NEW YORK, NY – May 29, 2024 – UiPath, Inc. (NYSE: PATH), a leading enterprise automation and AI software company, today announced financial results for its first quarter fiscal 2025 ended April 30, 2024.

•Revenue of $335 million increased 16 percent year-over-year.

•ARR of $1.508 billion increased 21 percent year-over-year.

•Net new ARR of $44 million.

•Dollar based net retention rate of 118 percent.

•GAAP gross margin was 83 percent.

•Non-GAAP gross margin was 86 percent.

•GAAP operating loss was $(49) million.

•Non-GAAP operating income was $50 million.

•Net cash flow from operations was $100 million.

•Non-GAAP adjusted free cash flow was $101 million.

•Cash, cash equivalents, and marketable securities were $1.9 billion as of April 30, 2024.

•Revenue in the range of $300 million to $305 million

•ARR in the range of $1.543 billion to $1.548 billion as of July 31, 2024

•Non-GAAP operating income of approximately breakeven

•Revenue in the range of $1.405 billion to $1.410 billion

•ARR in the range of $1.660 billion to $1.665 billion as of January 31, 2025

•Non-GAAP operating income of approximately $145 million

•UiPath and Microsoft Deepened Partnership through Integration with Copilot for Microsoft 365: UiPath and Microsoft announced an expanded partnership through powerful integration between the UiPath Business Automation Platform and Copilot for Microsoft 365. The integration will enable joint customers to automate more knowledge work and enhance end user experiences with UiPath. UiPath is one of the first ecosystem partners for Copilot for Microsoft 365 and Teams; with the plugin, joint customers can access UiPath enterprise-grade automation capabilities from Copilot for Microsoft 365, Teams, UiPath Autopilot™, or their own custom copilot-like experience.

•Unveiled New Family of LLMs at AI Summit to Empower Enterprises to Harness Full Capabilities of GenAI: at its annual AI Summit, UiPath announced several new generative AI (GenAI) features in its platform designed to help enterprises realize the full potential of AI with automation by accessing powerful, specialized AI models tailored to their challenges and most valuable use cases. The new LLMs, DocPATH and CommPATH, give businesses LLMs that are extensively trained for their specific tasks, document processing and communications.

•Announced General Availability of UiPath Autopilot™ for Studio and Autopilot™ for Test Suite in June: UiPath Autopilot™ experiences for Developers and Testers are now available in preview with a targeted general availability in June. Autopilot™ for Developers include capabilities such as 'Text to workflow', 'Text to expressions', and 'automated code generation', enhancing productivity for developers of all kinds. Autopilot™ for Testers accelerates every phase of the testing lifecycle including Quality Checks, Test Design, Test Automation, and surfacing actionable insights from execution results. Over 1,500 organizations are using UiPath Autopilot™ resulting in over 7,000 generations and over 5,500 expressions generated per week.

•Achieved FedRAMP authorization: the company announced that UiPath Automation Cloud™ Public Sector achieved authorized status in the Federal Risk and Authorization Management Program (FedRAMP®), the entity charged with standardizing security and risk assessment for cloud services accessed by federal government agencies. As an authorized provider of AI-powered automation within FedRAMP, UiPath offers public sector agencies a viable and secure method to achieve digital modernization imperatives. UiPath AI and automation solutions are already securely increasing accuracy, capacity, and resilience in U.S. federal agencies, U.S. state governments, and hundreds of international public sector organizations.

•Named a Leader for the Second Consecutive Year in Everest Group Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2024: UiPath was named a Leader in Intelligent Document Processing for the second consecutive year in the Everest Group Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2024. The Everest Group IDP Peak Matrix also placed the UiPath Business Automation Platform as the highest designated Leader in vision and capabilities, and for market impact. In the report, UiPath is also the only company to be named a Leader in analyses for banking and insurance IDP products.

•Named a Leader in the 2024 Gartner® Magic Quadrant™ for Process Mining Platforms1: UiPath was named a Leader in the 2024 Gartner® Magic Quadrant™ for Process Mining Platforms research report. The report assessed UiPath Process Mining, UiPath Task Mining, and UiPath Communications Mining. Continuous Discovery solutions enable businesses to continuously monitor process performance and ROI and identify the most impactful opportunities to optimize them; these tools measure the impact automation has on end-to-end processes, allowing customers to optimize and take results-driven actions.

1 Gartner, Magic Quadrant for Process Mining Platforms, Marc Kerremans, Nick Duffy, David Sugden, 29 April 2024

•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
						April 30, 2024						January 31, 2024
Assets
Current assets
Cash and cash equivalents						$	1,146,618					$	1,061,678
Restricted cash						438						438
Marketable securities						788,920						818,145
Accounts receivable, net of allowance for credit losses of $1,827 and $1,119, respectively						270,621						436,296
Contract assets						88,146						84,197
Deferred contract acquisition costs						76,309						74,678
Prepaid expenses and other current assets						98,146						104,980
Total current assets						2,469,198						2,580,412
Marketable securities, non-current						962						—
Contract assets, non-current						9,960						6,214
Deferred contract acquisition costs, non-current						145,175						154,317
Property and equipment, net						22,741						23,982
Operating lease right-of-use assets						60,458						56,072
Intangible assets, net						12,577						14,704
Goodwill						88,384						89,026
Deferred tax assets						3,900						4,678
Other assets, non-current						31,621						25,353
Total assets						$	2,844,976					$	2,954,758
Liabilities and stockholders' equity
Current liabilities
Accounts payable						$	6,864					$	3,447
Accrued expenses and other current liabilities						84,793						83,997
Accrued compensation and employee benefits						40,663						137,442
Deferred revenue						465,216						486,805
Total current liabilities						597,536						711,691
Deferred revenue, non-current						150,934						161,027
Operating lease liabilities, non-current						62,772						58,713
Other liabilities, non-current						6,730						7,213
Total liabilities						817,972						938,644
Commitments and contingencies
Stockholders' equity
Class A common stock						5						5
Class B common stock						1						1
Treasury stock						(124,620)						(102,615)
Additional paid-in capital						4,089,795						4,024,079
Accumulated other comprehensive income						4,740						8,825
Accumulated deficit						(1,942,917)						(1,914,181)
Total stockholders’ equity						2,027,004						2,016,114
Total liabilities and stockholders’ equity						$	2,844,976					$	2,954,758

UiPath, Inc.
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow
in thousands
(unaudited)
						Three Months Ended April 30,
						2024						2023
GAAP net cash provided by operating activities						$	100,037					$	67,341
Purchases of property and equipment						(1,238)						(1,870)
Cash paid for employer payroll taxes related to employee equity transactions						2,403						2,738
Net payments of employee tax withholdings on stock option exercises						12						765
Cash paid for restructuring costs						63						3,734
Non-GAAP adjusted free cash flow						$	101,277					$	72,708