Manhattan Associates Reports Record Revenue & Earnings for Third Quarter

Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) reported revenue of $266.7 million for the third quarter ended September 30, 2024. GAAP diluted earnings per share for Q3 2024 was $1.03 compared to $0.79 in Q3 2023. Non-GAAP adjusted diluted earnings per share for Q3 2024 was $1.35 compared to $1.05 in Q3 2023.

“Manhattan delivered record third quarter and year-to-date results. Our fundamentals are strong, and we continue to deliver a balanced financial performance across top-line growth and profitability and industry leading innovation each quarter,” said Manhattan Associates president and CEO Eddie Capel.

“While we remain appropriately cautious on the global economy, we are optimistic on our growing market opportunity and our long-term strategy. Our fourth quarter is off to a solid start, and we are providing responsible 2025 parameters,” Mr. Capel concluded.

THIRD QUARTER 2024 FINANCIAL SUMMARY:

• Consolidated total revenue was $266.7 million for Q3 2024, compared to $238.4 million for Q3 2023.
• Cloud subscription revenue was $86.5 million for Q3 2024, compared to $65.0 million for Q3 2023.
• License revenue was $3.8 million for Q3 2024, compared to $3.9 million for Q3 2023.
• Services revenue was $137.0 million for Q3 2024, compared to $128.0 million for Q3 2023.
• GAAP diluted earnings per share was $1.03 for Q3 2024, compared to $0.79 for Q3 2023.
• Adjusted diluted earnings per share, a non-GAAP measure, was $1.35 for Q3 2024, compared to $1.05 for Q3 2023.
• GAAP operating income was $75.1 million for Q3 2024, compared to $53.4 million for Q3 2023.
• Adjusted operating income, a non-GAAP measure, was $98.9 million for Q3 2024, compared to $72.5 million for Q3 2023.
• Cash flow from operations was $62.3 million for Q3 2024, compared to $58.6 million for Q3 2023. Days Sales Outstanding was 69 days at September 30, 2024, compared to 66 days at June 30, 2024.
• Cash totalled $215.0 million at September 30, 2024, compared to $202.7 million at June 30, 2024.
• During the three months ended September 30, 2024, the Company repurchased 194,712 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $49.7 million. In October 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.

NINE MONTH 2024 FINANCIAL SUMMARY:

• Consolidated total revenue for the nine months ended September 30, 2024, was $786.6 million, compared to $690.5 million for the nine months ended September 30, 2023.
• Cloud subscription revenue was $246.9 million for the nine months ended September 30, 2024, compared to $183.2 million for the nine months ended September 30, 2023.
• License revenue was $9.6 million for the nine months ended September 30, 2024, compared to $13.0 million for the nine months ended September 30, 2023.
• Services revenue was $406.0 million for the nine months ended September 30, 2024, compared to $368.7 million for the nine months ended September 30, 2023.
• GAAP diluted earnings per share for the nine months ended September 30, 2024, was $2.74, compared to $2.05 for the nine months ended September 30, 2023.
• Adjusted diluted earnings per share, a non-GAAP measure, was $3.55 for the nine months ended September 30, 2024, compared to $2.72 for the nine months ended September 30, 2023.
• GAAP operating income was $200.9 million for the nine months ended September 30, 2024, compared to $151.0 million for the nine months ended September 30, 2023.
• Adjusted operating income, a non-GAAP measure, was $271.5 million for the nine months ended September 30, 2024, compared to $204.6 million for the nine months ended September 30, 2023.
• Cash flow from operations was $190.3 million for the nine months ended September 30, 2024, compared to $157.9 million for the nine months ended September 30, 2023.
• During the nine months ended September 30, 2024, the Company repurchased 831,111 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $198.1 million. In October 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.