Manhattan Associates Inc. (NASDAQ: MANH), the industry leader in Supply Chain and Omnichannel Commerce Solutions, today announced its financial results for the quarter ending 31st December 2023, with a reported revenue of $238.3 million. The company’s GAAP diluted earnings per share for the quarter was $0.78, marking an increase from $0.60 in the fourth quarter of 2022. The non-GAAP adjusted diluted earnings per share for the quarter reached $1.03, up from $0.81 in the same period the previous year.
Eddie Capel, the president and CEO of Manhattan Associates, commented, “Manhattan’s business fundamentals and momentum are strong. Our fourth quarter results exceeded expectations, capping a very successful year for our company.” He continued, “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 Highlights:
- The total consolidated revenue for Q4 2023 was $238.3 million, up from $198.1 million in Q4 2022.
- The cloud subscription revenue for Q4 2023 increased to $71.4 million, from $51.7 million in the previous year’s quarter.
- License revenue for Q4 2023 saw a slight increase to $5.2 million, from $5.0 million in Q4 2022.
- Services revenue for Q4 2023 was reported at $119.1 million, up from $99.8 million in the same quarter of the previous year.
- GAAP diluted earnings per share for Q4 2023 were $0.78, compared to $0.60 in Q4 2022.
- The non-GAAP adjusted diluted earnings per share for Q4 2023 was $1.03, an increase from $0.81 in the same quarter of the previous year.
- GAAP operating income for Q4 2023 was $58.9 million, up from $44.7 million in Q4 2022.
- The non-GAAP adjusted operating income for Q4 2023 was $76.8 million, compared to $59.9 million in the previous year’s quarter.
- The cash flow from operations for Q4 2023 was $88.4 million, significantly higher than $55.2 million in Q4 2022. The Days Sales Outstanding was 70 days as of 31st December 2023, slightly improved from 71 days at 30th September 2023.
- Cash reserves at the end of December 2023 totalled $270.7 million, a substantial increase from $182.3 million at the end of September 2023.
- During the quarter ending 31st December 2023, no shares of Manhattan Associates common stock were repurchased. The company’s $75.0 million repurchase authority, replenished by the Board of Directors in October 2023, remains active.
2023 Full-Year Financial Review:
- 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, an increase from $176.5 million in 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 increased to $487.9 million, 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 strong at $246.2 million, an increase from $179.6 million in 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 authorised by the Board of Directors, with a total investment of $166.0 million.
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