Form: 10-Q

Quarterly report [Sections 13 or 15(d)]

June 3, 2025

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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 April 30, 2025
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-corporate-logo-digital-rgb-ob.jpg
UiPath, Inc.
(Exact Name of Registrant as Specified in its Charter)
___________________________________________
Delaware 47-4333187
(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 class Trading
Symbol(s)
Name of each exchange on which registered
Class A common stock, par value
$0.00001 per share
PATH New 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 filer Accelerated filer
Non-accelerated filer Smaller 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 May 30, 2025, the registrant had 457,586,105 shares of Class A common stock and 77,452,748 shares of Class B common stock, each with a par value of $0.00001 per share, outstanding.



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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 effectively manage our growth and achieve or sustain profitability;
our ability to acquire new customers and successfully retain existing customers;
the ability of the UiPath Platform™ to satisfy and adapt to customer demands and our ability to increase its adoption;
our ability to grow our platform and release new functionality in a timely manner;
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 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 reliance on third-party providers of cloud-based infrastructure;
our ability to compete effectively with existing competitors and new market entrants, including new, potentially disruptive technologies;
the size and growth rates of the markets in which we compete; and
the price volatility of our Class A common stock.
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 our Annual Report on Form 10-K for the fiscal year ended January 31, 2025 filed with the Securities and Exchange Commission ("SEC") on March 24, 2025 (the "2025 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.


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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
April 30,
2025
January 31,
2025
ASSETS
Current assets
Cash and cash equivalents $ 700,641  $ 879,196 
Restricted cash 438  438 
Marketable securities 854,392  750,322 
Accounts receivable, net of allowance for credit losses of $1,924 and $1,642, respectively
266,619  451,131 
Contract assets 103,150  88,735 
Deferred contract acquisition costs 85,162  82,461 
Prepaid expenses and other current assets 99,267  86,276 
Total current assets 2,109,669  2,338,559 
Marketable securities, non-current 36,467  94,113 
Contract assets, non-current 2,811  3,447 
Deferred contract acquisition costs, non-current 138,381  139,341 
Property and equipment, net 41,964  32,740 
Operating lease right-of-use assets 66,299  66,500 
Intangible assets, net 24,054  7,905 
Goodwill 121,371  87,304 
Deferred tax assets 29,491  27,963 
Other assets, non-current 73,935  67,398 
Total assets $ 2,644,442  $ 2,865,270 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 16,885  $ 33,178 
Accrued expenses and other current liabilities 123,134  83,923 
Accrued compensation and employee benefits 44,991  112,355 
Deferred revenue 530,857  569,464 
Total current liabilities 715,867  798,920 
Deferred revenue, non-current 141,169  135,843 
Operating lease liabilities, non-current 73,433  74,230 
Other liabilities, non-current 15,512  10,515 
Total liabilities 945,981  1,019,508 
Commitments and contingencies (Note 10)
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; 516,913 and 508,680 shares issued; 457,417 and 471,059 shares outstanding, respectively
5  5 
Class B common stock, $0.00001 par value per share, 115,741 shares authorized; 77,453 and 82,453 shares issued and outstanding, respectively
1  1 
Treasury stock, at cost, 59,496 and 37,621 shares, respectively
(724,224) (494,779)
Additional paid-in capital 4,403,586  4,333,300 
Accumulated other comprehensive income (loss) 29,523  (4,890)
Accumulated deficit (2,010,430) (1,987,875)
Total stockholders’ equity 1,698,461  1,845,762 
Total liabilities and stockholders’ equity $ 2,644,442  $ 2,865,270 
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 April 30,
2025 2024
Revenue:
Licenses $ 128,286  $ 140,128 
Subscription services 217,303  185,131 
Professional services and other 11,035  9,853 
Total revenue 356,624  335,112 
Cost of revenue:
Licenses 1,268  2,601 
Subscription services 38,468  36,754 
Professional services and other 24,121  15,970 
Total cost of revenue 63,857  55,325 
Gross profit 292,767  279,787 
Operating expenses:
Sales and marketing 159,661  180,139 
Research and development 94,839  85,603 
General and administrative 54,679  63,510 
Total operating expenses 309,179  329,252 
Operating loss (16,412) (49,465)
Interest income 12,648  13,830 
Other (expense) income, net
(15,964) 10,679 
Loss before income taxes (19,728) (24,956)
Provision for income taxes 2,827  3,780 
Net loss $ (22,555) $ (28,736)
Net loss per share, basic and diluted $ (0.04) $ (0.05)
Weighted-average shares used in computing net loss per share, basic and diluted 548,451  569,925 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UiPath, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
Amounts in thousands
(unaudited)
Three Months Ended April 30,
2025 2024
Net loss $ (22,555) $ (28,736)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale marketable securities, net 556  (511)
Foreign currency translation adjustments. net
33,857  (3,574)
Other comprehensive income (loss), net 34,413  (4,085)
Comprehensive income (loss) $ 11,858  $ (32,821)
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 Stock Treasury Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’ Equity
Class A Class B
Shares Amount Shares Amount Shares Amount Amount Amount Amount Amount
Balance as of January 31, 2025 508,680  $ 5  82,453  $ 1  (37,621) $ (494,779) $ 4,333,300  $ (4,890) $ (1,987,875) $ 1,845,762 
Issuance of common stock upon exercise of stock options 851  —  —  —  —  —  301  —  —  301 
Issuance of common stock upon settlement of restricted stock units 3,127  —  —  —  —  —  —  —  —  — 
Conversion of Class B common stock into Class A common stock
5,000  —  (5,000) —  —  —  —  —  —  — 
Tax withholdings on settlement of restricted stock units (1,026) —  —  —  —  —  (10,566) —  —  (10,566)
Charitable donation of Class A common stock 281  —  —  —  —  —  4,187  —  —  4,187 
Repurchase of Class A Common Stock —  —  —  —  (21,875) (229,445) —  —  —  (229,445)
Stock-based compensation —  —  —  —  —  —  76,364  —  —  76,364 
Other comprehensive income, net
—  —  —  —  —  —  —  34,413  —  34,413 
Net loss —  —  —  —  —  —  —  —  (22,555) (22,555)
Balance as of April 30, 2025 516,913  $ 5  77,453  $ 1  (59,496) $ (724,224) $ 4,403,586  $ 29,523  $ (2,010,430) $ 1,698,461 

Common Stock Treasury Stock Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit Total Stockholders’ Equity
Class A Class B
Shares Amount Shares Amount Shares Amount Amount Amount Amount Amount
Balance as of January 31, 2024 492,660  $ 5  82,453  $ 1  (5,840) $ (102,615) $ 4,024,079  $ 8,825  $ (1,914,181) $ 2,016,114 
Issuance of common stock upon exercise of stock options 1,426  —  —  —  —  —  311  —  —  311 
Issuance of common stock upon settlement of restricted stock units 3,843  —  —  —  —  —  —  —  —  — 
Tax withholdings on settlement of restricted stock units (1,317) —  —  —  —  —  (29,944) —  —  (29,944)
Charitable donations of Class A common stock 281  —  —  —  —  —  6,564  —  —  6,564 
Repurchase of Class A common stock
—  —  —  —  (938) (22,005) —  —  —  (22,005)
Stock-based compensation —  —  —  —  —  —  88,785  —  —  88,785 
Other comprehensive loss, net
—  —  —  —  —  —  —  (4,085) —  (4,085)
Net loss —  —  —  —  —  —  —  —  (28,736) (28,736)
Balance as of April 30, 2024
496,893  $ 5  82,453  $ 1  (6,778) $ (124,620) $ 4,089,795  $ 4,740  $ (1,942,917) $ 2,027,004 
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)
Three Months Ended April 30,
2025 2024
Cash flows from operating activities
Net loss $ (22,555) $ (28,736)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 3,253  4,902 
Amortization of deferred contract acquisition costs 21,324  18,467 
Net accretion on marketable securities
(3,630) (9,268)
Stock-based compensation expense 76,361  88,727 
Charitable donation of Class A common stock 4,187  6,564 
Non-cash operating lease expense 3,377  3,476 
Provision for deferred income taxes 640  569 
Other non-cash charges (credits), net 12,704  (966)
Changes in operating assets and liabilities:
Accounts receivable 197,443  162,444 
Contract assets (9,460) (7,645)
Deferred contract acquisition costs (13,954) (12,437)
Prepaid expenses and other assets (13,074) (803)
Accounts payable (15,025) 3,936 
Accrued expenses and other liabilities 12,352  (4,195)
Accrued compensation and employee benefits (72,534) (96,403)
Operating lease liabilities, net (2,146) (3,912)
Deferred revenue (60,261) (24,683)
Net cash provided by operating activities 119,002  100,037 
Cash flows from investing activities
Purchases of marketable securities (153,353) (323,137)
Maturities of marketable securities 111,083  360,141 
Purchases of property and equipment (12,832) (1,238)
Payments related to business acquisition, net of cash acquired
(24,821)  
Net cash (used in) provided by investing activities (79,923) 35,766 
Cash flows from financing activities
Repurchases of Class A common stock (227,525) (22,005)
Proceeds from exercise of stock options 302  312 
Payments of tax withholdings on net settlement of equity awards (12,195) (28,959)
Proceeds from employee stock purchase plan contributions 4,214  4,916 
Net cash used in financing activities (235,204) (45,736)
Effect of exchange rate changes 17,570  (5,127)
Net (decrease) increase in cash, cash equivalents, and restricted cash (178,555) 84,940 
Cash, cash equivalents, and restricted cash - beginning of period 879,634  1,062,116 
Cash, cash equivalents, and restricted cash - end of period $ 701,079  $ 1,147,056 
Supplemental disclosure of cash flow information
Cash paid for interest $   $ 45 
Cash paid for income taxes, net 6,052  7,391 
Supplemental disclosure of non-cash investing and financing activities
Property and equipment purchases included in accounts payable 63  50 
Deferred and contingent consideration recognized in connection with business acquisition
9,835   
Tax withholdings on net settlement of restricted stock units, accrued but not yet paid 3,136  4,304 
The accompanying notes are an integral part of these condensed 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. ("UiPath," the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in June 2015 and is headquartered in New York, New York. The UiPath Platform™ is designed to unify AI agents, robots, and people on a single intelligent system. With open and secure orchestration at its core, the platform allows customers to create, deploy, and manage these resources with scalability, flexibility, and compliance, enabling them to safely and confidently scale agentic automation and transform complex business processes.
