Manhattan Associates Inc. (NASDAQ: MANH), a leading provider of Supply Chain and Omnichannel Commerce Solutions, has announced its remarkable financial results for the third quarter ending September 30, 2023, reporting record-breaking revenue and earnings.
For Q3 2023, Manhattan Associates reported total revenue of $238.4 million, a significant increase from $198.1 million in Q3 2022. Notable highlights of the financial report include:
- Cloud subscription revenue for Q3 2023 reached $65.0 million, up from $45.3 million in Q3 2022.
- License revenue in Q3 2023 amounted to $3.9 million, compared to $6.4 million in Q3 2022.
- Services revenue for Q3 2023 stood at $128.0 million, up from $103.4 million in Q3 2022.
- GAAP diluted earnings per share for Q3 2023 were $0.79, showing substantial growth from $0.47 in Q3 2022.
- Non-GAAP adjusted diluted earnings per share for Q3 2023 reached $1.05, a significant increase from $0.66 in Q3 2022.
Eddie Capel, President and CEO of Manhattan Associates, expressed his satisfaction with the results, stating, “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.”
Manhattan Associates remains committed to delivering innovation to its customers, particularly in mission-critical commerce and supply chain systems. Despite acknowledging potential volatility in the future, the company is optimistic about its expanding market opportunities. As a testament to this confidence, the company has raised its outlook for 2023 across all metrics and provided preliminary parameters for 2024.
Key highlights for the nine months ending September 30, 2023, include:
- Consolidated total revenue of $690.5 million for the nine months, compared to $569.0 million for the same period in 2022.
- Cloud subscription revenue of $183.2 million for the nine months, up from $124.8 million in 2022.
- GAAP diluted earnings per share of $2.05 for the nine months, compared to $1.43 in 2022.
- Adjusted diluted earnings per share (non-GAAP) of $2.72 for the nine months, up from $1.95 in 2022.
- Cash flow from operations reached $157.9 million for the nine months, compared to $124.4 million in 2022.
Manhattan Associates also executed share repurchases during the reporting period, indicating confidence in its financial position and future prospects. The company repurchased shares of its common stock for a total investment of $25.1 million during Q3 2023 and an additional $166.0 million over the nine months ending September 30, 2023.
Manhattan Associates continues to demonstrate its position as a leader in Supply Chain and Omnichannel Commerce Solutions, with a strong financial performance and a commitment to innovation and growth.
To view a PDF document of the full financial report break down, click here.