Adjusted EBITDA decreased 6% to $45.8 million, mainly impacted by lower U.S. Telecom revenues.
Capital expenditures for the first half of 2025 totaled $42 million net of $45.9 million reimbursable capital spend, down from $61.8 million net of $46.2 million reimbursables in the prior year.
Cash balance increased to $113.3 million from $97.3 million at the end of Q1, with total debt at $583.4 million and a net debt ratio of 2.58x.
Net cash from operations increased 2% year-over-year to approximately $60 million, driven by working capital improvements.
Net loss for the quarter was $7 million or $0.56 per share, compared to net income of $9 million or $0.50 per share in the prior year.
Operating income declined to $0.2 million from $24.3 million in the prior year, which included a $15.9 million gain from asset disposition.
Total company revenue for Q2 2025 was $181.3 million, down 1% year-over-year, primarily due to the wind down of subsidy programs and decommissioning of legacy mobile consumer services.
Adjusted EPS was $1.31, up 11%, and GAAP EPS was $0.93, up 9%.
Cloud revenue grew 22% to $100 million, driving top-line outperformance and earnings leverage.
Deferred revenue increased 16% to $300 million, and the company ended the quarter with $231 million in cash and zero debt.
Manhattan Associates delivered better-than-expected Q2 2025 results with total revenue of $272 million, up 3% year-over-year.
Operating cash flow increased 1% to $74 million, with year-to-date operating cash flow up 17% to $149 million.
Remaining performance highlights include RPO increasing 26% year-over-year to $2.01 billion, adjusted operating profit of $101 million with a 37.1% margin, up 210 basis points year-over-year.
Services revenue declined 6% to $129 million, reflecting customer budget constraints and timing shifts.
The company repurchased $50 million in shares during the quarter, totaling $150 million year-to-date, with a replenished $100 million share repurchase authority approved by the Board.
Cadence delivered exceptional financial results for Q2 2025, exceeding revenue and EPS guidance with 20% revenue growth and 29% non-GAAP EPS growth year-over-year.
Cash balance at quarter end was $2.823 billion, debt outstanding was $2.5 billion, operating cash flow was $378 million, and $175 million was used to repurchase shares.
Core EDA revenue grew 16% year-over-year, IP business grew more than 25% year-over-year, and system design and analysis business grew 35% year-over-year.
Recurring revenue was 78% in Q2, a multiyear low, impacted by strong hardware demand and paused ratable revenue in China.
Total revenue was $1.275 billion, GAAP operating margin was 19%, non-GAAP operating margin was 42.8%, GAAP EPS was $0.59, and non-GAAP EPS was $1.65.
Dafinchi