ATLANTA, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $149.8 million for the third quarter ended September 30, 2020. GAAP diluted earnings per share for Q3 2020 was $0.39 compared to $0.42 for Q3 2019. Non-GAAP adjusted diluted earnings per share for Q3 2020 and Q3 2019 was $0.51.

“This was a strong quarter for Manhattan Associates, despite the continued impact that the COVID-19 pandemic is having globally,” said Manhattan Associates president and CEO Eddie Capel. “Our cloud business continues to trend positively as more and more customers look for modern, agile and scalable supply chain and omnichannel commerce solutions to help them operate in a rapidly evolving world.”

“We are starting to see some positive signs that economic conditions are beginning to stabilize, and interest in our solutions continues to grow.” Mr. Capel continued, “As a result of our strong performance and our view through the end of the year, we are raising our full-year revenue, operating margin and EPS guidance.”

“We remain confident in the long-term outlook for our business and expect to continue to invest into our business to drive further market penetration while expanding our addressable market globally,” Mr. Capel concluded.

THIRD QUARTER 2020 FINANCIAL SUMMARY:

• Consolidated total revenue was $149.8 million for Q3 2020, compared to $162.3 million for Q3 2019.
  • Cloud subscription revenue was $21.1 million for Q3 2020, compared to $14.2 million for Q3 2019.
  • License revenue was $13.2 million for Q3 2020, compared to $15.5 million for Q3 2019.
  • Service revenue was $73.5 million for Q3 2020, compared to $91.6 million for Q3 2019.
• GAAP diluted earnings per share was $0.39 for Q3 2020, compared to $0.42 for Q3 2019.
• Adjusted diluted earnings per share, a non-GAAP measure, was $0.51 both for Q3 2020 and Q3 2019.
• GAAP operating income was $35.0 million for both Q3 2020 and Q3 2019.
• Adjusted operating income, a non-GAAP measure, was $44.1 million for Q3 2020, compared to $43.1 million for Q3 2019.
• Cash flow from operations was $42.5 million for Q3 2020, compared to $39.9 million for Q3 2019. Days Sales Outstanding was 65 days at September 30, 2020, compared to 73 days at June 30, 2020.
• Cash and investments totaled $166.3 million at September 30, 2020, compared to $123.6 million at June 30, 2020.
• In April 2020, the Company suspended its share repurchase program because of COVID-19-related considerations. Accordingly, during the three months ended September 30, 2020, the Company did not repurchase any shares of Manhattan Associates common stock under the share repurchase program. The Company’s authorized repurchase limit remains at $50 million.

NINE MONTH 2020 FINANCIAL SUMMARY:

• Consolidated revenue for the nine months ended September 30, 2020, was $439.3 million, compared to $465.0 million for the nine months ended September 30, 2019.
  • Cloud subscription revenue was $56.8 million for the nine months ended September 30, 2020, compared to $31.1 million for the nine months ended September 30, 2019.
  • License revenue was $28.6 million for the nine months ended September 30, 2020, compared to $39.6 million for the nine months ended September 30, 2019.
  • Service revenue was $232.7 million for the nine months ended September 30, 2020, compared to $274.2 million for the nine months ended September 30, 2019.
• GAAP diluted earnings per share for the nine months ended September 30, 2020, was $1.04, compared to $1.06 for the nine months ended September 30, 2019.
• Adjusted diluted earnings per share, a non-GAAP measure, was $1.32 for the nine months ended September 30, 2020, compared to $1.34 for the nine months ended September 30, 2019.
• GAAP operating income was $85.9 million for the nine months ended September 30, 2020, compared to $90.9 million for the nine months ended September 30, 2019.
• Adjusted operating income, a non-GAAP measure, was $110.3 million for the nine months ended September 30, 2020, compared to $114.8 million for the nine months ended September 30, 2019.
• Cash flow from operations was $102.9 million for the nine months ended September 30, 2020, compared to $112.3 million for the nine months ended September 30, 2019.
• During the nine months ended September 30, 2020, the Company repurchased 337,007 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $25.0 million. However, as noted above, the Company’s share repurchase program has been suspended since April 2020.

Manhattan Associates currently intends to publish in each quarterly earnings release certain expectations with respect to future financial performance. Those statements, including the guidance provided above, are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below. We note in particular that the severity, duration and ultimate impact of the COVID-19 pandemic are difficult to predict at this time. In addition, those statements do not reflect the potential impact of mergers, acquisitions or other business combinations that may be completed after the date of the release.

Manhattan Associates will make its earnings release and published expectations available on the investor relations section of the Manhattan Associates website at ir.manh.com. Following publication of this earnings release, any expectations with respect to future financial performance contained in this release, including the guidance above, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.

ABOUT MANHATTAN ASSOCIATES

Manhattan Associates is a technology leader in supply chain and omnichannel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology and unmatched experience help drive both top-line growth and bottom-line profitability for our customers.

Manhattan Associates designs, builds and delivers leading edge cloud and on-premise solutions so that across the store, through your network or from your fulfillment center, you are ready to reap the rewards of the omnichannel marketplace. For more information, please visit www.manh.com.