Manhattan Associates, Inc. reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for Q3 2024 reached $266.7 million, a 12% increase from $238.4 million in Q3 2023. For the nine months, revenue totaled $786.6 million, up 14% from $690.5 million in the prior year.
The growth in revenue was driven primarily by cloud subscriptions and services. Cloud subscriptions revenue for Q3 2024 was $86.5 million, reflecting a 33% increase from $65.0 million in Q3 2023. For the nine months, cloud subscriptions revenue rose 35% to $246.9 million from $183.2 million. Services revenue also saw a notable increase, reaching $137.0 million in Q3 2024, up from $128.0 million in Q3 2023, and $406.0 million for the nine months, compared to $368.7 million in the same period last year.
Operating income for Q3 2024 was $75.1 million, a 40% increase from $53.4 million in Q3 2023, with an operating margin of 28.2%, up from 22.4%. For the nine months, operating income was $200.9 million, compared to $151.0 million in 2023, with an operating margin of 25.5%, up from 21.9%.
Net income for Q3 2024 was $63.8 million, compared to $49.4 million in Q3 2023, while for the nine months, net income increased to $170.3 million from $127.8 million. Basic earnings per share for Q3 2024 were $1.04, up from $0.80 in the prior year, and for the nine months, it rose to $2.77 from $2.07.
The company’s total assets as of September 30, 2024, were $698.1 million, an increase from $673.4 million at the end of 2023. Cash and cash equivalents decreased to $215.0 million from $270.7 million at year-end 2023. Deferred revenue also increased to $252.5 million from $237.8 million.
Manhattan Associates continued to focus on its cloud business, with over 80% of software license revenue attributed to its warehouse management product group. The company reported a 27% increase in Remaining Performance Obligations (RPO) to approximately $1.7 billion, with over 98% being cloud-native subscriptions.
In terms of expenses, research and development costs increased to $34.3 million for Q3 2024, while sales and marketing expenses decreased slightly. The effective tax rate for Q3 2024 was 16.5%, up from 10.4% in the previous year.
Overall, Manhattan Associates is strategically investing in its cloud offerings to drive sustainable growth and enhance customer success.
About MANHATTAN ASSOCIATES INC
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