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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, 2023
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
___________________________________________
UiPath Preferred Logo Orange.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, 2023, the registrant had 483,625,511 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
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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 fact 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, forward-looking statements can be identified because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “possible,” “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 revenue, annualized renewal run-rate ("ARR"), 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;
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 evolve and enhance our brand;
our growth strategies;
the estimated addressable market opportunity for our platform and for AI-powered automation in general;
our reliance on key personnel and our ability to attract, integrate, and retain highly-qualified personnel and execute management transitions;
our ability to obtain, maintain, and enforce our intellectual property rights and any costs associated therewith;
the effect of significant events with macroeconomic impacts, including, but not limited to, military conflicts and other changes in geopolitical relationships and inflationary cost trends, on our business, industry, and the global economy;
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.
These forward-looking statements should not be unduly relied upon or regarded as predictions of future events. The forward-looking statements contained in this Quarterly Report on Form 10-Q are based 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, 2023 filed with the Securities and Exchange Commission ("SEC") on March 24, 2023 (the "2023 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.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject, based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe such 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. 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 (Unaudited).
UiPath, Inc.
Condensed Consolidated Balance Sheets
Amounts in thousands except per share data
(unaudited)
As of
October 31,
2023
January 31,
2023
ASSETS
Current assets
Cash and cash equivalents$1,003,080 $1,402,119 
Restricted cash444  
Marketable securities814,097 354,774 
Accounts receivable, net of allowance for credit losses of $1,023 and $2,698, respectively
373,091 374,217 
Contract assets84,164 69,260 
Deferred contract acquisition costs63,553 49,887 
Prepaid expenses and other current assets91,224 94,150 
Total current assets2,429,653 2,344,407 
Marketable securities, non-current 2,942 
Contract assets, non-current6,078 6,523 
Deferred contract acquisition costs, non-current139,932 137,616 
Property and equipment, net22,504 29,045 
Operating lease right-of-use assets53,711 52,052 
Intangible assets, net16,460 23,010 
Goodwill87,293 88,010 
Deferred tax assets5,143 5,895 
Other assets, non-current26,284 45,706 
Total assets$2,787,058 $2,735,206 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$13,664 $8,891 
Accrued expenses and other current liabilities108,014 76,645 
Accrued compensation and employee benefits100,170 142,582 
Deferred revenue405,837 398,334 
Total current liabilities627,685 626,452 
Deferred revenue, non-current132,600 121,697 
Operating lease liabilities, non-current57,687 56,442 
Other liabilities, non-current7,873 10,457 
Total liabilities825,845 815,048 
Commitments and contingencies (Note 11)
Stockholders' equity
Preferred stock, $0.00001 par value per share, 20,000 shares authorized; none issued and outstanding
  
Class A common stock, $0.00001 par value per share, 2,000,000 shares authorized; 488,021 and 474,160 shares issued; 484,782 and 474,160 shares outstanding, respectively
5 5 
Class B common stock, $0.00001 par value per share, 115,741 shares authorized; 82,453 shares issued and outstanding
1 1 
Treasury stock, at cost, 3,239 shares and none, respectively
(52,649) 
Additional paid-in capital3,958,795 3,736,838 
Accumulated other comprehensive income3,158 7,612 
Accumulated deficit(1,948,097)(1,824,298)
Total stockholders’ equity1,961,213 1,920,158 
Total liabilities and stockholders’ equity$2,787,058 $2,735,206 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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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,
2023202220232022
Revenue:
Licenses$148,068 $118,175 $401,407 $338,875 
Subscription services167,529 130,159 473,880 370,309 
Professional services and other10,324 14,410 27,532 40,848 
Total revenue325,921 262,744 902,819 750,032 
Cost of revenue:
Licenses2,781 3,208 8,336 7,915 
Subscription services28,647 20,578 78,502 63,949 
Professional services and other18,492 18,982 55,736 60,496 
Total cost of revenue49,920 42,768 142,574 132,360 
Gross profit276,001 219,976 760,245 617,672 
Operating expenses:
Sales and marketing191,282 156,469 521,413 527,798 
Research and development84,514 67,341 246,462 203,880 
General and administrative56,024 63,157 172,185 189,130 
Total operating expenses331,820 286,967 940,060 920,808 
Operating loss(55,819)(66,991)(179,815)(303,136)
Interest income14,483 9,561 41,913 15,057 
Other income (expense), net13,725 888 25,491 (2,523)
Loss before income taxes(27,611)(56,542)(112,411)(290,602)
Provision for income taxes3,926 1,182 11,388 10,061 
Net loss$(31,537)$(57,724)$(123,799)$(300,663)
Net loss per share attributable to common stockholders, basic and diluted$(0.06)$(0.10)$(0.22)$(0.55)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted567,036 550,164 562,651 546,087 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UiPath, Inc.
