UiPath Stock Slips After First Earnings Report Since IPO

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UiPath went public on April 21, 2021 on the New York Stock Exchange.

NYSE

UiPath

shares tumble late after robotic process automation software company unveiled its first results report since its IPO in April.

For the first fiscal quarter ended April 30, UiPath (ticker: PATH) reported revenue of $ 186.2 million, up 65% from the previous year and ahead of the forecast. Street consensus of $ 168.6 million. Annual recurring revenue, or ARR, was $ 652.6 million, up 64%. On a non-GAAP basis, the company gained two cents per share, ahead of Street’s consensus forecast for a loss of five cents per share.

Under generally accepted accounting principles, the company incurred a loss during the quarter of $ 239.7 million, or $ 1.11 per share. UiPath said it now has more than 8,500 customers, with 1,105 generating revenues of more than $ 100,000 per year and 104 of more than $ 1 million.

UiPath went public on April 21 at $ 65.50 per share and, at the close of Tuesday’s regular session, was trading at $ 76. At the end of the day, the stock was down 8% to $ 69.90.

“We have had an exceptionally strong start to 2022,” CEO and co-founder Daniel Dines said in a statement. “We believe automation is the next layer of the software stack. … Our end-to-end automation platform, flexible deployment model, and growing ecosystem of partners position us well to capitalize on the more than $ 60 billion market opportunity that lies ahead.

For the fiscal second quarter, UiPath forecasts revenue ranging from $ 180 million to $ 185 million, which would represent a 33% increase from the previous year, with a non-GAAP loss ranging from $ 25 million. dollars to $ 35 million. For the January 2022 fiscal year, the company expects revenue to range from $ 850 million to $ 855 million, ahead of Street’s consensus of $ 827 million. This would represent an increase of around 40% over the previous year, compared to an 81% growth in fiscal 2021.

“We continue to lead with great optimism for the whole year,” said CFO Ashim Gupta in an interview with Barron. “Demand has never been so strong. In the same interview, Dines highlighted new

Gartner

data that shows the company has around 28.7% of the RPA software market, gaining share as the market grows as well.

The company also announced a “partial early release from foreclosure”, releasing around 30% of its shares to be traded on the open market, as part of its initial public offering, a move that could contribute to the pressure on shares after. office hours.

Write to Eric J. Savitz at eric.savitz@barrons.com


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