Manhattan Associates reported record third-quarter 2024 revenue of $266.7 million, an increase from $238.4 million in Q3 2023. GAAP diluted earnings per share for Q3 2024 was $1.03, compared to $0.79 in Q3 2023, while non-GAAP adjusted diluted EPS reached $1.35, up from $1.05 in the prior year. Cloud subscriptions revenue was $86.485 million, a significant increase from $65.033 million in Q3 2023, highlighting strong demand for its cloud-native solutions.
The company's Remaining Performance Obligations (RPO) increased by 27% over the prior year, indicating robust future revenue visibility. Cash flow from operations for Q3 2024 was $62.3 million, up from $58.6 million in Q3 2023, and cash totaled $215.0 million at September 30, 2024. Manhattan Associates repurchased 194,712 shares of common stock for $49.7 million during the quarter, and its Board approved replenishing the share repurchase authority by an additional $75.0 million in October 2024.
Manhattan Associates raised its full-year 2024 guidance, with total revenue now expected between $1.039 billion and $1.041 billion, representing 12% growth. Adjusted operating margin is projected between 34.0% and 34.1%, and adjusted EPS is guided to $4.60 to $4.62, reflecting 23-24% growth. CEO Eddie Capel noted strong fundamentals and optimism for growing market opportunities, while remaining appropriately cautious on the global economy.
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