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 2025 Form 10-K. There have been no significant changes to such policies during the three months ended April 30, 2025.
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, 2025, which are included in the 2025 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 three months ended April 30, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2026 or for any other future interim or annual period.
Fiscal Year
Our fiscal year ends on January 31. References to fiscal year 2026, for example, refer to the fiscal year ending January 31, 2026.
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, 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 and internal-use software 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, amount of self-insurance liability, 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 (expense) income, net in the condensed consolidated statements of operations. For the three months ended April 30, 2025 and 2024, we recognized foreign currency transaction (losses) gains of $(13.1) million and $2.8 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 April 30, 2025 and January 31, 2025, 92% and 86%, 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 an allowance 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 months ended April 30, 2025 and 2024, no single customer accounted for 10% or more of our total revenue. As of April 30, 2025 and January 31, 2025, no single customer accounted for 10% or more of our accounts receivable.
Segment Information
Our chief operating decision maker ("CODM") is our Chief Executive Officer ("CEO"). The CODM reviews financial information at the consolidated level and manages business activities as one operating and reportable segment. Because the assets of our single reportable segment are presented as total assets on our condensed consolidated balance sheets, no other measure of segment assets is regularly provided to the CODM. Net (loss) income, as reported on our condensed consolidated statements of operations, is one of the measures of segment profit or loss used by our CODM to evaluate performance relative to plan, make resource allocation decisions, and monitor profitability trends.
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
Significant Segment Expenses
Revenue is reduced by significant expenses regularly provided to the CODM, as well as other segment items, to arrive at net loss for the periods presented as follows (in thousands):
Three Months Ended April 30,
2025 2024
Revenue $ 356,624  $ 335,112 
Significant segment expenses:
Adjusted cost of licenses(1)
1,028  1,757 
Adjusted cost of subscription services(1)(2)(3)(4)
33,385  31,708 
Adjusted cost of professional services and other(2)(3)
21,366  13,434 
Adjusted sales and marketing(1)(2)(3)(4)
133,191  142,148 
Adjusted research and development(2)(3)(4)
60,185  55,831 
Adjusted general and administrative(1)(2)(3)(4)(5)
37,853  39,869 
Other segment items(6)
100,584  87,123 
Amortization of acquired intangible assets 1,408  2,028 
Interest income (12,648) (13,830)
Provision for income taxes
2,827  3,780 
Net loss $ (22,555) $ (28,736)
(1) Excludes amortization of acquired intangible assets
(2) Excludes stock-based-compensation
(3) Excludes employer payroll tax on employee equity transactions
(4) Excludes restructuring costs
(5) Excludes charitable donation of Class A common stock
(6) Other segment items include stock-based compensation expense; employer payroll tax expense related to employee equity transactions; restructuring costs; charitable donation of Class A common stock; and other (expense) income, net.
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 will require additional tax disclosures, predominantly related to the effective income tax rate reconciliation and income taxes paid. ASU No. 2023-09 will be effective for us for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this ASU on our condensed consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. ASU No. 2024-03 requires additional disclosure on specific expense categories included in the expense captions presented on the statements of operations, and may be applied prospectively or retrospectively. ASU No. 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this ASU on our condensed consolidated financial statements.
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
3. Revenue Recognition
Disaggregation of Revenue
The following tables summarize revenue by geographical region (dollars in thousands): 
Three Months Ended April 30,
2025 2024
Amount Percentage of Revenue Amount Percentage of Revenue
Americas (1)
$ 161,407  45  % $ 153,111  46  %
Europe, Middle East, and Africa 123,664  35  % 104,627  31  %
Asia-Pacific (2)
71,553  20  % 77,374  23  %
Total revenue $ 356,624  100  % $ 335,112  100  %
(1)Revenue from the U.S. represented 42% and 42% of our total revenues for the three months ended April 30, 2025 and 2024, respectively.
(2)Revenue from Japan represented 10% and 13% of our total revenues for the three months ended April 30, 2025 and 2024, respectively.
Deferred Revenue
During the three months ended April 30, 2025 and 2024, we recognized $210.3 million and $182.3 million of revenue that was included in the deferred revenue balance as of January 31, 2025 and 2024, respectively.
Remaining Performance Obligations
Our remaining performance obligations are comprised of licenses, subscription services, and professional services not yet delivered. As of April 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $1,231.3 million, which consists of $672.0 million of billed consideration and $559.3 million of unbilled consideration. We expect to recognize 63% 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 $21.3 million and $18.5 million for the three months ended April 30, 2025, and 2024, 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 April 30, 2025
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value
Treasury bills and U.S. government securities 741,023  349  (105) 741,267 
Corporate bonds 120,142    (63) 120,079 
Commercial paper 24,775  4    24,779 
Yankee bonds 4,736    (2) 4,734 
Total marketable securities $ 890,676  $ 353  $ (170) $ 890,859 
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
As of January 31, 2025
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value
Treasury bills and U.S. government securities 703,740    (421) 703,319 
Corporate bonds 93,989  36    94,025 
Commercial paper 42,371  20    42,391 
Yankee bonds 4,707    (7) 4,700 
Total marketable securities $ 844,807  $ 56  $ (428) $ 844,435 
As of April 30, 2025 and January 31, 2025, $36.5 million and $94.1 million, respectively, of our marketable securities had remaining contractual maturities of one year or more.
As of April 30, 2025 and January 31, 2025, $1.4 million and $2.4 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 April 30, 2025 or January 31, 2025.
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 April 30, 2025 and January 31, 2025 (in thousands): 
  As of April 30, 2025
  Level 1 Level 2 Level 3 Total
Financial assets:      
Money market funds
$ 222,386  $   $   $ 222,386 
Total cash equivalents 222,386      222,386 
Treasury bills and U.S. government securities 741,267      741,267 
Corporate bonds   120,079    120,079 
Commercial paper   24,779    24,779 
Yankee bonds   4,734    4,734 
Total marketable securities 741,267  149,592    890,859 
Other investments carried at fair value     13,001  13,001 
Total $ 963,653  $ 149,592  $ 13,001  $ 1,126,246 
Financial liabilities:
Contingent consideration     1,835  1,835 
Total $   $   $ 1,835  $ 1,835 
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
  As of January 31, 2025
  Level 1 Level 2 Level 3 Total
Financial assets:      
Money market funds
$ 311,942  $   $   $ 311,942 
Total cash equivalents 311,942      311,942 
Treasury bills and U.S. government securities 703,319      703,319 
Corporate bonds   94,025    94,025 
Commercial paper   42,391    42,391 
Yankee bonds   4,700    4,700 
Total marketable securities 703,319  141,116    844,435 
Other investments carried at fair value   $   $ 11,879  $ 11,879 
Total $ 1,015,261  $ 141,116  $ 11,879  $ 1,168,256 
Our money market funds and treasury bills and U.S. government securities are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify corporate bonds, commercial paper, and Yankee 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. Other investments carried at fair value (which consist of convertible bonds of private company the H Company purchased during fiscal year 2025) and contingent consideration associated with business acquisition are classified as Level 3 because their valuation relies on unobservable inputs.
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)

6. Business Acquisition
Peak AI Limited
On March 7, 2025, we acquired all outstanding equity of Peak AI Limited ("Peak"), a UK-based software company that provides pricing and inventory intelligence technology. With this acquisition, we gain an experienced team, established customer relationships in retail and manufacturing sectors, and technology that is optimized for industry-specific use cases.
The total purchase consideration for the acquisition of Peak was $40.1 million, consisting of initial cash consideration of $30.3 million and deferred and contingent consideration with an aggregate acquisition-date fair value of $9.8 million.
The Peak acquisition is accounted for as a business combination. We expect to finalize purchase accounting as soon as practicable, but no later than one year from the acquisition date. The following table summarizes the provisional allocation of purchase price to the assets acquired and liabilities assumed as of the acquisition date (in thousands):
March 7, 2025
Intangible assets
$ 16,181 
Other net liabilities
(4,055)
Goodwill
27,964 
Total
$ 40,090 
The following table sets forth the identifiable intangible assets acquired and their estimated useful lives as of the acquisition date:
Fair Value (in thousands)
Estimated Useful Life (in years)
Customer relationships
$ 9,228  3.0
Developed technology
6,447  5.0
Trade names and trademarks
506  3.0
Total $ 16,181 
The acquisition of Peak generated goodwill of $28.0 million representing expected synergies and acquired skilled workforce. None of this goodwill is deductible for tax purposes.
7. Intangible Assets and Goodwill
Intangible Assets, Net
Acquired intangible assets, net consisted of the following as of April 30, 2025 (dollars in thousands): 
  Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Weighted-Average Remaining Useful Life (years)
Developed technology $ 36,826  $ (23,820) $ 13,006  3.5
Customer relationships 18,256  (8,355) 9,901  2.8
Trade names and trademarks 811  (290) 521  2.9
Other intangibles 1,231  (605) 626  6.3
Total $ 57,124  $ (33,070) $ 24,054 
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
Acquired intangible assets, net consisted of the following as of January 31, 2025 (dollars in thousands):
  Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Weighted-Average Remaining Useful Life (years)
Developed technology $ 28,130  $ (21,416) $ 6,714  2.2
Customer relationships 8,183  (7,648) 535  0.5
Trade names and trademarks 271  (271)   0.0
Other intangibles 1,231  (575) 656  6.4
Total $ 37,815  $ (29,910) $ 7,905 
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 was $1.4 million and $2.0 million for the three months ended April 30, 2025 and 2024, respectively.
