UiPath Reports First Quarter Fiscal 2024 Financial Results

Revenue of $290 million increases 18 percent year-over-year

ARR of $1.249 billion increases 28 percent year-over-year

Cash flow from operations reaches $67 million and non-GAAP adjusted free cash flow reaches $73 million

NEW YORK--()--UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its first quarter fiscal 2024 ended April 30, 2023.

First quarter fiscal 2024 results reflect our focus on driving growth at scale and increasing profitability as we meaningfully expanded our operating margin and increased cash flow for the second consecutive quarter,” said Rob Enslin, UiPath Co-Chief Executive Officer. “The teams are executing well in the current operating environment and we are committed to helping customers realize the transformative power of automation through an efficient go-to-market model that places customer success at the heart of everything we do.”

As a leader in AI-powered automation, customers are partnering with UiPath to harness the combination of generative AI and automation in an enterprise-grade platform,” said Daniel Dines, UiPath Co-Founder and Co-Chief Executive Officer. “For years UiPath has invested in ML models and domain specific AI for understanding interfaces, mining tasks, and processing documents and communications. Combining this foundation with the recent advancements in generative AI further strengthens our platform, unlocking a new wave of opportunities to democratize automation, increasing the number of use cases and driving faster time to value and overall ROI.”

First Quarter Fiscal 2024 Financial Highlights

Revenue of $289.6 million increased 18 percent year-over-year.
ARR of $1.249 billion increased 28 percent year-over-year.
Net new ARR of $45.0 million.
Dollar based net retention rate of 122 percent.
GAAP gross margin was 85 percent.
Non-GAAP gross margin was 87 percent.
GAAP operating loss was $(46.4) million.
Non-GAAP operating income was $48.2 million.
Net cash flow from operations was $67.3 million.
Non-GAAP adjusted free cash flow was $72.7 million.
Cash, cash equivalents, and marketable securities were $1.8 billion as of April 30, 2023.

I am pleased with our first quarter fiscal 2024 results which delivered revenue outperformance, as well as record non-GAAP operating margin and adjusted free cash flow. This afternoon we are raising our full fiscal year 2024 profitability outlook as we continue to drive efficiency across the business," said Ashim Gupta, UiPath Chief Financial Officer.

Financial Outlook

For the second quarter fiscal 2024, UiPath expects:

  • Revenue in the range of $279 million to $284 million
  • ARR in the range of $1.301 billion to $1.306 billion as of July 31, 2023
  • Non-GAAP operating income of approximately $10 million

For the full year fiscal 2024, UiPath expects:

  • Revenue in the range of $1.267 billion to $1.272 billion
  • ARR in the range of $1.427 billion to $1.432 billion as of January 31, 2024
  • Non-GAAP operating income of approximately $168 million

Reconciliation of non-GAAP operating income guidance to the most directly comparable GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from this non-GAAP measure; in particular, the effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

Recent Business Highlights

  • Unveiled New AI-powered Capabilities and Developer Experiences to Accelerate Trusted AI: Announced its latest platform release 2023.4 that leverages the power of AI to discover automation opportunities, expand what can be automated, and make automation faster, easier, and more accessible to all. Release upgrades include: OpenAI Connectors, Clipboard AI, Solution Accelerators, Communications Mining, ROI comparison, and more -- all designed to put transformative ideas into practice faster and understand the automation value to the top and bottom line.
  • Announced partnerships and integrations:
    • SAP ® to offer the UiPath Business Automation Platform to customers. The expanded partnership enables customers to execute business transformations, migrate critical business systems to the cloud, and augment existing business systems with the UiPath Platform and helps enterprises take advantage of a clean core with SAP S/4HANA® Cloud. The UiPath Platform is planned to be offered as a SAP-endorsed application.
    • T-Systems, one of the leading providers of digital services and a subsidiary of Telekom, to provide the UiPath Business Automation Platform on the Open Telekom Cloud ensuring data sovereignty and compliance with European standards. German Federal Ministry for Economic Affairs and Energy classifies T-Systems as a “Trusted Cloud” provider. Deutschlandticket, a subscription public transport ticket valid for all of Germany, is already benefiting from this partnership leveraging AI-powered UiPath solutions including Process Mining.
    • Amazon SageMaker, an end-to-end machine learning (ML) service, to connect new ML models into UiPath business processes without the need for complex coding and manual effort. Amazon SageMaker is a fully managed service from Amazon Web Services (AWS) to prepare data and build, train, and deploy ML models for any use case with fully managed infrastructure, tools, and workflows.
    • Amelia, the enterprise leader in Trusted AI, to bring together the power of the UiPath Business Automation Platform with Amelia’s enterprise-grade Conversational AI to create a fully integrated IT digital agent solution. Together, the market leaders will enable customers to deliver personalized employee experiences at scale, helping businesses drive efficient growth by doing more with less.
    • Snowflake to launch the UiPath Business Automation Platform as a pre-built solution for the Manufacturing Data Cloud by Snowflake, the Data Cloud company. The Manufacturing Data Cloud enables companies in automotive, technology, energy, and industrial sectors to unlock the value of their critical siloed industrial data by leveraging Snowflake’s data platform, Snowflake- and partner-delivered solutions, and industry-specific datasets.
  • Appointed Executive Karenann Terrell to its Board of Directors: Terrell brings decades of experience in corporate leadership and digital and cybersecurity technologies, and a long and successful track record of leading innovative and diverse teams around the world. She has served in key roles at multiple Fortune 500 companies, including most recently as the Chief Digital & Technology officer for GSK plc (formerly GlaxoSmithKline). Terrell has also served as the Chief Information Officer for Walmart Stores Inc., Baxter International, and DaimlerChrysler.

