Enterprise automation software platform UiPath clocks record ARR growth in fourth quarter

UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, has announced financial results for its fourth quarter and full-year fiscal 2022 ended January 31, 2022, The company also appointed Chris Weber as Chief Business Officer.

“The UiPath team delivered a strong finish to fiscal year 2022 with fourth quarter net new ARR reaching a record USD 107 million, an increase of 72 percent year-over-year. We believe this is a testament to our highly differentiated end-to-end platform,” said Daniel Dines, UiPath co-founder and CEO. “Our customers understand that automation is at the forefront of digital transformation and fundamental to driving efficiency, employee satisfaction, and strengthening customer relationships, all necessary to successfully navigate today’s complex operating environment and establish a sustainable competitive advantage.”

Fourth quarter fiscal 2022 financial highlights

• Revenue of USD 289.7 million increased 39 percent year-over-year.
• ARR of USD 925.3 million increased 59 percent year-over-year.
• Net new ARR of USD 106.9 million increased 72 percent year-over-year.
• Dollar based net retention rate of 145 percent.
• GAAP gross margin was 86 percent.
• The non-GAAP gross margin was 88 percent.
• Net cash used in operations was USD 6.0 million.
• Non-GAAP adjusted free cash flow was USD 9.8 million.
• Cash, cash equivalents, and marketable securities were USD 1.9 billion as of January 31, 2022.

Full year fiscal 2022 financial highlights

• Revenue of USD 892.3 million increased 47 percent year-over-year.
• Net new ARR of USD 344.8 million increased 51 percent year-over-year.
• GAAP gross margin was 81 percent.
• The non-GAAP gross margin was 87 percent.
• Net cash used in operations was USD 55.0 million.
• Non-GAAP adjusted free cash flow was negative USD 21.5 million.

“We have built a global business that serves customers in more than 115 countries, including countries across eastern Europe and Russia. Looking ahead, we feel confident in our market-leading position in automation and prospects for future growth at scale but believe it is prudent at this time to factor both our European exposure and go-to-market leadership transition into the financial outlook we are providing this afternoon,” said Daniel Dines.
In just over two years more than 3,800 UiPath customers have adopted cloud products, including 55 percent of new customers in the fourth quarter of fiscal 2022. UiPath offers an end-to-end platform for automation, combining the leading Robotic Process Automation (RPA) solution with a full suite of capabilities to enable organisations to rapidly scale digital business operations.