PATH UiPath Inc

Revenue of $335 million increases 16 percent year-over-year

ARR of $1.508 billion increases 21 percent year-over-year

Cash flow from operations reaches $100 million and non-GAAP adjusted free cash flow reaches $101 million

UiPath, Inc. (NYSE: PATH), a leading enterprise automation and AI software company, today announced financial results for its first quarter fiscal 2025 ended April 30, 2024.

“We are pleased to report that ARR surpassed $1.5 billion in the first quarter of fiscal 2025, a testament to our market leading Business Automation Platform and the strategic role automation plays in digital transformation,” said Daniel Dines, UiPath Founder and Chief Innovation Officer. “We believe the foundation of our business remains strong and we are optimistic about our ability to drive growth and profitability through improved execution, customer centricity, and continued innovation.”

First Quarter Fiscal 2025 Financial Highlights

• Revenue of $335 million increased 16 percent year-over-year.
• ARR of $1.508 billion increased 21 percent year-over-year.
• Net new ARR of $44 million.
• Dollar based net retention rate of 118 percent.
• GAAP gross margin was 83 percent.
• Non-GAAP gross margin was 86 percent.
• GAAP operating loss was $(49) million.
• Non-GAAP operating income was $50 million.
• Net cash flow from operations was $100 million.
• Non-GAAP adjusted free cash flow was $101 million.
• Cash, cash equivalents, and marketable securities were $1.9 billion as of April 30, 2024.

Leadership Changes

In a separate release issued today, UiPath announced Rob Enslin is resigning as Chief Executive Officer and member of the UiPath Board of Directors effective June 1, 2024. Daniel Dines, Founder and former CEO of UiPath, will be re-appointed CEO, also effective June 1, 2024. Dines currently serves as Chief Innovation Officer and Executive Chairman of the Board.

Financial Outlook

“During the first quarter we saw increased deal scrutiny and lengthening sales cycles for large multi-year deals. We have considered these factors, the current macroeconomic environment and our leadership transition in our updated guidance for the remainder of the year,” said Ashim Gupta, UiPath Chief Financial Officer. “While our revenue and operating margin guidance are impacted by contract timing and duration, we have confidence in our ability to generate durable ARR growth at scale, and meaningful non-GAAP adjusted free cash flow.”

For the second quarter fiscal 2025, UiPath expects:

• Revenue in the range of $300 million to $305 million
• ARR in the range of $1.543 billion to $1.548 billion as of July 31, 2024
• Non-GAAP operating income of approximately breakeven

For the fiscal full year 2025, UiPath is updating its guidance and expects:

• Revenue in the range of $1.405 billion to $1.410 billion
• ARR in the range of $1.660 billion to $1.665 billion as of January 31, 2025
• Non-GAAP operating income of approximately $145 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

• UiPath and Microsoft Deepened Partnership through Integration with Copilot for Microsoft 365: UiPath and Microsoft announced an expanded partnership through powerful integration between the UiPath Business Automation Platform and Copilot for Microsoft 365. The integration will enable joint customers to automate more knowledge work and enhance end user experiences with UiPath. UiPath is one of the first ecosystem partners for Copilot for Microsoft 365 and Teams; with the plugin, joint customers can access UiPath enterprise-grade automation capabilities from Copilot for Microsoft 365, Teams, UiPath Autopilot™, or their own custom copilot-like experience.
• Unveiled New Family of LLMs at AI Summit to Empower Enterprises to Harness Full Capabilities of GenAI: at its annual AI Summit, UiPath announced several new generative AI (GenAI) features in its platform designed to help enterprises realize the full potential of AI with automation by accessing powerful, specialized AI models tailored to their challenges and most valuable use cases. The new LLMs, DocPATH and CommPATH, give businesses LLMs that are extensively trained for their specific tasks, document processing and communications.
• Announced General Availability of UiPath Autopilot™ for Studio and Autopilot™ for Test Suite in June: UiPath Autopilot™ experiences for Developers and Testers are now available in preview with a targeted general availability in June. Autopilot™ for Developers include capabilities such as 'Text to workflow', 'Text to expressions', and 'automated code generation', enhancing productivity for developers of all kinds. Autopilot™ for Testers accelerates every phase of the testing lifecycle including Quality Checks, Test Design, Test Automation, and surfacing actionable insights from execution results. Over 1,500 organizations are using UiPath Autopilot™ resulting in over 7,000 generations and over 5,500 expressions generated per week.
• Achieved FedRAMP authorization: the company announced that UiPath Automation Cloud™ Public Sector achieved authorized status in the Federal Risk and Authorization Management Program (FedRAMP®), the entity charged with standardizing security and risk assessment for cloud services accessed by federal government agencies. As an authorized provider of AI-powered automation within FedRAMP, UiPath offers public sector agencies a viable and secure method to achieve digital modernization imperatives. UiPath AI and automation solutions are already securely increasing accuracy, capacity, and resilience in U.S. federal agencies, U.S. state governments, and hundreds of international public sector organizations.
• Named a Leader for the Second Consecutive Year in Everest Group Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2024: UiPath was named a Leader in Intelligent Document Processing for the second consecutive year in the Everest Group Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2024. The Everest Group IDP Peak Matrix also placed the UiPath Business Automation Platform as the highest designated Leader in vision and capabilities, and for market impact. In the report, UiPath is also the only company to be named a Leader in analyses for banking and insurance IDP products.
• Named a Leader in the 2024 Gartner® Magic Quadrant™ for Process Mining Platforms1: UiPath was named a Leader in the 2024 Gartner® Magic Quadrant™ for Process Mining Platforms research report. The report assessed UiPath Process Mining, UiPath Task Mining, and UiPath Communications Mining. Continuous Discovery solutions enable businesses to continuously monitor process performance and ROI and identify the most impactful opportunities to optimize them; these tools measure the impact automation has on end-to-end processes, allowing customers to optimize and take results-driven actions.

