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UiPath Reports Second Quarter Fiscal 2024 Financial Results

Revenue of $287 million increases 19 percent year-over-year

ARR of $1.308 billion increases 25 percent year-over-year

Cash flow from operations reaches $44 million and non-GAAP adjusted free cash flow reaches $47 million

Announces $500 million stock repurchase program

UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its second quarter fiscal 2024 ended July 31, 2023.

“We delivered second quarter fiscal 2024 ARR growth of 25 percent while executing on our strategic initiatives and driving operational excellence across the company,” said Rob Enslin, UiPath Co-Chief Executive Officer. “I am energized by the excitement around our continuous investments in AI which are driving business outcomes for our customers. Looking to the second half of the year, momentum is building across the business as customers recognize the need for efficiency in the current operating environment and the long-term structural advantages of automation.”

Daniel Dines, UiPath Co-Founder and Co-Chief Executive Officer continued, “Harnessing the potential of AI is at the top of almost every executive’s agenda. Our automation platform enables customers to operationalize the promise of AI today with an integrated set of capabilities that combines our Specialized AI and governance with the creative power of Generative AI to unlock the almost limitless value this powerful combination creates.”

Second Quarter Fiscal 2024 Financial Highlights

  • Revenue of $287.3 million increased 19 percent year-over-year.
  • ARR of $1.308 billion increased 25 percent year-over-year.
  • Net new ARR of $59.0 million.
  • Dollar based net retention rate of 121 percent.
  • GAAP gross margin was 83 percent.
  • Non-GAAP gross margin was 86 percent.
  • GAAP operating loss was $(77.6) million.
  • Non-GAAP operating income was $30.1 million.
  • Net cash flow from operations was $44.3 million.
  • Non-GAAP adjusted free cash flow was $46.6 million.
  • Cash, cash equivalents, and marketable securities were $1.8 billion as of July 31, 2023.

“I am pleased with the execution and discipline of our team as we continue to balance growth at scale with meaningful increases in profitability and cash flow,” said Ashim Gupta, UiPath Chief Financial Officer. “With more than $1.8 billion in cash, cash equivalents, and marketable securities, the UiPath Board of Directors has authorized a $500 million stock repurchase program, which underscores our confidence in the future and our commitment to building shareholder value.”

Stock Repurchase Program

UiPath, Inc. today announced that its Board of Directors has authorized the Company to repurchase up to an aggregate of $500 million of its Class A common stock in a manner deemed in the best interest of the Company and its stockholders, taking into account the economic cost and prevailing market conditions, including the relative trading prices and volumes of the Class A shares. The repurchases are expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The stock repurchase program authorization expires on March 1, 2025, subject to modification by the Board of Directors in the future.

Financial Outlook

For the third quarter fiscal 2024, UiPath expects:

  • Revenue in the range of $313 million to $318 million
  • ARR in the range of $1.359 billion to $1.364 billion as of October 31, 2023
  • Non-GAAP operating income of approximately $32 million

For the full year fiscal 2024, UiPath expects:

  • Revenue in the range of $1.273 billion to $1.278 billion
  • ARR in the range of $1.432 billion to $1.437 billion as of January 31, 2024
  • Non-GAAP operating income of approximately $188 million

Reconciliation of non-GAAP operating income 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.

