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Mar 31, 2024
Manhattan Associates Q1 2024 Earnings Report
Reported record first quarter results with RPO bookings increasing 31% year-over-year and raised full-year guidance.
Key Takeaways
Manhattan Associates reported a strong start to 2024 with better-than-expected first-quarter results. Revenue reached $254.6 million, with GAAP diluted earnings per share at $0.86 and non-GAAP adjusted diluted earnings per share at $1.03. The company's fundamentals are strong, driven by solid demand and favorable pipeline momentum.
Consolidated total revenue reached $254.6 million, compared to $221.0 million for the three months ended March 31, 2023.
GAAP diluted earnings per share was $0.86, compared to $0.62 for the three months ended March 31, 2023.
Non-GAAP adjusted diluted earnings per share was $1.03, compared to $0.80 for the three months ended March 31, 2023.
GAAP operating income was $57.6 million, compared to $47.1 million for the three months ended March 31, 2023.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Manhattan Associates provides revenue guidance between $1,026 million and $1,034 million for the full year 2024. GAAP EPS is expected to be between $2.78 and $2.86, while adjusted EPS is projected to be between $3.86 and $3.94.
Positive Outlook
- Total revenue is expected to be between $1,026 million and $1,034 million, representing a growth of 10% to 11%.
- Adjusted operating margin is guided between 29.6% and 29.9%.
- Adjusted EPS is projected to be between $3.86 and $3.94, indicating a growth of 3% to 5%.
- Company's remaining share repurchase authority replenished to an aggregate of $75.0 million of common stock.
Challenges Ahead
- GAAP EPS is expected to be between $2.78 and $2.86, representing a decline of 1% to an increase of 1%.
- Equity-based compensation is expected to be 8.8% to 8.7%.
- Excess tax benefit on stock vesting expected to occur primarily in the first quarter of 2024.
- Actual results may differ materially due to economic conditions, competition, and other risk factors.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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