Skip to main content

Manhattan Associates Reports Record Results

By February 1, 2024Uncategorized

Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $238.3 million for the fourth quarter ended December 31, 2023. GAAP diluted earnings per share for Q4 2023 was $0.78 compared to $0.60 in Q4 2022. Non-GAAP adjusted diluted earnings per share for Q4 2023 was $1.03 compared to $0.81 in Q4 2022.

“Manhattan’s business fundamentals and momentum are strong. Our fourth quarter results exceeded expectations, capping a very successful year for our company,” said Manhattan Associates president and CEO Eddie Capel.

“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.

FOURTH QUARTER 2023 FINANCIAL SUMMARY:

• Consolidated total revenue was $238.3 million for Q4 2023, compared to $198.1 million for Q4 2022.
• Cloud subscription revenue was $71.4 million for Q4 2023, compared to $51.7 million for Q4 2022.
• License revenue was $5.2 million for Q4 2023, compared to $5.0 million for Q4 2022.
• Services revenue was $119.1 million for Q4 2023, compared to $99.8 million for Q4 2022.
• GAAP diluted earnings per share was $0.78 for Q4 2023, compared to $0.60 for Q4 2022.
• Adjusted diluted earnings per share, a non-GAAP measure, was $1.03 for Q4 2023, compared to $0.81 for Q4 2022.
• GAAP operating income was $58.9 million for Q4 2023, compared to $44.7 million for Q4 2022.
• Adjusted operating income, a non-GAAP measure, was $76.8 million for Q4 2023, compared to $59.9 million for Q4 2022.
• Cash flow from operations was $88.4 million for Q4 2023, compared to $55.2 million for Q4 2022. Days Sales Outstanding was 70 days at December 31, 2023, compared to 71 days at September 30, 2023.
• Cash totalled $270.7 million at December 31, 2023, compared to $182.3 million at September 30, 2023.
• During the three months ended December 31, 2023, the Company did not repurchase shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors. Our $75.0 million repurchase authority replenished by our Board of Directors in October 2023 remains in effect.

FULL YEAR 2023 FINANCIAL SUMMARY:

• Consolidated total revenue for the twelve months ended December 31, 2023, was $928.7 million, compared to $767.1 million for the twelve months ended December 31, 2022.
• Cloud subscription revenue was $254.6 million for the twelve months ended December 31, 2023, compared to $176.5 million for the twelve months ended December 31, 2022.
• License revenue was $18.2 million for the twelve months ended December 31, 2023, compared to $24.8 million for the twelve months ended December 31, 2022.
• Services revenue was $487.9 million for the twelve months ended December 31, 2023, compared to $394.1 million for the twelve months ended December 31, 2022.
• GAAP diluted earnings per share for the twelve months ended December 31, 2023, was $2.82, compared to $2.03 for the twelve months ended December 31, 2022.
• Adjusted diluted earnings per share, a non-GAAP measure, was $3.74 for the twelve months ended December 31, 2023, compared to $2.76 for the twelve months ended December 31, 2022.
• GAAP operating income was $209.9 million for the twelve months ended December 31, 2023, compared to $152.7 million for the twelve months ended December 31, 2022.
• Adjusted operating income, a non-GAAP measure, was $281.5 million for the twelve months ended December 31, 2023, compared to $212.1 million for the twelve months ended December 31, 2022.
• Cash flow from operations was $246.2 million for the twelve months ended December 31, 2023, compared to $179.6 million for the twelve months ended December 31, 2022.
• During the twelve months ended December 31, 2023, the Company repurchased 1,024,328 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $166.0 million.

The post Manhattan Associates Reports Record Results appeared first on Logistics Business® Magazine.

Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $238.3 million for the fourth quarter ended December 31, 2023. GAAP diluted earnings per share for Q4 2023 was $0.78 compared to $0.60 in Q4 2022. Non-GAAP adjusted diluted earnings per share for Q4 2023 was $1.03 compared to $0.81 in Q4 2022.

“Manhattan’s business fundamentals and momentum are strong. Our fourth quarter results exceeded expectations, capping a very successful year for our company,” said Manhattan Associates president and CEO Eddie Capel.

“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.

FOURTH QUARTER 2023 FINANCIAL SUMMARY:

• Consolidated total revenue was $238.3 million for Q4 2023, compared to $198.1 million for Q4 2022.
• Cloud subscription revenue was $71.4 million for Q4 2023, compared to $51.7 million for Q4 2022.
• License revenue was $5.2 million for Q4 2023, compared to $5.0 million for Q4 2022.
• Services revenue was $119.1 million for Q4 2023, compared to $99.8 million for Q4 2022.
• GAAP diluted earnings per share was $0.78 for Q4 2023, compared to $0.60 for Q4 2022.
• Adjusted diluted earnings per share, a non-GAAP measure, was $1.03 for Q4 2023, compared to $0.81 for Q4 2022.
• GAAP operating income was $58.9 million for Q4 2023, compared to $44.7 million for Q4 2022.
• Adjusted operating income, a non-GAAP measure, was $76.8 million for Q4 2023, compared to $59.9 million for Q4 2022.
• Cash flow from operations was $88.4 million for Q4 2023, compared to $55.2 million for Q4 2022. Days Sales Outstanding was 70 days at December 31, 2023, compared to 71 days at September 30, 2023.
• Cash totalled $270.7 million at December 31, 2023, compared to $182.3 million at September 30, 2023.
• During the three months ended December 31, 2023, the Company did not repurchase shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors. Our $75.0 million repurchase authority replenished by our Board of Directors in October 2023 remains in effect.

FULL YEAR 2023 FINANCIAL SUMMARY:

• Consolidated total revenue for the twelve months ended December 31, 2023, was $928.7 million, compared to $767.1 million for the twelve months ended December 31, 2022.
• Cloud subscription revenue was $254.6 million for the twelve months ended December 31, 2023, compared to $176.5 million for the twelve months ended December 31, 2022.
• License revenue was $18.2 million for the twelve months ended December 31, 2023, compared to $24.8 million for the twelve months ended December 31, 2022.
• Services revenue was $487.9 million for the twelve months ended December 31, 2023, compared to $394.1 million for the twelve months ended December 31, 2022.
• GAAP diluted earnings per share for the twelve months ended December 31, 2023, was $2.82, compared to $2.03 for the twelve months ended December 31, 2022.
• Adjusted diluted earnings per share, a non-GAAP measure, was $3.74 for the twelve months ended December 31, 2023, compared to $2.76 for the twelve months ended December 31, 2022.
• GAAP operating income was $209.9 million for the twelve months ended December 31, 2023, compared to $152.7 million for the twelve months ended December 31, 2022.
• Adjusted operating income, a non-GAAP measure, was $281.5 million for the twelve months ended December 31, 2023, compared to $212.1 million for the twelve months ended December 31, 2022.
• Cash flow from operations was $246.2 million for the twelve months ended December 31, 2023, compared to $179.6 million for the twelve months ended December 31, 2022.
• During the twelve months ended December 31, 2023, the Company repurchased 1,024,328 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $166.0 million.

The post Manhattan Associates Reports Record Results appeared first on Logistics Business® Magazine.

Leave a Reply