•Record quarterly revenue of $405 million increases 31 percent year-over-year

•ARR of $1.464 billion increases 22 percent year-over-year

•Achieves first quarter of GAAP profitability as a public company

•Cash flow from operations and non-GAAP adjusted free cash flow reach $146 million

NEW YORK, NY – March 13, 2024 – UiPath, Inc. (NYSE: PATH), a leading enterprise automation and AI software company, today announced financial results for its fourth quarter and full year fiscal 2024 ended January 31, 2024.

•Revenue of $405 million increased 31 percent year-over-year.

•ARR of $1.464 billion increased 22 percent year-over-year.

•Net new ARR of $86 million.

•Dollar based net retention rate of 119 percent.

•GAAP gross margin was 87 percent.

•Non-GAAP gross margin was 89 percent.

•GAAP operating income was $15 million.

•Non-GAAP operating income was $111 million.

•Net cash flow from operations was $146 million.

•Non-GAAP adjusted free cash flow was $146 million.

•Cash, cash equivalents, and marketable securities were $1.9 billion as of January 31, 2024.

•Revenue of $1.308 billion increased 24 percent year-over-year.

•Net new ARR of $260 million.

•GAAP gross margin was 85 percent.

•Non-GAAP gross margin was 87 percent.

•GAAP operating loss was $(165) million.

•Non-GAAP operating income was $233 million.

•Net cash flow from operations was $299 million.

•Non-GAAP adjusted free cash flow was $309 million.

•Revenue in the range of $330 million to $335 million

•ARR in the range of $1.508 billion to $1.513 billion as of April 30, 2024

•Non-GAAP operating income of approximately $55 million

•Revenue in the range of $1.555 billion to $1.560 billion

•ARR in the range of $1.725 billion to $1.730 billion as of January 31, 2025

•Non-GAAP operating income of approximately $295 million

•Launched UiPath Autopilot™ for Studio and Autopilot™ for Test Suite into Public Preview: Autopilot™ for Studio delivers enhanced productivity for developers empowering both professional and citizen automation developers to create automations, code, and expressions with natural language. Autopilot™ for Test Suite provides a collection of advanced AI capabilities designed to boost the productivity of testers throughout the entire testing lifecycle, including AI-powered Quality Checks, Test Design, and Test Automation.

•Unveiled Latest UiPath Business Automation Platform Features for Developer Community: Daniel Dines, UiPath Co-Founder and Chief Innovation Officer, and the UiPath team hosted 1,000+ professional developers, GSI partners, COE specialists, government officers, and educators in Bengaluru, India at DevCon 2024. During the conference UiPath delivered a host of new features designed to enable developers to build, test, and accelerate implementation of automations. These include an expanded collection of Generative AI Connectors that leverage industry-leading LLM providers; improved developer capabilities in UiPath Integration Service; and key investments in its Solution Accelerators, a pre-built automation framework designed to help developers implement faster and expedite time-to-value. 

•UiPath Partner, FedResults, Awarded a U.S. Department of Defense Enterprise Software Initiative Agreement for UiPath Products and Services: The U.S. Department of Defense (DoD) has awarded an Enterprise Software Initiative (ESI) Purchase Agreement for UiPath products and services to UiPath partner FedResults for up to $95 million. The agreement has a five-year base period and will streamline the acquisition process and reduce cost of delivery of UiPath products and services to the DoD, Intelligence Community, and U.S. Coast Guard. The ESI agreement will enable these federal organizations to significantly accelerate their adoption of UiPath and put AI to work in a safe and secure manner to achieve their mission goals.

•Announced an Expanded Partnership with Google Cloud: The partnership between UiPath and Google Cloud will help customers facilitate their AI-powered automation journey while integrating Google Cloud’s Vertex AI and Google Workspace business collaboration offerings. UiPath, a Premier Level partner of Google Cloud, is now available on Google Cloud Marketplace.

•Introduced Turnkey Automation Offering for Growth Companies in Collaboration with Deloitte: Building on the recent announcement by Deloitte of the creation of a first-of-its-kind co-innovation market collaboration between UiPath and Deloitte, Deloitte’s Smart Finance for Growth Companies leverages automations built by UiPath and customized by Deloitte into value-driven packages tailored for the needs of growth companies. By leveraging this managed service offering, finance teams can quickly establish or scale their automation program to advance their capabilities and improve productivity.

•Announced Availability of New India Data Center: Beginning in April 2024 UiPath Automation Cloud will expand with a new data center in India to offer opportunities for public and private sector customers and partners to strategically position their infrastructure, applications, and data. The India data center meets the growing demand for cloud services, focusing on business continuity and compliance while providing high availability, low latency, improving accessibility, and service speed for customers.

•Named Veteran Technology Executive and AI Expert June Yang to UiPath Board: Yang is a proven strategic and transformational executive who brings extensive experience in AI, Cloud, and related technologies, as well as decades of experience in corporate management and fostering emerging technologies. Most recently, she was Vice President, Cloud AI and Industry Solutions at Google Cloud.

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

UiPath, Inc.
Condensed Consolidated Balance Sheets
in thousands
(unaudited)
						As of
						January 31, 2024						January 31, 2023
Assets
Current assets
Cash and cash equivalents						$	1,061,678					$	1,402,119
Restricted cash						438						—
Marketable securities						818,145						354,774
Accounts receivable, net of allowance for credit losses of $1,119 and $2,698, respectively						436,296						374,217
Contract assets						84,197						69,260
Deferred contract acquisition costs						74,678						49,887
Prepaid expenses and other current assets						104,980						94,150
Total current assets						2,580,412						2,344,407
Marketable securities, non-current						—						2,942
Contract assets, non-current						6,214						6,523
Deferred contract acquisition costs, non-current						154,317						137,616
Property and equipment, net						23,982						29,045
Operating lease right-of-use assets						56,072						52,052
Intangible assets, net						14,704						23,010
Goodwill						89,026						88,010
Deferred tax assets						4,678						5,895
Other assets, non-current						25,353						45,706
Total assets						$	2,954,758					$	2,735,206
Liabilities and stockholders' equity
Current liabilities
Accounts payable						$	3,447					$	8,891
Accrued expenses and other current liabilities						83,997						76,645
Accrued compensation and employee benefits						137,442						142,582
Deferred revenue						486,805						398,334
Total current liabilities						711,691						626,452
Deferred revenue, non-current						161,027						121,697
Operating lease liabilities, non-current						58,713						56,442
Other liabilities, non-current						7,213						10,457
Total liabilities						938,644						815,048
Commitments and contingencies
Stockholders' equity
Class A common stock						5						5
Class B common stock						1						1
Treasury stock						(102,615)						—
Additional paid-in capital						4,024,079						3,736,838
Accumulated other comprehensive income						8,825						7,612
Accumulated deficit						(1,914,181)						(1,824,298)
Total stockholders’ equity						2,016,114						1,920,158
Total liabilities and stockholders’ equity						$	2,954,758					$	2,735,206

UiPath, Inc.
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow
in thousands
(unaudited)
						Twelve Months Ended January 31,
						2024						2023
GAAP net cash provided by (used in) operating activities						$	299,082					$	(9,981)
Purchases of property and equipment						(7,342)						(23,815)
Cash paid for employer payroll taxes related to employee equity transactions						10,483						9,112
Net payments of employee tax withholdings on stock option exercises						980						5,394
Cash paid for restructuring costs						6,180						19,339
Non-GAAP adjusted free cash flow						$	309,383					$	49