Conference Call and Webcast

UiPath will host a conference call today, Wednesday, May 29, 2024, at 5:00 p.m. Eastern Time, to discuss the company's first quarter fiscal 2025 financial results and its guidance for the second quarter and full year fiscal 2025. To access this call, dial 1-201-689-8057 (domestic) or 1-877-407-8309 (international). The passcode is 13746331. 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.

Footnotes

1 Gartner, Magic Quadrant for Process Mining Platforms, Marc Kerremans, Nick Duffy, David Sugden, 29 April 2024

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 second fiscal quarter and full fiscal year 2025, our business strategy, plans and objectives of management for future operations, our future growth, 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 including the incorporation of AI, the success of our collaborations with third parties, our customers’ behaviors and potential automation spend, and details of UiPath’s stock repurchase program. 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: our expectations regarding our revenue, annualized renewal run-rate (ARR), expenses, and other operating results; our ability to effectively manage our growth and achieve or sustain profitability; our ability to acquire new customers and successfully retain existing customers; the ability of the UiPath Business Automation Platform to satisfy and adapt to customer demands and our ability to increase its adoption; our ability to grow our platform and release new functionality in a timely manner; future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements; the costs and success of our marketing efforts and our ability to evolve and enhance our brand; our growth strategies; the estimated addressable market opportunity for our platform and for automation in general; our reliance on key personnel and our ability to attract, integrate, and retain highly-qualified personnel and execute management transitions, including our CEO transition; our ability to obtain, maintain, and enforce our intellectual property rights and any costs associated therewith; the effect of significant events with macroeconomic impacts, including but not limited to military conflicts and other changes in geopolitical relationships and inflationary cost trends, on our business, industry, and the global economy; our reliance on third-party providers of cloud-based infrastructure; our ability to compete effectively with existing competitors and new market entrants, including new, potentially disruptive technologies; the size and growth rates of the markets in which we compete; 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 and other forward-looking statements can be found in our Annual Report on Form 10-K for the fiscal year January 31, 2024 filed with the SEC on March 27, 2024 and in 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 certain 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 and margin, and non-GAAP net income and non-GAAP net income 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, estimated 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 earnings 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 April 30,

 

 

 

2024

 

 

 

2023

 

Revenue:

 

 

 

 

Licenses

 

$

140,128

 

 

$

134,039

 

Subscription services

 

 

185,131

 

 

 

146,352

 

Professional services and other

 

 

9,853

 

 

 

9,197

 

Total revenue

 

 

335,112

 

 

 

289,588

 

Cost of revenue:

 

 

 

 

Licenses

 

 

2,601

 

 

 

2,547

 

Subscription services

 

 

36,754

 

 

 

23,078

 

Professional services and other

 

 

15,970

 

 

 

18,042

 

Total cost of revenue

 

 

55,325

 

 

 

43,667

 

