UiPath, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement

Fair Value Measurement

3 Months Ended

Apr. 30, 2021

5. Fair Value Measurement

The following tables present the fair value hierarchy of our financial assets and liabilities measured at fair value on a recurring basis as of April 30, 2021 and January 31, 2021 (in thousands):

	As of April 30, 2021
	Level 1		Level 2		Total
Financial assets:
Money market	$	161,409	$	—	$	161,409
Commercial paper		—		4,999		4,999
Total cash equivalents	$	161,409	$	4,999	$	166,408
Commercial paper		—		27,774		27,774
Corporate bonds		—		55,489		55,489
Total marketable securities		—		83,263		83,263
Total	$	161,409	$	88,262	$	249,671
Financial liabilities:
Foreign currency derivative liabilities included in accrued expenses and other current liabilities	$	—	$	190	$	190
Total	$	—	$	190	$	190

	As of January 31, 2021
	Level 1		Level 2		Total
Financial assets:
Money market	$	198,523	$	—	$	198,523
Commercial paper		—		19,999		19,999
Corporate bonds		—		1,477		1,477
Total cash equivalents	$	198,523	$	21,476	$	219,999
Commercial paper		—		23,171		23,171
Corporate bonds		—		79,657		79,657
Total marketable securities		—		102,828		102,828
Total	$	198,523	$	124,304	$	322,827
Financial liabilities:
Foreign currency derivative liabilities included in accrued expenses and other current liabilities	$	—	$	571	$	571
Total	$	—	$	571	$	571

Our money market funds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify commercial paper, corporate bonds, and derivative financial instruments within 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. Our derivative financial instruments consist principally of foreign currency forward contracts and are carried at fair value based on significant observable inputs. As such, they are classified within Level 2 of the fair value hierarchy. None of our financial instruments were classified in the Level 3 category as of April 30, 2021 or January 31, 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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