Recent Business Highlights

  • Announced General Availability of Generative AI and Specialized AI Offerings: These latest AI-powered automation features accelerate customers’ ability to discover, automate, and operate automations at scale through Generative AI and Specialized AI, including the general availability of OpenAI and Azure OpenAI connectors with support for GPT-4. The Company also introduced support for the Falcon Large Language Model (LLM) via its Amazon SageMaker connector, and the preview of the Google Vertex connector with support for PaLM 2.
  • Delivered New AI-powered Features and Developer Experiences to Accelerate Automation Across All Knowledge Work: New platform features include powerful developer tools that extend options for both citizen developers and professional developers to put automation into practice faster with enhanced low-code tools, solution accelerators, and automated testing. Also announced preview of Clipboard AI™, our advanced AI tool specifically for non-technical knowledge workers that takes the waste out of copy-and-paste tasks.
  • Received widespread industry recognition for platform capabilities, including document understanding, communications mining, process mining, and task mining:
    • Named a Leader and the only Star Performer in the Everest Group Intelligent Document Processing (IDP) Products report. This report analyzes AI technologies such as computer vision, natural language processing (NLP), and machine/deep learning to classify and extract information from structured, semi-structured, and unstructured documents. Everest Group commented: “UiPath’s acquisition of Re-infer has helped it improve its NLP capabilities for context understanding and communications mining, further contributing to its success.”
    • Named a Leader in Everest Group Process Mining Products PEAK Matrix® Assessment 2023 for the fourth consecutive year. “Investments in product innovation, enhanced integration with its automation suite, and strong YoY growth in its process mining client and revenue base have helped UiPath strengthen its position as a Leader on Everest Group’s Process Mining Products PEAK Matrix® 2023,” Everest Group said.
    • Named a Leader in Everest Group Task Mining Products PEAK Matrix® Assessment 2023 for the first time. The report states that UiPath is a top provider by task mining clients, and that UiPath has experienced 150% year-over-year growth in task mining clients.
    • Positioned by Gartner, Inc. as a Leader in the 2023 Gartner® Magic Quadrant™ for Robotic Process Automation1 research report. UiPath was named a Leader for the fifth year in a row, and in this report UiPath was positioned highest for Ability to Execute.
  • Announced Partnership with Peraton to Expand Cloud-based Automation in U.S. Intelligence, Defense, and Federal Civilian Sectors: Peraton, a leading mission capability integrator and transformative enterprise IT provider, is partnering with UiPath to deliver the UiPath Business Automation Platform as a cloud-based managed service to high-security environments within U.S. intelligence, defense, and civilian agencies. The partnership will allow federal government customers to create and execute on automation strategies, drive mission agility, and orchestrate transformational impact for highly sensitive secure workloads.
  • Released its Fiscal Year 2023 Impact Report: In this report, UiPath highlights its environmental, social, and governance (ESG) approach and shares the Company’s first materiality assessment, identifying the most relevant areas of impact on stakeholders. In addition, for the first time, the report includes a comprehensive greenhouse gas inventory of data across Scopes 1, 2, and 3 and introduces a commitment by UiPath to set corporate climate targets, in alignment with the Science-Based Target Initiative.

Conference Call and Webcast

UiPath will host a conference call today, Wednesday, September 6, 2023, at 5:00 p.m. Eastern Time, to discuss the Company's second quarter fiscal 2024 financial results and its guidance for the third quarter and full year fiscal 2024. To access this call, dial 1-201-689-8057 (domestic) or 1-877-407-8309 (international). The passcode is 13740527. A live webcast of this conference call will be available on the "Investor Relations" page of UiPath’s website (https://ir.uipath.com), and a replay will also be archived on the website for one year.

Gartner Disclaimers

1 Gartner, “Magic Quadrant for Robotic Process Automation”, Saikat Ray, Arthur Villa, Melanie Alexander, Andy Wang, Mukul Saha, Sachin Joshi, 2 August 2023

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved.

About UiPath

UiPath (NYSE: PATH) is on a mission to uplevel knowledge work so more people can work more creatively, collaboratively, and strategically. The AI-powered UiPath Business Automation Platform combines the leading robotic process automation (RPA) solution with a full suite of capabilities to understand, automate, and operate end-to-end processes, offering unprecedented time-to-value. For organizations that need to evolve to survive and thrive through increasingly changing times, UiPath is The Foundation of Innovation™. For more information, visit www.uipath.com.

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,” “possible,” “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 of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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 guidance for the third fiscal quarter and fiscal year 2024, our strategic plans, objectives and roadmap, the estimated addressable market opportunity for our platform and statements regarding the growth of the enterprise automation market, the success of our platform and new releases, the success of our collaborations with third parties, our customers’ behaviors and potential automation spend and details of UiPath’s stock repurchase program. 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: the market, political, economic, and business conditions, including turmoil and macro-economic effects caused by geopolitical tensions and conflict, increasing inflationary cost trends, and foreign exchange volatility; volatility in credit and financial markets; our recent rapid growth, which may not be indicative of our future growth; our limited operating history; our ability to successfully manage our growth and achieve or maintain profitability; our ability and the ability of our platform and products to satisfy and adapt to customer demands, including our ability to continue to successfully develop, integrate and compete against competitors and new market entrants with artificial intelligence tools and capabilities; our dependency on our existing customers to renew their licenses and purchase additional licenses and products from us and our channel partners; our ability to attract and retain customers; the competitive markets in which we participate; our ability to maintain and expand our distribution channels; our ability to attract, retain and motivate our management and key employees, integrate new team members, and manage management transitions; our reliance on third-party providers of cloud-based infrastructure; the potential effects that regional or global pandemics could have on our or our customers’ businesses, financial conditions and future operating results; our failure to achieve our environmental, social and governance (ESG) goals; and the price volatility of our Class A common stock.

