$UiPath(PATH.US)$ reported first-quarter revenue growth of 32% year-over-year to $245.1 million, beating the consensus of $225.26 million.

Adjusted EPS was $(0.03), above the consensus of $(0.05).

ARR increased 50% Y/Y to $977.1 million, the Net new ARR was $51.8 million, and the dollar-based net retention rate was 138%.

The gross margin expanded by 795 bps to 81.6%, and the adjusted gross margin contracted by 262 bps to 85%.

The company recorded an adjusted operating loss of $10.86 million, compared to an operating profit of $16.07 million a year ago.

UiPath net cash used in operating activities for Q1 totaled $52.88 million, compared to $17.52 million, in 1Q21. Adjusted free cash flow was negative $53.8 million.

PATH held cash, cash equivalents, and marketable securities of $1.8 billion as of April 30, 2022.

2Q23 Outlook: UiPath expects revenue of $229 million to $231 million vs. a consensus of $227.14 million and ARR of $1.04 billion to $1.042 billion as of July 31, 2022.

It expects an adjusted operating loss of $(60) million to $(55) million.

FY23 Outlook: UiPath sees revenue in the range of $1.085 billion to $1.09 billion vs. a consensus of $1.07 billion, and ARR in the range of $1.22 billion to $1.225 billion as of January 31, 2023.

It expects an adjusted operating income of $10 to $15 million.

Price Action: PATH shares are trading higher by 8.6% at $18.28 during the post-market session on Wednesday.