Gross profit

 

 

279,787

 

 

 

245,921

 

Operating expenses:

 

 

 

 

Sales and marketing

 

 

180,139

 

 

 

160,406

 

Research and development

 

 

85,603

 

 

 

75,342

 

General and administrative

 

 

63,510

 

 

 

56,584

 

Total operating expenses

 

 

329,252

 

 

 

292,332

 

Operating loss

 

 

(49,465

)

 

 

(46,411

)

Interest income

 

 

13,830

 

 

 

13,848

 

Other income, net

 

 

10,679

 

 

 

4,294

 

Loss before income taxes

 

 

(24,956

)

 

 

(28,269

)

Provision for income taxes

 

 

3,780

 

 

 

3,632

 

Net loss

 

$

(28,736

)

 

$

(31,901

)

Net loss per share, basic and diluted

 

$

(0.05

)

 

$

(0.06

)

Weighted-average shares used in computing net loss per share, basic and diluted

 

 

569,925

 

 

 

557,878

 

UiPath, Inc.

Condensed Consolidated Balance Sheets

in thousands

(unaudited)

 

 

 

 

 

 

 

As of

 

 

April 30, 2024

 

January 31, 2024

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

1,146,618

 

 

$

1,061,678

 

Restricted cash

 

 

438

 

 

 

438

 

Marketable securities

 

 

788,920

 

 

 

818,145

 

Accounts receivable, net of allowance for credit losses of $1,827 and $1,119, respectively

 

 

270,621

 

 

 

436,296

 

Contract assets

 

 

88,146

 

 

 

84,197

 

Deferred contract acquisition costs

 

 

76,309

 

 

 

74,678

 

Prepaid expenses and other current assets

 

 

98,146

 

 

 

104,980

 

Total current assets

 

 

2,469,198

 

 

 

2,580,412

 

Marketable securities, non-current

 

 

962

 

 

 

—

 

Contract assets, non-current

 

 

9,960

 

 

 

6,214

 

Deferred contract acquisition costs, non-current

 

 

145,175

 

 

 

154,317

 

Property and equipment, net

 

 

22,741

 

 

 

23,982

 

Operating lease right-of-use assets

 

 

60,458

 

 

 

56,072

 

Intangible assets, net

 

 

12,577

 

 

 

14,704

 

Goodwill

 

 

88,384

 

 

 

89,026

 

Deferred tax assets

 

 

3,900

 

 

 

4,678

 

Other assets, non-current

 

 

31,621

 

 

 

25,353

 

Total assets

 

$

2,844,976

 

 

$

2,954,758

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

6,864

 

 

$

3,447

 

Accrued expenses and other current liabilities

 

 

84,793

 

 

 

83,997

 

Accrued compensation and employee benefits

 

 

40,663

 

 

 

137,442

 

Deferred revenue

 

 

465,216

 

 

 

486,805

 

Total current liabilities

 

 

597,536

 

 

 

711,691

 

Deferred revenue, non-current

 

 

150,934

 

 

 

161,027

 

Operating lease liabilities, non-current

 

 

62,772

 

 

 

58,713

 

Other liabilities, non-current

 

 

6,730

 

 

 

7,213

 

Total liabilities

 

 

817,972

 

 

 

938,644

 

Commitments and contingencies

 

 

 

 

Stockholders' equity

 

 

 

 

Class A common stock

 

 

5

 

 

 

5

 

Class B common stock

 

 

1

 

 

 

1

 

Treasury stock

 

 

(124,620

)

 

 

(102,615

)

Additional paid-in capital

 

 

4,089,795

 

 

 

4,024,079

 

Accumulated other comprehensive income

 

 

4,740

 

 

 

8,825

 

Accumulated deficit

 

 

(1,942,917

)

 

 

(1,914,181

)

Total stockholders’ equity

 

 

2,027,004

 

 

 

2,016,114

 

Total liabilities and stockholders’ equity

 

$

2,844,976

 

 

$

2,954,758

 

UiPath, Inc.

