For fiscal 2023, UiPath managed to reduce its net loss from $525.6 million to $328.4 million. Total revenue for the year rose 19% from a year ago ($892M), to $1.059 billion. For the fiscal full year 2024, UiPath expects its revenue in the range of $1.253 billion to $1.258 billion. Here is the financial data in more detail.
Full Year Fiscal 2023 Financial Highlights
- Revenue of $1.059 billion increased 19 percent year-over-year.
- Net new ARR of $278.6 million.
- GAAP gross margin was 83 percent.
- Non-GAAP gross margin was 86 percent.
- GAAP operating loss was $(348.3) million.
- Non-GAAP operating income was $65.2 million.
- Net cash used in operations was $10 million.
- Non-GAAP adjusted free cash flow was $49 thousand.
For the fiscal full 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 as of January 31, 2024
- Non-GAAP operating income of approximately $120 million
“I am pleased with our results and how the team brought the fiscal year to a close despite foreign exchange and macroeconomic headwinds in the fourth quarter of fiscal 2023. Our commitment to driving growth at scale, expanding operating margin, and generating positive non-GAAP adjusted free cash flow is reflected in our full year fiscal 2024 outlook which implies a 350 basis point increase in non-GAAP operating margin and positive non-GAAP adjusted free cash flow for the fiscal year.”Ashim Gupta, Chief Financial Officer, UiPath
“We delivered a very strong close to fiscal year 2023. Fourth quarter fiscal 2023 ARR grew 30 percent year-over-year, while revenue outperformance and disciplined cost management resulted in a record fourth quarter non-GAAP operating margin and positive non-GAAP adjusted free cash flow. We enter fiscal year 2024 with the rollout of our new go-to-market initiatives on schedule and building momentum as both customers and partners see the positive impact our Business Automation Platform can have on their employees, customers, and businesses.”Rob Enslin, Co-Chief Executive Officer, UiPath