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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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