Condensed Consolidated Statements of Comprehensive Loss
Amounts in thousands
(unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
2023202220232022
Net loss$(31,537)$(57,724)$(123,799)$(300,663)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale marketable securities, net277 (324)259 (625)
Foreign currency translation adjustments(8,625)(3,873)(4,713)(3,321)
Other comprehensive loss, net(8,348)(4,197)(4,454)(3,946)
Comprehensive loss$(39,885)$(61,921)$(128,253)$(304,609)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UiPath, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
Amounts in thousands
(unaudited)

Common StockTreasury StockAdditional Paid-in CapitalAccumulated Other Comprehensive IncomeAccumulated DeficitTotal Stockholders’ Equity
Class AClass B
SharesAmountSharesAmountSharesAmountAmountAmountAmountAmount
Balance as of January 31, 2023474,160 $5 82,453 $1 — $— $3,736,838 $7,612 $(1,824,298)$1,920,158 
Issuance of common stock upon exercise of stock options898 — — — — — 1,175 — — 1,175 
Issuance of common stock upon settlement of restricted stock units4,246 — — — — — — — — — 
Tax withholdings on settlement of restricted stock units(1,463)— — — — — (25,697)— — (25,697)
Charitable donation of Class A common stock281 — — — — — 4,215 — — 4,215 
Stock-based compensation— — — — — — 85,125 — — 85,125 
Other comprehensive income, net— — — — — — — 2,462 — 2,462 
Net loss— — — — — — — — (31,901)(31,901)
Balance as of April 30, 2023478,122 $5 82,453 $1 — $— $3,801,656 $10,074 $(1,856,199)$1,955,537 
Issuance of common stock upon exercise of stock options1,824 — — — — — 2,717 — — 2,717 
Issuance of common stock upon settlement of restricted stock units5,026 — — — — — — — — — 
Tax withholdings on settlement of restricted stock units(1,676)— — — — — (27,420)— — (27,420)
Issuance of common stock under employee stock purchase plan832 — — — — — 9,313 — — 9,313 
Stock-based compensation— — — — — — 102,148 — — 102,148 
Other comprehensive income, net— — — — — — — 1,432 — 1,432 
Net loss— — — — — — — — (60,361)(60,361)
Balance as of July 31, 2023484,128 $5 82,453 $1  $ $3,888,414 $11,506 $(1,916,560)$1,983,366 
Issuance of common stock upon exercise of stock options837 — — — — — 1,516 — — 1,516 
Vesting of early exercised stock options— — — — — — 1 — — 1 
Issuance of common stock upon settlement of restricted stock units4,639 — — — — — — — — — 
Tax withholdings on settlement of restricted stock units(1,583)— — — — — (27,047)— — (27,047)
Repurchase of Class A common stock— — — — (3,239)(52,649)— — — (52,649)
Stock-based compensation— — — — — — 95,911 — — 95,911 
Other comprehensive loss, net— — — — — — — (8,348)— (8,348)
Net loss— — — — — — — — (31,537)(31,537)
Balance as of October 31, 2023488,021 $5 82,453 $1 (3,239)$(52,649)$3,958,795 $3,158 $(1,948,097)$1,961,213 

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Common StockTreasury StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Stockholders’ Equity
Class AClass B
SharesAmountSharesAmountSharesAmountAmountAmountAmountAmount
Balance as of January 31, 2022458,773 $4 82,453 $1 — $— $3,406,959 $10,899 $(1,495,946)$1,921,917 
Issuance of common stock upon exercise of stock options1,283 — — — — — 2,683 — — 2,683 
Vesting of early exercised stock options— — — — — — 1,355 — — 1,355 
Issuance of common stock upon settlement of restricted stock units3,499 — — — — — — — — — 
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— — — — — — — (458)— (458)
Net loss— — — — — — — — (122,561)(122,561)
Balance as of April 30, 2022462,430 $4 82,453 $1 — $— $3,488,255 $10,441 $(1,618,507)$1,880,194 
Issuance of common stock upon exercise of stock options1,418 — — — — — 1,878 — — 1,878 
Issuance of common stock upon settlement of restricted stock units3,183 1 — — — — — — — 1 
Tax withholdings on settlement of restricted stock units(1,040)— — — — — (18,922)— — (18,922)
Charitable donation of Class A common stock300 — — — — — 5,499 — — 5,499 
Shares issued in connection with business acquisition570 — — — — — 2,965 — — 2,965 