Expected future amortization expense related to intangible assets was as follows as of April 30, 2025 (in thousands):
  Amount
Remainder of year ending January 31, 2026 $ 6,814 
Year ending January 31,
2027 7,373 
2028 6,028 
2029 2,040 
2030 1,428 
Thereafter 371 
Total $ 24,054 
Goodwill
Changes in the carrying amount of goodwill during the three months ended April 30, 2025 were as follows (in thousands):
  Carrying Amount
Balance as of January 31, 2025 $ 87,304 
Acquisition of Peak
27,964 
Effect of foreign currency translation 6,103 
Balance as of April 30, 2025 $ 121,371 
8. Operating Leases
Our operating leases consist of real estate and vehicles and have remaining lease terms of one year to 13 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.
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
Lease costs are presented below (in thousands):
Three Months Ended April 30,
2025 2024
Operating lease cost $ 3,377  $ 3,476 
Short-term lease cost 660  1,123 
Variable lease cost 938  523 
Total $ 4,975  $ 5,122 
The following table represents the weighted-average remaining lease term and discount rate as of the periods presented:
As of
April 30,
2025
January 31,
2025
Weighted-average remaining lease term (years) 9.9 10.1
Weighted-average discount rate 7.4  % 7.2  %
Future undiscounted lease payments for our operating lease liabilities as of April 30, 2025 were as follows (in thousands):
Amount
Remainder of year ending January 31, 2026 $ 7,007 
Year ending January 31,
2027 14,990 
2028 13,530 
2029 9,981 
2030 8,913 
Thereafter 57,191 
Total operating lease payments 111,612 
Less: imputed interest (32,660)
Total operating lease liabilities $ 78,952 
As of April 30, 2025, we had non-cancellable commitments in the amount of $0.3 million related to operating leases of vehicles that have not yet commenced.
Current operating lease liabilities of $5.5 million and $3.6 million were included in accrued expenses and other current liabilities on our condensed consolidated balance sheets as of April 30, 2025 and January 31, 2025, respectively.
Supplemental cash flow information related to leases for the three months ended April 30, 2025 and 2024 was as follows (in thousands):
Three Months Ended April 30,
2025 2024
Cash paid for amounts included in the measurement of operating lease liabilities $ 4,470  $ 3,653 
Operating lease ROU assets obtained in exchange for new operating lease liabilities 755  7,044 
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
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
April 30,
2025
January 31,
2025
Prepaid expenses and service credits $ 66,651  $ 65,334 
Other current assets 32,616  20,942 
Prepaid expenses and other current assets $ 99,267  $ 86,276 
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
As of
April 30,
2025
January 31,
2025
Computers and equipment $ 25,107  $ 23,677 
Leasehold improvements 32,376  31,402 
Furniture and fixtures 7,790  7,124 
Construction in progress 18,761  9,562 
Other 681  635 
Property and equipment, gross 84,715  72,400 
Less: accumulated depreciation (42,751) (39,660)
Property and equipment, net $ 41,964  $ 32,740 
Depreciation expense for the three months ended April 30, 2025 and 2024 was $1.3 million and $2.3 million, respectively.
Other Assets, Non-Current
As of April 30, 2025 and January 31, 2025, other assets, non-current included $26.6 million and $24.4 million, respectively, related to equity investments in private companies without readily determinable fair values. As a measurement alternative, these investments are reported at cost and are assessed periodically to determine whether their carrying value must be adjusted for observable changes in price or indicators of impairment.
As of April 30, 2025 and January 31, 2025, other assets, non-current also included $13.0 million and $11.9 million, respectively, related to private-company convertible bonds, which are carried at fair value. Refer to Note 5, Fair Value Measurement for further information.
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
As of
April 30,
2025
January 31,
2025
Accrued expenses
$ 37,467  $ 19,810 
Withholding tax from employee equity transactions 3,160  4,699 
Employee stock purchase plan withholdings 7,759  3,335 
Payroll taxes and other benefits payable 9,658  8,258 
Income taxes payable 3,616  1,632 
Value-added taxes payable 2,530  3,640 
Operating lease liabilities, current 5,519  3,587 
Deferred consideration for business acquisition
8,000   
Contingent consideration for business acquisition
1,835   
Rebates payable to partners 16,751  13,314 
Cloud infrastructure liabilities
7,411  6,685 
Other 19,428  18,963 
Accrued expenses and other current liabilities $ 123,134  $ 83,923 

10. Commitments and Contingencies
Letters of Credit
We had a total of $2.7 million and $2.6 million in letters of credit outstanding in favor of certain landlords for office space as of April 30, 2025 and January 31, 2025, respectively. These letters of credit renew annually and expire on various dates through fiscal year 2027.
Indemnification
In the ordinary course of business, we may provide indemnification of varying scope and terms to customers, vendors, directors, and officers with respect to certain matters, including, but not limited to, losses arising out of our breach of such agreements, services to be provided by us, or from intellectual property infringement claims made by third parties.
These indemnification provisions may survive termination of the underlying agreement and the potential amount of future payments we could be required to make under these indemnification provisions may not be subject to maximum loss clauses. The maximum potential amount of future payments we could be required to make under these indemnification provisions is indeterminable. As of April 30, 2025 and January 31, 2025, we have not accrued a liability for these indemnification arrangements because the likelihood of incurring a payment obligation, if any, in connection with these indemnification arrangements is remote.
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
Workforce Restructuring
On July 8, 2024, our board of directors approved restructuring actions (the "Fiscal Year 2025 Workforce Restructuring") to reshape the organization by streamlining our structure, particularly in operational and corporate functions, to better prioritize our go-to-market investments and focus our research and development investments on artificial intelligence ("AI") and driving innovation across our platform. The Fiscal Year 2025 Workforce Restructuring is substantially completed, with any remaining actions expected to be completed by July 31, 2025.
The following table presents the total amount incurred, and the liability, which is recorded in accrued compensation and employee benefits in the condensed consolidated balance sheets, for restructuring-related costs as of April 30, 2025 (in thousands):
Employee Termination Benefits
Accrued restructuring costs as of January 31, 2025
$ 9,778 
Restructuring costs incurred during the three months ended April 30, 2025
3,011 
Amount paid during the three months ended April 30, 2025
(9,782)
Accrued restructuring costs as of April 30, 2025
$ 3,007 
The following table presents restructuring charges, consisting primarily of employee termination benefits, incurred during the three months ended April 30, 2025 by financial statement line item (in thousands):
Employee Termination Benefits
Cost of subscription services revenue $ 458 
Sales and marketing 1,981 
Research and development (331)
General and administrative 903 
Total $ 3,011 
Defined Contribution Plans
We sponsor retirement plans for qualifying employees, including a 401(k) plan in the U.S. and defined contribution plans in certain other countries, to which we make matching contributions. Our total matching contributions to all defined contribution plans were $5.5 million and $6.2 million for the three months ended April 30, 2025 and 2024, respectively.
Litigation
From time to time, we may be involved in lawsuits, claims, investigations, and proceedings, consisting of intellectual property, commercial, employment, and other matters which arise in the ordinary course of business. In accordance with ASC 450, Contingencies, we make a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
UiPath and certain of its officers and directors are currently parties to the following litigation matters:
On September 6, 2023, a putative class action lawsuit was filed in the United States District Court for the Southern District of New York against UiPath, then Co-Chief Executive Officer ("Co-CEO") Daniel Dines, and Chief Financial Officer ("CFO") Ashim Gupta, captioned In re UiPath, Inc. Securities Litigation (the "2023 Securities Action"). The initial complaint asserted claims under Sections 10(b) and 20(a) of the Exchange Act, and alleged that defendants made material misstatements and omissions, including regarding UiPath’s competitive position and its financial results. On January 26, 2024, the lead plaintiff in the 2023 Securities Action filed an amended complaint, and on March 26, 2024, filed a further amended complaint, which alleges Securities Act claims under Sections 11 and 15 as well as Exchange Act claims under Section 10(b), Rule 10b-5, and Section 20(a). In support of the Securities Act claims, the plaintiff alleges material misstatements and omissions in UiPath’s April 2021 Registration Statement, including regarding UiPath’s competitive position and its financial results. The operative complaint is purportedly brought on behalf of a putative class of persons who purchased or otherwise acquired UiPath common
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
stock between April 21, 2021 and September 27, 2022. It seeks unspecified monetary damages, costs and attorneys’ fees, and other unspecified relief as the Court deems appropriate. On April 23, 2024, the defendants moved to dismiss the second amended complaint. On November 4, 2024, the Court issued its opinion and order on the motion to dismiss, wherein it dismissed all claims under the Securities Act, but allowed the case to proceed with respect to two statements relating to competition that the plaintiffs allege violated the Exchange Act. On February 28, 2025, plaintiff filed a motion for Class Certification and Appointment of Class Representative and Class Counsel, and on April 29, 2025, defendants filed their opposition to the motion. On May 29, 2025, the plaintiff sought leave of the court to amend the second amended complaint.
On November 30, 2023, a purported shareholder derivative lawsuit was filed in the United States District Court for the Eastern District of New York against UiPath, as nominal defendant, and then Co-CEO Daniel Dines, CFO Ashim Gupta, and several of UiPath’s current and former directors. The case is captioned Polilingua Limited v. Daniel Dines, et al. The lawsuit alleges that the individual defendants breached their fiduciary duties and committed other alleged misconduct in connection with the statements at issue in the 2023 Securities Action and by causing UiPath to repurchase shares at allegedly inflated prices. The plaintiff seeks unspecified damages and/or restitution on behalf of UiPath, as well as costs and attorneys’ fees and certain changes to UiPath’s corporate governance and internal controls. Similar cases were filed in the District of Delaware (captioned In re UiPath, Inc. Stockholder Derivative Litigation) and in the Southern District of New York (captioned Ristea v. Botteri, et al.). On November 22, 2024, the In re UiPath, Inc. Stockholder Derivative Litigation case was voluntarily dismissed without prejudice. On January 8, 2025, the Polilingua Limited v. Daniel Dines, et al. case was voluntarily dismissed without prejudice. On February 5, 2025, the Ristea v. Botteri, et al. case was voluntarily dismissed without prejudice.
