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Tuesday, April 16, 2024

Manhattan Associates Achieves Record Revenue and Earnings in Q3 2023

Manhattan Associates Inc. (NASDAQ: MANH), a prominent provider of Supply Chain and Omnichannel Commerce Solutions, has reported remarkable financial results for the third quarter ending on September 30, 2023, setting new records in revenue and earnings.

“We are pleased with our quarterly and year-to-date results. Solid demand for our industry leading cloud solutions and services drove record results on the top and bottom lines,” said Manhattan Associates president and CEO Eddie Capel.

“Manhattan’s business fundamentals are strong, and our commitment to delivering innovation to our customers across mission-critical commerce and supply chain systems remains resolute. While we remain appropriately cautious and anticipate continued volatility, we are very optimistic about our expanding market opportunities. We are raising our 2023 outlook across all metrics and are providing preliminary solid 2024 parameters,” Mr. Capel concluded.

Key Highlights of the Third Quarter 2023 Financial Report:

  • Total revenue for Q3 2023 reached $238.4 million, a significant increase compared to $198.1 million in Q3 2022.
  • Cloud subscription revenue amounted to $65.0 million for Q3 2023, up from $45.3 million in Q3 2022.
  • License revenue for Q3 2023 was $3.9 million, compared to $6.4 million in Q3 2022.
  • Services revenue reached $128.0 million for Q3 2023, up from $103.4 million in Q3 2022.
  • GAAP diluted earnings per share for Q3 2023 stood at $0.79, a substantial rise from $0.47 in Q3 2022.
  • Non-GAAP adjusted diluted earnings per share for Q3 2023 were $1.05, compared to $0.66 in Q3 2022.
  • GAAP operating income was $53.4 million for Q3 2023, up from $36.8 million in Q3 2022.
  • Adjusted operating income, a non-GAAP measure, reached $72.5 million for Q3 2023, compared to $51.3 million in Q3 2022.
  • Cash flow from operations for Q3 2023 totaled $58.6 million, an increase from $39.9 million in Q3 2022.
  • Cash reserves amounted to $182.3 million at September 30, 2023, compared to $153.3 million at June 30, 2023.

Additionally, during the third quarter of 2023, the company repurchased 128,133 shares of Manhattan Associates common stock under its authorised share repurchase program, with a total investment of $25.1 million. In October 2023, the Board of Directors approved replenishing the remaining share repurchase authority to $75.0 million of the company’s common stock.

Nine-Month 2023 Financial Summary:

  • Consolidated total revenue for the nine months ending September 30, 2023, amounted to $690.5 million, compared to $569.0 million for the same period in 2022.
  • Cloud subscription revenue for the nine months ending September 30, 2023, reached $183.2 million, up from $124.8 million in 2022.
  • License revenue was $13.0 million for the nine months ending September 30, 2023, compared to $19.9 million in 2022.
  • Services revenue for the nine months ending September 30, 2023, amounted to $368.7 million, an increase from $294.3 million in 2022.
  • GAAP diluted earnings per share for the nine months ending September 30, 2023, was $2.05, compared to $1.43 for the same period in 2022.
  • Adjusted diluted earnings per share, a non-GAAP measure, reached $2.72 for the nine months ending September 30, 2023, compared to $1.95 in 2022.
  • GAAP operating income for the nine months ending September 30, 2023, was $151.0 million, compared to $108.0 million in 2022.
  • Adjusted operating income, a non-GAAP measure, amounted to $204.6 million for the nine months ending September 30, 2023, compared to $152.2 million in 2022.
  • Cash flow from operations for the nine months ending September 30, 2023, reached $157.9 million, an increase from $124.4 million in 2022.

These outstanding financial results reflect Manhattan Associates’ strong business fundamentals and its unwavering commitment to innovation in mission-critical commerce and supply chain systems. The company is optimistic about its expanding market opportunities and has raised its outlook for 2023 across all metrics, while also providing preliminary parameters for 2024.

To view a PDF document of the full financial report break down, click here.

Sam Allcock
Sam Allcockhttps://businesslancashire.co.uk/
Sam Allcock is a highly regarded digital entrepreneur with over 20 years’ experience in online marketing for some of the World’s biggest brands. He has extensive knowledge and experience in SEO and digital marketing. He is based in Cheshire but has an interest in all things going on in the North West and enjoys contributing local news to the site.
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