Manhattan Associates reports record first quarter results

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Supply chain and omnichannel commerce solutions provider, Manhattan Associates Inc., has reported revenue of $254.6 million for the first quarter ended March 31, 2024.

GAAP diluted earnings per share for Q1 2024 was $0.86 compared to $0.62 in Q1 2023. Non-GAAP adjusted diluted earnings per share for Q1 2024 was $1.03 compared to $0.80 in Q1 2023.

“We are very pleased with our solid start to 2024 and better than expected first quarter results. Manhattan’s fundamentals are strong, as demand continues to drive favourable pipeline and revenue momentum,” said Manhattan Associates president and CEO Eddie Capel.  

“While macro volatility persists, we are optimistic about our growing market opportunity. Our global teams are executing very well for our customers and are focused on delivering leading innovation across supply chain execution, Omni-channel solutions, and retail point of sale markets,” Mr. Capel concluded. 

First quarter 2024 financial summary:

  • Consolidated total revenue for the three months ended March 31, 2024, was $254.6 million, compared to $221.0 million for the three months ended March 31, 2023.
    • Cloud subscription revenue was $78.0 million for the three months ended March 31, 2024, compared to $57.2 million for the three months ended March 31, 2023.
    • License revenue was $2.8 million for the three months ended March 31, 2024, compared to $5.4 million for the three months ended March 31, 2023.
    • Services revenue was $132.2 million for the three months ended March 31, 2024, compared to $116.2 million for the three months ended March 31, 2023.
  • GAAP diluted earnings per share for the three months ended March 31, 2024, was $0.86, compared to $0.62 for the three months ended March 31, 2023.
  • Adjusted diluted earnings per share, a non-GAAP measure, was $1.03 for the three months ended March 31, 2024, compared to $0.80 for the three months ended March 31, 2023.
  • GAAP operating income was $57.6 million for the three months ended March 31, 2024, compared to $47.1 million for the three months ended March 31, 2023.
  • Adjusted operating income, a non-GAAP measure, was $79.7 million for the three months ended March 31, 2024, compared to $63.7 million for the three months ended March 31, 2023.
  • Cash flow from operations was $54.7 million for the three months ended March 31, 2024, compared to $58.7 million for the three months ended March 31, 2023. Days Sales Outstanding was 74 days at March 31, 2024, compared to 70 days at December 2023.
  • Cash totalled $207.5 million at March 31, 2024, compared to $270.7 million at December 31, 2023.
  • During the three months ended March 31, 2024, the Company repurchased 293,592 shares of Manhattan Associates common stock under the share repurchase programme authorised by our Board of Directors, for a total investment of $73.4 million. In April 2024, our Board of Directors approved replenishing the Company’s remaining share repurchase authority to an aggregate of $75.0 million of our common stock.

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