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 for the annual period ended January 31, 2023 filed with the SEC on March 24, 2023, and in our Quarterly Reports on Form 10-Q filed with the SEC, and other filings and reports that we may file from time to time with the SEC. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements.

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 and support obligations assuming no increases or reductions in customers’ subscriptions. ARR does not include the costs we may incur to obtain such subscription licenses or provide such maintenance and support, and does not reflect any actual or anticipated reductions in invoiced value due to contract non-renewals or service cancellations other than for specific reserves, for example those for credit losses or disputed amounts. ARR does not include invoiced amounts associated with perpetual licenses or professional services. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and duration. ARR should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items.

Dollar-based net retention rate represents the rate of net expansion of our ARR from existing customers over the preceding 12 months. We calculate dollar-based net retention rate as of a period end by starting with ARR from the cohort of all customers as of 12 months prior to such period end (Prior Period ARR). We then calculate the ARR from these same customers as of the current period end (Current Period ARR). Current Period ARR includes any expansion and is net of any contraction or attrition over the preceding 12 months but does not include ARR from new customers in the current period. We then divide total Current Period ARR by total Prior Period ARR to arrive at dollar-based net retention rate. Dollar-based net retention rate may fluctuate based on the customers that qualify to be included in the cohort used for calculation and may not reflect our actual performance.

Investors should not place undue reliance on ARR or dollar-based net retention rate as an indicator of future or expected results. Our presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.

Non-GAAP Financial Measures

Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States (GAAP). This earnings press release includes financial measures defined as non-GAAP financial measures by the SEC, including non-GAAP cost of licenses, non-GAAP cost of subscription services, non-GAAP cost of professional services and other, non-GAAP gross profit and margin, non-GAAP sales and marketing expenses, non-GAAP research and development expenses, non-GAAP general and administrative expenses, non-GAAP operating income (loss) and margin, and non-GAAP net income (loss) and non-GAAP net income (loss) per share. These non-GAAP financial measures exclude:

  • stock-based compensation expense;
  • amortization of acquired intangibles;
  • employer payroll tax expense related to employee equity transactions;
  • restructuring costs;
  • charitable donation of Class A common stock; and
  • in the case of non-GAAP net income (loss), tax adjustments associated with the add-back items, as applicable.

Additionally, this earnings release presents non-GAAP adjusted free cash flow, which is calculated by adjusting GAAP operating cash flows for the impact of purchases of property and equipment, cash paid for employer payroll taxes related to employee equity transactions, net payments/receipts of employee tax withholdings on stock option exercises, and cash paid for restructuring costs.

UiPath uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, by excluding the effects of special items that do not reflect the ordinary earnings of our operations, and as a supplement to GAAP measures. UiPath believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in UiPath’s industry, many of which present similar non-GAAP financial measures to investors. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information below provides a reconciliation of non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures. We encourage investors to consider our GAAP results alongside our supplemental non-GAAP measures, and to review the reconciliation between GAAP results and non-GAAP measures that is included at the end of this earnings press release. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the Investor Relations page of UiPath’s website at https://ir.uipath.com.

UiPath, Inc.

Condensed Consolidated Statements of Operations

in thousands, except per share data

(unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2023

 

2022

 

2023

 

2022

Revenue:

 

 

 

 

 

 

 

 

Licenses

 

$

119,300

 

 

$

103,696

 

 

$

253,339

 

 

$

220,700

 

Subscription services

 

 

159,999

 

 

 

124,656

 

 

 

306,351

 

 

 

240,150

 

Professional services and other

 

 

8,011

 

 

 

13,870

 

 

 

17,208

 

 

 

26,438

 

Total revenue

 

 

287,310

 

 

 

242,222

 

 

 

576,898

 

 

 

487,288

 

Cost of revenue:

 

 

 

 

 

 

 

 

Licenses

 

 

3,008

 

 

 

2,170

 

 

 

5,555

 

 

 

4,707

 

Subscription services

 

 

26,777

 

 

 

22,326

 

 

 

49,855

 

 

 

43,371

 

Professional services and other

 

 

19,202

 

 

 

20,080

 

 

 

