NEW YORK, NY – December 8, 2021 – UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its third quarter fiscal 2022 ended October 31, 2021.

•ARR of $818.4 million increased 58 percent year-over-year.

•Net new ARR of $91.9 million increased 42 percent year-over-year.

•Revenue of $220.8 million increased 50 percent year-over-year.

•GAAP gross margin was 80 percent.

•Non-GAAP gross margin was 85 percent.

•Net cash used in operations was $25.4 million.

•Non-GAAP adjusted free cash flow was negative $7.7 million.

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

•Announced the general availability of UiPath 2021.10 to help customers tackle the most common issues in the enterprise such as sprawling and disparate applications; applying artificial intelligence (AI) to every facet of work; helping IT with scaling, maintaining, and securing automation; and making it easier for developers to build automations.

•Named a leader in the inaugural IDC MarketScape: Worldwide Robotic Process Automation Software 2021-2022 Vendor Assessment, which positions UiPath as a leader for overall technical capabilities and a strong capitalization structure for extending our end-to-end automation platform.

•Named a Robotic Process Automation (RPA) Leader and Star Performer in the Technology Vendor Landscape for the fifth consecutive year, according to Everest Group’s Robotic Process Automation Products PEAK Matrix® Assessment 2021. UiPath emerged as the only Star Performer who is also a Leader in this year’s assessment, which analyzes the changing dynamics of the RPA landscape and assesses 23 service providers across several key dimensions.

•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.

•Announced technical partnerships with:

◦Alteryx, Inc., the analytics automation company, which includes an expansion of the existing strategic partnership and new integrations as part of Alteryx’s recent product release making it easier to invoke UiPath bots from within an Alteryx workflow.

◦CrowdStrike Inc., a leader in cloud-delivered endpoint and workload protection, to deliver a new level of security protection and visibility with the UiPath RPA platform and the CrowdStrike Falcon® platform.

◦Qlik®, which provides an end-to-end, real-time data integration and analytics cloud platform, to enable Qlik Cloud® analytics users to leverage UiPath automations to drive action and prioritize tasks in downstream applications from directly within Qlik to help organizations in their journey to accelerate business value across the entire data and analytics supply chain.

◦Snowflake, the Data Cloud company, that integrates UiPath Insights with Snowflake’s platform. This combined offering of UiPath with Snowflake’s compute, elastic scaling, and enterprise-grade secure data sharing capabilities provides customers with faster data processing, while enabling them to perform long-term historical analysis to scale their automation journeys.

•Hosted the world’s most immersive gathering of automation experts at UiPath FORWARD IV, which was held at the Bellagio in Las Vegas and featured more than 90 customer and partner speakers, including from Accenture, Amazon, Atlassian, Chevron, Deloitte, EY, Palo Alto Networks, PwC, and Uber.

•Expanded its groundbreaking UiPath Academic Alliance program to more than 1,000 higher education institutions and workforce development organizations. UiPath Academic Alliance institutions have educated more than 245,000 students and professionals on automation in 63 countries through the program in its first two years.

•Issued its inaugural 2020 Environmental, Social, and Governance (ESG) Overview, which provides baseline ESG metrics and context related to the Company’s environmental sustainability efforts, commitment to its team members and communities, and corporate governance.

•ARR in the range of $901 million to $903 million as of January 31, 2022

•Revenue in the range of $281 million to $283 million

•Non-GAAP operating income in the range of $10 million to $20 million

•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), 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
						October 31, 2021						January 31, 2021
Assets
Current assets
Cash and cash equivalents						$	1,776,417					$	357,690
Restricted cash						—						7,000
Marketable securities						102,009						102,828
Accounts receivable, net of allowance for doubtful accounts of $2,566 and $2,879, respectively						196,427						172,286
Contract assets						63,621						34,221
Deferred contract acquisition costs						24,077						10,653
Prepaid expenses and other current assets						44,668						49,752
Total current assets						2,207,219						734,430
Restricted cash, non-current						—						6,500
Marketable securities, non-current						13,079						—
Contract assets, non-current						1,255						2,085
Deferred contract acquisition costs, non-current						77,849						32,553
Property and equipment, net						14,188						14,822
Operating lease right-of-use assets						50,895						17,260
Intangible assets, net						18,467						10,191
Goodwill						54,457						28,059
Deferred tax asset, non-current						6,846						8,118
Other assets, non-current						23,433						12,443
Total assets						$	2,467,688					$	866,461
Liabilities, Convertible Preferred Stock, and Stockholders' Equity (Deficit)
Current liabilities
Accounts payable						$	23,942					$	6,682
Accrued expenses and other current liabilities						82,439						36,660
Accrued compensation and employee benefits						107,788						110,736
Deferred revenues						253,120						211,078
Total current liabilities						467,289						365,156
Deferred revenues, non-current						58,869						61,325
Operating lease liabilities, non-current						51,164						14,152
Other liabilities, non-current						6,961						7,564
Total liabilities						584,283						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						3,312,405						179,175
Accumulated other comprehensive income (loss)						3,831						(12,521)
Accumulated deficit						(1,432,836)						(970,360)
Total stockholders’ equity (deficit)						1,883,405						(803,704)
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)						$	2,467,688					$	866,461

UiPath, Inc.
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow
in thousands
(unaudited)
						Nine Months Ended October 31,
						2021						2020
GAAP net cash (used in) provided by operating activities						$	(48,949)					$	10,998
Purchases of property and equipment						(5,719)						(989)
Capitalization of software development costs						(2,950)						—
Cash paid for employer payroll taxes related to employee equity transactions						34,623						—
Net receipts of employee tax withholdings on stock option exercises						(8,272)						—
Non-GAAP adjusted free cash flow						$	(31,267)					$	10,009