false00017347222023Q301-31http://fasb.org/us-gaap/2022#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#AccruedLiabilitiesCurrent00017347222022-02-012022-10-310001734722us-gaap:CommonClassAMember2022-12-01xbrli:shares0001734722us-gaap:CommonClassBMember2022-12-0100017347222022-10-31iso4217:USD00017347222022-01-31iso4217:USDxbrli:shares0001734722us-gaap:CommonClassAMember2022-10-310001734722us-gaap:CommonClassAMember2022-01-310001734722us-gaap:CommonClassBMember2022-10-310001734722us-gaap:CommonClassBMember2022-01-310001734722us-gaap:LicenseMember2022-08-012022-10-310001734722us-gaap:LicenseMember2021-08-012021-10-310001734722us-gaap:LicenseMember2022-02-012022-10-310001734722us-gaap:LicenseMember2021-02-012021-10-310001734722path:SubscriptionServicesMember2022-08-012022-10-310001734722path:SubscriptionServicesMember2021-08-012021-10-310001734722path:SubscriptionServicesMember2022-02-012022-10-310001734722path:SubscriptionServicesMember2021-02-012021-10-310001734722path:ProfessionalServicesAndOtherMember2022-08-012022-10-310001734722path:ProfessionalServicesAndOtherMember2021-08-012021-10-310001734722path:ProfessionalServicesAndOtherMember2022-02-012022-10-310001734722path:ProfessionalServicesAndOtherMember2021-02-012021-10-3100017347222022-08-012022-10-3100017347222021-08-012021-10-3100017347222021-02-012021-10-310001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-01-310001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-01-310001734722us-gaap:AdditionalPaidInCapitalMember2022-01-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-310001734722us-gaap:RetainedEarningsMember2022-01-310001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-02-012022-04-300001734722us-gaap:AdditionalPaidInCapitalMember2022-02-012022-04-3000017347222022-02-012022-04-300001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-02-012022-04-300001734722us-gaap:RetainedEarningsMember2022-02-012022-04-300001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-04-300001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-04-300001734722us-gaap:AdditionalPaidInCapitalMember2022-04-300001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-300001734722us-gaap:RetainedEarningsMember2022-04-3000017347222022-04-300001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-05-012022-07-310001734722us-gaap:AdditionalPaidInCapitalMember2022-05-012022-07-3100017347222022-05-012022-07-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-05-012022-07-310001734722us-gaap:RetainedEarningsMember2022-05-012022-07-310001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-07-310001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-07-310001734722us-gaap:AdditionalPaidInCapitalMember2022-07-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-310001734722us-gaap:RetainedEarningsMember2022-07-3100017347222022-07-310001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-08-012022-10-310001734722us-gaap:AdditionalPaidInCapitalMember2022-08-012022-10-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-08-012022-10-310001734722us-gaap:RetainedEarningsMember2022-08-012022-10-310001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-10-310001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-10-310001734722us-gaap:AdditionalPaidInCapitalMember2022-10-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-10-310001734722us-gaap:RetainedEarningsMember2022-10-3100017347222021-01-310001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-01-310001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-01-310001734722us-gaap:AdditionalPaidInCapitalMember2021-01-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-310001734722us-gaap:RetainedEarningsMember2021-01-3100017347222021-02-012021-04-300001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-02-012021-04-300001734722us-gaap:AdditionalPaidInCapitalMember2021-02-012021-04-300001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-02-012021-04-300001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-02-012021-04-300001734722us-gaap:RetainedEarningsMember2021-02-012021-04-3000017347222021-04-300001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-04-300001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-04-300001734722us-gaap:AdditionalPaidInCapitalMember2021-04-300001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-300001734722us-gaap:RetainedEarningsMember2021-04-300001734722us-gaap:AdditionalPaidInCapitalMember2021-05-012021-07-3100017347222021-05-012021-07-310001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-05-012021-07-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-05-012021-07-310001734722us-gaap:RetainedEarningsMember2021-05-012021-07-310001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-07-310001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-07-310001734722us-gaap:AdditionalPaidInCapitalMember2021-07-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-310001734722us-gaap:RetainedEarningsMember2021-07-3100017347222021-07-310001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-08-012021-10-310001734722us-gaap:AdditionalPaidInCapitalMember2021-08-012021-10-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-08-012021-10-310001734722us-gaap:RetainedEarningsMember2021-08-012021-10-310001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-10-310001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-10-310001734722us-gaap:AdditionalPaidInCapitalMember2021-10-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-310001734722us-gaap:RetainedEarningsMember2021-10-3100017347222021-10-310001734722path:HybridSolutionsMember2022-10-31path:performance_obligationpath:country0001734722us-gaap:CashAndCashEquivalentsMemberpath:UnitedStatesEuropeanUnionEUCountriesAndJapanMemberus-gaap:GeographicConcentrationRiskMember2022-02-012022-10-31xbrli:pure0001734722us-gaap:CashAndCashEquivalentsMemberpath:UnitedStatesEuropeanUnionEUCountriesAndJapanMemberus-gaap:GeographicConcentrationRiskMember2021-02-012022-01-310001734722us-gaap:CustomerConcentrationRiskMemberpath:CustomerAMemberus-gaap:AccountsReceivableMember2022-02-012022-10-310001734722path:SaaSProductDevelopmentMember2020-02-012021-01-310001734722path:SaaSProductDevelopmentMemberus-gaap:OtherNoncurrentAssetsMember2022-10-310001734722path:SaaSProductDevelopmentMemberus-gaap:OtherNoncurrentAssetsMember2022-01-310001734722path:SaaSProductDevelopmentMember2022-08-012022-10-310001734722path:SaaSProductDevelopmentMember2021-08-012021-10-310001734722path:SaaSProductDevelopmentMember2022-02-012022-10-310001734722path:SaaSProductDevelopmentMember2021-02-012021-10-310001734722us-gaap:OtherNoncurrentAssetsMember2022-10-310001734722us-gaap:OtherNoncurrentAssetsMember2022-01-310001734722us-gaap:SoftwareDevelopmentMember2022-02-012022-10-310001734722us-gaap:SoftwareDevelopmentMember2021-02-012021-10-310001734722us-gaap:SoftwareDevelopmentMemberus-gaap:OtherNoncurrentAssetsMember2022-10-310001734722us-gaap:SoftwareDevelopmentMemberus-gaap:OtherNoncurrentAssetsMember2022-01-310001734722us-gaap:SoftwareDevelopmentMember2022-08-012022-10-310001734722us-gaap:SoftwareDevelopmentMember2021-08-012021-10-310001734722srt:AmericasMember2022-08-012022-10-310001734722us-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMembersrt:AmericasMember2022-08-012022-10-310001734722srt:AmericasMember2021-08-012021-10-310001734722us-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMembersrt:AmericasMember2021-08-012021-10-310001734722us-gaap:EMEAMember2022-08-012022-10-310001734722us-gaap:EMEAMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2022-08-012022-10-310001734722us-gaap:EMEAMember2021-08-012021-10-310001734722us-gaap:EMEAMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-08-012021-10-310001734722srt:AsiaPacificMember2022-08-012022-10-310001734722us-gaap:RevenueFromContractWithCustomerMembersrt:AsiaPacificMemberus-gaap:GeographicConcentrationRiskMember2022-08-012022-10-310001734722srt:AsiaPacificMember2021-08-012021-10-310001734722us-gaap:RevenueFromContractWithCustomerMembersrt:AsiaPacificMemberus-gaap:GeographicConcentrationRiskMember2021-08-012021-10-310001734722us-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2022-08-012022-10-310001734722us-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-08-012021-10-310001734722country:USus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2022-08-012022-10-310001734722country:USus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-08-012021-10-310001734722us-gaap:RevenueFromContractWithCustomerMembercountry:JPus-gaap:GeographicConcentrationRiskMember2022-08-012022-10-310001734722us-gaap:RevenueFromContractWithCustomerMembercountry:JPus-gaap:GeographicConcentrationRiskMember2021-08-012021-10-310001734722srt:AmericasMember2022-02-012022-10-310001734722us-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMembersrt:AmericasMember2022-02-012022-10-310001734722srt:AmericasMember2021-02-012021-10-310001734722us-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMembersrt:AmericasMember2021-02-012021-10-310001734722us-gaap:EMEAMember2022-02-012022-10-310001734722us-gaap:EMEAMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2022-02-012022-10-310001734722us-gaap:EMEAMember2021-02-012021-10-310001734722us-gaap:EMEAMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-02-012021-10-310001734722srt:AsiaPacificMember2022-02-012022-10-310001734722us-gaap:RevenueFromContractWithCustomerMembersrt:AsiaPacificMemberus-gaap:GeographicConcentrationRiskMember2022-02-012022-10-310001734722srt:AsiaPacificMember2021-02-012021-10-310001734722us-gaap:RevenueFromContractWithCustomerMembersrt:AsiaPacificMemberus-gaap:GeographicConcentrationRiskMember2021-02-012021-10-310001734722us-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2022-02-012022-10-310001734722us-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-02-012021-10-310001734722country:USus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2022-02-012022-10-310001734722country:USus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-02-012021-10-310001734722us-gaap:RevenueFromContractWithCustomerMembercountry:JPus-gaap:GeographicConcentrationRiskMember2022-02-012022-10-310001734722us-gaap:RevenueFromContractWithCustomerMembercountry:JPus-gaap:GeographicConcentrationRiskMember2021-02-012021-10-310001734722us-gaap:BilledRevenuesMember2022-10-310001734722us-gaap:UnbilledRevenuesMember2022-10-3100017347222022-11-012022-10-310001734722us-gaap:CommercialPaperMember2022-10-310001734722us-gaap:USTreasuryBillSecuritiesMember2022-10-310001734722us-gaap:CorporateBondSecuritiesMember2022-10-310001734722path:MunicipalAndAgencyBondsMember2022-10-310001734722us-gaap:CashAndCashEquivalentsMemberus-gaap:USTreasurySecuritiesMember2022-10-310001734722us-gaap:CommercialPaperMember2022-01-310001734722us-gaap:CorporateBondSecuritiesMember2022-01-310001734722path:MunicipalAndAgencyBondsMember2022-01-310001734722us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722us-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryBillSecuritiesMember2022-10-310001734722us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryBillSecuritiesMember2022-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryBillSecuritiesMember2022-10-310001734722us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2022-10-310001734722us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2022-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2022-10-310001734722path:MunicipalAndAgencyBondsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722path:MunicipalAndAgencyBondsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722path:MunicipalAndAgencyBondsMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-310001734722us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-310001734722us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-310001734722us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-310001734722us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-310001734722us-gaap:FairValueMeasurementsRecurringMember2022-01-310001734722us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-310001734722us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-310001734722us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-310001734722us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2022-01-310001734722us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2022-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2022-01-310001734722path:MunicipalAndAgencyBondsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-310001734722path:MunicipalAndAgencyBondsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-310001734722path:MunicipalAndAgencyBondsMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-310001734722us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-310001734722us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-10-310001734722path:ReinferLTDMember2022-07-292022-07-290001734722path:AccruedLiabilitiesCurrentMemberpath:ReinferLTDMember2022-07-292022-07-290001734722path:ReinferLTDMemberus-gaap:OtherNoncurrentLiabilitiesMember2022-07-292022-07-2900017347222022-07-292022-07-290001734722us-gaap:CommonStockMemberpath:ReinferLTDMember2022-07-290001734722us-gaap:CommonStockMemberpath:ReinferLTDMember2022-07-292022-07-290001734722path:ReinferLTDMember2022-02-012022-10-310001734722path:ReinferLTDMember2022-10-310001734722us-gaap:DevelopedTechnologyRightsMemberpath:ReinferLTDMember2022-10-310001734722us-gaap:DevelopedTechnologyRightsMemberpath:ReinferLTDMember2022-10-312022-10-310001734722us-gaap:CustomerRelationshipsMemberpath:ReinferLTDMember2022-10-310001734722us-gaap:CustomerRelationshipsMemberpath:ReinferLTDMember2022-10-312022-10-310001734722path:CloudElementsIncMember2021-03-192021-03-190001734722us-gaap:DevelopedTechnologyRightsMember2022-10-310001734722us-gaap:DevelopedTechnologyRightsMember2022-02-012022-10-310001734722us-gaap:CustomerRelationshipsMember2022-10-310001734722us-gaap:CustomerRelationshipsMember2022-02-012022-10-310001734722us-gaap:TrademarksAndTradeNamesMember2022-10-310001734722us-gaap:TrademarksAndTradeNamesMember2022-02-012022-10-310001734722us-gaap:OtherIntangibleAssetsMember2022-10-310001734722us-gaap:OtherIntangibleAssetsMember2022-02-012022-10-310001734722us-gaap:DevelopedTechnologyRightsMember2022-01-310001734722us-gaap:DevelopedTechnologyRightsMember2021-02-012022-01-310001734722us-gaap:CustomerRelationshipsMember2022-01-310001734722us-gaap:CustomerRelationshipsMember2021-02-012022-01-310001734722us-gaap:TrademarksAndTradeNamesMember2022-01-310001734722us-gaap:TrademarksAndTradeNamesMember2021-02-012022-01-310001734722us-gaap:OtherIntangibleAssetsMember2022-01-310001734722us-gaap:OtherIntangibleAssetsMember2021-02-012022-01-310001734722srt:MinimumMember2022-10-310001734722srt:MaximumMember2022-10-310001734722us-gaap:ComputerEquipmentMember2022-10-310001734722us-gaap:ComputerEquipmentMember2022-01-310001734722us-gaap:LeaseholdImprovementsMember2022-10-310001734722us-gaap:LeaseholdImprovementsMember2022-01-310001734722us-gaap:FurnitureAndFixturesMember2022-10-310001734722us-gaap:FurnitureAndFixturesMember2022-01-310001734722us-gaap:ConstructionInProgressMember2022-10-310001734722us-gaap:ConstructionInProgressMember2022-01-310001734722path:HSBCVenturesUSAIncSiliconValleyBankSumitomoMitsuiBankingCorporationAndMizuhoBankLTDMemberpath:SeniorSecuredCreditFacilityMember2020-10-300001734722path:HSBCVenturesUSAIncSiliconValleyBankSumitomoMitsuiBankingCorporationAndMizuhoBankLTDMemberpath:SeniorSecuredCreditFacilityMember2022-10-310001734722path:HSBCVenturesUSAIncSiliconValleyBankSumitomoMitsuiBankingCorporationAndMizuhoBankLTDMemberpath:SeniorSecuredCreditFacilityMember2022-01-3100017347222022-06-240001734722us-gaap:EmployeeSeveranceMember2022-02-012022-10-310001734722path:LeaseExitCostsMember2022-02-012022-10-310001734722us-gaap:EmployeeSeveranceMember2022-01-310001734722us-gaap:EmployeeSeveranceMember2022-10-310001734722us-gaap:EmployeeSeveranceMemberpath:SubscriptionServicesMemberus-gaap:CostOfSalesMember2022-02-012022-10-310001734722path:LeaseExitCostsMemberpath:SubscriptionServicesMemberus-gaap:CostOfSalesMember2022-02-012022-10-310001734722path:SubscriptionServicesMemberus-gaap:CostOfSalesMember2022-02-012022-10-310001734722us-gaap:EmployeeSeveranceMemberpath:ProfessionalServicesAndOtherMemberus-gaap:CostOfSalesMember2022-02-012022-10-310001734722path:ProfessionalServicesAndOtherMemberpath:LeaseExitCostsMemberus-gaap:CostOfSalesMember2022-02-012022-10-310001734722path:ProfessionalServicesAndOtherMemberus-gaap:CostOfSalesMember2022-02-012022-10-310001734722us-gaap:EmployeeSeveranceMemberus-gaap:SellingAndMarketingExpenseMember2022-02-012022-10-310001734722us-gaap:SellingAndMarketingExpenseMemberpath:LeaseExitCostsMember2022-02-012022-10-310001734722us-gaap:SellingAndMarketingExpenseMember2022-02-012022-10-310001734722us-gaap:EmployeeSeveranceMemberus-gaap:ResearchAndDevelopmentExpenseMember2022-02-012022-10-310001734722us-gaap:ResearchAndDevelopmentExpenseMemberpath:LeaseExitCostsMember2022-02-012022-10-310001734722us-gaap:ResearchAndDevelopmentExpenseMember2022-02-012022-10-310001734722us-gaap:EmployeeSeveranceMemberus-gaap:GeneralAndAdministrativeExpenseMember2022-02-012022-10-310001734722us-gaap:GeneralAndAdministrativeExpenseMemberpath:LeaseExitCostsMember2022-02-012022-10-310001734722us-gaap:GeneralAndAdministrativeExpenseMember2022-02-012022-10-310001734722us-gaap:SubsequentEventMember2022-11-100001734722path:CloudInfrastructureServicesMember2022-10-310001734722path:ServiceCreditsMember2022-10-310001734722path:SeriesFConvertiblePreferredStockMember2021-02-280001734722path:SeriesFConvertiblePreferredStockMember2021-04-220001734722us-gaap:CommonClassAMember2021-04-222021-04-220001734722us-gaap:CommonClassAMember2021-04-300001734722us-gaap:CommonClassBMember2021-04-300001734722srt:MinimumMember2021-04-012021-04-300001734722srt:MaximumMember2021-04-012021-04-3000017347222021-04-012021-04-30path:vote0001734722us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-02-012022-10-310001734722us-gaap:AccumulatedTranslationAdjustmentMember2022-01-310001734722us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-310001734722us-gaap:AccumulatedTranslationAdjustmentMember2022-02-012022-10-310001734722us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-02-012022-10-310001734722us-gaap:AccumulatedTranslationAdjustmentMember2022-10-310001734722us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-10-310001734722us-gaap:AccumulatedTranslationAdjustmentMember2021-01-310001734722us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-310001734722us-gaap:AccumulatedTranslationAdjustmentMember2021-02-012021-10-310001734722us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-02-012021-10-310001734722us-gaap:AccumulatedTranslationAdjustmentMember2021-10-310001734722us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-10-310001734722us-gaap:CommonClassAMemberpath:TwoThousandTwentyOneStockPlanMember2022-10-310001734722path:TwoThousandTwentyOneStockPlanMember2021-04-012021-04-220001734722us-gaap:EmployeeStockMember2021-04-220001734722us-gaap:EmployeeStockMember2021-04-012021-04-220001734722us-gaap:CommonClassAMemberus-gaap:EmployeeStockMember2021-04-012021-04-2200017347222021-02-012022-01-310001734722us-gaap:EmployeeStockOptionMember2022-02-012022-10-310001734722path:EarlyExercisedOptionsMember2022-10-310001734722path:EarlyExercisedOptionsMember2022-01-310001734722us-gaap:RestrictedStockUnitsRSUMember2022-01-310001734722us-gaap:RestrictedStockUnitsRSUMember2022-02-012022-10-310001734722us-gaap:RestrictedStockUnitsRSUMember2022-10-310001734722us-gaap:CommonClassAMemberus-gaap:RestrictedStockUnitsRSUMember2022-10-310001734722path:TwoThousandEighteenStockPlanMemberus-gaap:RestrictedStockUnitsRSUMember2021-04-232021-04-230001734722us-gaap:RestrictedStockMember2020-09-012020-09-300001734722us-gaap:RestrictedStockMember2022-10-310001734722us-gaap:RestrictedStockMember2022-02-012022-10-310001734722us-gaap:EmployeeStockMember2022-02-012022-10-310001734722us-gaap:EmployeeStockMember2022