Manhattan Associates Delivers Record-Breaking Results for Q4 and Entire Year

Last Updated on: 7th February 2024, 06:14 pm

Manhattan Associates Inc. (NASDAQ: MANH), a pioneer in Supply Chain and Omnichannel Commerce Solutions, today disclosed its earnings for the fourth quarter which concluded on 31st December 2023, with revenues reaching $238.3 million. The GAAP diluted earnings per share for the quarter stood at $0.78, an increase from the $0.60 reported in the fourth quarter of 2022. The non-GAAP adjusted diluted earnings per share for the quarter was $1.03, up from the previous year’s $0.81.

Eddie Capel, the president and CEO of Manhattan Associates, stated, “Manhattan’s business fundamentals and momentum are strong. Our fourth quarter results exceeded expectations, capping a very successful year for our company.” He further added, “While appropriately cautious regarding the global economy, Manhattan enters 2024 from a position of strength, and we are optimistic about our growing market opportunity. We remain firmly committed to helping our customers succeed by delivering leading innovation across supply chain execution, omnichannel and retail point of sale markets,” Mr. Capel concluded.

Financial Highlights for the Fourth Quarter of 2023:

  • The total consolidated revenue for the fourth quarter of 2023 was $238.3 million, showing an increase from $198.1 million in the fourth quarter of 2022.
  • The cloud subscription revenue for the fourth quarter of 2023 was $71.4 million, up from $51.7 million in the same quarter of the previous year.
  • License revenue saw a modest rise to $5.2 million in the fourth quarter of 2023, from $5.0 million in the same period of 2022.
  • Services revenue increased to $119.1 million in the fourth quarter of 2023, from $99.8 million in the fourth quarter of 2022.
  • GAAP diluted earnings per share for the fourth quarter of 2023 were $0.78, up from $0.60 in the same quarter of the previous year.
  • The non-GAAP adjusted diluted earnings per share for the fourth quarter of 2023 was $1.03, an increase from $0.81 in the fourth quarter of 2022.
  • GAAP operating income for the fourth quarter of 2023 was $58.9 million, an increase from $44.7 million in the fourth quarter of 2022.
  • The non-GAAP adjusted operating income for the fourth quarter of 2023 was $76.8 million, up from $59.9 million in the same quarter of the previous year.
  • The cash flow from operations for the fourth quarter of 2023 was $88.4 million, significantly higher than $55.2 million in the fourth quarter of 2022. The Days Sales Outstanding was 70 days as of 31st December 2023, an improvement from 71 days as of 30th September 2023.
  • Cash reserves amounted to $270.7 million at the end of December 2023, a notable increase from $182.3 million at the end of September 2023.
  • No shares of Manhattan Associates common stock were repurchased during the quarter ending 31st December 2023. The $75.0 million repurchase authority, replenished by the Board of Directors in October 2023, remains active.

Annual Financial Review for 2023:

  • The total consolidated revenue for the year ending 31st December 2023 was $928.7 million, compared to $767.1 million for the year ending 31st December 2022.
  • Cloud subscription revenue for the year was $254.6 million, up from $176.5 million for the previous year.
  • License revenue for the year was reported at $18.2 million, slightly down from $24.8 million in 2022.
  • Services revenue for the year was $487.9 million, an increase from $394.1 million in the previous year.
  • The GAAP diluted earnings per share for the year were $2.82, an improvement from $2.03 for the previous year.
  • The non-GAAP adjusted diluted earnings per share for the year was $3.74, up from $2.76 in 2022.
  • GAAP operating income for the year was $209.9 million, an increase from $152.7 million for the previous year.
  • The non-GAAP adjusted operating income for the year was $281.5 million, up from $212.1 million in 2022.
  • The cash flow from operations for the year was robust at $246.2 million, an increase from $179.6 million for the previous year.
  • Throughout the year ending 31st December 2023, the company repurchased 1,024,328 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, with a total investment of $166.0 million.

For the full announcement, please click here.

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