Issuance of common stock under employee stock purchase plan578 — — — — — 9,070 — — 9,070 
Repurchase of unvested early exercised stock options(441)— — — — — — — — — 
Stock-based compensation— — — — — — 88,533 — — 88,533 
Other comprehensive income, net— — — — — — — 709 — 709 
Net loss— — — — — — — — (120,378)(120,378)
Balance as of July 31, 2022466,998 $5 82,453 $1 — $— $3,577,278 $11,150 $(1,738,885)$1,849,549 
Issuance of common stock upon exercise of stock options1,087 — — — — — 2,889 — — 2,889 
Issuance of common stock upon settlement of restricted stock units2,790 — — — — — — — — — 
Tax withholdings on settlement of restricted stock units(951)— — — — — (11,998)— — (11,998)
Stock-based compensation— — — — — — 81,305 — — 81,305 
Other comprehensive loss, net— — — — — — — (4,197)— (4,197)
Net loss— — — — — — — — (57,724)(57,724)
Balance as of October 31, 2022469,924 $5 82,453 $1 — $— $3,649,474 $6,953 $(1,796,609)$1,859,824 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UiPath, Inc.
Condensed Consolidated Statements of Cash Flows
Amounts in thousands
(unaudited)
Nine Months Ended October 31,
20232022
Cash flows from operating activities
Net loss$(123,799)$(300,663)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization16,555 12,993 
Amortization of deferred contract acquisition costs52,828 37,967 
Net amortization on marketable securities(19,556)501 
Stock-based compensation expense283,025 270,797 
Charitable donation of Class A common stock4,215 5,499 
Amortization of operating lease right-of-use assets9,663 8,555 
Provision for deferred income taxes(1,040)1,171 
Abandonment and impairment charges 2,881 
Other non-cash credits, net(4,864)(1,714)
Changes in operating assets and liabilities:
Accounts receivable(1,507)(33,449)
Contract assets(14,875)(27,735)
Deferred contract acquisition costs(71,727)(69,657)
Prepaid expenses and other assets17,247 (27,361)
Accounts payable5,767 2,414 
Accrued expenses and other liabilities22,309 (13,785)
Accrued compensation and employee benefits(40,590)(26,096)
Operating lease liabilities, net(10,296)(488)
Deferred revenue30,125 54,232 
Net cash provided by (used in) operating activities153,480 (103,938)
Cash flows from investing activities
Purchases of marketable securities(1,006,606)(204,311)
Maturities of marketable securities576,480 93,298 
Purchases of property and equipment(3,558)(21,614)
Payments related to business acquisition, net of cash acquired (29,542)
Other investing, net2,754 (507)
Net cash used in investing activities(430,930)(162,676)
Cash flows from financing activities
Repurchases of Class A common stock(52,649) 
Proceeds from exercise of stock options5,421 7,605 
Payments of tax withholdings on net settlement of equity awards(75,495)(53,300)
Net payments of tax withholdings on sell-to-cover equity award transactions(645)(10,132)
Proceeds from employee stock purchase plan contributions14,253 13,525 
Payment of deferred consideration related to business acquisition(5,863) 
Repurchase of unvested early exercised stock options (1,493)
Net cash used in financing activities(114,978)(43,795)
Effect of exchange rate changes(6,167)(7,162)
Net decrease in cash, cash equivalents, and restricted cash(398,595)(317,571)
Cash, cash equivalents, and restricted cash - beginning of period
1,402,119 1,768,723 
Cash, cash equivalents, and restricted cash - end of period
$1,003,524 $1,451,152 
Supplemental disclosure of cash flow information
Cash paid for interest$515 $720 
Cash paid for income taxes9,136 19,060 
Supplemental disclosure of non-cash investing and financing activities
Reduction in accrued expenses and other liabilities for vesting of early exercised stock options1 1,355 
Value of shares issued in payment of business acquisitions 2,965 
Payable for marketable securities purchase9,747 2,894 
Loan notes issued in connection with business acquisitions 11,433 
Tax withholdings on net settlement of restricted stock units, accrued but not yet paid6,833 2,517 
The accompanying notes are an integral part of these consolidated financial statements.