-10-310001734722us-gaap:EmployeeStockMember2021-02-012021-10-310001734722us-gaap:CommonStockMemberpath:ReinferLTDMember2022-10-310001734722us-gaap:CommonStockMemberpath:ReinferLTDMember2022-07-292022-10-310001734722path:SubscriptionServicesMemberus-gaap:CostOfSalesMember2022-08-012022-10-310001734722path:SubscriptionServicesMemberus-gaap:CostOfSalesMember2021-08-012021-10-310001734722path:SubscriptionServicesMemberus-gaap:CostOfSalesMember2021-02-012021-10-310001734722path:ProfessionalServicesAndOtherMemberus-gaap:CostOfSalesMember2022-08-012022-10-310001734722path:ProfessionalServicesAndOtherMemberus-gaap:CostOfSalesMember2021-08-012021-10-310001734722path:ProfessionalServicesAndOtherMemberus-gaap:CostOfSalesMember2021-02-012021-10-310001734722us-gaap:SellingAndMarketingExpenseMember2022-08-012022-10-310001734722us-gaap:SellingAndMarketingExpenseMember2021-08-012021-10-310001734722us-gaap:SellingAndMarketingExpenseMember2021-02-012021-10-310001734722us-gaap:ResearchAndDevelopmentExpenseMember2022-08-012022-10-310001734722us-gaap:ResearchAndDevelopmentExpenseMember2021-08-012021-10-310001734722us-gaap:ResearchAndDevelopmentExpenseMember2021-02-012021-10-310001734722us-gaap:GeneralAndAdministrativeExpenseMember2022-08-012022-10-310001734722us-gaap:GeneralAndAdministrativeExpenseMember2021-08-012021-10-310001734722us-gaap:GeneralAndAdministrativeExpenseMember2021-02-012021-10-310001734722country:JP2022-10-310001734722us-gaap:CommonClassAMember2022-08-012022-10-310001734722us-gaap:CommonClassBMember2022-08-012022-10-310001734722us-gaap:CommonClassAMember2021-08-012021-10-310001734722us-gaap:CommonClassBMember2021-08-012021-10-310001734722us-gaap:CommonClassAMember2022-02-012022-10-310001734722us-gaap:CommonClassBMember2022-02-012022-10-310001734722us-gaap:CommonClassAMember2021-02-012021-10-310001734722us-gaap:CommonClassBMember2021-02-012021-10-310001734722us-gaap:ConvertiblePreferredStockMemberus-gaap:CommonClassAMember2022-08-012022-10-310001734722us-gaap:CommonClassBMemberus-gaap:ConvertiblePreferredStockMember2022-08-012022-10-310001734722us-gaap:ConvertiblePreferredStockMemberus-gaap:CommonClassAMember2021-08-012021-10-310001734722us-gaap:CommonClassBMemberus-gaap:ConvertiblePreferredStockMember2021-08-012021-10-310001734722us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMember2022-08-012022-10-310001734722us-gaap:CommonClassBMemberus-gaap:RestrictedStockUnitsRSUMember2022-08-012022-10-310001734722us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMember2021-08-012021-10-310001734722us-gaap:CommonClassBMemberus-gaap:RestrictedStockUnitsRSUMember2021-08-012021-10-310001734722us-gaap:CommonClassAMemberus-gaap:EmployeeStockOptionMember2022-08-012022-10-310001734722us-gaap:CommonClassBMemberus-gaap:EmployeeStockOptionMember2022-08-012022-10-310001734722us-gaap:CommonClassAMemberus-gaap:EmployeeStockOptionMember2021-08-012021-10-310001734722us-gaap:CommonClassBMemberus-gaap:EmployeeStockOptionMember2021-08-012021-10-310001734722us-gaap:CommonClassAMemberpath:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMember2022-08-012022-10-310001734722us-gaap:CommonClassBMemberpath:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMember2022-08-012022-10-310001734722us-gaap:CommonClassAMemberpath:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMember2021-08-012021-10-310001734722us-gaap:CommonClassBMemberpath:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMember2021-08-012021-10-310001734722us-gaap:CommonClassAMemberus-gaap:EmployeeStockMember2022-08-012022-10-310001734722us-gaap:CommonClassBMemberus-gaap:EmployeeStockMember2022-08-012022-10-310001734722us-gaap:CommonClassAMemberus-gaap:EmployeeStockMember2021-08-012021-10-310001734722us-gaap:CommonClassBMemberus-gaap:EmployeeStockMember2021-08-012021-10-310001734722path:BusinessCombinationReturnableSharesIssuedMemberus-gaap:CommonClassAMember2022-08-012022-10-310001734722us-gaap:CommonClassBMemberpath:BusinessCombinationReturnableSharesIssuedMember2022-08-012022-10-310001734722path:BusinessCombinationReturnableSharesIssuedMemberus-gaap:CommonClassAMember2021-08-012021-10-310001734722us-gaap:CommonClassBMemberpath:BusinessCombinationReturnableSharesIssuedMember2021-08-012021-10-310001734722us-gaap:ConvertiblePreferredStockMemberus-gaap:CommonClassAMember2022-02-012022-10-310001734722us-gaap:CommonClassBMemberus-gaap:ConvertiblePreferredStockMember2022-02-012022-10-310001734722us-gaap:ConvertiblePreferredStockMemberus-gaap:CommonClassAMember2021-02-012021-10-310001734722us-gaap:CommonClassBMemberus-gaap:ConvertiblePreferredStockMember2021-02-012021-10-310001734722us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMember2022-02-012022-10-310001734722us-gaap:CommonClassBMemberus-gaap:RestrictedStockUnitsRSUMember2022-02-012022-10-310001734722us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMember2021-02-012021-10-310001734722us-gaap:CommonClassBMemberus-gaap:RestrictedStockUnitsRSUMember2021-02-012021-10-310001734722us-gaap:CommonClassAMemberus-gaap:EmployeeStockOptionMember2022-02-012022-10-310001734722us-gaap:CommonClassBMemberus-gaap:EmployeeStockOptionMember2022-02-012022-10-310001734722us-gaap:CommonClassAMemberus-gaap:EmployeeStockOptionMember2021-02-012021-10-310001734722us-gaap:CommonClassBMemberus-gaap:EmployeeStockOptionMember2021-02-012021-10-310001734722us-gaap:CommonClassAMemberpath:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMember2022-02-012022-10-310001734722us-gaap:CommonClassBMemberpath:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMember2022-02-012022-10-310001734722us-gaap:CommonClassAMemberpath:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMember2021-02-012021-10-310001734722us-gaap:CommonClassBMemberpath:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMember2021-02-012021-10-310001734722us-gaap:CommonClassAMemberus-gaap:EmployeeStockMember2022-02-012022-10-310001734722us-gaap:CommonClassBMemberus-gaap:EmployeeStockMember2022-02-012022-10-310001734722us-gaap:CommonClassAMemberus-gaap:EmployeeStockMember2021-02-012021-10-310001734722us-gaap:CommonClassBMemberus-gaap:EmployeeStockMember2021-02-012021-10-310001734722path:BusinessCombinationReturnableSharesIssuedMemberus-gaap:CommonClassAMember2022-02-012022-10-310001734722us-gaap:CommonClassBMemberpath:BusinessCombinationReturnableSharesIssuedMember2022-02-012022-10-310001734722path:BusinessCombinationReturnableSharesIssuedMemberus-gaap:CommonClassAMember2021-02-012021-10-310001734722us-gaap:CommonClassBMemberpath:BusinessCombinationReturnableSharesIssuedMember2021-02-012021-10-310001734722srt:ChiefExecutiveOfficerMember2022-08-012022-10-310001734722srt:ChiefExecutiveOfficerMember2022-02-012022-10-31