Condensed Consolidated Statements of Cash Flows

in thousands

(unaudited)

 

 

 

 

 

 

 

Three Months Ended April 30,

 

 

 

2024

 

 

 

2023

 

Cash flows from operating activities

 

 

 

 

Net loss

 

$

(28,736

)

 

$

(31,901

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

4,902

 

 

 

5,616

 

Amortization of deferred contract acquisition costs

 

 

18,467

 

 

 

14,072

 

Net amortization on marketable securities

 

 

(9,268

)

 

 

(4,097

)

Stock-based compensation expense

 

 

88,727

 

 

 

85,048

 

Charitable donation of Class A common stock

 

 

6,564

 

 

 

4,215

 

Non-cash operating lease expense

 

 

3,476

 

 

 

3,071

 

Provision for deferred income taxes

 

 

569

 

 

 

(267

)

Other non-cash (credits) charges, net

 

 

(966

)

 

 

624

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

162,444

 

 

 

141,557

 

Contract assets

 

 

(7,645

)

 

 

660

 

Deferred contract acquisition costs

 

 

(12,437

)

 

 

(15,499

)

Prepaid expenses and other assets

 

 

(803

)

 

 

(5,860

)

Accounts payable

 

 

3,936

 

 

 

(2,130

)

Accrued expenses and other liabilities

 

 

(4,195

)

 

 

(10,547

)

Accrued compensation and employee benefits

 

 

(96,403

)

 

 

(93,390

)

Operating lease liabilities, net

 

 

(3,912

)

 

 

(2,946

)

Deferred revenue

 

 

(24,683

)

 

 

(20,885

)

Net cash provided by operating activities

 

 

100,037

 

 

 

67,341

 

Cash flows from investing activities

 

 

 

 

Purchases of marketable securities

 

 

(323,137

)

 

 

(215,391

)

Maturities of marketable securities

 

 

360,141

 

 

 

78,955

 

Purchases of property and equipment

 

 

(1,238

)

 

 

(1,870

)

Other investing, net

 

 

—

 

 

 

2,754

 

Net cash provided by (used in) investing activities

 

 

35,766

 

 

 

(135,552

)

Cash flows from financing activities

 

 

 

 

Repurchases of Class A common stock

 

 

(22,005

)

 

 

—

 

Proceeds from exercise of stock options

 

 

312

 

 

 

1,187

 

Payments of tax withholdings on net settlement of equity awards

 

 

(28,959

)

 

 

(25,902

)

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

 

 

—

 

 

 

(645

)

Proceeds from employee stock purchase plan contributions

 

 

4,916

 

 

 

4,730

 

Net cash used in financing activities

 

 

(45,736

)

 

 

(20,630

)

Effect of exchange rate changes

 

 

(5,127

)

 

 

(1,702

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

 

84,940

 

 

 

(90,543

)

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

 

 

1,062,116

 

 

 

1,402,119

 

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

 

$

1,147,056

 

 

$

1,311,576

 

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 April 30,

 

 

 

2024

 

 

 

2023

 

GAAP cost of licenses

 

$

2,601

 

 

$

2,547

 

Less: Amortization of acquired intangible assets

 

 

844

 

 

 

836

 

Non-GAAP cost of licenses

 

$

1,757

 

 

$

1,711

 

 

 

 

 

 

GAAP cost of subscription services

 

$

36,754

 

 

$

23,078

 

Less: Stock-based compensation expense

 

 

4,276

 

 

 

3,178

 

Less: Amortization of acquired intangible assets

 

 

593

 

 

 

584

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

177

 

 

 

90

 

Non-GAAP cost of subscription services

 

$

31,708

 

 

$

19,226

 

 

 

 

 

 

GAAP cost of professional services and other

 

$

15,970

 

 

$

18,042

 

Less: Stock-based compensation expense

 

 

2,470

 

 

 

2,699

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

66

 

 

 

71

 

Non-GAAP cost of professional services and other

 

$

13,434

 

 

$

15,272

 

 

 

 

 

 

GAAP gross profit

 

$

279,787

 

 

$

245,921

 

GAAP gross margin

 

 

83

%

 

 

85

%

Plus: Stock-based compensation expense

 

 

6,746

 

 

 

5,877

 

Plus: Amortization of acquired intangible assets

 

 

1,437

 

 

 

1,420

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

243

 

 

 

161

 

Non-GAAP gross profit

 

$

288,213

 

 

$

253,379

 

Non-GAAP gross margin

 

 

86

%

 

 

87

%

UiPath, Inc.

