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UiPath Reports Record Financial Performance and Strategic Growth in Fiscal Year 2024
UiPath, Inc. (NYSE: PATH), a leader in enterprise automation and AI software, reported impressive financial results for its fourth quarter and full fiscal year 2024, which concluded on January 31, 2024. The company's robust performance underscores its significant role in enabling digital transformation and innovation for its customers through its Business Automation Platform.
Highlights from the Fourth Quarter of Fiscal Year 2024
- Record Quarterly Revenue: UiPath achieved a record revenue of $405 million in the fourth quarter, marking a 31% increase year-over-year.
- Annual Recurring Revenue (ARR): The company's ARR reached $1.464 billion, showing a 22% increase compared to the previous year.
- First Quarter of GAAP Profitability: UiPath reported its first quarter of GAAP profitability since becoming a public company.
- Strong Cash Flow: The company's cash flow from operations and non-GAAP adjusted free cash flow both stood at $146 million.
- Gross Margin and Operating Income: UiPath reported a GAAP gross margin of 87% and a non-GAAP gross margin of 89%. GAAP operating income was $15 million, while non-GAAP operating income reached $111 million.
- Cash and Securities: As of January 31, 2024, cash, cash equivalents, and marketable securities totaled $1.9 billion.
(Source: PATH)
Full Year Fiscal 2024 Financial Highlights
- Annual Revenue: The full-year revenue was $1.308 billion, a 24% increase year-over-year.
- Net New ARR: The net new ARR for the year was $260 million.
- Operating Income and Cash Flow: The GAAP operating loss for the year was $(165) million, with a non-GAAP operating income of $233 million. Net cash flow from operations was $299 million, and non-GAAP adjusted free cash flow was $309 million.
Financial Outlook for Fiscal Year 2025
- First Quarter Expectations: UiPath anticipates revenue between $330 million and $335 million, with an ARR ranging from $1.508 billion to $1.513 billion by April 30, 2024. Non-GAAP operating income is expected to be around $55 million.
- Full Year Projections: For the entire fiscal year 2025, the company expects revenue to be between $1.555 billion and $1.560 billion, with ARR reaching between $1.725 billion and $1.730 billion by January 31, 2025. Non-GAAP operating income is projected to be approximately $295 million.
Recent Business Developments
UiPath continues to innovate and expand its offerings, as highlighted by recent announcements:
- Launch of UiPath Autopilot™ for Studio and Test Suite into Public Preview.
- Introduction of new features at DevCon 2024 in Bengaluru, India.
- A significant agreement with the U.S. Department of Defense facilitated by UiPath partner, FedResults.
- An expanded partnership with Google Cloud, making UiPath available on Google Cloud Marketplace.
- Collaboration with Deloitte to offer Turnkey Automation for growth companies.
- The opening of a new data center in India to meet the growing demand for cloud services.
- The appointment of veteran technology executive and AI expert, June Yang, to the UiPath Board.
These achievements and strategic initiatives position UiPath for continued growth and market leadership in the automation and AI sector, driving digital transformation and innovation for its customers globally.
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