On June 20, 2024, a putative class action lawsuit was filed in the United States District Court for the Southern District of New York against UiPath, CEO Daniel Dines, former CEO Robert Enslin, and CFO Ashim Gupta. The case was captioned Steiner v. UiPath, et al. The complaint asserts claims under Sections 10(b) and 20(a) of the Exchange Act on behalf of a putative class of persons who purchased or acquired UiPath common stock between December 1, 2023 and May 29, 2024, and alleges that defendants made material misstatements and omissions, including regarding the Company's AI-powered Business Automation Platform and the Company's strategy for, the success of, and customer demand for the platform. The complaint seeks unspecified monetary damages, costs and attorneys' fees, and other unspecified relief as the Court deems appropriate. On August 6, 2024, a second putative class action was filed in the United States District Court for the Southern District of New York against UiPath, CEO Daniel Dines, former CEO Robert Enslin, and CFO Ashim Gupta. The case was captioned Brunozzi v. UiPath, et al. The allegations in the Brunozzi complaint were identical to those made in Steiner v. UiPath et al. except that the Brunozzi complaint defines the putative class to include purchasers of UiPath call options and sellers of put options. On September 5, 2024, the Court consolidated the Steiner and Brunozzi cases and appointed Brunozzi as the lead plaintiff. The consolidated action is captioned In re UiPath, Inc. Securities Litigation (the "2024 Securities Action"). On November 22, 2024, the lead plaintiff filed an amended complaint against UiPath, former CEO Robert Enslin, and CFO Ashim Gupta. CEO Daniel Dines is no longer a named defendant in the 2024 Securities Action. The allegations in the amended complaints are substantively similar to the allegations set forth in the complaints previously filed in Steiner and Brunozzi, and the amended complaint seeks unspecified monetary damages, costs and attorneys' fees, and other unspecified relief as the Court deems appropriate. On April 21, 2025, the defendants motion to dismiss the amended complaint was fully submitted to the Court.
On July 8, 2024 and April 17, 2025, purported shareholder derivative lawsuits were filed in the United States District Court for the Southern District of New York against UiPath, as nominal defendant, CEO Daniel Dines, former CEO Robert Enslin, CFO Ashim Gupta, and UiPath's board of directors. The cases are captioned Gera v. UiPath, et al. and Murie v. Botteri, et al., respectively. The lawsuits allege that the individual defendants breached their fiduciary duties and committed other alleged misconduct in connection with the statements made during the time period at issue in the 2024 Securities Action, and by allegedly causing UiPath to repurchase shares at allegedly inflated prices. The plaintiffs seek unspecified damages and/or restitution on behalf of UiPath, as well as costs and attorneys' fees and certain changes to UiPath's corporate governance and internal controls. These matters have been stayed pending further action in the 2024 Securities Action.
We have not recorded any accrual related to the aforementioned litigation matters as of April 30, 2025, as we believe a loss in these matters is neither probable nor estimable at this time.
Warranty
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
We warrant to customers that our platform will operate substantially in accordance with its specifications. Historically, no significant costs have been incurred related to product warranties. Based on such historical experience, the probability of incurring such costs in the future is deemed remote. As such, no accruals for product warranty costs have been made.
Other Matters
Our indirect tax positions are subject to audit in multiple jurisdictions globally, with a key focus on our largest operational territories, including the U.S., Romania, India, and the U.K.
Our Romanian subsidiary was subjected to audits by the Agenția Națională de Administrare Fiscală ("ANAF") for value-added tax and corporate income tax for the periods January 2020 through January 2022 and January 2018 through January 2022, respectively, which were completed during the first quarter of fiscal year 2025. With regard to the value-added tax audit, an assessment of $14.3 million has been issued. While we paid this assessment during fiscal year 2025, we disagree with the assessment and are in the process of appealing through litigation. The amount of the payment is included in other assets, non-current on our condensed consolidated balance sheet as of April 30, 2025, and we have not recorded any estimated liability related to this litigation as of April 30, 2025, as we believe it is not probable that a material loss has been incurred.
Additionally, our Romanian subsidiary is currently subject to audit for value-added tax for the periods of February 2022 through April 2024. While the audit is ongoing, and no official assessment has been issued, we estimate a possible loss of approximately $13.0 million. We have not recorded any estimated liability related to this audit as of April 30, 2025, as we believe it is not probable that a material loss will be incurred.
Our Indian subsidiary is currently subject to audits for goods and services tax for the period April 2018 through March 2024. A preliminary inquiry for certain transactions with a Goods and Services Tax ("GST") amount of $52.1 million has been raised. We are preparing our responses to the tax authority's requests. We have not recorded any estimated tax liability related to this audit as of April 30, 2025, as we believe it is not probable that a material loss will be incurred.
For additional information regarding tax audits, refer to Note 13, Income Taxes.
Non-Cancelable Purchase Obligations
In the normal course of business, we enter into non-cancelable purchase commitments with various parties, mainly for hosting services, software products and services, and purchase of credits toward products and services from strategic alliance partners.
As of April 30, 2025, we had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows (in thousands):
Amount
Remainder of year ending January 31, 2026 $ 65,299 
Year ending January 31,
2027 67,880 
2028 26,647 
2029 2,368 
2030 4 
Thereafter  
Total $ 162,198 
11. Stockholders’ Equity
Stock Repurchase Program
On September 1, 2023, our board of directors authorized a stock repurchase program which authorized the repurchase from time to time of up to $500.0 million of our outstanding shares of Class A common stock. This
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
authorization was scheduled to expire on March 1, 2025. On August 30, 2024, our board of directors authorized the repurchase of an additional $500.0 million of our Class A common stock. The current authorization may be suspended or discontinued at any time and does not have a specified expiration date. Repurchases under the program may be effected through open market purchases, privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternate uses of capital.
We repurchased 21.9 million shares of our Class A common stock at an average price of $10.40 per share during the three months ended April 30, 2025 and 0.9 million shares of our Class A common stock at an average price of $23.46 per share during the three months ended April 30, 2024 (inclusive of brokerage commission). For the three months ended April 30, 2025 and 2024, we accrued $1.9 million and none, respectively, of related excise tax pursuant to the Inflation Reduction Act of 2022, which is included in the cost of treasury stock on our condensed consolidated balance sheets.
Charitable Donations of Class A Common Stock
We have reserved 2.8 million shares of our Class A common stock to fund our social impact and environmental, social, and governance initiatives. We contributed 0.3 million shares of our Class A common stock during each of the three-month periods ended April 30, 2025 and 2024 to a donor-advised fund in connection with our Pledge 1% commitment. The aggregate fair values of the shares on the respective contribution dates of $4.2 million and $6.6 million were recorded within general and administrative expense in the condensed consolidated statements of operations for the three months ended April 30, 2025 and 2024, respectively.
Conversion of Class B Common Stock to Class A Common Stock
On March 13, 2025, 5.0 million shares of Class B common stock beneficially owned by CEO Daniel Dines were converted into Class A common stock in connection with a previously disclosed Rule 10b5-1 trading plan. All remaining outstanding shares of Class B common stock continue to be beneficially owned by Mr. Dines.
Accumulated Other Comprehensive Income
For the three months ended April 30, 2025 and 2024, changes in the components of accumulated other comprehensive income (loss) were as follows (in thousands):
Foreign Currency Translation Adjustments
Unrealized Gain (Loss) on Marketable Securities
Accumulated Other Comprehensive Income
Balance as of January 31, 2025 $ (4,518) $ (372) $ (4,890)
Other comprehensive income, net of tax
33,857  556  34,413 
Balance as of April 30, 2025 $ 29,339  $ 184  $ 29,523 

Foreign Currency Translation Adjustments
Unrealized Loss on Marketable Securities
Accumulated Other Comprehensive Income
Balance as of January 31, 2024 $ 8,925  $ (100) $ 8,825 
Other comprehensive loss, net of tax
(3,574) (511) (4,085)
Balance as of April 30, 2024 $ 5,351  $ (611) $ 4,740 
12. Equity Incentive Plans and Stock-Based Compensation
2021 Stock Plan
In April 2021, prior to and in connection with our initial public offering ("IPO"), we adopted our 2021 Equity Incentive Plan (the "2021 Plan"), which provides for grants of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), performance stock units
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
("PSUs"), and other forms of awards. As of April 30, 2025, we have reserved 229.8 million shares of our Class A common stock to be issued under the 2021 Plan. The number of shares of our Class A common stock reserved for issuance under the 2021 Plan will automatically increase on February 1 of each year for a period of ten years, which began on February 1, 2022 and continues through February 1, 2031, in an amount equal to (1) 5% of the total number of shares of our common stock (both Class A and Class B) outstanding on the preceding January 31, or (2) a lesser number of shares determined by our board of directors no later than the February 1 increase.
2021 Employee Stock Purchase Plan
In April 2021, prior to and in connection with the IPO, we adopted our 2021 Employee Stock Purchase Plan (the “ESPP”). As of April 30, 2025, the ESPP authorizes the issuance of 32.7 million shares of our Class A common stock under purchase rights granted to our employees. The number of shares of our Class A common stock reserved for issuance will automatically increase on February 1 of each year for a period of ten years, which began on February 1, 2022 and continues through February 1, 2031, by the lesser of (1) 1% of the total number of shares of our common stock (both Class A and Class B) outstanding on the preceding January 31; and (2) 15.5 million shares, except that before the date of any such increase, our board of directors may determine that such increase will be less than the amount set forth by (1) and (2) above. The ESPP allows participants to purchase shares at the lesser of (a) 85% of the fair market value of our Class A common stock as of the commencement of the offering period, and (b) 85% of the fair market value of our Class A common stock on the corresponding purchase date.
Stock Options
Stock option activity during the three months ended April 30, 2025 was as follows:
Stock Options
(in thousands)
Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value
(in thousands)
Outstanding as of January 31, 2025 7,935  $ 0.60  7.5 $ 108,138 
Granted 2,371  $ 0.10 
Exercised (851) $ 0.36 
Forfeited (99) $ 0.10 
Outstanding as of April 30, 2025 9,356  $ 0.50  7.9 $ 107,089 
Vested and exercisable as of April 30, 2025 3,172  $ 1.26  6.0 $ 33,868 
The weighted-average grant date fair value of stock options granted during the three months ended April 30, 2025 was $9.93 per share. The intrinsic value of stock options exercised during the three months ended April 30, 2025 was $8.9 million.
Unrecognized compensation expense associated with unvested stock options granted and outstanding as of April 30, 2025 was approximately $85.9 million, which is expected to be recognized over a weighted-average remaining period of 2.0 years.
