March 15, 2023 — UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its fourth quarter and full year fiscal 2023 ended January 31, 2023.
UiPath, Inc. (NYSE: PATH) reported fiscal Q4 adjusted net income of $0.15 per diluted share, up from $0.05 a year earlier.
Analysts polled by Capital IQ called for $0.07.
Revenue for the quarter ended Jan. 31 was $308.5 million, up from $289.7 million a year earlier.
Analysts surveyed by Capital IQ estimated $278.7 million.
The automation software company said it projects fiscal Q1 revenue of $270 million to $272 million. Analysts polled by Capital IQ are looking for $269.6 million.
Revenue for fiscal 2024 is forecast to be $1.25 billion to $1.26 billion. Analysts surveyed by Capital IQ are expecting $1.21 billion.
“We delivered a very strong close to fiscal year 2023. Fourth quarter fiscal 2023 ARR grew 30 percent year-over-year while revenue outperformance and disciplined cost management resulted in a record fourth quarter non-GAAP operating margin and positive non-GAAP adjusted free cash flow,” said Rob Enslin, UiPath Co-Chief Executive Officer. “We enter fiscal year 2024 with the rollout of our new go-to-market initiatives on schedule and building momentum as both customers and partners see the positive impact our Business Automation Platform can have on their employees, customers, and businesses.”
“To maintain their competitive edge and increase operating agility, businesses need to do more without adding more,” said Daniel Dines, UiPath Co-Founder and Co-Chief Executive Officer. “This is where the UiPath AI-powered Business Automation Platform plays a strategic, transformational role for organizations. By combining our leading Robotic Process Automation solution with a full suite of capabilities, UiPath empowers people to more easily and efficiently create better ways to operate, innovate, and drive business outcomes.”
Fourth Quarter Fiscal 2023 Financial Highlights
Revenue of $308.5 million increased 7 percent year-over-year.
ARR of $1.204 billion increased 30 percent year-over-year.
Net new ARR of $93.8 million.
GAAP gross margin was 85 percent.
Non-GAAP gross margin was 87 percent.
GAAP operating loss was $(45.1) million.
Non-GAAP operating income was $69.2 million.
Non-GAAP adjusted free cash flow was $101.2 million.
Cash, cash equivalents, and marketable securities were $1.8 billion as of January 31, 2023.
Full Year Fiscal 2023 Financial Highlights
Revenue of $1.059 billion increased 19 percent year-over-year.
GAAP gross margin was 83 percent. Non-GAAP gross margin was 86 percent.
GAAP operating loss was $(348.3) million. Non-GAAP operating income was $65.2 million.
Non-GAAP adjusted free cash flow was $49 thousand.
Financial Outlook
For the first quarter fiscal 2024, UiPath expects:
Revenue in the range of $270 million to $272 million
ARR in the range of $1.245 billion to $1.250 billion as of April 30, 2023
Non-GAAP operating income of approximately $5 million
For the fiscal full year 2024, UiPath expects:
Revenue in the range of $1.253 billion to $1.258 billion
ARR in the range of $1.425 billion to $1.430 billion as of January 31, 2024
Non-GAAP operating income of approximately $120 million
About UiPath
UiPath (NYSE: PATH) is on a mission to uplevel knowledge work so more people can work more creatively, collaboratively, and strategically. The AI-powered UiPath Business Automation Platform combines the leading robotic process automation (RPA) solution with a full suite of capabilities to understand, automate, and operate end-to-end processes, offering unprecedented time-to-value. For organizations that need to evolve to survive and thrive through increasingly changing times, UiPath is The Foundation of Innovation™. For more information, visit www.uipath.com.