UiPath, the leading enterprise automation software company, announced strong financial results for its fourth quarter and full-year fiscal 2023. The company reported an increase of 30% year-over-year in its Annual Recurring Revenue (ARR), reaching $1.204 billion. The company’s net new ARR is $94 million. The company’s financial highlights for the fourth quarter include revenue of $308.5 million. It increased 7% year-over-year, and a non-GAAP operating income of $69.2 million, which resulted in positive non-GAAP adjusted FCF. The company’s revenue was $1.059 billion, which increased 19% year-over-year, and a net new ARR of $278.6 million.
UiPath’s Co-CEO, Rob Enslin, highlighted the company’s record non-GAAP operating margin and positive non-GAAP adjusted FCF in the fourth quarter. He also noted the company’s momentum in building new go-to-market initiatives and its ability to empower customers and partners with its Business Automation Platform. The company’s other Co-CEO, Daniel Dines, highlighted the strategic role of UiPath’s AI-powered Business Automation Platform in transforming organizations. The combination of its RPA solution with a full suite of capabilities to better operate, innovate, and drive business outcomes.
UiPath’s financial outlook for the first quarter of fiscal 2024 includes revenue in the range of $270 million to $272 million, ARR in the field of $1.245 billion to $1.250 billion, and non-GAAP operating income of approximately $5 million. For the full fiscal year 2024, UiPath expects revenue in the range of $1.253 billion to $1.258 billion, ARR in the range of $1.425 billion to $1.430 billion, and non-GAAP operating income of approximately $120 million.
UiPath’s Chief Financial Officer, Ashim Gupta, expressed his satisfaction with the company’s results, despite foreign exchange and macroeconomic headwinds in the fourth quarter of fiscal 2023. He highlighted the company’s commitment to driving growth at scale, expanding operating margin, and generating positive non-GAAP adjusted free cash flow, reflected in its full-year fiscal 2024 outlook.
UiPath’s financial success is a testament to the growing demand for automation solutions in the enterprise sector. Automation technologies have become increasingly popular as businesses seek to increase operating agility without adding more resources. UiPath’s AI-powered Business Automation Platform provides businesses with a strategic and transformational solution that empowers employees to create better ways to operate, innovate, and drive business outcomes.