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UiPath Inc. (PATH) stock plunged 3.71% in the after-market trading session at the price of $45.94 after reporting its financial results for the third quarter of fiscal 2022.

PATH aims to provide a Fully Automated Enterprise where firms use automation to unlock their potential. The company presents an end-to-end forum for automation that combines Robotic Process Automation solutions with a full suite of capacities that facilitate organizations to scale their business operations.

PATH Third Quarter Fiscal 2022 Earnings Report

On 8th December 2021, PATH reported its financial results for the third fiscal quarter ended 31st October 2021. The company has also published its outlook for the fourth quarter of fiscal 2022.

Q3 Financial Highlights

PATH reported an ARR of roughly $818.4 million for the third quarter of fiscal 2022. It represents a gain of 58% from the same three months of fiscal 2021. For the third fiscal quarter ended 31st October 2021, the net new ARR totaled $91.9 million. It has increased 42% from the third fiscal quarter ended 31st October 2020. The company calculated $1.9 billion in cash and cash equivalents on 31st October 2021.

PATH calculated revenue of $220.8 million for the third fiscal quarter ended 31st October 2021. It represents a surge of 50% from the third quarter of fiscal 2021. For the third quarter of fiscal 2022, the gross margin was 80%. Net cash used in operations totaled $25.4 million for the third fiscal quarter ended 31st October 2021.

Q4 Financial Outlook

For the fourth fiscal quarter ended 31st January 2022, PATH anticipates ARR to range from $901 million to $903 million. The company expects revenue ranging from $281 million to $283 million for the fourth quarter of fiscal 2022.

Management Comments

Co-Founder and Chief Executive Officer of PATH, Daniel Dines, remarked that their consistent growth was driven by clients across the verticals and geographies. The potential of their end-to-end automation platform resulted in an ARR of $818M during the third quarter, a year-over-year gain of 58%. The company is working to deliver a fully automated platform where firms use automation to unlock the potential and creativity of their workers.

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