ATLANTA, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $147.1 million for the fourth quarter ended December 31, 2020. GAAP diluted earnings per share for Q4 2020 was $0.32 compared to $0.26 for Q4 2019. Non-GAAP adjusted diluted earnings per share for Q4 2020 was $0.45 compared to $0.40 in Q4 2019.

“Manhattan Associates ended the year strong posting fourth quarter results that exceeded our expectations,” said Manhattan Associates president and CEO Eddie Capel. “Global demand and bookings momentum for our Cloud solutions is robust, positioning us well for 2021 and beyond.”

“The combination of favorable secular trends and the COVID-19 pandemic has helped emphasize the power of adaptable supply chain and omnichannel commerce solutions.” Mr. Capel continued, “this affirms our industry thought leadership and has accelerated the convergence of our cloud strategy with the needs of the market.”

“We are enthusiastic about the trajectory of our cloud transition and ability to drive customer success. With macro volatility elevated, we remain committed to prudently managing the business and investing in innovation to drive long-term, sustainable growth,” Mr. Capel concluded.

FOURTH QUARTER 2020 FINANCIAL SUMMARY:

• Consolidated total revenue was $147.1 million for Q4 2020, compared to $152.9 million for Q4 2019.
  • Cloud subscription revenue was $23.0 million for Q4 2020, compared to $15.7 million for Q4 2019.
  • License revenue was $9.6 million for Q4 2020, compared to $9.2 million for Q4 2019.
  • Services revenue was $70.9 million for Q4 2020, compared to $86.3 million for Q4 2019.
• GAAP diluted earnings per share was $0.32 for Q4 2020, compared to $0.26 for Q4 2019.
• Adjusted diluted earnings per share, a non-GAAP measure, was $0.45 for Q4 2020, compared to $0.40 for Q4 2019.
• GAAP operating income was $28.2 million for Q4 2020, compared to $25.1 million for Q4 2019.
• Adjusted operating income, a non-GAAP measure, was $37.6 million for Q4 2020, compared to $33.4 million for Q4 2019.
• Cash flow from operations was $38.0 million for Q4 2020, compared to $34.6 million for Q4 2019. Days Sales Outstanding was 68 days at December 31, 2020, compared to 65 days at September 30, 2020.
• Cash and investments totaled $204.7 million at December 31, 2020, compared to $166.3 million at September 30, 2020.
• In April 2020, our Board of Directors suspended our share repurchase program because of COVID-19-related considerations. Accordingly, during Q4 2020, the Company did not repurchase any shares of Manhattan Associates common stock under our share repurchase program.

FULL YEAR 2020 FINANCIAL SUMMARY:

• Consolidated revenue for the twelve months ended December 31, 2020, was $586.4 million, compared to $617.9 million for the twelve months ended December 31, 2019.
  • Cloud subscription revenue was $79.8 million for the twelve months ended December 31, 2020, compared to $46.8 million for the twelve months ended December 31, 2019.
  • License revenue was $38.3 million for the twelve months ended December 31, 2020, compared to $48.9 million for the twelve months ended December 31, 2019.
  • Services revenue was $303.6 million for the twelve months ended December 31, 2020, compared to $360.5 million for the twelve months ended December 31, 2019.
• GAAP diluted earnings per share for the twelve months ended December 31, 2020, was $1.36, compared to $1.32 for the twelve months ended December 31, 2019.
• Adjusted diluted earnings per share, a non-GAAP measure, was $1.76 for the twelve months ended December 31, 2020, compared to $1.74 for the twelve months ended December 31, 2019.
• GAAP operating income was $114.1 million for the twelve months ended December 31, 2020, compared to $115.9 million for the twelve months ended December 31, 2019.
• Adjusted operating income, a non-GAAP measure, was $147.8 million for the twelve months ended December 31, 2020, compared to $148.2 million for the twelve months ended December 31, 2019.
• Cash flow from operations was $140.9 million for the twelve months ended December 31, 2020, compared to $146.9 million for the twelve months ended December 31, 2019.
• During the twelve months ended December 31, 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. Those repurchases occurred during Q1 only due to the suspension of our share repurchase program in April 2020; at its January 28, 2021, meeting, the Board lifted that suspension and reauthorized the repurchase of up to $50 million of shares during 2021.

2021 GUIDANCE

Manhattan Associates provides the following revenue, operating margin and diluted earnings per share guidance for the full year 2021:

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.