37,244

 

 

 

41,514

 

Total cost of revenue

 

 

48,987

 

 

 

44,576

 

 

 

92,654

 

 

 

89,592

 

Gross profit

 

 

238,323

 

 

 

197,646

 

 

 

484,244

 

 

 

397,696

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

169,725

 

 

 

181,547

 

 

 

330,131

 

 

 

371,329

 

Research and development

 

 

86,606

 

 

 

67,849

 

 

 

161,948

 

 

 

136,539

 

General and administrative

 

 

59,577

 

 

 

68,443

 

 

 

116,161

 

 

 

125,973

 

Total operating expenses

 

 

315,908

 

 

 

317,839

 

 

 

608,240

 

 

 

633,841

 

Operating loss

 

 

(77,585

)

 

 

(120,193

)

 

 

(123,996

)

 

 

(236,145

)

Interest income

 

 

13,582

 

 

 

4,505

 

 

 

27,430

 

 

 

5,496

 

Other income (expense), net

 

 

7,472

 

 

 

(600

)

 

 

11,766

 

 

 

(3,411

)

Loss before income taxes

 

 

(56,531

)

 

 

(116,288

)

 

 

(84,800

)

 

 

(234,060

)

Provision for income taxes

 

 

3,830

 

 

 

4,090

 

 

 

7,462

 

 

 

8,879

 

Net loss

 

$

(60,361

)

 

$

(120,378

)

 

$

(92,262

)

 

$

(242,939

)

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.11

)

 

$

(0.22

)

 

$

(0.16

)

 

$

(0.45

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

 

562,883

 

 

 

546,058

 

 

 

560,422

 

 

 

544,014

 

UiPath, Inc.

Condensed Consolidated Balance Sheets

in thousands

(unaudited)

 

 

As of

 

 

July 31,

2023

 

January 31,

2023

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

1,093,898

 

 

$

1,402,119

 

Restricted cash

 

 

400

 

 

 

 

Marketable securities

 

 

735,670

 

 

 

354,774

 

Accounts receivable, net of allowance for credit losses of $1,128 and $2,698, respectively

 

 

226,327

 

 

 

374,217

 

Contract assets

 

 

80,602

 

 

 

69,260

 

Deferred contract acquisition costs

 

 

59,326

 

 

 

49,887

 

Prepaid expenses and other current assets

 

 

107,373

 

 

 

94,150

 

Total current assets

 

 

2,303,596

 

 

 

2,344,407

 

Marketable securities, non-current

 

 

 

 

 

2,942

 

Contract assets, non-current

 

 

5,021

 

 

 

6,523

 

Deferred contract acquisition costs, non-current

 

 

134,021

 

 

 

137,616

 

Property and equipment, net

 

 

24,679

 

 

 

29,045

 

Operating lease right-of-use assets

 

 

52,847

 

 

 

52,052

 

Intangible assets, net

 

 

19,244

 

 

 

23,010

 

Goodwill

 

 

90,051

 

 

 

88,010

 

Deferred tax assets

 

 

5,573

 

 

 

5,895

 

Other assets, non-current

 

 

35,108

 

 

 

45,706

 

Total assets

 

$

2,670,140

 

 

$

2,735,206

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

1,887

 

 

$

8,891

 

Accrued expenses and other current liabilities

 

 

64,404

 

 

 

76,645

 

Accrued compensation and employee benefits

 

 

67,836

 

 

 

142,582

 

Deferred revenue

 

 

384,015

 

 

 

398,334

 

Total current liabilities

 

 

518,142

 

 

 

626,452

 

Deferred revenue, non-current

 

 

103,780

 

 

 

121,697

 

Operating lease liabilities, non-current

 

 

56,699

 

 

 

56,442

 

Other liabilities, non-current

 

 

8,153

 

 

 

10,457

 

Total liabilities

 

 

686,774

 

 

 

815,048

 

Commitments and contingencies

 

 

 

 

Stockholders' equity

 

 

 

 

Class A common stock

 

 

5

 

 

 

5

 

Class B common stock

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

3,888,414

 

 

 

3,736,838

 

Accumulated other comprehensive income

 

 

11,506

 

 

 

7,612

 

Accumulated deficit

 

 

(1,916,560

)

 

 

(1,824,298

)

Total stockholders’ equity

 

 

1,983,366

 

 

 

1,920,158

 

Total liabilities and stockholders’ equity

 

$

2,670,140

 

 

$

2,735,206

 

UiPath, Inc.

