business, highlighted specifically by the following four areas.