Manhattan Associates, Inc. has recently released its 10-Q report, providing a detailed insight into the company's financial performance and operations. The company develops, sells, deploys, services, and maintains software solutions designed to manage supply chains, inventory, and omni-channel operations for various industries, including retail, consumer goods, logistics, and government sectors. Its revenue sources include cloud subscriptions, software licenses, customer support services, professional services, and hardware sales.
In the three and nine months ended September 30, 2024, Manhattan Associates generated $266.7 million and $786.6 million in total revenue, respectively. The revenue mix for the three months ended September 30, 2024 was: cloud subscriptions 33%; software license 1%; maintenance 13%; services 51%; and hardware 2%. For the nine months ended September 30, 2024, the revenue mix was: cloud subscriptions 31%; software license 1%; maintenance 13%; services 52%; and hardware 3%.
The company operates in three geographic segments: North and Latin America, Europe, the Middle East and Africa, and Asia-Pacific. International revenue accounted for approximately 33% of the total revenue for both the three and nine months ended September 30, 2024. Manhattan Associates employed approximately 4,700 employees worldwide as of September 30, 2024, with offices in various countries.
Manhattan Associates' future expectations are cautiously optimistic, with a focus on investing in its cloud business, expanding its product suite, and growing its global sales and marketing teams. The company's cloud subscription revenue growth and remaining performance obligation (RPO) growth are key performance metrics that provide insight into its business performance. Cloud revenue increased by 33% over the same quarter in the prior year, representing about 96% of the total software revenue. Additionally, the RPO was approximately $1.7 billion as of September 30, 2024, reflecting a 27% increase over September 30, 2023, driven by strong demand.
In the three months ended September 30, 2024, cloud subscriptions revenue totaled $86.5 million, or 33% of total revenues, while maintenance revenue totaled $34.5 million, or 13% of total revenue, and services revenue totaled $137.0 million, or 51% of total revenue. Hardware revenue amounted to $4.9 million, representing 2% of total revenue. The company's professional services organization provides expertise and assistance in planning and implementing its solutions, contributing to the overall services revenue.
Following these announcements, the company's shares moved 0.8%, and are now trading at a price of $275.7. Check out the company's full 10-Q submission here.