Software/ platforms

UiPath reports Second Quarter Fiscal 2024 Financial Results

Revenue of $287 million increases 19 percent year-over-year

ARR of $1.308 billion increases 25 percent year-over-year

Cash flow from operations reaches $44 million and non-GAAP adjusted free cash flow reaches $47 million

Announces $500 million stock repurchase program

UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its second quarter fiscal 2024 ended July 31, 2023.

“We delivered second quarter fiscal 2024 ARR growth of 25 percent while executing on our strategic initiatives and driving operational excellence across the company,” said Rob Enslin, UiPath Co-Chief Executive Officer. “I am energized by the excitement around our continuous investments in AI which are driving business outcomes for our customers. Looking to the second half of the year, momentum is building across the business as customers recognize the need for efficiency in the current operating environment and the long-term structural advantages of automation.”

Daniel Dines, UiPath Co-Founder and Co-Chief Executive Officer continued, “Harnessing the potential of AI is at the top of almost every executive’s agenda. Our automation platform enables customers to operationalize the promise of AI today with an integrated set of capabilities that combines our Specialized AI and governance with the creative power of Generative AI to unlock the almost limitless value this powerful combination creates.”

Second Quarter Fiscal 2024 Financial Highlights

  • Revenue of $287.3 million increased 19 percent year-over-year.
  • ARR of $1.308 billion increased 25 percent year-over-year.
  • Net new ARR of $59.0 million.
  • Dollar based net retention rate of 121 percent.
  • GAAP gross margin was 83 percent.
  • Non-GAAP gross margin was 86 percent.
  • GAAP operating loss was $(77.6) million.
  • Non-GAAP operating income was $30.1 million.
  • Net cash flow from operations was $44.3 million.
  • Non-GAAP adjusted free cash flow was $46.6 million.
  • Cash, cash equivalents, and marketable securities were $1.8 billion as of July 31, 2023.

“I am pleased with the execution and discipline of our team as we continue to balance growth at scale with meaningful increases in profitability and cash flow,” said Ashim Gupta, UiPath Chief Financial Officer. “With more than $1.8 billion in cash, cash equivalents, and marketable securities, the UiPath Board of Directors has authorized a $500 million stock repurchase program, which underscores our confidence in the future and our commitment to building shareholder value.”

Stock Repurchase Program

UiPath, Inc. today announced that its Board of Directors has authorized the Company to repurchase up to an aggregate of $500 million of its Class A common stock in a manner deemed in the best interest of the Company and its stockholders, taking into account the economic cost and prevailing market conditions, including the relative trading prices and volumes of the Class A shares. The repurchases are expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The stock repurchase program authorization expires on March 1, 2025, subject to modification by the Board of Directors in the future.

Financial Outlook

For the third quarter fiscal 2024, UiPath expects:

  • Revenue in the range of $313 million to $318 million
  • ARR in the range of $1.359 billion to $1.364 billion as of October 31, 2023
  • Non-GAAP operating income of approximately $32 million

For the full year fiscal 2024, UiPath expects:

  • Revenue in the range of $1.273 billion to $1.278 billion
  • ARR in the range of $1.432 billion to $1.437 billion as of January 31, 2024
  • Non-GAAP operating income of approximately $188 million

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 due to the high variability, complexity and low visibility with respect to the charges excluded from this non-GAAP measure; in particular, the effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

Recent Business Highlights

  • Announced General Availability of Generative AI and Specialized AI Offerings: These latest AI-powered automation features accelerate customers’ ability to discover, automate, and operate automations at scale through Generative AI and Specialized AI, including the general availability of OpenAI and Azure OpenAI connectors with support for GPT-4. The Company also introduced support for the Falcon Large Language Model (LLM) via its Amazon SageMaker connector, and the preview of the Google Vertex connector with support for PaLM 2.
  • Delivered New AI-powered Features and Developer Experiences to Accelerate Automation Across All Knowledge Work: New platform features include powerful developer tools that extend options for both citizen developers and professional developers to put automation into practice faster with enhanced low-code tools, solution accelerators, and automated testing. Also announced preview of Clipboard AI™, our advanced AI tool specifically for non-technical knowledge workers that takes the waste out of copy-and-paste tasks.
  • Received widespread industry recognition for platform capabilities, including document understanding, communications mining, process mining, and task mining:
    • Named a Leader and the only Star Performer in the Everest Group Intelligent Document Processing (IDP) Products report. This report analyzes AI technologies such as computer vision, natural language processing (NLP), and machine/deep learning to classify and extract information from structured, semi-structured, and unstructured documents. Everest Group commented: “UiPath’s acquisition of Re-infer has helped it improve its NLP capabilities for context understanding and communications mining, further contributing to its success.”
    • Named a Leader in Everest Group Process Mining Products PEAK Matrix® Assessment 2023 for the fourth consecutive year. “Investments in product innovation, enhanced integration with its automation suite, and strong YoY growth in its process mining client and revenue base have helped UiPath strengthen its position as a Leader on Everest Group’s Process Mining Products PEAK Matrix® 2023,” Everest Group said.
    • Named a Leader in Everest Group Task Mining Products PEAK Matrix® Assessment 2023 for the first time. The report states that UiPath is a top provider by task mining clients, and that UiPath has experienced 150% year-over-year growth in task mining clients.
    • Positioned by Gartner, Inc. as a Leader in the 2023 Gartner® Magic Quadrant™ for Robotic Process Automation1 research report. UiPath was named a Leader for the fifth year in a row, and in this report UiPath was positioned highest for Ability to Execute.
  • Announced Partnership with Peraton to Expand Cloud-based Automation in U.S. Intelligence, Defense, and Federal Civilian Sectors: Peraton, a leading mission capability integrator and transformative enterprise IT provider, is partnering with UiPath to deliver the UiPath Business Automation Platform as a cloud-based managed service to high-security environments within U.S. intelligence, defense, and civilian agencies. The partnership will allow federal government customers to create and execute on automation strategies, drive mission agility, and orchestrate transformational impact for highly sensitive secure workloads.
  • Released its Fiscal Year 2023 Impact Report: In this report, UiPath highlights its environmental, social, and governance (ESG) approach and shares the Company’s first materiality assessment, identifying the most relevant areas of impact on stakeholders. In addition, for the first time, the report includes a comprehensive greenhouse gas inventory of data across Scopes 1, 2, and 3 and introduces a commitment by UiPath to set corporate climate targets, in alignment with the Science-Based Target Initiative.

Conference Call and Webcast

UiPath will host a conference call today, Wednesday, September 6, 2023, at 5:00 p.m. Eastern Time, to discuss the Company’s second quarter fiscal 2024 financial results and its guidance for the third quarter and full year fiscal 2024. To access this call, dial 1-201-689-8057 (domestic) or 1-877-407-8309 (international). The passcode is 13740527. A live webcast of this conference call will be available on the “Investor Relations” page of UiPath’s website (, and a replay will also be archived on the website for one year.

Gartner Disclaimers

1 Gartner, “Magic Quadrant for Robotic Process Automation”, Saikat Ray, Arthur Villa, Melanie Alexander, Andy Wang, Mukul Saha, Sachin Joshi, 2 August 2023

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved.

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