UiPath reported second quarter financial results that were better than market estimates
UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, announced financial results for its second quarter fiscal 2024 that were above analyst’s expectations.
The company reported revenue of $287.3 million, a 19 percent increase year-over-year and a gross margin of 83 percent.
Also, UiPath authorized to repurchase up to an aggregate of $500 million of its Class A common stock, taking into account the economic cost and prevailing market conditions.
Second Quarter Fiscal 2024 Financial Highlights
• Revenue of $287.3 million increased 19 percent year-over-year.
• ARR of $1.308 billion increased 25 percent year-over-year.
• Net new ARR of $59.0 million.
• Dollar based net retention rate of 121 percent.
• GAAP gross margin was 83 percent.
• Non-GAAP gross margin was 86 percent.
• GAAP operating loss was $(77.6) million.
• Non-GAAP operating income was $30.1 million.
• Net cash flow from operations was $44.3 million.
• Non-GAAP adjusted free cash flow was $46.6 million.
• Cash, cash equivalents, and marketable securities were $1.8 billion as of July 31, 2023.
“Harnessing the potential of AI is at the top of almost every executive’s agenda. Our automation platform enables customers to operationalize the promise of AI today with an integrated set of capabilities that combines our Specialized AI and governance with the creative power of Generative AI to unlock the almost limitless value this powerful combination creates,” said Daniel Dines, UiPath Co-Founder and Co-Chief Executive Officer.
Financial Outlook. For the third quarter fiscal 2024, UiPath expects:
• Revenue in the range of $313 million to $318 million
• ARR in the range of $1.359 billion to $1.364 billion as of October 31, 2023
• Non-GAAP operating income of approximately $32 million
• For the full year fiscal 2024, UiPath expects:
• Revenue in the range of $1.273 billion to $1.278 billion
• ARR in the range of $1.432 billion to $1.437 billion as of January 31, 2024
• Non-GAAP operating income of approximately $188 million