Restricted Stock Units
RSU activity during the three months ended April 30, 2025 was as follows:
RSUs
(in thousands)
Weighted-Average Grant Date Fair Value Per Share
Unvested as of January 31, 2025 22,449  $ 17.81 
Granted 10,836  $ 10.19 
Vested (3,127) $ 19.80 
Forfeited (1,600) $ 18.49 
Unvested as of April 30, 2025 28,558  $ 14.66 
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
The fair value of RSUs released during the three months ended April 30, 2025 was $32.2 million.
As of April 30, 2025, total unrecognized compensation expense related to unvested RSUs was approximately $392.9 million, which is expected to be recognized over a weighted-average remaining period of 2.2 years.
Performance Stock Units
During the three months ended April 30, 2025, we granted 0.7 million PSUs subject to performance conditions related to the achievement of certain Company targets for fiscal year 2026, with a potential payout ranging from 0% to 150% of the base number of PSUs awarded (with some PSUs having a maximum payout of 150% and others having a maximum payout of 125%). To the extent that they are earned, these PSUs will vest over three years.
As of April 30, 2025, total unrecognized compensation expense related to unvested PSUs expected to vest was approximately $4.0 million, which is expected to be recognized over a weighted-average remaining period of 2.9 years.
Employee Stock Purchase Plan Awards
As of April 30, 2025, total unrecognized compensation expense related to the ESPP was approximately $0.7 million, which is expected to be recognized over a weighted-average remaining period of 0.1 years.
Stock-Based Compensation Associated with Business Acquisition
At the closing of the acquisition of Re:infer LTD on July 29, 2022, we issued 0.4 million shares of Class A common stock (outside of the 2021 Plan) to be released to certain employee sellers in equal installments on the first, second, and third anniversaries of the closing date, subject to employment-related clawback provisions. As of April 30, 2025, total unrecognized compensation expense related to these shares was $0.6 million, which is expected to be recognized over a weighted-average remaining period of 0.2 years.
Stock-Based Compensation Expense
Stock-based compensation expense is classified in the condensed consolidated statements of operations as follows (in thousands):
Three Months Ended April 30,
2025 2024
Cost of subscription services revenue $ 3,874  $ 4,276 
Cost of professional services and other revenue 2,728  2,470 
Sales and marketing 23,586  36,216 
Research and development 34,595  29,142 
General and administrative 11,578  16,623 
Total $ 76,361  $ 88,727 
13. Income Taxes
Our tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in the applicable quarter. In each quarter, we update the estimated annual effective tax rate and make a year-to-date adjustment to the provision. The estimated annual effective tax rate may change due to several factors, including the relative amount of income we earn in various jurisdictions and certain book-tax differences.
We had a provision for income taxes of $2.8 million, reflecting an effective tax rate of (14.3)%, and $3.8 million, reflecting an effective tax rate of (15.1)%, for the three months ended April 30, 2025 and 2024, respectively.
For the three months ended April 30, 2025 and 2024, our effective tax rate differed from the U.S. federal statutory rate primarily as a result of not recognizing deferred tax expenses due to a full valuation allowance on U.S. and Romania deferred tax assets ("DTAs") and due to tax rate differences between the U.S. and foreign countries.
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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
The realization of tax benefits of net DTAs is dependent upon future levels of taxable income of an appropriate character in the periods the items are expected to be deductible or taxable. As of April 30, 2025, based on the available positive and negative evidence, we believe it is more likely than not that the DTAs associated with the U.S. and Romania will not be realized and we continue to maintain a full valuation allowance against such DTAs. We intend to maintain each of these full valuation allowances until sufficient positive evidence exists to support a reversal of, or decrease in, each of the respective valuation allowances.
As of April 30, 2025, we had gross unrecognized tax benefits totaling $1.6 million related to income taxes, which would impact the effective tax rate if recognized. Of this amount, the total liability pertaining to uncertain tax positions was $0.9 million, excluding interest and penalties, which are accounted for as a component of our income tax provision.
Our tax positions are subject to income tax audits in multiple tax jurisdictions globally. Our estimates of the potential outcome of any uncertain tax position is subject to management's assessment of the relevant risks, facts, and circumstances existing at that time. We believe that we have provided adequate reserves for our income tax uncertainties in all open tax years. However, our future results may include adjustments to estimates in the period the audits are settled, which may impact our effective tax rate.
Our Indian subsidiary is currently appealing the corporate income tax assessment of $2.1 million for the audit period of April 2019 through March 2021. It also has an open corporate income tax audit for the period from April 2022 through March 2024. Our Romanian subsidiary is currently appealing the corporate income tax audit decision for the period from January 2018 through January 2022. In addition, we have engaged in two bilateral transfer pricing negotiations for our transfer pricing model, one between the U.S. and Romania, and one between Japan and Romania. These negotiations are still underway, the authorities are in the process of determining the cost sharing allocations between the respective countries, and the ultimate outcomes remain uncertain.
On December 20, 2021, the Organization for Economic Co-operation and Development ("OECD") published the Pillar Two Model Rules defining the global minimum tax for multinational enterprises with an annual revenue above €750.0 million. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. We have assessed the impact of the Pillar Two rules and included the impact when calculating estimated annual effective tax rate for the current year.
14. Net Loss Per Share
The following table sets forth the computation of basic and diluted net loss per share for the periods presented (in thousands except per share amounts):
Three Months Ended April 30,
2025 2024
Class A Class B Class A Class B
Numerator:
Net loss $ (19,277) $ (3,278) $ (24,579) $ (4,157)
Denominator:
Weighted-average shares used in computing net loss per share, basic and diluted 468,751  79,700  487,472  82,453 
Net loss per share, basic and diluted $ (0.04) $ (0.04) $ (0.05) $ (0.05)

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UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
Anti-dilutive common stock equivalents excluded from the computation of diluted net loss per share were as follows (in thousands):
Three Months Ended April 30,
2025 2024
Class A Class B Class A Class B
Unvested RSUs 25,881    32,230   
Outstanding stock options 8,830    10,946   
Shares issuable under ESPP 1,043    690   
Unvested PSUs
205       
Returnable shares issued in connection with business acquisition 136    274   
Shares subject to repurchase from RSAs and early exercised stock options     28   
Total 36,095    44,168   
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and the related notes and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the fiscal year ended January 31, 2025 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 24, 2025 (the "2025 Form 10-K"). This discussion, particularly information with respect to our future results of operations or financial condition, business strategy, and plans and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading “Special Note Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q. You should review the disclosure under Part I, Item 1A, "Risk Factors," in the 2025 Form 10-K for discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements.
Overview
First established in an apartment in Bucharest, Romania in 2005, UiPath was incorporated in Delaware in 2015 as a company principally focused on building and managing automations, starting with computer vision technology and user interface automation in our initial robotic process automation ("RPA") offering, which remains the foundation of our platform today. Over the course of the past several years, we have followed a strategy of leveraging advances in AI to broaden our automation capabilities and have expanded, through both internal product development and strategic acquisitions, from RPA as a tool to automation as a platform.
The UiPath Platform is designed to unify AI agents, robots, and people on a single intelligent system. With open and secure orchestration at its core, the platform allows customers to create, deploy, and manage these resources with scalability, flexibility, and compliance, enabling them to safely and confidently scale agentic automation and transform complex business processes.
Business Highlights for the Three Months Ended April 30, 2025:
Revenue of $356.6 million increased 6% year-over-year.
Annualized renewal run-rate ("ARR") at April 30, 2025 of $1,692.7 million increased 12% year-over-year.
Gross margin was 82% for the three months ended April 30, 2025, compared to 83% for the three months ended April 30, 2024.
Cash flow from operations was $119.0 million for the three months ended April 30, 2025, compared to $100.0 million for the three months ended April 30, 2024.
Cash and cash equivalents, restricted cash, and marketable securities were $1,591.9 million as of April 30, 2025, compared to $1,724.1 million as of January 31, 2025.
Macroeconomic Environment
As a corporation with a global presence, we are subject to risks and uncertainties caused by significant events with macroeconomic impacts, including, but not limited to, the impact of changes in geopolitical relationships, fluctuating inflation and interest rates, monetary and trade policy changes, government efficiency initiatives, and foreign currency fluctuations. Additionally, these macroeconomic impacts have generally disrupted the operations of our customers, prospective customers, and partners.
Internationally, we price our platform in currencies that may not be the functional currency. Accordingly, the heightened volatility of global markets has exposed us and will continue to expose us to foreign currency fluctuations, which may impact demand for our platform, our near-term results, the comparability of results to prior periods, and our ability to predict future results.
Further, cash, cash equivalents, and marketable securities represent a significant portion of our total assets, and the return on our cash, cash equivalents, and marketable securities is sensitive to changes in interest rates. Volatility in the interest rate environment may impact the amount of interest and other income reported on our condensed consolidated statements of operations, the comparability of these amounts to prior periods, and our ability to predict future profitability.
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We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results, as well as the overall global economy and geopolitical landscape.
Fiscal Year 2025 Workforce Restructuring
On July 8, 2024, our board of directors approved the Fiscal Year 2025 Workforce Restructuring to reshape the organization by streamlining our structure, particularly in operational and corporate functions, to better prioritize our go-to-market investments and focus our research and development investments on AI and driving innovation across our platform. The Fiscal Year 2025 Workforce Restructuring is substantially completed, with any remaining actions expected to be completed by July 31, 2025. Refer to Note 10, Commitments and Contingencies—Workforce Restructuring included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information.
Key Performance Metric
We monitor annualized renewal run-rate ("ARR") to help us measure and evaluate the effectiveness of our operations.