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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 incorporated in Delaware in June 2015 and is headquartered in New York, New York. Our AI-powered UiPath Business Automation Platform offers a robust set of capabilities that allows our customers to discover opportunities for automation, automate using a digital workforce that seamlessly collaborates with humans, and operate a mission critical automation program at scale.
2. Summary of Significant Accounting Policies
Our significant accounting policies are discussed in greater scope and detail in Note 2, Summary of Significant Accounting Policies, in the notes to consolidated financial statements included in the 2023 Form 10-K. There have been no significant changes to such policies during the nine months ended October 31, 2023.
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, 2023, which are included in the 2023 Form 10-K.
The unaudited condensed consolidated financial statements have been prepared on the same basis as 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 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, 2023 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2024 or for any other future interim or annual period.
Fiscal Year
Our fiscal year ends on January 31. References to fiscal year 2024, for example, refer to the fiscal year ending January 31, 2024.
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, certain aspects of revenue recognition including changes in variable consideration, expected period of benefit for deferred contract acquisition costs, allowance for credit losses, fair value of financial assets and liabilities, 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 and operating lease liabilities, incremental borrowing rates for operating leases, amount of stock-based compensation expense, timing and amount of contingencies, costs related to our restructuring actions, uncertain tax positions, and valuation allowance for deferred income taxes. Actual results could differ from these estimates and assumptions.
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
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, 2023 and 2022, we recognized transaction gains (losses) of $4.3 million and $(0.4) million, respectively. For the nine months ended October 31, 2023 and 2022, we recognized transaction gains (losses) of $2.9 million and $(2.6) million, respectively.
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, 2023 and January 31, 2023, 93% and 98%, respectively, of our cash and cash equivalents were concentrated in the U.S., European Union (“EU”) countries, and Japan.
The selection of investments in marketable securities is governed by our investment policy. The policy aims to emphasize principles of safety and liquidity, with the overall objective of earning an attractive rate of return while limiting exposure to risk of loss and avoiding inappropriate concentrations. We use this policy to guide our investment decisions as it stipulates, among other things, a list of eligible investment types, minimum ratings and other restrictions for each type, and overall portfolio composition constraints.
With regard to accounts receivable, we extend differing levels of credit to customers based on creditworthiness, do not require collateral deposits, and when necessary maintain reserves for potential credit losses based upon the expected collectability of accounts receivable. We manage credit risk related to our customers by performing periodic evaluations of creditworthiness and applying other credit risk monitoring procedures. Significant customers are those that represent 10% or more of our total revenue for the period or accounts receivable at the balance sheet date. For the three and nine months ended October 31, 2023 and 2022, no single customer accounted for 10% or more of our total revenue. As of October 31, 2023, one customer accounted for 12% of our accounts receivable. As of January 31, 2023, no single customer accounted for 10% or more of our accounts receivable.
Stock-Based Compensation
We recognize stock-based compensation expense in accordance with the provisions of Accounting Standards Codification ("ASC") 718, Compensation—Stock Compensation. ASC 718 requires the measurement and recognition of compensation expense for all stock-based awards made to employees, directors, and non-employees based on the grant date fair value of the awards.
The fair value of each stock option is determined using the Black-Scholes pricing model. The fair value of each restricted stock unit ("RSU") and restricted stock award ("RSA") is determined based on the fair value of our Class A common stock on the grant date. The fair value of each performance stock unit ("PSU") that is dependent on the satisfaction of a performance condition is also determined based on the fair value of our Class A common stock on the grant date.The fair value of shares under our employee stock purchase plan ("ESPP") is determined using the Black-Scholes pricing model.

Stock-based compensation expense is included in cost of revenue and operating expenses within our consolidated statements of operations based on the expense classification of the individual earning the award.

The fair value of awards with only service-based vesting conditions is recognized as expense over the requisite service period on a straight-line basis.
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)

For PSUs dependent on the satisfaction of a performance condition, compensation expense is recognized only when management believes it is probable that the performance condition will be achieved. Although total compensation expense recognized for these awards will ultimately equal the grant date fair value per share multiplied by the number of shares earned by the holder, changes in management's expectations can cause fluctuations in timing of expense over the life of these awards.

The fair value of ESPP shares is recognized over the relevant offering period on a straight-line basis.

With all award types, we account for forfeitures as they occur.
Recently Issued Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU No. 2023-07 is intended to improve reportable segments disclosures requirements, primarily through enhanced disclosures about significant segment expenses. ASU No. 2023-07 will be effective for us for annual periods beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this pronouncement on our condensed consolidated financial statements.
3. Revenue Recognition
Disaggregation of Revenue
The following tables summarize revenue by geographical region (dollars in thousands): 
Three Months Ended October 31,
20232022
AmountPercentage of RevenueAmountPercentage of Revenue
Americas (1)
$174,226 53 %$147,312 56 %
Europe, Middle East, and Africa93,782 29 %65,880 25 %
Asia-Pacific (2)
57,913 18 %49,552 19 %
Total revenue$325,921 100 %$262,744 100 %
(1)Revenue from the U.S. represented 48% and 52% of our total revenues for the three months ended October 31, 2023 and 2022, respectively.
(2)Revenue from Japan represented 7% and 7% of our total revenues for the three months ended October 31, 2023 and 2022, respectively.

Nine Months Ended October 31,
20232022
AmountPercentage of RevenueAmountPercentage of Revenue
Americas (1)
$437,396 48 %$382,440 51 %
Europe, Middle East, and Africa271,722 30 %205,004 27 %
Asia-Pacific (2)
193,701 22 %162,588 22 %
Total revenue$902,819 100 %$750,032 100 %
(1)Revenue from the U.S. represented 44% and 47% of our total revenues for the nine months ended October 31, 2023 and 2022, respectively.
(2)Revenue from Japan represented 10% and 10% of our total revenues for the nine months ended October 31, 2023 and 2022, respectively.
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
Deferred Revenue
During the nine months ended October 31, 2023 and 2022, we recognized $331.1 million and $268.8 million of revenue that was included in the deferred revenue balance as of January 31, 2023 and 2022, respectively.
Remaining Performance Obligations
Our remaining performance obligations are comprised of licenses, subscription services, and professional services and other revenue not yet delivered. As of October 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $994.6 million, which consists of $538.4 million of billed consideration and $456.2 million of unbilled consideration. We expect to recognize 60% of our remaining performance obligations as revenue over the next 12 months, and the remainder thereafter.
Deferred Contract Acquisition Costs
Our deferred contract acquisition costs are comprised of sales commissions that represent incremental costs to obtain customer contracts, and are determined based on sales compensation plans. Amortization of deferred contract acquisition costs was $21.6 million and $16.1 million for the three months ended October 31, 2023 and 2022, respectively, and $52.8 million and $38.0 million for the nine months ended October 31, 2023 and 2022, respectively, and is recorded in sales and marketing expense in the condensed consolidated statements of operations.
4. Marketable Securities
The following is a summary of our marketable securities (in thousands): 
As of October 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Commercial paper$23,853 $ $ $23,853 
Treasury bills and U.S. government securities
602,927  (150)602,777 
Corporate bonds5,625  (14)5,611 
Municipal bonds1,000  (2)998 
Agency bonds181,054  (196)180,858 
Total marketable securities$814,459 $ $(362)$814,097 
As of January 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Commercial paper$62,470 $ $ $62,470 
Treasury bills and U.S. government securities (1)
234,848  (308)234,540 
Corporate bonds46,684  (198)46,486 
Municipal bonds6,374  (66)6,308 
Agency bonds7,959  (47)7,912 
Total marketable securities$358,335 $ $(619)$357,716 
(1) Treasury bills with both amortized cost and estimated fair value of $10.0 million are included in cash and cash equivalents due to their original maturity of three months or less.
