Manhattan Associates Inc. (NASDAQ: MANH), a front-runner in Supply Chain and Omnichannel Commerce Solutions, today unveiled its financial outcomes for the fourth quarter ending 31st December 2023. The company reported a fourth-quarter revenue of $238.3 million. The GAAP diluted earnings per share for the quarter were $0.78, an increase from the previous year’s $0.60. The non-GAAP adjusted diluted earnings per share stood at $1.03, up from $0.81 in the corresponding quarter of 2022.
Manhattan Associates’ president and CEO, Eddie Capel, remarked, “Manhattan’s business fundamentals and momentum are strong. Our fourth quarter results exceeded expectations, capping a very successful year for our company,” adding, “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 Overview:
- Total consolidated revenue for Q4 2023 reached $238.3 million, a notable increase from $198.1 million in Q4 2022.
- Cloud subscription revenue saw a rise to $71.4 million in Q4 2023, from $51.7 million in the previous year.
- License revenue slightly increased to $5.2 million in Q4 2023, up from $5.0 million in Q4 2022.
- Services revenue improved to $119.1 million in Q4 2023, from $99.8 million in the same quarter of the previous year.
- GAAP diluted earnings per share climbed to $0.78 in Q4 2023, from $0.60 in Q4 2022.
- The adjusted diluted earnings per share, a non-GAAP measure, was $1.03 in Q4 2023, an improvement from $0.81 in Q4 2022.
- GAAP operating income was reported at $58.9 million for Q4 2023, up from $44.7 million in Q4 2022.
- The adjusted operating income, a non-GAAP figure, was $76.8 million in Q4 2023, compared to $59.9 million in the previous year.
- Cash flow from operations was robust at $88.4 million for Q4 2023, significantly higher than $55.2 million in Q4 2022. The Days Sales Outstanding stood at 70 days as of 31st December 2023, slightly down from 71 days at 30th September 2023.
- The company’s cash reserves amounted to $270.7 million at the close of December 2023, a substantial increase from $182.3 million at the end of September 2023.
- No shares of Manhattan Associates common stock were repurchased during the quarter ending 31st December 2023. The company’s $75.0 million repurchase authority, replenished by the Board of Directors in October 2023, remains active.
Annual Financial Summary for 2023:
- The consolidated total revenue for the year ending 31st December 2023 was $928.7 million, up from $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 slightly down at $18.2 million, 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, up from $2.03 in the previous year.
- The non-GAAP adjusted diluted earnings per share for the year was $3.74, an increase from $2.76 in 2022.
- GAAP operating income for the year was $209.9 million, up from $152.7 million in the previous year.
- The adjusted operating income, a non-GAAP measure, for the year was $281.5 million, an increase from $212.1 million in 2022.
- Cash flow from operations for the year was strong at $246.2 million, up 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 authorized by the Board of Directors, with a total investment of $166.0 million.
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