UiPath Reports Strong Q2 Results, $500M Share Repurchase Program, Upbeat Guidance

UiPath, Inc. PATH posted its second-quarter financial results after Thursday’s closing bell. Here's a look at the details from the report. 

The Details: UiPath reported quarterly earnings of four cents per share, which beat the analyst consensus estimate of three cents. Quarterly revenue of $316.25 million beat the analyst consensus estimate of $303.67 million and represents a 10.07% increase over the same period last year.

• ARR of $1.551 billion increased 19% year-over-year
• Net new ARR of $43 million
• Dollar-based net retention rate of 115%
• Non-GAAP gross margin was 83%

UiPath announced a $500 million expansion of its share repurchase program. The company also announced Ashim Gupta will be taking on an expanded role as chief operating officer in addition to his responsibilities as chief financial officer, effective immediately.

“We are pleased with our second quarter results, with ARR growing 19 percent year-over-year, a testament to the team’s improved execution and the compelling value that our AI-powered automation platform delivers to our customers,” said Daniel Dines, UiPath CEO.

“Our conversations with customers and partners deepen our conviction that there is an increasing need for AI and automation, and our unwavering commitment to innovation continues to position us as the automation platform of choice for capturing the opportunities that AI brings to an enterprise.”

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Outlook: UiPath sees third-quarter revenue in a range of $345 million to $350 million, versus the $347.24 million estimate, and fiscal year revenue in a range of $1.42 billion to $1.425 billion, versus the $1.41 billion estimate.

PATH Price Action: According to Benzinga Pro, UiPath shares are up 7.54% after-hours at $13.70 at the time of publication Thursday.

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Photo: Courtesy of UiPath, Inc.