ARR is the key performance metric we use in managing our business because it illustrates our ability to acquire new subscription customers and to maintain and expand our relationships with existing subscription customers. We define ARR as annualized invoiced amounts per solution SKU from subscription licenses and maintenance and support obligations assuming no increases or reductions in customers' subscriptions. ARR does not include the costs we may incur to obtain such subscription licenses or provide such maintenance and support. ARR also does not reflect nonrecurring rebates payable to partners (upon establishing sufficient history of their nonrecurring nature), the impact of nonrecurring incentives (such as one-time discounts provided under sales promotional programs), and any actual or anticipated reductions in invoiced value due to contract non-renewals or service cancellations other than for certain reserves (for example those for credit losses or disputed amounts). At April 30, 2025 and 2024, our ARR was $1,692.7 million and $1,507.7 million, respectively, representing a growth rate of 12%. Approximately 24% of this growth rate was due to new customers and 76% of this growth rate was due to existing customers. Our dollar-based net retention rate, which represents the net expansion of ARR from existing customers over the preceding 12 months, was 108% and 118% as of April 30, 2025 and 2024, respectively. We calculate dollar-based net retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 months prior to such period end ("Prior Period ARR"). We then calculate the ARR from these same customers as of the current period end ("Current Period ARR"). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months, but does not include ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the point-in-time dollar-based net retention rate.
Our ARR may fluctuate as a result of a number of factors, including customers’ satisfaction or dissatisfaction with our platform, pricing, competitive offerings, economic conditions, overall changes in our customers’ spending levels, acquisitions, and our ability to successfully execute on our strategic goals. ARR should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to be combined with or to replace these items. For clarity, we use annualized invoiced amounts per solution SKU rather than revenue calculated in accordance with U.S. GAAP to calculate our ARR. Our invoiced amounts are not matched to transfer of control of the performance obligations associated with the underlying subscription licenses and maintenance and support obligations. This can result in timing differences between our U.S. GAAP revenue and ARR calculations. Generally speaking, our ARR calculation simply takes our invoiced amounts per solution SKU under a subscription license or maintenance agreement as of the end of an invoiced period and divides that amount by the corresponding term and multiplies by 365 days to derive the annualized renewal value. In contrast, for our revenue calculated in accordance with U.S. GAAP, subscription licenses revenue derived from the sale of term-based licenses hosted on-premises is recognized at the point in time when the customer is able to use and benefit from our software, which is generally upon delivery to the customer or upon the commencement of the renewal term, and maintenance, support, and software-as-a-service ("SaaS") revenue is recognized ratably over the term of the arrangement. ARR is not a forecast of future revenue. Unlike ARR, revenue is impacted by contract start and end dates and duration. The timing of recognition of ARR is determined by contract billing structure, whereas billing structure will neither accelerate nor delay recognition of future revenue. For example, in a multi-year contract invoiced upfront, ARR is the annualized invoiced amount per solution SKU related to the final year of the contract assuming no reserve is applied, whereas revenue is determined by total contract value and timing of satisfaction of the underlying performance obligations. ARR does not include invoiced amounts associated with perpetual licenses or professional services. Investors should not place undue reliance on ARR as an indicator of our future or expected results. Moreover, our presentation of ARR may differ from similarly titled metrics presented by other companies and may not be comparable to such other metrics.
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A summary of ARR-related data at April 30, 2025 and 2024 is as follows:
At April 30,
2025 2024
(dollars in thousands)
ARR $ 1,692,683  $ 1,507,730 
Incremental ARR (1)
184,953  258,847 
Customers with ARR ≥ $1 million:
Number of customers 316  288 
Percent of current period revenue 47  % 48  %
Customers with ARR ≥ $100 thousand:
Number of customers 2,365  2,092 
Percent of current period revenue 87  % 85  %
Dollar-based net retention rate 108  % 118  %
(1) For the twelve months ended April 30, 2025 and 2024, respectively
Components of Results of Operations
Revenue
We derive revenue from the sale of: (1) software licenses for use of our proprietary software and related maintenance and support; (2) the right to access certain software products we host (i.e., SaaS); and (3) professional services.
We have a unified commercial offering for software products with both on-premises and cloud deployment options that allows customers the choice of either deployment option throughout the term of the contract. These Flex Offerings are comprised of three types of performance obligations: term license, maintenance and support, and SaaS.
Licenses
Our term licenses (typically sold as a portion of Flex Offerings) provide customers the right to use software for a specified period of time. Revenue for licenses is recognized at the point in time at which the customer is able to use and benefit from the software, which is generally upon delivery to the customer or upon commencement of the renewal term. As licenses revenue is recognized at a point in time, any shift in license start dates or duration will have a direct impact on our licenses revenue.
Subscription Services
We generate subscription services revenue through the provision of: (1) maintenance and support services, which include technical support and unspecified updates and upgrades on a when-and-if-available basis for our licenses, and (2) SaaS products (typically sold as a portion of Flex Offerings). Maintenance and support and SaaS products represent stand-ready obligations for which revenue is recognized ratably over the term of the arrangements.
Professional Services and Other
Professional services and other revenue consists of fees associated with professional services for process automation, customer education, and training services. Our professional services contracts are structured on a time and materials or fixed price basis, and the related revenue is recognized as the services are rendered.
Cost of Revenue
Licenses
Cost of licenses revenue consists of all direct costs to deliver our licenses to customers, amortization of software development costs related to our licenses, and amortization of acquired developed technology.
Subscription Services
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Cost of subscription services revenue primarily consists of personnel-related expenses of our customer support and technical support teams, including salaries and bonuses, stock-based compensation expense, and employee benefit costs. Cost of subscription services revenue also includes third-party consulting services, hosting costs related to our SaaS products, amortization of acquired developed technology and capitalized software development costs related to SaaS products, depreciation, and allocated overhead. Overhead is allocated based on applicable headcount. We recognize these expenses as they are incurred. We expect cost of subscription services revenue to continue to increase in absolute dollars for the foreseeable future as our SaaS business grows. In the future, we expect further expansion of our cloud-based deployments. As more of our customer base deploys our products via SaaS, we expect our gross margin to be impacted by increased hosting fees and cloud infrastructure costs.
Professional Services and Other
Cost of professional services and other revenue primarily consists of personnel-related expenses of our professional services team, including salaries and bonuses, stock-based compensation expense, and employee benefit costs. Cost of professional services and other revenue also includes expenses related to subcontracted third-party services, depreciation, and allocated overhead. We recognize these expenses as they are incurred. We expect cost of professional services and other revenue to increase in absolute dollars for the foreseeable future.
Operating Expenses
Our operating expenses consist of sales and marketing, research and development, and general and administrative expenses. Personnel-related expenses are the most significant component of operating expenses and consist of salaries and bonuses, stock-based compensation expense, and employee benefit costs. Operating expenses also include allocated overhead.
Sales and Marketing
Sales and marketing expenses consist primarily of personnel-related expenses associated with our sales and marketing teams and related sales support teams, including salaries and bonuses, stock-based compensation expense, and employee benefit costs. Sales and marketing expenses also include sales and partner commissions, marketing event costs, advertising costs, travel, trade shows, other marketing materials, and allocated overhead. We expect that over the longer term our sales and marketing expenses will decrease as a percentage of revenue, although this percentage may fluctuate from period to period due to timing and extent of expenses.
Research and Development
Research and development expenses consist primarily of personnel-related expenses, including salaries and bonuses, stock-based compensation expense, and employee benefit costs, for our research and development employees, and allocated overhead. Research and development costs are expensed as incurred, with the exception of certain software development costs which are eligible for capitalization. We expect that our research and development expenses will increase in absolute dollars for the foreseeable future as we continue to invest in efforts to develop new technology and enhance the functionality and capabilities of our existing products and platform infrastructure. Our research and development expenses may fluctuate as a percentage of revenue from period to period due to the timing and extent of expenses.
General and Administrative
General and administrative expenses consist primarily of personnel-related expenses, including salaries and bonuses, stock-based compensation expense, and employee benefit costs, associated with our finance, legal, human resources, compliance, and other administrative teams, as well as accounting and legal professional services fees, other corporate-related expenses, and allocated overhead. We expect that over the longer term our general and administrative expenses will decrease as a percentage of revenue, although this percentage may fluctuate from period to period due to timing and extent of expenses.
Interest Income
Interest income consists of interest earned on our cash and cash equivalents and marketable securities.
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Other (Expense) Income, Net
Other (expense) income, net primarily consists of foreign exchange gains and losses. Other (expense) income, net also includes accretion of discounts and premiums on marketable securities.
Provision For Income Taxes
Provision for income taxes consists of U.S. federal and state income taxes and income taxes in foreign jurisdictions in which we conduct business. We currently maintain a full valuation allowance on our U.S. federal and state and Romania DTAs, as we have concluded as of April 30, 2025 that it is more likely than not that these DTAs will not be realized. Our effective tax rate is affected by tax rates in foreign jurisdictions and the relative amounts of income we earn in those jurisdictions, as well as by non-deductible expenses as permanent differences, and by changes in our valuation allowances.