As of October 31, 2023 and January 31, 2023, none and $2.9 million, respectively, of our marketable securities had remaining contractual maturities of one year or more.
As of October 31, 2023 and January 31, 2023, $3.3 million and $3.5 million, respectively, of interest receivable was included in prepaid expenses and other current assets on the condensed consolidated balance sheets. We did not recognize an allowance for credit losses against interest receivable as of October 31, 2023 and January 31, 2023.
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
Unrealized losses during the periods presented are a result of changes in market conditions. We do not believe that any unrealized losses are attributable to credit-related factors based on our evaluation of available evidence. To determine whether a decline in value is related to credit loss, we evaluate, among other factors, the extent to which the fair value is less than the amortized cost basis and any adverse conditions specifically related to an issuer of a security or its industry.
5. Fair Value Measurement
The following tables present the fair value hierarchy of our financial assets measured at fair value on a recurring basis as of October 31, 2023 and January 31, 2023 (in thousands): 
 As of October 31, 2023
 Level 1Level 2Total
Money market$468,683 $ $468,683 
Total cash equivalents468,683  468,683 
Commercial paper 23,853 23,853 
Treasury bills and U.S. government securities602,777  602,777 
Corporate bonds 5,611 5,611 
Municipal bonds 998 998 
Agency bonds180,858  180,858 
Total marketable securities783,635 30,462 814,097 
Total$1,252,318 $30,462 $1,282,780 
 As of January 31, 2023
 Level 1Level 2Total
Money market$319,801 $ $319,801 
Treasury bills9,968  9,968 
Total cash equivalents329,769  329,769 
Commercial paper 62,470 62,470 
Treasury bills and U.S. government securities234,540  234,540 
Corporate bonds 46,486 46,486 
Municipal bonds 6,308 6,308 
Agency bonds7,912  7,912 
Total marketable securities242,452 115,264 357,716 
Total$572,221 $115,264 $687,485 
Our money market funds, treasury bills and U.S. government securities, and agency bonds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify commercial paper, corporate bonds, and municipal bonds as Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. None of our financial instruments were classified in the Level 3 category as of October 31, 2023 or January 31, 2023.
6. Business Acquisition
Re:infer
On July 29, 2022, we acquired all of the outstanding capital stock of Re:infer LTD. (“Re:infer”), a natural language processing company focused on unstructured documents and communications. Re:infer uses machine learning technology to mine context from communication messages and transform them into actionable data. With this acquisition, we gained technology and an experienced team which we believe will accelerate our technology roadmap, expand the breadth of our current AI-powered automation capabilities, and unlock new automation opportunities for our customers. The Re:infer acquisition was accounted for as a business combination.
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
The total purchase consideration for the acquisition of Re:infer was $44.6 million, consisting of the following (in thousands):
Cash paid at closing$30,117 
Fair value of Class A common stock issued at closing (0.2 million shares)
2,965 
Loan note paid on July 29, 2023 (first anniversary of closing)5,863 
Loan note to be paid on second anniversary of closing (included in accrued expenses and other current liabilities as of October 31, 2023)
5,570 
Working capital adjustment66 
Total$44,581 
At closing, we also issued an additional 0.4 million shares of Class A common stock to be released to sellers in equal installments on the first, second, and third anniversaries of the closing date, subject to certain employment-related clawback provisions. The aggregate fair value of these shares totaled $7.6 million and is expensed as compensation for post-acquisition services over the three years following the acquisition date.
The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):
 July 29, 2022
Net tangible assets$300 
Intangible assets13,100 
Goodwill34,351 
Total assets acquired47,751 
Deferred tax liabilities assumed(3,170)
Total$44,581 

The following table sets forth the identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:
Fair Value
(in thousands)
Estimated Useful Life
(in years)
Developed technology$10,000 5.0
Customer relationships3,100 3.0
Total$13,100 
The acquisition of Re:infer generated goodwill of $34.4 million representing expected synergies and acquired skilled workforce. None of this goodwill is deductible for tax purposes.
