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BlogManhattan Associates Reports Record Revenue and Earnings for Q3 2023

Manhattan Associates Reports Record Revenue and Earnings for Q3 2023

Manhattan Associates Inc. (NASDAQ: MANH), a leading provider of Supply Chain and Omnichannel Commerce Solutions, has announced its impressive 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 for Q3 2023:

  • Total revenue reached $238.4 million for Q3 2023, marking a substantial increase from $198.1 million in Q3 2022.
  • Cloud subscription revenue surged to $65.0 million in Q3 2023, up from $45.3 million in Q3 2022.
  • License revenue was $3.9 million in Q3 2023, compared to $6.4 million in Q3 2022.
  • Services revenue for Q3 2023 amounted to $128.0 million, compared to $103.4 million in Q3 2022.
  • GAAP diluted earnings per share for Q3 2023 stood at $0.79, a significant rise from $0.47 in Q3 2022.
  • Non-GAAP adjusted diluted earnings per share for Q3 2023 reached $1.05, compared to $0.66 in Q3 2022.
  • GAAP operating income was $53.4 million for Q3 2023, compared to $36.8 million for Q3 2022.
  • Adjusted operating income, a non-GAAP measure, amounted to $72.5 million for Q3 2023, up from $51.3 million in Q3 2022.
  • Cash flow from operations reached $58.6 million in Q3 2023, compared to $39.9 million in Q3 2022.
  • Cash reserves totaled $182.3 million at the end of September 2023, compared to $153.3 million at the end of June 2023.
  • During the three months ending September 30, 2023, the company repurchased 128,133 shares of Manhattan Associates common stock, representing an investment of $25.1 million. The Board of Directors approved replenishing the remaining share repurchase authority to $75.0 million of common stock in October 2023.

Nine Months 2023 Financial Summary:

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

Throughout the nine months ending September 30, 2023, Manhattan Associates repurchased 1,024,328 shares of its common stock under the share repurchase program authorised by the Board of Directors, investing a total of $166.0 million.

These impressive financial results reflect Manhattan Associates’ strong performance, driven by robust demand for their cloud solutions and services. Manhattan Associates President and CEO, Eddie Capel, expressed confidence in the company’s future, noting optimism about expanding market opportunities and raising outlooks for 2023 and preliminary parameters for 2024 across all metrics.

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

Sam Allcock
Sam Allcock
With over 20 years of experience in the field SEO and digital marketing, Sam Allcock is a highly regarded entrepreneur. 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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