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Results of Operations
The following tables set forth selected condensed consolidated statement of operations data and such data as a percentage of total revenue for each of the periods indicated:
  Three Months Ended April 30,
  2025 2024
  (in thousands)
Revenue:    
Licenses $ 128,286  $ 140,128 
Subscription services 217,303  185,131 
Professional services and other 11,035  9,853 
Total revenue 356,624  335,112 
Cost of revenue:
Licenses (1)
1,268  2,601 
Subscription services (1)(2)(3)(4)
38,468  36,754 
Professional services and other (2)(3)
24,121  15,970 
Total cost of revenue 63,857  55,325 
Gross profit 292,767  279,787 
Operating expenses:
Sales and marketing (1)(2)(3)(4)
159,661  180,139 
Research and development (2)(3)(4)
94,839  85,603 
General and administrative (1)(2)(3)(4)
54,679  63,510 
Total operating expenses 309,179  329,252 
Operating loss (16,412) (49,465)
Interest income 12,648  13,830 
Other (expense) income, net (15,964) 10,679 
Loss before income taxes (19,728) (24,956)
Provision for income taxes 2,827  3,780 
Net loss $ (22,555) $ (28,736)
(1) Includes amortization of acquired intangible assets as follows:
Cost of licenses revenue $ 240  $ 844 
Cost of subscription services revenue 681  593 
Sales and marketing 456  552 
General and administrative 31  39 
Total amortization of acquired intangible assets $ 1,408  $ 2,028 
(2) Includes stock-based compensation expense as follows:
Cost of subscription services revenue $ 3,874  $ 4,276 
Cost of professional services and other revenue 2,728  2,470 
Sales and marketing 23,586  36,216 
Research and development 34,595  29,142 
General and administrative 11,578  16,623 
Total stock-based compensation expense $ 76,361  $ 88,727 
(3) Includes employer payroll tax expense related to equity transactions as follows:
Cost of subscription services revenue $ 70  $ 177 
Cost of professional services and other revenue 27  66 
Sales and marketing 447  1,223 
Research and development 390  630 
General and administrative 127  415 
Total employer payroll tax expense related to equity transactions $ 1,061  $ 2,511 
(4) Includes restructuring expense as follows:
Cost of subscription services revenue $ 458  $ — 
Sales and marketing 1,981  — 
Research and development (331) — 
General and administrative 903  — 
Total restructuring expense $ 3,011  $ — 
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  Three Months Ended April 30,
  2025 2024
  (as a percentage of revenue)
Revenue:    
Licenses 36  % 42  %
Subscription services 61  % 55  %
Professional services and other % %
Total revenue 100  % 100  %
Cost of revenue:
Licenses —  % %
Subscription services 11  % 11  %
Professional services and other % %
Total cost of revenue 18  % 17  %
Gross profit 82  % 83  %
Operating expenses:
Sales and marketing 45  % 53  %
Research and development 27  % 26  %
General and administrative 15  % 19  %
Total operating expenses 87  % 98  %
Operating loss (5) % (15) %
Interest income % %
Other (expense) income, net (4) % %
Loss before income taxes (5) % (8) %
Provision for income taxes % %
Net loss (6) % (9) %

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Comparison of the Three Months Ended April 30, 2025 and 2024
Revenue
Three Months Ended April 30,
2025 2024 Change Change %
(dollars in thousands)
Licenses $ 128,286  $ 140,128  $ (11,842) (8) %
Subscription services 217,303  185,131  32,172  17  %
Professional services and other 11,035  9,853  1,182  12  %
Total revenue $ 356,624  $ 335,112  $ 21,512  %
Total revenue increased by $21.5 million, or 6%, for the three months ended April 30, 2025 compared to the three months ended April 30, 2024, primarily due to a $32.2 million increase in subscription services revenue, partially offset by an $11.8 million decrease in licenses revenue related in part to the transition to our Flex Offerings. As we continued to expand our sales efforts in the U.S. and internationally, total revenue grew across all regions. Of the growth in total revenue, 43% was attributable to new customers and 57% was attributable to existing customers. Subscription services revenue is recognized ratably over the subscription term; therefore, the increase in subscription services revenue is driven both by sales in prior periods for which we continue to provide maintenance and support and SaaS and by new sales in the current period.
Cost of Revenue and Gross Margin
  Three Months Ended April 30,    
  2025 2024 Change Change %
  (dollars in thousands)
Licenses $ 1,268  $ 2,601  $ (1,333) (51) %
Subscription services 38,468  36,754  1,714  %
Professional services and other 24,121  15,970  8,151  51  %
Total cost of revenue $ 63,857  $ 55,325  $ 8,532  15  %
Gross margin 82  % 83  %    

Total cost of revenue increased by $8.5 million, or 15%, for the three months ended April 30, 2025 compared to the three months ended April 30, 2024, due to an $8.2 million increase in cost of professional services and other revenue and a $1.7 million increase in cost of subscription services revenue, partially offset by a $1.3 million decrease in cost of licenses revenue.The increase in cost of professional services and other revenue was primarily driven by a $5.9 million increase in costs associated with the use of third-party subcontractors to deliver professional services to our customers and a $1.7 million increase in personnel-related expenses, which included a $1.4 million increase in salary-related and bonus expenses and a $0.3 million increase in stock-based compensation expense. The $1.7 million increase in cost of subscription services revenue was primarily driven by a $3.4 million increase in third-party hosting and software services costs as a result of increased usage of our subscription services, partially offset by a $1.6 million decrease in personnel-related expenses, which included a $1.0 million decrease in salary-related and bonus expenses and a $0.4 million decrease in stock-based compensation expense associated with reduced average headcount. The decrease in cost of licenses revenue was primarily driven by decreased amortization expense.
Our gross margin decreased to 82% for the three months ended April 30, 2025 compared to 83% for the three months ended April 30, 2024 due to a decrease in the proportion of higher-margin licenses revenue and the aforementioned increase in cost of professional services and other revenue primarily driven by increased third-party subcontractor costs.
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Operating Expenses
Sales and Marketing
  Three Months Ended April 30,    
  2025 2024 Change Change %
  (dollars in thousands)
Sales and marketing $ 159,661  $ 180,139  $ (20,478) (11) %
Percentage of revenue 45  % 53  %    
Sales and marketing expense decreased by $20.5 million, or 11%, for the three months ended April 30, 2025 compared to the three months ended April 30, 2024. The decrease was primarily attributable to a $21.2 million decrease in personnel-related expenses, which included a $12.6 million decrease in stock-based compensation expense, a $7.5 million decrease in salary-related and bonus expenses associated with reduced average headcount, a $1.2 million aggregate decrease in employee insurance costs and employer payroll taxes, a $1.1 million decrease in general employee severance, and an $0.8 million decrease in employer payroll tax expense related to employee equity transactions, partially offset by a $2.0 million increase in employee termination benefits related to our Fiscal Year 2025 Workforce Restructuring. Sales and marketing expense was also impacted by a $1.6 million increase in third-party consulting fees and a $1.4 million increase in marketing expenses, partially offset by a $1.5 million decrease in sales commissions expense.
Research and Development
  Three Months Ended April 30,    
  2025 2024 Change Change %
  (dollars in thousands)
Research and development $ 94,839  $ 85,603  $ 9,236  11  %
Percentage of revenue 27  % 26  %    
Research and development expense increased by $9.2 million, or 11%, for the three months ended April 30, 2025 compared to the three months ended April 30, 2024. The increase was primarily attributable to an $11.3 million increase in personnel-related expenses, which included a $6.4 million increase in salary-related and bonus expenses associated with both higher average headcount and merit increases and a $5.5 million increase in stock-based compensation expense, partially offset by a $0.9 million decrease in general employee severance. Research and development expense was also impacted by a $2.8 million decrease in hosting and software service costs.
General and Administrative
  Three Months Ended April 30,    
  2025 2024 Change Change %
  (dollars in thousands)
General and administrative $ 54,679  $ 63,510  $ (8,831) (14) %
Percentage of revenue 15  % 19  %    
General and administrative expense decreased by $8.8 million, or 14%, for the three months ended April 30, 2025 compared to the three months ended April 30, 2024. The decrease was primarily attributable to a $5.2 million decrease in personnel-related expenses, which included a $5.0 million decrease in stock-based compensation expense and a $1.2 million decrease in salary-related and bonus expenses associated with reduced average headcount, partially offset by a $1.0 million increase in employee termination benefits related to our Fiscal Year 2025 Workforce Restructuring. General and administrative expense was also impacted by a $2.4 million decrease in charitable donations mainly driven by the decreased fair value of our Class A common shares contributed to a donor-advised fund in the current year, a $1.8 million decrease in other taxes in non-U.S. jurisdictions, and a $0.7 million decrease in commercial insurance costs. These decreases were partially offset by a $2.1 million increase in third-party advisory fees.
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Interest Income
  Three Months Ended April 30,    
  2025 2024 Change Change %
  (dollars in thousands)
Interest income $ 12,648  $ 13,830  $ (1,182) (9) %
Percentage of revenue % %    
Interest income decreased by $1.2 million, or 9%, for the three months ended April 30, 2025 compared to the three months ended April 30, 2024 as a result of a period-over-period decrease in our aggregate balance of cash and cash equivalents and marketable securities, as well as decreased interest rates.
Other (Expense) Income, Net
  Three Months Ended April 30,    
  2025 2024 Change Change %
  (dollars in thousands)
Other (expense) income, net $ (15,964) $ 10,679  $ (26,643)
NM (1)
Percentage of revenue (4) % %    
(1) Not meaningful
Other expense, net increased by $26.6 million for the three months ended April 30, 2025 compared to the three months ended April 30, 2024, primarily due to a $15.9 million increase in losses from foreign currency transactions as a result of the lower value of the U.S. dollar during the three months ended April 30, 2025, a $5.6 million decrease in accretion of net discounts on marketable securities, and a $5.1 million increase in legal expense related to shareholder litigation.
Provision For Income Taxes
  Three Months Ended April 30,    
  2025 2024 Change Change %
  (dollars in thousands)
Provision for income taxes $ 2,827  $ 3,780  $ (953) (25) %
Percentage of revenue % %    
Provision for income taxes decreased by $1.0 million, or 25%, for the three months ended April 30, 2025 compared to the three months ended April 30, 2024, mainly driven by the lower non-U.S. operating profits.
Liquidity and Capital Resources
As of April 30, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $1,591.5 million, and we had an accumulated deficit of $2,010.4 million. For the three months ended April 30, 2025, we reported a net loss of $22.6 million and net cash provided by operating activities of $119.0 million. Cash generated by our operations in recent periods has principally been used to fund working capital requirements such as personnel and facilities costs, invest in capital expenditures, engage in various business acquisitions, and repurchase shares of our Class A common stock.
Our future capital requirements will depend on many factors, including our revenue growth rate, sales of our products and services, license renewal activity, the timing and the amount of cash received from customers, the expansion of sales and marketing activities, the timing and extent of spending to support development efforts, the introduction of new and enhanced products, the continuing market adoption of our products, expenses associated with international expansion, the timing and extent of capital expenditures to invest in existing and new office spaces, and the timing and extent of stock repurchases. We may in the future enter into arrangements to acquire or invest in complementary businesses, products, and technologies. We may be required to seek additional equity or debt financing. In the event that we require additional financing, we may not be able to raise such financing on terms acceptable to us or at all. If we are unable to raise additional capital or generate cash flows necessary to expand our operations and invest in continued innovation, we may not be able to compete successfully, which would harm our business, operations, and financial condition.
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We believe that our existing cash and cash equivalents, marketable securities, and payments from customers will be sufficient to fund our anticipated cash requirements for the next twelve months and the long term.
