NEW YORK, NY – May 24, 2023 – UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its first quarter fiscal 2024 ended April 30, 2023.

Revenue of $289.6 million increased 18 percent year over year.

ARR of $1.249 billion increased 28 percent year over year.

Net new ARR of $45.0 million.

Dollar based net retention rate of 122 percent.

GAAP gross margin was 85 percent.

Non-GAAP gross margin was 87 percent.

GAAP operating loss was $(46.4) million.

Non-GAAP operating income was $48.2 million.

Net cash flow from operations was $67.3 million.

Non-GAAP adjusted free cash flow was $72.7 million.

Cash, cash equivalents, and marketable securities were $1.8 billion as of April 30, 2023.

•Revenue in the range of $279 million to $284 million

•ARR in the range of $1.301 billion to $1.306 billion as of July 31, 2023

•Non-GAAP operating income of approximately $10 million

•Revenue in the range of $1.267 billion to $1.272 billion

•ARR in the range of $1.427 billion to $1.432 billion as of January 31, 2024

•Non-GAAP operating income of approximately $168 million

•Unveiled New AI-powered Capabilities and Developer Experiences to Accelerate Trusted AI: Announced its latest platform release 2023.4 that leverages the power of AI to discover automation opportunities, expand what can be automated, and make automation faster, easier, and more accessible to all. Release upgrades include: OpenAI Connectors, Clipboard AI, Solution Accelerators, Communications Mining, ROI comparison, and more -- all designed to put transformative ideas into practice faster and understand the automation value to the top and bottom line.

•Announced partnerships and integrations:

◦SAP® to offer the UiPath Business Automation Platform to customers. The expanded partnership enables customers to execute business transformations, migrate critical business systems to the cloud, and augment existing business systems with the UiPath Platform and helps enterprises take advantage of a clean core with SAP S/4HANA® Cloud. The UiPath Platform is planned to be offered as a SAP-endorsed application.

◦T-Systems, one of the leading providers of digital services and a subsidiary of Telekom, to provide the UiPath Business Automation Platform on the Open Telekom Cloud ensuring data sovereignty and compliance with European standards. German Federal Ministry for Economic Affairs and Energy classifies T-Systems as a “Trusted Cloud” provider. Deutschlandticket, a subscription public transport ticket valid for all of Germany, is already benefiting from this partnership leveraging AI-powered UiPath solutions including Process Mining.

◦Amazon SageMaker, an end-to-end machine learning (ML) service, to connect new ML models into UiPath business processes without the need for complex coding and manual effort. Amazon SageMaker is a fully managed service from Amazon Web Services (AWS) to prepare data and build, train, and deploy ML models for any use case with fully managed infrastructure, tools, and workflows.

◦Amelia, the enterprise leader in Trusted AI, to bring together the power of the UiPath Business Automation Platform with Amelia’s enterprise-grade Conversational AI to create a fully integrated IT digital agent solution. Together, the market leaders will enable customers to deliver personalized employee experiences at scale, helping businesses drive efficient growth by doing more with less.

◦Snowflake to launch the UiPath Business Automation Platform as a pre-built solution for the Manufacturing Data Cloud by Snowflake, the Data Cloud company. The Manufacturing Data Cloud enables companies in automotive, technology, energy, and industrial sectors to unlock the value of their critical siloed industrial data by leveraging Snowflake’s data platform, Snowflake- and partner-delivered solutions, and industry-specific datasets.

•Appointed Executive Karenann Terrell to its Board of Directors: Terrell brings decades of experience in corporate leadership and digital and cybersecurity technologies, and a long and successful track record of leading innovative and diverse teams around the world. She has served in key roles at multiple Fortune 500 companies, including most recently as the Chief Digital & Technology officer for GSK plc (formerly GlaxoSmithKline). Terrell has also served as the Chief Information Officer for Walmart Stores Inc., Baxter International, and DaimlerChrysler.

•stock-based compensation expense;

•amortization of acquired intangibles;

•employer payroll tax expense related to employee equity transactions;

•restructuring costs;

•charitable donations of Class A common stock; and

•in the case of non-GAAP net income (loss), tax adjustments associated with the add-back items, as applicable.

UiPath, Inc.
Condensed Consolidated Balance Sheets
in thousands
(unaudited)
						As of
						April 30, 2023						January 31, 2023
Assets
Current assets
Cash and cash equivalents						$	1,311,576					$	1,402,119
Marketable securities						469,071						354,774
Accounts receivable, net of allowance for credit losses of $1,017 and $2,698, respectively						233,307						374,217
Contract assets						68,536						69,260
Deferred contract acquisition costs						53,355						49,887
Prepaid expenses and other current assets						121,429						94,150
Total current assets						2,257,274						2,344,407
Marketable securities, non-current						5,710						2,942
Contract assets, non-current						6,930						6,523
Deferred contract acquisition costs, non-current						136,571						137,616
Property and equipment, net						26,911						29,045
Operating lease right-of-use assets						52,275						52,052
Intangible assets, net						21,167						23,010
Goodwill						89,207						88,010
Deferred tax assets						5,915						5,895
Other assets, non-current						40,723						45,706
Total assets						$	2,642,683					$	2,735,206
Liabilities and stockholders' equity
Current liabilities
Accounts payable						$	5,734					$	8,891
Accrued expenses and other current liabilities						63,138						76,645
Accrued compensation and employee benefits						48,622						142,582
Deferred revenue						385,895						398,334
Total current liabilities						503,389						626,452
Deferred revenue, non-current						113,222						121,697
Operating lease liabilities, non-current						56,564						56,442
Other liabilities, non-current						13,971						10,457
Total liabilities						687,146						815,048
Commitments and contingencies
Stockholders' equity
Class A common stock						5						5
Class B common stock						1						1
Additional paid-in capital						3,801,656						3,736,838
Accumulated other comprehensive income						10,074						7,612
Accumulated deficit						(1,856,199)						(1,824,298)
Total stockholders’ equity						1,955,537						1,920,158
Total liabilities and stockholders’ equity						$	2,642,683					$	2,735,206

UiPath, Inc.
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow
in thousands
(unaudited)
						Three Months Ended April 30,
						2023						2022
GAAP net cash provided by (used in) operating activities						$	67,341					$	(52,884)
Purchases of property and equipment						(1,870)						(9,692)
Cash paid for employer payroll taxes related to employee equity transactions						2,738						3,034
Net payments of employee tax withholdings on stock option exercises						765						5,757
Cash paid for restructuring costs						3,734						—
Non-GAAP adjusted free cash flow						$	72,708					$	(53,785)