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________________
FORM 10-Q
___________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission File Number: 001-40348
___________________________________________
path-20221031_g1.jpg
UiPath, Inc.
(Exact Name of Registrant as Specified in its Charter)
___________________________________________
Delaware47-4333187
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
One Vanderbilt Avenue, 60th Floor
New York, New York
10017
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (844) 432-0455
___________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange on which registered
Class A common stock, par value
$0.00001 per share
PATHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  
As of December 1, 2022, the registrant had 470,382,453 shares of Class A common stock and 82,452,748 shares of Class B common stock, each with a par value of $0.00001 per share, outstanding.



Table of Contents
Page



Table of Contents
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), about UiPath, Inc. and its consolidated subsidiaries (“UiPath,” the “Company,” “we,” “us,” or “our”) and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy, and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:
our expectations regarding our annualized renewal run-rate ("ARR"), revenue, expenses, and other operating results;
our ability to acquire new customers and successfully retain existing customers;
our ability to increase the number of users who access our platform and the number of automations built on our platform by our existing customers;
our ability to effectively manage our growth and achieve or maintain profitability;
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 maintain and enhance our brand;
our growth strategies, including any further expansion into the top 25 countries as measured by gross domestic product;
the estimated addressable market opportunity for our platform and for automation generally;
our reliance on key personnel and our ability to attract and retain highly-qualified personnel, integrate new team members, and execute management transitions;
our ability to obtain, maintain, protect, and enforce our intellectual property rights and any costs associated therewith;
the effect of global events, such as the COVID-19 pandemic and the war in Ukraine, on our business, industry, and the global economy including inflation and currency fluctuations;
our ability to compete effectively with existing competitors and new market entrants; and
the size and growth rates of the markets in which we compete.
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q, and in the section titled "Risk Factors" and elsewhere in our Annual Report on Form 10-K for the fiscal year ended January 31, 2022 filed with the Securities and Exchange Commission ("SEC") on April 4, 2022 (the "2022 Form 10-K"). Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.


Table of Contents
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. Such statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.


Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
UiPath, Inc.
Condensed Consolidated Balance Sheets
Amounts in thousands except per share data
(unaudited)
As of
October 31, 2022January 31, 2022
ASSETS
Current assets
Cash and cash equivalents$1,451,152 $1,768,723 
Marketable securities225,605 96,417 
Accounts receivable, net of allowance for doubtful accounts of $3,279 and $2,566, respectively
275,935 251,988 
Contract assets91,551 74,831 
Deferred contract acquisition costs40,168 29,926 
Prepaid expenses and other current assets74,834 55,416 
Total current assets2,159,245 2,277,301 
Marketable securities, non-current2,920 19,523 
Contract assets, non-current9,498 2,730 
Deferred contract acquisition costs, non-current113,568 100,224 
Property and equipment, net28,152 17,176 
Operating lease right-of-use assets50,555 48,953 
Intangible assets, net23,993 16,817 
Goodwill83,844 53,564 
Deferred tax asset7,657 10,628 
Other assets, non-current32,252 25,534 
Total assets$2,511,684 $2,572,450 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$11,253 $11,515 
Accrued expenses and other current liabilities78,892 87,958 
Accrued compensation and employee benefits98,086 130,673 
Deferred revenue288,412 297,355 
Total current liabilities476,643 527,501 
Deferred revenue, non-current107,633 68,665 
Operating lease liabilities, non-current55,085 49,843 
Other liabilities, non-current12,499 4,524 
Total liabilities651,860 650,533 
Commitments and contingencies (Note 11)
Stockholders' equity
Preferred stock, $0.00001 par value per share, 20,000 shares authorized as of October 31, 2022 and January 31, 2022; 0 shares issued and outstanding as of October 31, 2022 and January 31, 2022
  
Class A common stock, $0.00001 par value per share, 2,000,000 shares authorized as of October 31, 2022 and January 31, 2022; 469,924 and 458,773 shares issued and outstanding as of October 31, 2022 and January 31, 2022, respectively
5 4 
Class B common stock, $0.00001 par value per share, 115,741 shares authorized as of October 31, 2022 and January 31, 2022; 82,453 shares issued and outstanding as of October 31, 2022 and January 31, 2022
1 1 
Additional paid-in capital3,649,474 3,406,959 
Accumulated other comprehensive income6,953 10,899 
Accumulated deficit(1,796,609)(1,495,946)
Total stockholders’ equity1,859,824 1,921,917 
Total liabilities and stockholders’ equity$2,511,684 $2,572,450 
The accompanying notes are an integral part of these condensed consolidated financial statements.
1

Table of Contents
UiPath, Inc.
Condensed Consolidated Statements of Operations
Amounts in thousands except per share data
(unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
2022202120222021
Revenue:
Licenses$118,175 $111,608 $338,875 $307,371 
Subscription services130,159 97,963 370,309 265,924 
Professional services and other14,410 11,245 40,848 29,259 
Total revenue262,744 220,816 750,032 602,554 
Cost of revenue:
Licenses3,208 2,626 7,915 7,514 
Subscription services20,578 15,659 63,949 42,076 
Professional services and other18,982 24,815 60,496 78,114 
Total cost of revenue42,768 43,100 132,360 127,704 
Gross profit219,976 177,716 617,672 474,850 
Operating expenses:
Sales and marketing156,469 172,906 527,798 522,925 
Research and development67,341 61,559 203,880 212,245 
General and administrative63,157 59,498 189,130 189,747 
Total operating expenses286,967 293,963 920,808 924,917 
Operating loss(66,991)(116,247)(303,136)(450,067)
Interest income9,561 899 15,057 2,606 
Other income (expense), net888 (4,300)(2,523)(8,743)
Loss before income taxes(56,542)(119,648)(290,602)(456,204)
Provision for income taxes1,182 3,139 10,061 6,272 
Net loss$(57,724)$(122,787)$(300,663)$(462,476)
Net loss per share attributable to common stockholders, basic and diluted$(0.10)$(0.23)$(0.55)$(1.08)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted550,164 531,718 546,087 426,811 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2

Table of Contents
UiPath, Inc.
Condensed Consolidated Statements of Comprehensive Loss
Amounts in thousands
(unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
2022202120222021
Net loss$(57,724)$(122,787)$(300,663)$(462,476)
Other comprehensive (loss) income, net of tax:
Unrealized loss on available-for-sale marketable securities, net(324)(81)(625)(72)
Foreign currency translation adjustments(3,873)8,510 (3,321)16,424 
Other comprehensive (loss) income, net(4,197)8,429 (3,946)16,352 
Comprehensive loss$(61,921)$(114,358)$(304,609)$(446,124)
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

