UiPath Stock-FQ3 2023 Earning Results Beat Estimates

UiPath stock

UiPath Stock (PATH:NYE) Forecast:

Consensus Analyst Rating: Buy

12-Month Price Target: $21.29

 

Press release from UiPath (PATH:NYE): FQ3 Non-GAAP EPS of $0.05 exceeds the competition by $0.06.

 

UiPath, Inc. (PATH:NYE), a leading provider of enterprise automation software, on Dec 01 published its financial results for the third quarter of its fiscal year 2023, which concluded on October 31, 2022.

We are pleased with our third quarter fiscal 2023 results as ARR grew 36 percent year-over-year and we delivered meaningful non-GAAP operating margin expansion,” said Rob Enslin, UiPath Co-Chief Executive Officer.

“Our new go-to-market initiatives are driving results and resonating with customers. We closed several notable third-quarter deals using this value-selling approach and are widely engaged with both new and existing customers as we head into the last quarter of the fiscal year 2023.”

“UiPath continues to be differentiated by our platform approach, which is at the core of our success,” said Daniel Dines, UiPath Co-Founder, and Co-Chief Executive Officer.

“Our latest release, 2022.10, further expands our competitive advantage with market-leading capabilities at every stage in the automation lifecycle, from discovery to automate to operate. This cohesive approach makes it easier and faster for organizations to efficiently scale their automation programs and drive meaningful business outcomes.”

 

Third Quarter Financial Highlights for Fiscal Year 2023:

The revenue of $262,7 million was up 19% year-over-year.

ARR of $1.110 billion grew by 36 percent annually.

Net new ARR of $68,400,000.

The dollar-based net retention rate is 126%.

The gross margin under GAAP was 84%.

The non-GAAP gross margin was 86%.

The operating loss per GAAP was ($67,000,000).

Operating income non-GAAP was $18 million.

The net operating cash outflow was $27.3 million.

Free cash flow adjusted non-GAAP was negative $24.1 million.

As of October 31, 2022, cash, cash equivalents, and marketable securities totaled $1.7 billion.

 

“The quarter’s non-GAAP operating income of $18 million was the consequence of disciplined capital deployment and expense control. Our resilient financial model and solid balance sheet provide us with the means to continue investing in long-term growth and to pursue a path to sustained profitability, both of which are fundamental to our future strategy “As stated by UiPath’s chief financial officer, Ashim Gupta.

 

UiPath Stock-Financial Outlook for Q4 2023:

For the fourth fiscal quarter of 2023, UiPath anticipates:

In the range of $277 million to $279 million in revenue.

As of January 31, 2023, ARR in the range of $1,174 million to $1,176 million.

Non-GAAP operating profit of almost $35 million.

 

A forward-looking reconciliation of non-GAAP operating income guidance to the most directly comparable GAAP measure is not possible without unreasonable efforts due to the high variability, complexity, and low visibility of the charges excluded from this non-GAAP measure, including, in particular, the effects of stock-based compensation expense specific to equity awards that are directly impacted by fluctuations in UiPath stock price.

We anticipate that the unpredictability of the aforementioned expenses will have a substantial and perhaps unpredictable impact on our future GAAP financial results.

 

Analyst Ratings:

RBC Royalbank maintains the “Sector Perform” rating for UiPath stock with $15 price target.

Credit Suisse maintains the “Outperform” rating for UiPath stock with $27.5 price target.

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