Condensed Consolidated Statements of Cash Flows

in thousands

(unaudited)

 

 

 

 

 

 

 

Six Months Ended July 31,

 

 

2023

 

2022

Cash flows from operating activities

 

 

 

 

Net loss

 

$

(92,262

)

 

$

(242,939

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

Depreciation and amortization

 

 

11,160

 

 

 

8,065

 

Amortization of deferred contract acquisition costs

 

 

31,229

 

 

 

21,860

 

Net amortization on marketable securities

 

 

(10,745

)

 

 

860

 

Stock-based compensation expense

 

 

187,145

 

 

 

189,706

 

Charitable donation of Class A common stock

 

 

4,215

 

 

 

5,499

 

Amortization of operating lease right-of-use assets

 

 

6,299

 

 

 

4,597

 

Provision for deferred income taxes

 

 

(57

)

 

 

1,505

 

Abandonment and impairment charges

 

 

 

 

 

2,881

 

Other non-cash charges (credits), net

 

 

965

 

 

 

(1,031

)

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

147,725

 

 

 

51,707

 

Contract assets

 

 

(9,455

)

 

 

(26,146

)

Deferred contract acquisition costs

 

 

(36,389

)

 

 

(39,572

)

Prepaid expenses and other assets

 

 

(6,679

)

 

 

(4,277

)

Accounts payable

 

 

(6,033

)

 

 

2,759

 

Accrued expenses and other liabilities

 

 

(4,229

)

 

 

(14,507

)

Accrued compensation and employee benefits

 

 

(74,184

)

 

 

(45,042

)

Operating lease liabilities, net

 

 

(7,532

)

 

 

(2,422

)

Deferred revenue

 

 

(29,547

)

 

 

9,876

 

Net cash provided by (used in) operating activities

 

 

111,626

 

 

 

(76,621

)

Cash flows from investing activities

 

 

 

 

Purchases of marketable securities

 

 

(709,199

)

 

 

(45,600

)

Maturities of marketable securities

 

 

338,644

 

 

 

47,433

 

Purchases of property and equipment

 

 

(2,876

)

 

 

(16,298

)

Payments related to business acquisitions, net of cash acquired

 

 

 

 

 

(29,477

)

Other investing, net

 

 

2,754

 

 

 

(507

)

Net cash used in investing activities

 

 

(370,677

)

 

 

(44,449

)

Cash flows from financing activities

 

 

 

 

Proceeds from exercise of stock options

 

 

3,904

 

 

 

4,682

 

Payments of tax withholdings on net settlement of equity awards

 

 

(52,832

)

 

 

(38,717

)

Net payments of tax withholdings on sell-to-cover equity award transactions

 

 

(679

)

 

 

(10,132

)

Proceeds from employee stock purchase plan contributions

 

 

9,643

 

 

 

8,507

 

Payment of deferred consideration related to business acquisition

 

 

(5,863

)

 

 

 

Repurchase of unvested early exercised stock options

 

 

 

 

 

(1,493

)

Net cash used in financing activities

 

 

(45,827

)

 

 

(37,153

)

Effect of exchange rate changes

 

 

(2,943

)

 

 

(3,144

)

Net decrease in cash, cash equivalents, and restricted cash

 

 

(307,821

)

 

 

(161,367

)

Cash, cash equivalents, and restricted cash - beginning of period

 

 

1,402,119

 

 

 

1,768,723

 

Cash, cash equivalents, and restricted cash - end of period

 

$

1,094,298

 

 

$

1,607,356

 

UiPath, Inc.

Reconciliation of GAAP Cost of Revenue, Gross Profit and Margin to Non-GAAP Cost of Revenue, Gross Profit and Margin

in thousands, except percentages

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2023

 

2022

 

2023

 

2022

GAAP cost of licenses

 

$

3,008

 

 

$

2,170

 

 

$

5,555

 

 

$

4,707

 

Less: Amortization of acquired intangible assets

 

 

851

 

 

 

562

 

 

 

1,687

 

 

 

1,158

 

Non-GAAP cost of licenses

 

$

2,157

 

 

$

1,608

 

 

$

3,868

 

 

$

3,549

 

 

 

 

 

 

 

 

 

 

GAAP cost of subscription services

 

$

26,777

 

 

$

22,326

 

 

$

49,855

 

 

$

43,371

 

Less: Stock-based compensation expense

 

 

