Development black hole remains on West 57th Street
The 900-foot-long block — longer than three and a half midtown north-south blocks — looks gloomier every year as landowners hold out for magic-bullet combos of tenant commitments and construction financing.
West of Bergdorf Goodman and the Crown Building stretches a procession of vacant lots, empty storefronts and scaffolding. At least four enormous sites await activity. Developers including Vornado, Lefrak, Soloviev, and at least one unknown outfit have kept their sites barren for years.
There is a string of vacant lots, empty storefronts and scaffolding on West 57th Street west of Bergdorf Goodman and the Crown Building.
New York Post
At least four enormous sites await activity.
New York Post
The latest blows to the block were the closings of Brasserie 8 and a Half at Soloviev's 9 West and Rue 57 at the western corner. The opening soon of a small Abel Richard handbags boutique at 7 West is more than offset by large retail vacancies on either side of Nobu at 40 W. 57th and at the former locations of Mangia and other shops and cafes.
Manhattan-based developer Sedesco, meanwhile, is demolishing a building to enlarge a site it's been assembling for more than 10 years between 37-47 W. 57th St.
The supertall, mixed-use project is to be designed by 'starchitect' Rem Koolhaas' OMA studio. It will likely re-energize its surroundings. But no construction plans have yet been filed with the Department of Buildings.
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As technology and innovation cycles continue to accelerate, our unified cloud platform allows us to increase our leadership advantage over our competitors, expand our addressable market, and drive optimal results for our customers,' Mr. Clark concluded. SECOND QUARTER 2025 FINANCIAL SUMMARY: Consolidated total revenue was $272.4 million for Q2 2025, compared to $265.3 million for Q2 2024. Cloud subscription revenue was $100.4 million for Q2 2025, compared to $82.4 million for Q2 2024. License revenue was $1.5 million for Q2 2025, compared to $3.1 million for Q2 2024. Services revenue was $128.9 million for Q2 2025, compared to $136.8 million for Q2 2024. GAAP diluted earnings per share was $0.93 for Q2 2025, compared to $0.85 for Q2 2024. Adjusted diluted earnings per share, a non-GAAP measure, was $1.31 for Q2 2025, compared to $1.18 for Q2 2024. GAAP operating income was $73.8 million for Q2 2025, compared to $68.2 million for Q2 2024. Adjusted operating income, a non-GAAP measure, was $101.1 million for Q2 2025, compared to $92.9 million for Q2 2024. Cash flow from operations was $74.0 million for Q2 2025, compared to $73.3 million for Q2 2024. Days Sales Outstanding was 70 days at June 30, 2025, compared to 72 days at March 31, 2025. Cash totaled $230.6 million at June 30, 2025, compared to $205.9 million at March 31, 2025. During the three months ended June 30, 2025, the Company repurchased 262,341 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $49.6 million. In July 2025, our Board of Directors replenished the Company's remaining share repurchase authority to an aggregate of $100.0 million of our common stock. SIX MONTH 2025 FINANCIAL SUMMARY: Consolidated total revenue for the six months ended June 30, 2025, was $535.2 million, compared to $519.9 million for the six months ended June 30, 2024. 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Adjusted operating income, a non-GAAP measure, was $192.3 million for the six months ended June 30, 2025, compared to $172.6 million for the six months ended June 30, 2024. Cash flow from operations was $149.3 million for the six months ended June 30, 2025, compared to $128.0 million for the six months ended June 30, 2024. During the six months ended June 30, 2025, the Company repurchased 801,669 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $149.6 million. In July 2025, our Board of Directors replenished the Company's remaining share repurchase authority to an aggregate of $100.0 million of our common stock. 2025 GUIDANCE Manhattan Associates provides the following revenue, operating margin, and diluted earnings per share guidance for the full year 2025: 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 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 second quarter financial results will be held today, July 22, 2025, 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 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' third quarter 2025 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 six months ended June 30, 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 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 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 '2025 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; 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. Reconciliation of Selected GAAP to Non-GAAP Measures (in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating income $73,788 $68,188 $136,960 $125,818 Equity-based compensation (a) 24,275 24,666 53,101 46,761 Unusual health insurance claim (c) 3,000 - (658 ) - Restructuring expense (d) 8 - 2,937 - Adjusted operating income (Non-GAAP) $101,071 $92,854 $192,340 $172,579 Income tax provision $17,723 $16,336 $29,650 $21,161 Equity-based compensation (a) 3,156 3,848 7,496 7,284 Tax benefit of stock awards vested (b) 61 327 3,603 8,484 Unusual