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Apr 30, 2023
UiPath Q1 2024 Earnings Report
UiPath's Q1 2024 earnings reflected a focus on growth and increased profitability, with revenue outperformance and record non-GAAP operating margin.
Key Takeaways
UiPath reported Q1 2024 revenue of $289.6 million, an 18% increase year-over-year, and ARR of $1.249 billion, a 28% increase year-over-year. The company's cash flow from operations reached $67.3 million, and non-GAAP adjusted free cash flow reached $72.7 million.
Revenue increased 18 percent year over year to $289.6 million.
ARR increased 28 percent year over year to $1.249 billion.
GAAP gross margin was 85 percent, while non-GAAP gross margin was 87 percent.
Net cash flow from operations was $67.3 million, and non-GAAP adjusted free cash flow was $72.7 million.
UiPath
UiPath
UiPath Revenue by Segment
Revenue by Segment
Licenses Revenue
CapyFin.comSubscription Services Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com Forward Guidance
UiPath provided financial outlook for the second quarter and full fiscal year 2024.
Positive Outlook
- Second quarter revenue is expected to be in the range of $279 million to $284 million.
- Second quarter ARR is expected to be in the range of $1.301 billion to $1.306 billion as of July 31, 2023.
- Second quarter non-GAAP operating income is expected to be approximately $10 million.
- Full year revenue is expected to be in the range of $1.267 billion to $1.272 billion.
- Full year ARR is expected to be in the range of $1.427 billion to $1.432 billion as of January 31, 2024.
Challenges Ahead
- Reconciliation of non-GAAP operating income guidance to the most directly comparable GAAP measure is not available without unreasonable efforts on a forward-looking basis.
- The high variability, complexity, and low visibility with respect to the charges excluded from this non-GAAP measure make it difficult to predict future GAAP financial results.
- The effects of stock-based compensation expense specific to equity compensation awards are directly impacted by unpredictable fluctuations in UiPath's stock price.
- UiPath expects the variability of the above charges to have a significant, and potentially unpredictable, impact on future GAAP financial results.
- Full year non-GAAP operating income is expected to be approximately $168 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income