3,809

 

 

 

2,841

 

 

 

6,987

 

 

 

6,057

 

Less: Amortization of acquired intangible assets

 

 

594

 

 

 

330

 

 

 

1,178

 

 

 

660

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

85

 

 

 

62

 

 

 

175

 

 

 

146

 

Less: Restructuring costs

 

 

167

 

 

 

137

 

 

 

167

 

 

 

137

 

Non-GAAP cost of subscription services

 

$

22,122

 

 

$

18,956

 

 

$

41,348

 

 

$

36,371

 

 

 

 

 

 

 

 

 

 

GAAP cost of professional services and other

 

$

19,202

 

 

$

20,080

 

 

$

37,244

 

 

$

41,514

 

Less: Stock-based compensation expense

 

 

3,083

 

 

 

2,528

 

 

 

5,782

 

 

 

6,402

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

68

 

 

 

62

 

 

 

139

 

 

 

141

 

Less: Restructuring costs

 

 

 

 

 

320

 

 

 

 

 

 

320

 

Non-GAAP cost of professional services and other

 

$

16,051

 

 

$

17,170

 

 

$

31,323

 

 

$

34,651

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

238,323

 

 

$

197,646

 

 

$

484,244

 

 

$

397,696

 

GAAP gross margin

 

 

83

%

 

 

82

%

 

 

84

%

 

 

82

%

Plus: Stock-based compensation expense

 

 

6,892

 

 

 

5,369

 

 

 

12,769

 

 

 

12,459

 

Plus: Amortization of acquired intangible assets

 

 

1,445

 

 

 

892

 

 

 

2,865

 

 

 

1,818

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

153

 

 

 

124

 

 

 

314

 

 

 

287

 

Plus: Restructuring costs

 

 

167

 

 

 

457

 

 

 

167

 

 

 

457

 

Non-GAAP gross profit

 

$

246,980

 

 

$

204,488

 

 

$

500,359

 

 

$

412,717

 

Non-GAAP gross margin

 

 

86

%

 

 

84

%

 

 

87

%

 

 

85

%

UiPath, Inc.

Reconciliation of GAAP Operating Expenses, Loss, and Margin to Non-GAAP Operating Expenses, Income (Loss) and Margin

in thousands, except percentages

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2023

 

2022

 

2023

 

2022

GAAP sales and marketing

 

$

169,725

 

 

$

181,547

 

 

$

330,131

 

 

$

371,329

 

Less: Stock-based compensation expense

 

 

39,007

 

 

 

35,889

 

 

 

72,130

 

 

 

86,647

 

Less: Amortization of acquired intangible assets

 

 

681

 

 

 

413

 

 

 

1,352

 

 

 

827

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

501

 

 

 

1,202

 

 

 

1,725

 

 

 

2,629

 

Less: Restructuring costs

 

 

1,087

 

 

 

10,732

 

 

 

1,316

 

 

 

10,732

 

Non-GAAP sales and marketing

 

$

128,449

 

 

$

133,311

 

 

$

253,608

 

 

$

270,494

 

 

 

 

 

 

 

 

 

 

GAAP research and development

 

$

86,606

 

 

$

67,849

 

 

$

161,948

 

 

$

136,539

 

Less: Stock-based compensation expense

 

 

33,071

 

 

 

23,501

 

 

 

57,844

 

 

 

50,124

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

584

 

 

 

320

 

 

 

1,185

 

 

 

801

 

Less: Restructuring costs

 

 

109

 

 

 

43

 

 

 

394

 

 

 

43

 

Non-GAAP research and development

 

$

52,842

 

 

$

43,985

 

 

$

102,525

 

 

$

85,571

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

59,577

 

 

$

68,443

 

 

$

116,161

 

 

$

125,973

 

Less: Stock-based compensation expense

 

 

23,127

 

 

 

23,493

 

 

 

44,402

 

 

 

40,476

 

Less: Amortization of acquired intangible assets

 

 

41

 

 

 

46

 

 

 

82

 

 

 

92

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

491

 

 

 

186

 

 

 

869

 

 

 

363

 

Less: Restructuring costs

 

 

354

 

 

 

802

 

 

 

729

 

 

 

802

 

Less: Charitable donation of Class A common stock

 

 

 

 

 

5,499

 

 

 

4,215

 

 

 

5,499

 

Non-GAAP general and administrative

 

$

35,564

 

 

$

38,417

 

 

$

65,864

 

