NEW YORK, NY – March 15, 2023 – UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its fourth quarter and full year fiscal 2023 ended January 31, 2023.

•Revenue of $308.5 million increased 7 percent year-over-year.

•ARR of $1.204 billion increased 30 percent year-over-year.

•Net new ARR of $93.8 million.

•Dollar based net retention rate of 123 percent.

•GAAP gross margin was 85 percent.

•Non-GAAP gross margin was 87 percent.

•GAAP operating loss was $(45.1) million.

•Non-GAAP operating income was $69.2 million.

•Net cash flow from operations was $94.0 million.

•Non-GAAP adjusted free cash flow was $101.2 million.

•Cash, cash equivalents, and marketable securities were $1.8 billion as of January 31, 2023.

•Revenue of $1.059 billion increased 19 percent year-over-year.

•Net new ARR of $278.6 million.

•GAAP gross margin was 83 percent.

•Non-GAAP gross margin was 86 percent.

•GAAP operating loss was $(348.3) million.

•Non-GAAP operating income was $65.2 million.

•Net cash used in operations was $10 million.

•Non-GAAP adjusted free cash flow was $49 thousand.

•Revenue in the range of $270 million to $272 million

•ARR in the range of $1.245 billion to $1.250 billion as of April 30, 2023

•Non-GAAP operating income of approximately $5 million

•Revenue in the range of $1.253 billion to $1.258 billion

•ARR in the range of $1.425 billion to $1.430 billion as of January 31, 2024

•Non-GAAP operating income of approximately $120 million

•Named a Leader in RPA by Independent Research Firm: UiPath received the highest score in The Forrester Wave™: Robotic Process Automation, Q1 2023 in each of the three categories among the 15 vendors evaluated: Current Offering, Strategy, and Market Presence. The report stated, “Today, UiPath is not only the largest RPA software vendor by revenue but has also evolved from an RPA pure play into what it refers to as a business automation platform.”

•Unveiled New Migration Capabilities and Connectors to Expand and Simplify Next-Gen Test Automation: UiPath announced significant upgrades to enable customers to modernize their software testing practices by migrating to the UiPath Business Automation Platform. UiPath Test Suite now integrates with more than 40 application lifecycle management tools, allowing production-grade test automation on modern and legacy applications.

•Announced Global Partnership with Orica to Scale Application Testing and Automation Capabilities: Orica will use UiPath to automate application testing, improving quality assurance and avoiding workflow disruptions. It plans to migrate its enterprise automation program and use UiPath Test Suite for SAP S4 HANA upgrades. UiPath is now Orica’s Technology Partner of Choice for Application Testing and Enterprise Automation.

•Announced Managed Services Partnership with Neostella to Deliver Automation for Midmarket Businesses: A new diversified offering from Neostella provides flexible automation investment models to help small to midmarket organizations with revenues of $500 million or below improve operations and processes.

•Honored for Delivering World-Class Customer Service: For the third consecutive year, UiPath has received the NorthFace ScoreBoard Service Award℠ from the Customer Relationship Management Institute LLC in recognition of achieving excellence in customer service and support. With an overall Customer Satisfaction rating of 94%, UiPath is committed to building long-term loyalty by continuously exceeding customer expectations.

•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, tax adjustments associated with the add-back items, as applicable.

UiPath, Inc.
Condensed Consolidated Balance Sheets
in thousands
(unaudited)
						As of
						January 31, 2023						January 31, 2022
Assets
Current assets
Cash and cash equivalents						$	1,402,119					$	1,768,723
Marketable securities						354,774						96,417
Accounts receivable, net of allowance for credit losses of $2,698 and $2,566, respectively						374,217						251,988
Contract assets						69,260						74,831
Deferred contract acquisition costs						49,887						29,926
Prepaid expenses and other current assets						94,150						55,416
Total current assets						2,344,407						2,277,301
Marketable securities, non-current						2,942						19,523
Contract assets, non-current						6,523						2,730
Deferred contract acquisition costs, non-current						137,616						100,224
Property and equipment, net						29,045						17,176
Operating lease right-of-use assets						52,052						48,953
Intangible assets, net						23,010						16,817
Goodwill						88,010						53,564
Deferred tax assets						5,895						10,628
Other assets, non-current						45,706						25,534
Total assets						$	2,735,206					$	2,572,450
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable						$	8,891					$	11,515
Accrued expenses and other current liabilities						76,645						87,958
Accrued compensation and employee benefits						142,582						130,673
Deferred revenue						398,334						297,355
Total current liabilities						626,452						527,501
Deferred revenue, non-current						121,697						68,665
Operating lease liabilities, non-current						56,442						49,843
Other liabilities, non-current						10,457						4,524
Total liabilities						815,048						650,533
Commitments and contingencies
Stockholders' equity
Class A common stock						5						4
Class B common stock						1						1
Additional paid-in capital						3,736,838						3,406,959
Accumulated other comprehensive income						7,612						10,899
Accumulated deficit						(1,824,298)						(1,495,946)
Total stockholders’ equity						1,920,158						1,921,917
Total liabilities and stockholders’ equity						$	2,735,206					$	2,572,450

UiPath, Inc.
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow
in thousands
(unaudited)
						Twelve Months Ended January 31,
						2023						2022
GAAP net cash used in operating activities						$	(9,981)					$	(54,963)
Purchases of property and equipment						(23,815)						(8,879)
Capitalization of software development costs						—						(2,950)
Cash paid for employer payroll taxes related to employee equity transactions						9,112						51,693
Net payments (receipts) of employee tax withholdings on stock option exercises						5,394						(6,382)
Cash paid for restructuring costs						19,339						—
Non-GAAP adjusted free cash flow						$	49					$	(21,481)