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Jun 30, 2023
Manhattan Associates Q2 2023 Earnings Report
Manhattan Associates reported record revenue and earnings, driven by strong demand and growth in cloud and service revenues. The company raised its full-year guidance for 2023.
Key Takeaways
Manhattan Associates reported a strong second quarter with record revenue of $231.0 million, a 20.4% increase compared to Q2 2022. GAAP EPS was $0.63, and non-GAAP EPS was $0.88. The company's performance was driven by robust demand, with cloud revenue growing by 44% and service revenue by 23%.
Consolidated total revenue reached $231.0 million, up from $191.9 million in Q2 2022.
Cloud subscription revenue increased to $60.9 million, compared to $42.2 million in the prior year.
GAAP diluted earnings per share was $0.63, compared to $0.49 in Q2 2022.
RPO bookings increased 38% over prior year on strong demand.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Manhattan Associates provides revenue, operating margin, and diluted earnings per share guidance for the full year 2023.
Positive Outlook
- Total revenue is expected to be in the range of $886 million to $894 million, representing a growth of 15% to 17%.
- GAAP operating margin is projected to be between 19.5% and 19.8%.
- Adjusted operating margin is anticipated to be in the range of 27.4% to 27.6%.
- GAAP EPS is expected to be between $2.18 and $2.22, a growth of 7% to 9%.
- Adjusted EPS is projected to be in the range of $3.07 to $3.11, reflecting an 11% to 13% increase.
Challenges Ahead
- Equity-based compensation is expected to be 7.9% to 7.8%.
- Excess tax benefit on stock vesting is expected to be ($0.06).
- The guidance does not reflect the potential impact of mergers, acquisitions, or other business combinations.
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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