health insurance claim (c) 724 - (159 ) - Restructuring expense (d) 1 - 708 - Adjusted income tax provision (Non-GAAP) $21,665 $20,511 $41,298 $36,929 Net income $56,780 $52,766 $109,362 $106,567 Equity-based compensation (a) 21,119 20,818 45,605 39,477 Tax benefit of stock awards vested (b) (61 ) (327 ) (3,603 ) (8,484 ) Unusual health insurance claim (c) 2,276 - (499 ) - Restructuring expense (d) 7 - 2,229 - Adjusted net income (Non-GAAP) $80,121 $73,257 $153,094 $137,560 Diluted EPS $0.93 $0.85 $1.78 $1.71 Equity-based compensation (a) 0.35 0.34 0.74 0.63 Tax benefit of stock awards vested (b) - (0.01 ) (0.06 ) (0.14 ) Unusual health insurance claim (c) 0.04 - (0.01 ) - Restructuring expense (d) - - 0.04 - Adjusted diluted EPS (Non-GAAP) $1.31 $1.18 $2.50 $2.21 Fully diluted shares 61,074 62,118 61,300 62,305 Expand 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. Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cost of services $10,513 $11,358 $21,938 $20,647 Research and development 5,674 5,455 11,632 10,695 Sales and marketing 1,121 2,116 3,427 4,106 General and administrative 6,967 5,737 16,104 11,313 Total equity-based compensation $24,275 $24,666 $53,101 $46,761 Expand (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. (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. Based on the uncommonly large magnitude and nature of the claim, 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. Expand MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except share and per share data) June 30, 2025 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 230,593 $ 266,230 Accounts receivable, net 209,843 205,475 Prepaid expenses and other current assets 42,910 31,559 Total current assets 483,346 503,264 Property and equipment, net 15,984 13,971 Operating lease right-of-use assets 47,339 47,923 Goodwill, net 62,244 62,226 Deferred income taxes 99,495 94,505 Other assets 36,276 35,662 Total assets $ 744,684 $ 757,551 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 23,897 $ 26,615 Accrued compensation and benefits 61,165 72,180 Accrued and other liabilities 22,001 22,275 Deferred revenue 299,836 277,970 Income taxes payable 266 1,264 Total current liabilities 407,165 400,304 Operating lease liabilities, long-term 48,585 47,794 Other non-current liabilities 10,175 10,327 Shareholders' equity: Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2025 and 2024 - - Common stock, $0.01 par value; 200,000,000 shares authorized; 60,468,401 and 60,921,191 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 604 609 Retained earnings 304,480 329,439 Accumulated other comprehensive loss (26,325 ) (30,922 ) Total shareholders' equity 278,759 299,126 Total liabilities and shareholders' equity $ 744,684 $ 757,551 Expand MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) Six Months Ended June 30, 2025 2024 (unaudited) (unaudited) Operating activities: Net income $ 109,362 $ 106,567 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,125 2,982 Equity-based compensation 53,101 46,761 Gain on disposal of equipment (21 ) (124 ) Deferred income taxes (4,957 ) (12,519 ) Unrealized foreign currency loss 1,032 610 Changes in operating assets and liabilities: Accounts receivable, net 1,197 (11,153 ) Other assets (7,416 ) (2,088 ) Accounts payable, accrued and other liabilities (16,478 ) (18,082 ) Income taxes (4,505 ) (7,043 ) Deferred revenue 14,870 22,089 Net cash provided by operating activities 149,310 128,000 Investing activities: Purchase of property and equipment (4,871 ) (4,538 ) Net cash used in investing activities (4,871 ) (4,538 ) Financing activities: Repurchase of common stock (186,638 ) (189,546 ) Net cash used in financing activities (186,638 ) (189,546 ) Foreign currency impact on cash 6,562 (1,948 ) Net change in cash and cash equivalents (35,637 ) (68,032 ) Cash and cash equivalents at beginning of period 266,230 270,741 Cash and cash equivalents at end of period $ 230,593 $ 202,709 Expand MANHATTAN ASSOCIATES, INC. SUPPLEMENTAL INFORMATION 1. GAAP and adjusted earnings per share by quarter are as follows: 2024 2025 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr YTD Adjustments to GAAP: Equity-based compensation 0.30 0.34 0.33 0.31 1.27 0.40 0.35 0.74 Tax benefit of stock awards vested (0.13 ) (0.01 ) (0.01 ) - (0.15 ) (0.06 ) - (0.06 ) Restructuring expense - - - - - 0.04 - 0.04 Unusual health insurance claim - - - 0.09 0.09 (0.05 ) 0.04 (0.01 ) Adjusted Diluted EPS $1.03 $1.18 $1.35 $1.17 $4.72 $1.19 $1.31 $2.50 Fully Diluted Shares 62,493 62,118 61,948 62,009 62,183 61,527 61,074 61,300 Expand 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): 2024 2025 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr YTD Revenue $648 $(531 ) $936 $316 $1,369 $(1,591 ) $2,724 $1,133 Costs and expenses 176 (673 ) 211 (227 ) (513 ) (1,966 ) 1,180 (786 ) Operating income 472 142 725 543 1,882 375 1,544 1,919 Foreign currency gains (losses) in other income (564 ) (577 ) (331 ) 519 (953 ) 131 (65 ) $66 $(92 ) $(435 ) $394 $1,062 $929 $506 $1,479 $1,985 Expand 7. Remaining Performance Obligations We disclose revenue that we expect to recognize from our remaining performance obligations ("RPO"). Over 98% of our RPO represents cloud native subscriptions with non-cancelable terms 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, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Expand