Table of Contents
UiPath, Inc.
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Amounts in thousands
(unaudited)
Convertible Preferred
Stock
Common StockAdditional
Paid-in
Capital
Accumulated Other
Comprehensive Income (Loss)
Accumulated
Deficit
Total
Stockholders’
Equity (Deficit)
Class AClass B
SharesAmountSharesAmountSharesAmountAmountAmountAmountAmount
Balance as of January 31, 2022— $— 458,773 $4 82,453 $1 $3,406,959 $10,899 $(1,495,946)$1,921,917 
Issuance of common stock upon exercise of stock options— — 1,283 — — — 2,683 — — 2,683 
Vesting of early exercised stock options— — — — — — 1,355 — — 1,355 
Issuance of common stock upon settlement of restricted stock units— — 3,499 — — — — — — — 
Tax withholdings on settlement of restricted stock units— — (1,125)— — — (24,827)— — (24,827)
Stock-based compensation— — — — — — 102,085 — — 102,085 
Other comprehensive loss, net of tax— — — — — — — (458)— (458)
Net loss— — — — — — — — (122,561)(122,561)
Balance as of April 30, 2022— $— 462,430 $4 82,453 $1 $3,488,255 $10,441 $(1,618,507)$1,880,194 
Issuance of common stock upon exercise of stock options— — 1,418 — — — 1,878 — — 1,878 
Issuance of common stock upon settlement of restricted stock units— — 3,183 1 — — — — — 1 
Tax withholdings on settlement of restricted stock units— — (1,040)— — — (18,922)— — (18,922)
Charitable donation of Class A common stock— — 300 — — — 5,499 — — 5,499 
Shares issued in connection with business acquisition— — 570 — — — 2,965 — — 2,965 
Issuance of common stock under employee stock purchase plan— — 578 — — — 9,070 — — 9,070 
Repurchase of unvested early exercised stock options— — (441)— — — — — — — 
Stock-based compensation— — — — — — 88,533 — — 88,533 
Other comprehensive income, net of tax— — — — — — — 709 — 709 
Net loss— — — — — — — — (120,378)(120,378)
Balance as of July 31, 2022— $— 466,998 $5 82,453 $1 $3,577,278 $11,150 $(1,738,885)$1,849,549 
Issuance of common stock upon exercise of stock options— — 1,087 — — — 2,889 — — 2,889 
Issuance of common stock upon settlement of restricted stock units— — 2,790 — — — — — — — 
Tax withholdings on settlement of restricted stock units— — (951)— — — (11,998)— — (11,998)
Stock-based compensation— — — — — — 81,305 — — 81,305 
Other comprehensive loss, net of tax— — — — — — — (4,197)— (4,197)
Net loss— — — — — — — — (57,724)(57,724)
Balance as of October 31, 2022— $— 469,924 $5 82,453 $1 $3,649,474 $6,953 $(1,796,609)$1,859,824 
4

Table of Contents
Convertible Preferred
Stock
Common StockAdditional
Paid-in
Capital
Accumulated Other
Comprehensive Income (Loss)
Accumulated
Deficit
Total
Stockholders'
(Deficit)
Equity
Class AClass B
SharesAmountSharesAmountSharesAmountAmountAmountAmountAmount
Balance as of January 31, 2021294,257 $1,221,968 75,177 $1 110,653 $1 $179,175 $(12,521)$(970,360)$(803,704)
Issuance of convertible preferred stock, net of issuance costs12,043 749,836 — — — — — — — — 
Conversion of convertible preferred stock to common stock upon initial public offering(306,300)(1,971,804)306,300 3 — — 1,971,801 — — 1,971,804 
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other issuance costs— — 13,000 — — — 687,903 — — 687,903 
Conversion of shares of Class B common stock into shares of Class A common stock— — 28,200 — (28,200)— — — — — 
Shares issued as consideration for business acquisition— — 543 — — — 30,446 — — 30,446 
Issuance of common stock upon exercise of stock options— — 1,881 — — — 3,114 — — 3,114 
Vesting of early exercised stock options— — — — — — 1,646 — — 1,646 
Issuance of common stock upon settlement of restricted stock units— — 389 — — — — — — — 
Tax withholdings on settlement of restricted stock units— — (164)— — — (9,218)— — (9,218)
Stock-based compensation— — — — — — 252,986 — — 252,986 
Other comprehensive income, net of tax— — — — — — — 4,227 — 4,227 
Net loss— — — — — — — — (239,663)(239,663)
Balance as of April 30, 2021 $ 425,326 $4 82,453 $1 $3,117,853 $(8,294)$(1,210,023)$1,899,541 
Shares issued as consideration for business acquisition— — — — — — 21 — — 21 
Issuance of common stock upon exercise of stock options— — 2,993 — — — 3,537 — — 3,537 
Vesting of early exercised stock options— — — — — — 615 — — 615 
Issuance of common stock upon settlement of restricted stock units— — 2,492 — — — — — — — 
Tax withholdings on settlement of restricted stock units— — (18)— — — (1,175)— — (1,175)
Stock-based compensation— — — — — — 92,744 — — 92,744 
Other comprehensive income, net of tax— — — — — — — 3,696 — 3,696 
Net loss— — — — — — — — (100,026)(100,026)
Balance as of July 31, 2021— $— 430,793 $4 82,453 $1 $3,213,595 $(4,598)$(1,310,049)$1,898,953 
Issuance of common stock upon exercise of stock options— — 2,848 — — — 3,209 — — 3,209 
Vesting of early exercised stock options— — — — — — 462 — — 462 
Issuance of common stock upon settlement of restricted stock units— — 8,720 — — — — — — — 
Tax withholdings on settlement of restricted stock units— — (4)— — — (199)— — (199)
Stock-based compensation— — — — — — 95,338 — — 95,338 
Other comprehensive income, net of tax— — — — — — — 8,429 — 8,429 
Net loss— — — — — — — — (122,787)(122,787)
Balance as of October 31, 2021— $— 442,357 $4 82,453 $1 $3,312,405 $3,831 $(1,432,836)$1,883,405 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