Stock Repurchase Program
On September 1, 2023, our board of directors authorized a stock repurchase program, pursuant to which we may repurchase from time to time up to $500.0 million of our outstanding shares of Class A common stock. On August 30, 2024 our board of directors authorized the repurchase of an additional $500.0 million of our outstanding shares of Class A common stock. Refer to Note 11, Stockholders' Equity—Stock Repurchase Program for further details.
Cash Flows
The following table summarizes our cash flows for the periods presented:
  Three Months Ended April 30,
2025 2024
(in thousands)
Net cash provided by operating activities (1)
$ 119,002  $ 100,037 
Net cash (used in) provided by investing activities
$ (79,923) $ 35,766 
Net cash used in financing activities $ (235,204) $ (45,736)
(1) Inclusive of:
Cash paid for employer payroll taxes related to employee equity transactions $ (1,113) $ (2,403)
Net payments of employee tax withholdings on stock option exercises $ (2) $ (12)
Cash paid for restructuring costs $ (9,782) $ (63)
Operating Activities
Our largest source of operating cash is cash generation from sales to our customers. Our primary uses of cash from operating activities are for personnel-related expenses, direct costs to deliver licenses and provide subscription and professional services, and marketing expenses.
Net cash provided by operating activities for the three months ended April 30, 2025 of $119.0 million was driven by cash collections from our customers, which were approximately 2% higher than during the three months ended April 30, 2024. These cash inflows were partially offset by cash payments for operating expenditures, primarily associated with the compensation of our teams, including fiscal year 2025 annual bonuses paid in the first quarter of fiscal year 2026. Other cash operating expenditures included payments related to our Fiscal Year 2025 Workforce Restructuring and payments for professional services, software, and office rent.
Net cash provided by operating activities for the three months ended April 30, 2024 of $100.0 million was driven by cash collections from our customers, partially offset by cash payments for operating expenditures, primarily associated with the compensation of our teams, including fiscal year 2024 annual bonuses paid in the first quarter of fiscal year 2025. Other cash operating expenditures included payments for professional services, software, and office rent.
Investing Activities
Net cash used in investing activities for the three months ended April 30, 2025 of $79.9 million was driven by $153.4 million in purchases of marketable securities, a net payment of $24.8 million in connection with the acquisition of Peak, and $12.8 million in capital expenditures primarily related to leasehold improvements, partially offset by $111.1 million in maturities of marketable securities.
Net cash provided by investing activities for the three months ended April 30, 2024 of $35.8 million was primarily driven by $360.1 million in maturities of marketable securities, partially offset by $323.1 million in purchases of marketable securities.
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Financing Activities
Net cash used in financing activities for the three months ended April 30, 2025 of $235.2 million was primarily driven by $227.5 million in repurchases of Class A common stock under our stock repurchase program and $12.2 million in payments of tax withholdings on net settlement of equity awards, partially offset by $4.2 million in proceeds from ESPP contributions.
Net cash used in financing activities for the three months ended April 30, 2024 of $45.7 million was primarily driven by $29.0 million in payments of tax withholdings on net settlement of equity awards and $22.0 million in repurchases of Class A common stock under our stock repurchase program, partially offset by $4.9 million in proceeds from ESPP contributions.
Material Cash Requirements
Our material cash requirements predominantly relate to working capital requirements, including employee compensation, payment of employee tax withholdings on net settlement of equity awards, and material contractual obligations, including leases and purchase commitments.
As of April 30, 2025, accrued compensation and benefits of $45.0 million are included in current liabilities on our condensed consolidated balance sheet. Refer to Note 9, Condensed Consolidated Balance Sheet Components—Accrued Expenses and Other Current Liabilities for details of additional short-term payroll-related obligations included in accrued expenses and other current liabilities.
Refer to Note 8, Operating Leases for more detailed information regarding timing of future lease payments, and Note 10, Commitments and Contingencies—Non-Cancelable Purchase Obligations for more detailed information regarding timing of purchase commitments. There were no significant changes during the three months ended April 30, 2025 from the contractual obligations disclosed in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” set forth in the 2025 Form 10-K.
Our stock repurchase program may also represent a material use of cash depending upon the number of shares repurchased, which is ultimately discretionary. Refer to Note 11, Stockholders' Equity—Stock Repurchase Program for further details.
Critical Accounting Estimates
There have been no material changes to our critical accounting estimates as compared to those disclosed in the 2025 Form 10-K.
Recent Accounting Pronouncements
See Note 2, Summary of Significant Accounting Policies—Recently Issued Accounting Pronouncements, included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
We are exposed to market risk in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is principally the result of fluctuations in interest rates and foreign currency exchange rates.
Interest Rate Risk
As of April 30, 2025, we had $700.6 million of cash and cash equivalents. Cash and cash equivalents consist of cash in banks, bank deposits, and money market accounts. In addition, we had $890.9 million of marketable securities, consisting primarily of treasury bills and U.S. government securities, corporate bonds, and commercial paper. Such interest-earning instruments carry a degree of interest rate risk. The primary objectives of our investment activities are the preservation of capital, the fulfillment of liquidity needs, and the fiduciary control of cash. We do not enter into investments for trading or speculative purposes. The effect of a hypothetical 10% change in interest rates would not have had a material impact on our condensed consolidated financial statements for the three months ended April 30, 2025.
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Foreign Currency Exchange Risk
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 translation of revenue and expenses is based on average monthly rates. Translation adjustments are recorded as a component of accumulated other comprehensive income, and transaction gains and losses are recorded in other income, net on our condensed consolidated financial statements. We have from time to time used foreign currency forward contracts to reduce our potential exposure to currency fluctuations, but did not have foreign currency forward contracts during the three months ended April 30, 2025 and 2024. If we are not able to successfully mitigate the risks associated with currency fluctuations, our results of operations could be adversely affected. The estimated translation impact to our condensed consolidated financial statements of a hypothetical 10% change in foreign currency exchange rates would amount to $37.7 million for the three months ended April 30, 2025. For the three months ended April 30, 2025, approximately 55% of our revenues and approximately 39% of our expenses were denominated in non-U.S. dollar currencies, and we recognized net foreign currency transaction losses of $13.1 million.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Our "disclosure controls and procedures" as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act, are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. In addition, they are designed to ensure that such information is accumulated and communicated to our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") as appropriate to allow timely decisions regarding required disclosure.
Our management, with the participation of our CEO and CFO, performed an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of April 30, 2025.
Changes in Internal Control Over Financial Reporting
During the three months ended April 30, 2025, no change in internal control over financial reporting was identified in connection with the evaluation required by Rule 13a-15(d) and Rule 15d-15(d) of the Exchange Act that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Limitations on Effectiveness of Controls and Procedures
Our management, including our CEO and CFO, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at a reasonable assurance level. However, any control system, no matter how well designed and operated, can only provide reasonable, not absolute, assurance that its objectives will be met. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures and internal control over financial reporting, including resource constraints, errors in judgment, and the possibility that controls and procedures will be circumvented by collusion, by management override, or by mistake. Additionally, the design of any control system is based in part on management assumptions about the likelihood of future events, and there can be no assurance that the system will succeed in achieving its objectives under all potential future scenarios. As a result of these limitations, our management does not expect that our disclosure controls and procedures and internal control over financial reporting will prevent all potential errors or fraud or detect all potential misstatements due to error or fraud.
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PART II—OTHER INFORMATION
Item 1. Legal Proceedings.
Refer to Note 10, Commitments and Contingencies—Litigation, to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for a description of current legal proceedings.
Item 1A. Risk Factors.
Our operations and financial results are subject to various risks and uncertainties, some of which are beyond our control. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risks discussed in the 2025 Form 10-K, including the disclosure under Part I, Item 1A, "Risk Factors,” which are risks we believe could materially affect our business, financial condition and future results. These are not the only risks we face. Other risks and uncertainties we are not currently aware of or that we currently consider immaterial also may materially adversely affect our business, financial condition, and future results. Risks we have identified but currently consider immaterial could still materially adversely affect our business, financial condition, and future results if our assumptions about those risks are incorrect or if circumstances change.
There have been no material changes to the risk factors previously disclosed in Part I, Item 1A of the 2025 Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Recent Sales of Unregistered Equity Securities
None.
Issuer Purchase of Equity Securities
The following table presents our Class A common stock repurchase activity under our previously announced stock repurchase program for the three months ended April 30, 2025 (in thousands, except for per share data):
Period Total Number of Shares Purchased Average Price Paid Per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (2)
February 1 - 28 636  $ 12.61  636  $ 499,368 
March 1 - 31 2,781  $ 11.08  2,781  $ 468,565 
April 1 - 30 18,458  $ 10.20  18,458  $ 280,298 
Total 21,875  21,875 
(1) Excludes brokerage commission and 1% excise tax accrued pursuant to the Inflation Reduction Act of 2022.
(2) On September 1, 2023, our board of directors authorized a stock repurchase program which authorized the repurchase from time to time of up to $500.0 million of our outstanding shares of Class A common stock. This authorization was scheduled to expire on March 1, 2025. On August 30, 2024, our board of directors authorized an additional $500.0 million of repurchases under the stock repurchase program. The current authorization may be suspended or discontinued at any time and does not have a specified expiration date. Repurchases under the program may be effected through open market purchases, privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternate uses of capital.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
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Item 5. Other Information.
During the three months ended April 30, 2025, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions, or written plans for the purchase or sale of our securities as follows:
On April 15, 2025, Brad Brubaker, our Chief Legal Officer and Secretary, adopted a trading plan intended to satisfy the affirmative defense condition of Rule 10b5-1(c) under the Exchange Act to sell up to 137,908 shares of our Class A common stock through December 10, 2025, subject to limit prices.
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Item 6. Exhibits.
Exhibit
Number
Description
32.1^
32.2^
101.SCH XBRL Taxonomy Extension Schema Document
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
101.LAB XBRL Taxonomy Extension Label Linkbase Document
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
^
The certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and are not deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall they be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, irrespective of any general incorporation language contained in such filing.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
UiPath, Inc.
Date: June 3, 2025 By: /s/ Ashim Gupta
Ashim Gupta
Chief Financial Officer and Chief Operating Officer
(Principal Financial Officer)

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