NEW YORK, NY – September 7, 2021 – UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its second quarter fiscal 2022 ended July 31, 2021.

•ARR of $726.5 million as of July 31, 2021, increased 60 percent year-over-year.

•Net new ARR of $73.9 million increased 33 percent year-over-year.

•Revenue of $195.5 million increased 40 percent year-over-year.

•GAAP gross margin was 82 percent.

•Non-GAAP gross margin was 86 percent.

•Net cash used in operations was $(6.0) million.

•Non-GAAP adjusted free cash flow was $(3.5) million.

•Cash, cash equivalents, and marketable securities of $1.9 billion as of July 31, 2021.

•Named a Process Mining Leader in the Technology Vendor Landscape for the second consecutive year, according to Everest Group’s Process Mining Products PEAK Matrix® Assessment 2021. UiPath has also emerged as one of

•Announced new integrations with Smartsheet (NYSE: SMAR), the enterprise platform for dynamic work, to make it easy for users to retrieve, update, and share data in Smartsheet. This means users are now able to automate the management of workflows in Smartsheet projects, reports, and sheets in a matter of minutes, saving hours of repetitive, manual work.

•Expanded technology partner ecosystem to include SUSE, a leader in Linux and Kubernetes management, to provide additional deployment options for customers leveraging the UiPath platform. In addition, UiPath collaborated with Alteryx (NYSE: AYX), a strategic technology partner, which developed a UiPath Connector that makes it easy for users to trigger UiPath software robots directly from an Alteryx analytic automation workflow.

•Completed SOC 2 Type 2 System and Organization Controls for UiPath Automation Cloud: This attestation, among the Company’s extensive list of security capabilities, provides assurance to UiPath global customers in highly-regulated industries who trust UiPath with their most sensitive data.

•Joined TSANet (Technical Support Alliance Network), the industry’s largest vendor neutral support alliance, to fast track interactions with other vendors in resolving multi-party integration issues. As the first pure-play automation company to the TSANet ecosystem, UiPath will leverage other vendors’ engineering and customer success teams to ultimately reduce the resolution time for its mutual customers.

•Expanded go-to-market partner ecosystem to help customers rapidly accelerate their digital transformation efforts. With a range of technology and industry solutions, UiPath added more than 300 new go-to-market partners in the quarter bringing the total partner ecosystem to more than 4,700 worldwide.

•Announced UiPath community grew to more than 1.5 million members and launched three new features: Use case repository, UiPath community job board, and Community mentorship program. The UiPath Community connects customers, partners, freelancers, enthusiasts, and beginners to UiPath.

•ARR in the range of $796 million and $798 million as of October 31, 2021

•Revenue in the range of $207 million and $209 million

•Non-GAAP operating loss in the range of $(30) million and $(15) million

•ARR in the range of $876 million and $881 million as of January 31, 2022

•stock-based compensation expense;

•amortization of acquired intangibles;

•employer payroll tax expense related to employee equity transactions;

•in the case of non-GAAP net income (loss), undistributed earnings attributable to participating securities and tax adjustments associated with the add-back items; and

•in the case of non-GAAP adjusted free cash flow, purchases of property and equipment, capitalization of software development costs, cash paid for employer payroll taxes related to employee equity transactions, and net receipts of employee tax withholdings on stock option exercises.

UiPath, Inc.
Condensed Consolidated Balance Sheets
in thousands
(unaudited)
						As of
						July 31, 2021						January 31, 2021
Assets
Current assets
Cash and cash equivalents						$	1,826,424					$	357,690
Restricted cash, current						—						7,000
Marketable securities						70,140						102,828
Accounts receivable, net of allowance for doubtful accounts of $2,158 and $2,879, respectively						138,945						172,286
Contract assets, current						53,555						34,221
Deferred contract acquisition costs, current						18,142						10,653
Prepaid expenses and other current assets						51,886						49,752
Total current assets						2,159,092						734,430
Restricted cash, non-current						—						6,500
Contract assets, non-current						2,537						2,085
Deferred contract acquisition costs, non-current						58,289						32,553
Property and equipment, net						14,728						14,822
Operating lease right-of-use assets						16,302						17,260
Intangible assets, net						18,866						10,191
Goodwill						55,193						28,059
Deferred tax asset, non-current						7,927						8,118
Other assets, non-current						14,947						12,443
Total assets						$	2,347,881					$	866,461
Liabilities, Convertible Preferred Stock, and Stockholders' Equity (Deficit)
Current liabilities
Accounts payable						$	2,874					$	6,682
Accrued expenses and other current liabilities						60,558						36,660
Accrued compensation and employee benefits						75,628						110,736
Deferred revenues, current						235,484						211,078
Total current liabilities						374,544						365,156
Deferred revenues, non-current						54,465						61,325
Operating lease liabilities, non-current						12,328						14,152
Other liabilities, non-current						7,591						7,564
Total liabilities						448,928						448,197
Commitments and contingencies
Convertible preferred stock						—						1,221,968
Stockholders' equity (deficit)
Preferred stock						—						—
Class A common stock						4						1
Class B common stock						1						1
Additional paid-in capital						3,213,595						179,175
Accumulated other comprehensive loss						(4,598)						(12,521)
Accumulated deficit						(1,310,049)						(970,360)
Total stockholders’ equity (deficit)						1,898,953						(803,704)
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)						$	2,347,881					$	866,461

UiPath, Inc.
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow
in thousands
(unaudited)
						Six Months Ended July 31,
						2021						2020
GAAP net cash (used in) provided by operating activities						$	(23,523)					$	4,062
Purchases of property and equipment						(3,641)						(587)
Capitalization of software development costs						(771)						—
Cash paid for employer payroll taxes related to employee equity transactions						9,064						—
Net receipts of employee tax withholdings on stock option exercises						(4,726)						—
Non-GAAP adjusted free cash flow						$	(23,597)					$	3,475