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
7. Intangible Assets and Goodwill
Intangible Assets, Net
Acquired intangible assets, net consisted of the following as of October 31, 2023 (dollars in thousands): 
 Intangible Assets, GrossAccumulated Amortization
Intangible Assets, Net
Weighted-Average Remaining Useful Life (in years)
Developed technology$28,241 $(15,206)$13,035 3.0
Customer relationships8,135 (5,577)2,558 1.4
Trade names and trademarks271 (257)14 0.4
Other intangibles1,231 (378)853 7.2
Total$37,878 $(21,418)$16,460 
Acquired intangible assets, net consisted of the following as of January 31, 2023 (dollars in thousands):
 
Intangible Assets, Gross
Accumulated AmortizationIntangible Assets, NetWeighted-Average Remaining Useful Life (in years)
Developed technology$28,517 $(11,095)$17,422 3.5
Customer relationships8,174 (3,601)4,573 2.0
Trade names and trademarks272 (233)39 1.2
Other intangibles1,231 (255)976 7.7
Total$38,194 $(15,184)$23,010 
We record amortization expense associated with acquired developed technology in cost of licenses revenue and cost of subscription services revenue, trade names and trademarks in sales and marketing expense, customer relationships in sales and marketing expense, and other intangibles in general and administrative expense in the condensed consolidated statements of operations. Amortization of acquired intangible assets for the three months ended October 31, 2023 and 2022 was $2.1 million and $2.1 million, respectively, and for the nine months ended October 31, 2023 and 2022 was $6.4 million and $4.8 million, respectively.
Expected future amortization expense related to intangible assets was as follows as of October 31, 2023 (in thousands):
 Amount
Remainder of year ending January 31, 2024$2,123 
Year ending January 31,
20256,538 
20264,004 
20272,369 
20281,123 
Thereafter303 
Total$16,460 
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
Goodwill
Changes in the carrying amount of goodwill during the nine months ended October 31, 2023 were as follows (in thousands):
 Carrying Amount
Balance as of January 31, 2023$88,010 
Effect of foreign currency translation(717)
Balance as of October 31, 2023$87,293 
8. Operating Leases
Our operating leases consist of real estate and vehicles and have remaining lease terms of one year to 14 years. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that we will exercise those options. Our operating lease arrangements do not contain any material restrictive covenants or residual value guarantees.
Lease costs are presented below (in thousands):
Three Months Ended October 31,Nine Months Ended October 31,
2023202220232022
Operating lease cost$3,364 $3,060 $9,663 $8,555 
Short-term lease cost1,225 1,509 3,845 4,552 
Variable lease cost493 362 1,639 885 
Sublease income (1)
(426)(532)(1,491)(1,597)
Total$4,656 $4,399 $13,656 $12,395 
(1) Included in other income (expense), net in the condensed consolidated statements of operations.
The following table represents the weighted-average remaining lease term and discount rate as of the periods presented:
As of
October 31, 2023January 31, 2023
Weighted-average remaining lease term (years)11.212.1
Weighted-average discount rate7.0 %7.0 %
Future undiscounted lease payments for our operating lease liabilities as of October 31, 2023 were as follows (in thousands):
Amount
Remainder of year ending January 31, 2024
$1,849 
Year ending January 31,
202512,284 
202610,173 
20279,432 
20288,748 
Thereafter49,931 
Total operating lease payments92,417 
Less: imputed interest(27,825)
Total operating lease liabilities$64,592 
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
As of October 31, 2023, we had non-cancellable commitments in the amount of $0.5 million related to operating leases of real estate facilities that have not yet commenced.
Current operating lease liabilities of $6.9 million and $7.0 million were included in accrued expenses and other current liabilities on our condensed consolidated balance sheets as of October 31, 2023 and January 31, 2023, respectively.
Supplemental cash flow information related to leases for the three and nine months ended October 31, 2023 and 2022 was as follows (in thousands):
Three Months Ended October 31,Nine Months Ended October 31,
2023202220232022
Cash paid for amounts included in the measurement of operating lease liabilities$3,486 $1,721 $9,646 $5,278 
Operating lease ROU assets obtained in exchange for new operating lease liabilities4,139 5,769 8,820 8,659 
9. Condensed Consolidated Balance Sheet Components
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
As of
October 31, 2023January 31, 2023
Prepaid expenses and service credits$65,755 $67,794 
Other current assets25,469 26,356 
Prepaid expenses and other current assets$91,224 $94,150 
Property and Equipment, Net