Table of Contents
UiPath, Inc.
Condensed Consolidated Statements of Cash Flows
Amounts in thousands
(unaudited)
Nine Months Ended October 31,
20222021
Cash flows from operating activities
Net loss$(300,663)$(462,476)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization12,993 10,697 
Amortization of deferred contract acquisition costs37,967 19,904 
Net amortization of premium on marketable securities501 1,391 
Stock-based compensation expense270,797 438,551 
Charitable donation of Class A common stock5,499  
Amortization of operating lease right-of-use assets8,555 6,013 
Provision for deferred income taxes1,171 (357)
Abandonment and impairment charges2,881  
Other non-cash (credits) charges, net (1)
(1,714)1,599 
Changes in operating assets and liabilities:
Accounts receivable(33,449)(27,028)
Contract assets(27,735)(29,994)
Deferred contract acquisition costs(69,657)(80,720)
Prepaid expenses and other assets(27,361)(2,295)
Accounts payable2,414 17,549 
Accrued expense and other liabilities(13,785)17,756 
Accrued compensation and employee benefits(26,096)(822)
Operating lease liabilities, net(488)(5,261)
Deferred revenue54,232 46,544 
Net cash used in operating activities(103,938)(48,949)
Cash flows from investing activities
Purchases of marketable securities(204,311)(161,214)
Sales of marketable securities 89,383 
Maturities of marketable securities93,298 58,109 
Purchases of property and equipment(21,614)(5,719)
Capitalization of software development costs (2,950)
Payments related to business acquisitions, net of cash acquired(29,542)(5,498)
Other investing, net(507)(1,231)
Net cash used in investing activities(162,676)(29,120)
Cash flows from financing activities
Proceeds from exercise of stock options7,605 9,687 
Payments of tax withholdings on net settlement of equity awards(53,300)(10,300)
Net (payments) receipts of tax withholdings on sell-to-cover equity award transactions(10,132)20,418 
Proceeds from employee stock purchase plan contributions13,525 13,766 
Repurchase of unvested early exercised stock options(1,493) 
Proceeds from initial public offering, net of underwriting discounts and commissions 692,369 
Payments of initial public offering costs (3,734)
Proceeds from issuance of convertible preferred stock 750,000 
Payments of issuance costs for convertible preferred stock (164)
Net cash (used in) provided by financing activities(43,795)1,472,042 
Effect of exchange rate changes(7,162)11,254 
Net (decrease) increase in cash, cash equivalents and restricted cash(317,571)1,405,227 
Cash, cash equivalents, and restricted cash - beginning of period1,768,723 371,190 
Cash, cash equivalents, and restricted cash - end of period$1,451,152 $1,776,417 
Supplemental disclosure of cash flow information
Cash paid for interest$720 $512 
Cash paid for income taxes19,060 6,680 
Supplemental disclosure of non-cash investing and financing activities
Stock-based compensation capitalized for software development$ $4,487 
Value of shares issued in payment of business acquisitions2,965 30,467 
Reduction in accrued expenses and other liabilities for vesting of early exercised stock options1,355 2,723 
Payable for marketable securities purchase2,894  
Deferred payments related to business acquisitions11,433  
Tax withholdings on net settlement of restricted stock units, accrued but not yet paid2,517 445 
(1) Prior period amounts have been combined to conform to current presentation
The accompanying notes are an integral part of these consolidated financial statements.
6

Table of Contents
UiPath, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

1. Organization and Description of Business
Description of Business
UiPath, Inc. (the “Company,” “we,” “us,” or “our”) was founded in Bucharest, Romania in 2005, was incorporated in Delaware in June 2015, and is headquartered in New York, New York. We offer an end-to-end automation platform which provides a range of robotic process automation (“RPA”) solutions via a suite of interrelated software offerings that allow our customers to discover automation opportunities and to build, manage, run, engage, measure, and govern automations across departments within an organization.
We derive revenue primarily from the sale of: (1) software licenses for use of our proprietary software and related maintenance and support; (2) the right to access certain software products we host (i.e., software as a service, or "SaaS"); (3) hybrid solutions (which are comprised of three types of performance obligations: term license, maintenance and support, and SaaS); and (4) professional services.
We have legal presence in 32 countries, with our principal operations in the United States, Romania, and Japan.
7

Table of Contents
UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
2. Summary of Significant Accounting Policies
Our significant accounting policies are discussed in greater detail in Note 2, Summary of Significant Accounting Policies, in the notes to consolidated financial statements included in the 2022 Form 10-K. There have been no significant changes to these policies during the nine months ended October 31, 2022.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable regulations of the SEC regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP may be condensed or omitted. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the accompanying notes thereto for the fiscal year ended January 31, 2022, which are included in the 2022 Form 10-K.
The unaudited condensed consolidated financial statements have been prepared on the same basis as the our audited consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair presentation of our financial information. The unaudited condensed consolidated financial statements include the financial statements of UiPath, Inc. and its wholly owned subsidiaries in which we hold a controlling financial interest. Intercompany transactions and accounts have been eliminated in consolidation.
The results of operations for the nine months ended October 31, 2022 and 2021 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2023 or for any other future interim or annual period.
Fiscal Year
Our fiscal year ends on January 31. References to fiscal year 2023, for example, refer to the fiscal year ending January 31, 2023.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities at the balance sheet date and the amounts of revenue and expenses reported during the period. We evaluate estimates based on historical and anticipated results, trends, and various other assumptions. Such estimates include, but are not limited to, revenue recognition, estimated expected benefit period for deferred contract acquisition costs, allowance for doubtful accounts, fair value of financial assets, fair value of acquired assets and assumed liabilities, useful lives of long-lived assets, capitalized software development costs, carrying value of operating lease right-of-use (“ROU”) assets, incremental borrowing rates for operating leases, amount of stock-based compensation expense including determination of fair value of common stock prior to our initial public offering ("IPO"), timing and amount of contingencies, costs related to our restructuring actions, and valuation allowance for deferred income taxes. Actual results could differ from these estimates and assumptions.
Foreign Currency
The functional currency of our non-U.S. subsidiaries is the local currency. Asset and liability balances denominated in non-U.S. dollar currencies are translated into U.S. dollars using period-end exchange rates, while revenue and expenses are translated using average monthly exchange rates. Differences are included in stockholders’ equity as a component of accumulated other comprehensive income. Financial assets and liabilities denominated in currencies other than the functional currency are recorded at the exchange rate at the time of the transaction and subsequent gains and losses related to changes in the foreign currency are included in other income (expense), net in the condensed consolidated statements of operations. For the three months ended October 31, 2022 and 2021, we recognized transaction losses of $0.4 million and $6.5 million, respectively. For the nine months ended October 31, 2022 and 2021, we recognized transaction losses of $2.6 million and $11.7 million, respectively.
8

Table of Contents
UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
Concentration of Risks
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, marketable securities, and accounts receivable. We maintain our cash balance at financial institutions that management believes are high-credit, quality financial institutions, where our deposits, at times, exceed Federal Deposit Insurance Corporation (“FDIC”) limits. As of October 31, 2022 and January 31, 2022, 99% and 96%, respectively, of our cash and cash equivalents were concentrated in the United States, European Union (“EU”) countries, and Japan.