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

in thousands, except percentages

(unaudited)

 

 

 

 

 

 

 

Three Months Ended April 30,

 

 

 

2024

 

 

 

2023

 

GAAP sales and marketing

 

$

180,139

 

 

$

160,406

 

Less: Stock-based compensation expense

 

 

36,216

 

 

 

33,123

 

Less: Amortization of acquired intangible assets

 

 

552

 

 

 

671

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

1,223

 

 

 

1,224

 

Less: Restructuring costs

 

 

—

 

 

 

229

 

Non-GAAP sales and marketing

 

$

142,148

 

 

$

125,159

 

 

 

 

 

 

GAAP research and development

 

$

85,603

 

 

$

75,342

 

Less: Stock-based compensation expense

 

 

29,142

 

 

 

24,773

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

630

 

 

 

601

 

Less: Restructuring costs

 

 

—

 

 

 

285

 

Non-GAAP research and development

 

$

55,831

 

 

$

49,683

 

 

 

 

 

 

GAAP general and administrative

 

$

63,510

 

 

$

56,584

 

Less: Stock-based compensation expense

 

 

16,623

 

 

 

21,275

 

Less: Amortization of acquired intangible assets

 

 

39

 

 

 

41

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

415

 

 

 

378

 

Less: Restructuring costs

 

 

—

 

 

 

375

 

Less: Charitable donation of Class A common stock

 

 

6,564

 

 

 

4,215

 

Non-GAAP general and administrative

 

$

39,869

 

 

$

30,300

 

 

 

 

 

 

GAAP operating loss

 

$

(49,465

)

 

$

(46,411

)

GAAP operating margin

 

 

(15

)%

 

 

(16

)%

Plus: Stock-based compensation expense

 

 

88,727

 

 

 

85,048

 

Plus: Amortization of acquired intangible assets

 

 

2,028

 

 

 

2,132

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

2,511

 

 

 

2,364

 

Plus: Restructuring costs

 

 

—

 

 

 

889

 

Plus: Charitable donation of Class A common stock

 

 

6,564

 

 

 

4,215

 

Non-GAAP operating income

 

$

50,365

 

 

$

48,237

 

Non-GAAP operating margin

 

 

15

%

 

 

17

%

UiPath, Inc.

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

in thousands, except per share data

(unaudited)

 

 

 

 

 

 

 

Three Months Ended April 30,

 

 

 

2024

 

 

 

2023

 

GAAP net loss

 

$

(28,736

)

 

$

(31,901

)

Plus: Stock-based compensation expense

 

 

88,727

 

 

 

85,048

 

Plus: Amortization of acquired intangible assets

 

 

2,028

 

 

 

2,132

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

2,511

 

 

 

2,364

 

Plus: Restructuring costs

 

 

—

 

 

 

889

 

Plus: Charitable donation of Class A common stock

 

 

6,564

 

 

 

4,215

 

Tax adjustments to add-backs

 

 

2,124

 

 

 

1,042

 

Non-GAAP net income

 

$

73,218

 

 

$

63,789

 

 

 

 

 

 

GAAP net loss per share, basic and diluted

 

$

(0.05

)

 

$

(0.06

)

GAAP weighted average common shares outstanding, basic and diluted

 

 

569,925

 

 

 

557,878

 

Non-GAAP weighted average common shares outstanding, basic

 

 

569,925

 

 

 

557,878

 

Plus: Dilutive potential common shares from outstanding equity awards

 

 

14,389

 

 

 

12,728

 

Non-GAAP weighted average common shares outstanding, diluted

 

 

584,314

 

 

 

570,606

 

Non-GAAP net income per share, basic

 

$

0.13

 

 

$

0.11

 

Non-GAAP net income per share, diluted

 

$

0.13

 

 

$

0.11

 

UiPath, Inc.

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

in thousands

(unaudited)

 

 

 

 

 

 

 

Three Months Ended April 30,

 

 

 

2024

 

 

 

2023

 

GAAP net cash provided by operating activities

 

$

100,037

 

 

$

67,341

 

Purchases of property and equipment

 

 

(1,238

)

 

 

(1,870

)

Cash paid for employer payroll taxes related to employee equity transactions

 

 

2,403

 

 

 

2,738

 

Net payments of employee tax withholdings on stock option exercises

 

 

12

 

 

 

765

 

Cash paid for restructuring costs

 

 

63

 

 

 

3,734

 

Non-GAAP adjusted free cash flow

 

$

101,277

 

 

$

72,708

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240529752613/en/

Investor Relations Contact Allise Furlani Investor.relations@uipath.com UiPath

Media Contact Pete Daly PR@uipath.com UiPath