 

$

78,741

 

 

 

 

 

 

 

 

 

 

GAAP operating loss

 

$

(77,585

)

 

$

(120,193

)

 

$

(123,996

)

 

$

(236,145

)

GAAP operating margin

 

 

(27

)%

 

 

(50

)%

 

 

(21

)%

 

 

(48

)%

Plus: Stock-based compensation expense

 

 

102,097

 

 

 

88,252

 

 

 

187,145

 

 

 

189,706

 

Plus: Amortization of acquired intangible assets

 

 

2,167

 

 

 

1,351

 

 

 

4,299

 

 

 

2,737

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

1,729

 

 

 

1,832

 

 

 

4,093

 

 

 

4,080

 

Plus: Restructuring costs

 

 

1,717

 

 

 

12,034

 

 

 

2,606

 

 

 

12,034

 

Plus: Charitable donation of Class A common stock

 

 

 

 

 

5,499

 

 

 

4,215

 

 

 

5,499

 

Non-GAAP operating income (loss)

 

$

30,125

 

 

$

(11,225

)

 

$

78,362

 

 

$

(22,089

)

Non-GAAP operating margin

 

 

10

%

 

 

(5

)%

 

 

14

%

 

 

(5

)%

UiPath, Inc.

Reconciliation of GAAP Net Loss and GAAP Net Loss Per Share to Non-GAAP Net Income (loss) and Non-GAAP Net Income (loss) Per Share

in thousands, except per share data

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2023

 

2022

 

2023

 

2022

GAAP net loss attributable to common stockholders

 

$

(60,361

)

 

$

(120,378

)

 

$

(92,262

)

 

$

(242,939

)

Plus: Stock-based compensation expense

 

 

102,097

 

 

 

88,252

 

 

 

187,145

 

 

 

189,706

 

Plus: Amortization of acquired intangible assets

 

 

2,167

 

 

 

1,351

 

 

 

4,299

 

 

 

2,737

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

1,729

 

 

 

1,832

 

 

 

4,093

 

 

 

4,080

 

Plus: Restructuring costs

 

 

1,717

 

 

 

12,034

 

 

 

2,606

 

 

 

12,034

 

Plus: Charitable donation of Class A common stock

 

 

 

 

 

5,499

 

 

 

4,215

 

 

 

5,499

 

Tax adjustments to add-backs

 

 

1,640

 

 

 

 

 

 

2,682

 

 

 

 

Non-GAAP net income (loss)

 

$

48,989

 

 

$

(11,410

)

 

$

112,778

 

 

$

(28,883

)

 

 

 

 

 

 

 

 

 

GAAP net loss per share, basic and diluted

 

$

(0.11

)

 

$

(0.22

)

 

$

(0.16

)

 

$

(0.45

)

GAAP weighted average common shares outstanding, basic and diluted

 

 

562,883

 

 

 

546,058

 

 

 

560,422

 

 

 

544,014

 

Non-GAAP weighted average common shares outstanding, basic

 

 

562,883

 

 

 

546,058

 

 

 

560,422

 

 

 

544,014

 

Plus: Dilutive potential common shares from outstanding equity awards

 

 

11,580

 

 

 

 

 

 

12,145

 

 

 

 

Non-GAAP weighted average common shares outstanding, diluted

 

 

574,463

 

 

 

546,058

 

 

 

572,567

 

 

 

544,014

 

Non-GAAP net income (loss) per share, basic

 

$

0.09

 

 

$

(0.02

)

 

$

0.20

 

 

$

(0.05

)

Non-GAAP net income (loss) per share, diluted

 

$

0.09

 

 

$

(0.02

)

 

$

0.20

 

 

$

(0.05

)

UiPath, Inc.

Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow

in thousands

(unaudited)

 

 

 

 

 

 

 

Six Months Ended July 31,

 

 

2023

 

2022

GAAP net cash provided by (used in) operating activities

 

$

111,626

 

 

$

(76,621

)

Purchases of property and equipment

 

 

(2,876

)

 

 

(16,298

)

Cash paid for employer payroll taxes related to employee equity transactions

 

 

4,830

 

 

 

4,953

 

Net payments of employee tax withholdings on stock option exercises

 

 

924

 

 

 

5,664

 

Cash paid for restructuring costs

 

 

4,792

 

 

 

5,196

 

Non-GAAP adjusted free cash flow

 

$

119,296

 

 

$

(77,106

)

 

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