UiPath has revealed its financial results for its first quarter fiscal 2024 with a reported revenue of $289.6m an increase of 18 percent year-on-year.
The company saw an annual recurring revenue (ARR) of $1.249bn an increase of 28 percent YoY, along with a net new ARR of $45m.
The company’s steady results follow from its recent appointments, partnerships and integrations. Recently, the company welcomed Kelly Ducourty, former market strategy and operations lead at Google Cloud, to the team and has explored many successful partnerships, some of which include: Orica, Xerox, SAP, Snowflake and more.
UiPath has estimated its second quarter fiscal 2024 predicting revenue in the range of $279m-$284m, with ARR in the range of $1.301bn-$1.306bn as of July 31, 2023. UiPath has raised its growth objective as, for the full year fiscal 2023, the company predicts revenue in the range of $1.267bn-$1.272bn exceeding its previous year and ARR in the range of $1.427bn-$1.432bn as of January 31, 2024.
“First quarter fiscal 2024 results reflect our focus on driving growth at scale and increasing profitability as we meaningfully expanded our operating margin and increased cash flow for the second consecutive quarter,” said Rob Enslin, UiPath co-chief executive officer. “The teams are executing well in the current operating environment and we are committed to helping customers realize the transformative power of automation through an efficient go-to-market model that places customer success at the heart of everything we do.”
“As a leader in AI-powered automation, customers are partnering with UiPath to harness the combination of generative AI and automation in an enterprise-grade platform,” said Daniel Dines, UiPath co-founder and co-chief executive officer. “For years UiPath has invested in ML models and domain specific AI for understanding interfaces, mining tasks, and processing documents and communications. Combining this foundation with the recent advancements in generative AI further strengthens our platform, unlocking a new wave of opportunities to democratize automation, increasing the number of use cases and driving faster time to value and overall ROI.”
Ashim Gupta, UiPath chief financial officer, said: “I am pleased with our first quarter fiscal 2024 results which delivered revenue outperformance, as well as record non-GAAP operating margin and adjusted free cash flow. This afternoon we are raising our full fiscal year 2024 profitability outlook as we continue to drive efficiency across the business.”