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Mar 31, 2023
Manhattan Associates Q1 2023 Earnings Report
Manhattan Associates reported record first quarter results, with RPO bookings increasing 42% year-over-year due to strong demand, and raised its full-year 2023 guidance.
Key Takeaways
Manhattan Associates had a strong start to 2023, with revenue reaching $221.0 million. GAAP diluted earnings per share was $0.62, and non-GAAP adjusted diluted earnings per share was $0.80. The company's cloud and services revenue growth exceeded expectations, driving better-than-expected top-line and earnings growth.
Consolidated total revenue was $221.0 million, compared to $179.0 million for Q1 2022.
Cloud subscription revenue was $57.2 million, compared to $37.3 million for Q1 2022.
GAAP diluted earnings per share was $0.62, compared to $0.48 for Q1 2022.
Adjusted diluted earnings per share, a non-GAAP measure, was $0.80, compared to $0.60 for Q1 2022.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Manhattan Associates provides revenue guidance for the full year 2023. Total revenue is expected to be between $856 million and $864 million. GAAP EPS is expected to be between $2.00 and $2.06. Adjusted EPS is expected to be between $2.85 and $2.91.
Positive Outlook
- Total revenue current guidance between $856 million and $864 million, representing 12%-13% growth.
- Adjusted operating margin current guidance between 26.4% and 26.7%.
- Adjusted EPS current guidance between $2.85 and $2.91, representing 3%-5% growth.
Challenges Ahead
- GAAP operating margin current guidance between 18.6% and 18.9%.
- GAAP EPS current guidance between $2.00 and $2.06, representing -1% to 1% growth.
- Equity-based compensation is expected to be 7.8% of revenue.
- Excess tax benefit on stock vesting is expected to be ($0.05).
- Increased income tax payments due to the 2017 U.S. Tax Cuts and Jobs Act.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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