UiPath Appoints Robert Enslin as Co-Chief Executive Officer
UiPath (NYSE: PATH) announced the appointment of Robert Enslin as Co-Chief Executive Officer, effective May 16, 2022. Enslin, a former Google Cloud executive, joins founder Daniel Dines to enhance leadership during a period of significant digital transformation. The company anticipates exceeding $1 billion in revenue in fiscal year 2023, operating within a $60 billion automation market. Fiscal Q1 2023 guidance includes revenue expectations of $223 million to $225 million and an ARR range of $960 million to $965 million.
- Appointment of Robert Enslin as Co-CEO expected to enhance leadership and strategic focus.
- Expected revenue surpassing $1 billion in fiscal year 2023 indicates strong growth potential.
- Collaboration aims to leverage combined experience for market leadership in automation.
- Non-GAAP operating loss projected between $(30) million and $(25) million for Q1 2023.
- Dependence on maintaining customer relationships for revenue continuity poses a risk.
Former
Company reiterates fiscal first quarter and full year 2023 guidance
“During this time of accelerating digital transformation,
Enslin joins
“Partnering with Daniel to lead the Company he co-founded more than 15 years ago is an enormous privilege. I have long been a fan of
With
Reiterates Financial Outlook
For the fiscal first quarter 2023,
-
Revenue in the range of
to$223 million $225 million -
ARR in the range of
to$960 million as of$965 million April 30, 2022 -
Non-GAAP operating loss in the range of
to$(30) million $(25) million
For the fiscal full year 2023,
-
Revenue in the range of
to$1,075 million $1,085 million -
ARR in the range of
to$1,200 million as of$1,210 million January 31, 2023 -
Non-GAAP operating income in the range of
to$0 $10 million
Reconciliation of non-GAAP operating income (loss) guidance to the most directly comparable GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from this non-GAAP measure; in particular, the effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.
About
Forward Looking Statements
Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” "outlook," “seeks,” “should,” “will,” and variations of such words or similar expressions, including the negatives of these words or similar expressions.
We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions.
These forward-looking statements include, but are not limited to, statements regarding our financial guidance for the first fiscal quarter and fiscal year-end 2023, the total addressable market for automation software, our ability to add and integrate talent to our executive management team and the adoption of enterprise automation. Accordingly, actual results could differ materially or such uncertainties could cause adverse effects on our results. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: (1) our recent rapid growth, which may not be indicative of our future growth; (2) our limited operating history; (3) our ability to successfully manage our growth; (4) our ability and the ability of our platform to satisfy and adapt to customer demands; (5) our dependency on our existing customers to renew their licenses and purchase additional licenses and products from us and our channel partners; (6) our ability to attract and retain customers; (7) the competitive markets in which we participate; (8) general market, political, economic, and business conditions; (9) our ability to maintain and expand our distribution channels; (10) our ability to retain and motivate our management and key employees and integrate new team members and manage management transitions; (11) unfavorable conditions in our industry, the market, political, economic, and business conditions, including geo-political turmoil as caused by the Russian military operation in the
Further information on risks that could cause actual results to differ materially from our guidance can be found in our Annual Report on Form 10-K filed on
Key Performance Metric
Annualized Renewal Run-rate (ARR) is a key performance metric we use in managing our business because it illustrates our ability to acquire new subscription customers and to maintain and expand our relationships with existing subscription customers. We define ARR as annualized invoiced amounts per solution SKU from subscription licenses and maintenance obligations assuming no increases or reductions in the subscriptions. ARR does not include the costs we may incur to obtain such subscription licenses or provide such maintenance and does not reflect any actual or anticipated reductions in invoiced value due to contract non-renewals or service cancellations other than for specific bad debt or disputed amounts. Additionally, though we use ARR as a forward-looking metric in the management of our business, it does not include invoiced amounts reported as perpetual licenses or professional services revenue in our consolidated statement of operations, and is not a forecast of future revenue, which can be impacted by contract start and end dates, duration, and renewal rates.
Investors should not place undue reliance on ARR as an indicator of future or expected results. Our presentation of this metric may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.
Non-GAAP Financial Measure
Our financial outlook includes non-GAAP operating income (loss), a financial measure defined as a non-GAAP financial measure by the
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Media Contact
pr@uipath.com
Investor Relations Contact
investor.relations@uipath.com
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