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Manhattan Associates Inc. (MANH-2.36%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $1,042.4 million for 2024, an increase from $928.7 million in 2023. The revenue comprises 32% from cloud subscriptions, 1% from software licenses, 13% from maintenance, 51% from services, and 3% from hardware sales.
Cloud subscriptions revenue grew 32% to $337.2 million, driven by strong demand for cloud-based solutions. Software license revenue decreased by 17% to $15.1 million, reflecting a market shift towards cloud solutions.
Maintenance revenue declined by 4% to $138.3 million as customers transitioned to cloud subscriptions. Services revenue increased by 8% to $525.5 million, primarily due to the adoption and implementation of cloud solutions.
The company reported an operating income of $261.6 million, with operating margins improving to 25.1% from 22.6% in the previous year. Net income was $218.4 million, up from $176.6 million in 2023.
Manhattan Associates ended the year with $266.2 million in cash and cash equivalents and no debt. The company repurchased 986,555 shares of its common stock for $241.6 million during the year.
The company anticipates continued investment in product development and global teams to support growth objectives. It does not foresee any borrowing requirements for 2025.
Manhattan Associates operates in three reportable segments: the Americas, EMEA, and APAC. The Americas segment contributed $802.5 million to total revenue, while EMEA and APAC contributed $190.5 million and $49.3 million, respectively.
The company identified several risks, including reliance on cloud subscriptions, competition, and potential impacts from macroeconomic conditions. It highlighted ongoing investments in innovation and cloud solutions as key strategies for future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Manhattan Associates Inc. annual 10-K report dated February 7, 2025. To report an error, please email earnings@qz.com.