UiPath Inc (NYSE:PATH) stock fell 3.27% (As on Dec 9, 11:24:33 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 22. UiPath is certainly growing very quickly. It reported annualized recurring revenue of $814.4 million, up 58% from a year ago. In addition, it reported net new ARR of $91.9 million, up 44%. ARR is an important metric as far as investors are concerned because it shows how much revenue the company expects to repeat, meaning it serves as a measure of progress and also as a prediction of future growth. The company is a leading player in the robotic process automation market. It sells an RPA platform that helps companies to reduce costs and operational errors by automating repetitive work. It relies on artificial intelligence models that learn how employees perform common tasks in business applications. Then, it creates software robots that can replicate those workflows, thereby reducing the need to perform many of those tasks manually. Looking ahead, the company expects that the innovation the company is delivering in UiPath 2021.10, the most recent platform release, coupled with investments in the teams and strategic partnerships will further accelerate customer success and platform adoption.

PATH in the third quarter of FY 22 has reported the adjusted earnings per share of 0.9 cents, beating the analysts’ estimates for the adjusted loss per share of 4 cents. The company had reported the adjusted revenue growth of 50 percent to $220.8 million in the third quarter of FY 22, beating the analysts’ estimates for revenue of $209.9 million. The company has Non-GAAP gross margin of 85 percent. Net cash used in operations was $25.4 million for the quarter. The company generated Non-GAAP adjusted free cash flow of negative $7.7 million. Cash, cash equivalents, and marketable securities were $1.9 billion as of October 31, 2021.

For the fourth quarter, UiPath is forecasting revenue to be in the range of $282 million to $283 million, just ahead of Wall Street’s consensus estimate of $281.1 million in sales.

Meanwhile, the company has announced go-to-market partnership with PwC to incorporate the UiPath end-to-end automation platform into PwC Perform, a proprietary operational improvement methodology and management system that drives new behaviors to increase effectiveness and efficiency in an organization and improve customer outcomes. By embedding the UiPath Platform, PwC can harness the power and scope of UiPath automation products to speed time-to-value for customers engaged in rapidly advancing digital transformation initiatives.