Conference Call and Webcast

UiPath will host a conference call today, Wednesday, May 24, 2023, at 5:00 p.m. Eastern Time, to discuss the Company's first quarter fiscal 2024 financial results and guidance. To access this call, dial 1-201-689-8057 (domestic) or 1-877-407-8309 (international). The passcode is 13738322. A live webcast of this conference call will be available on the "Investor Relations" page of UiPath’s website (https://ir.uipath.com), and a replay will also be archived on the website for one year.

About UiPath

UiPath (NYSE: PATH) is on a mission to uplevel knowledge work so more people can work more creatively, collaboratively, and strategically. The AI-powered UiPath Business Automation Platform combines the leading robotic process automation (RPA) solution with a full suite of capabilities to understand, automate, and operate end-to-end processes, offering unprecedented time-to-value. For organizations that need to evolve to survive and thrive through increasingly changing times, UiPath is The Foundation of Innovation™. For more information, visit www.uipath.com.

Forward Looking Statements

Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “possible,” “projects,” “outlook,” “seeks,” “should,” “will,” and variations of such words or similar expressions, including the negatives of these words or similar expressions.

We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are making this statement for purposes of complying with those safe harbor provisions.

These forward-looking statements include, but are not limited to, statements regarding our guidance for the second fiscal quarter and fiscal year 2024, our strategic plans, objectives and roadmap, the estimated addressable market opportunity for our platform and statements regarding the growth of the enterprise automation market, the success of our platform and new releases, the success of our collaborations with third parties and our customers’ behaviors and potential automation spend. Accordingly, actual results could differ materially, or such uncertainties could cause adverse effects on our results. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: the market, political, economic, and business conditions, including geo-political turmoil and macro-economic effects caused by the war in Ukraine, increasing inflationary cost trends, and foreign exchange volatility; volatility in credit and financial markets, including industry effects as may be caused by recent bank closures; our recent rapid growth, which may not be indicative of our future growth; our limited operating history; our ability to successfully manage our growth and achieve or maintain profitability; our ability and the ability of our platform and products to satisfy and adapt to customer demands; our dependency on our existing customers to renew their licenses and purchase additional licenses and products from us and our channel partners; our ability to attract and retain customers; the competitive markets in which we participate; our ability to maintain and expand our distribution channels; our ability to attract, retain and motivate our management and key employees, integrate new team members and manage management transitions; our reliance on third-party providers of cloud-based infrastructure; the potential effects that regional or global pandemics could have on our or our customers’ businesses, financial conditions and future operating results; our failure to achieve our environmental, social and governance (ESG) goals; and the price volatility of our Class A common stock.

Further information on risks that could cause actual results to differ materially from our guidance can be found in our Annual Report on Form 10-K for the annual period ended January 31, 2023 filed with the SEC on March 24, 2023, and in our Quarterly Reports on Form 10-Q filed with the SEC, and other filings and reports that we may file from time to time with the SEC. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements.

Key Performance Metric

Annualized Renewal Run-rate (ARR) is a 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, and does not reflect any actual or anticipated reductions in invoiced value due to contract non-renewals or service cancellations other than for specific reserves, for example those for credit losses or disputed amounts. ARR does not include invoiced amounts associated with perpetual licenses or professional services. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and duration. ARR should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items.

Dollar-based net retention rate represents the rate of net expansion of our ARR from existing customers over the preceding 12 months. We calculate dollar-based net retention rate as of a period end by starting with 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 any contraction or attrition over the preceding 12 months but does not include ARR from new customers in the current period. We then divide total Current Period ARR by total Prior Period ARR to arrive at dollar-based net retention rate. Dollar-based net retention rate may fluctuate based on the customers that qualify to be included in the cohort used for calculation and may not reflect our actual performance.

Investors should not place undue reliance on ARR or dollar-based net retention rate as an indicator of future or expected results. Our presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.

Non-GAAP Financial Measures

Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States (GAAP). This earnings press release includes financial measures defined as non-GAAP financial measures by the SEC, including non-GAAP cost of licenses, non-GAAP cost of subscription services, non-GAAP cost of professional services and other, non-GAAP gross profit and margin, non-GAAP sales and marketing expenses, non-GAAP research and development expenses, non-GAAP general and administrative expenses, non-GAAP operating income (loss) and margin, and non-GAAP net income (loss) and non-GAAP net income (loss) per share. These non-GAAP financial measures exclude:

  • stock-based compensation expense;
  • amortization of acquired intangibles;
  • employer payroll tax expense related to employee equity transactions;
  • restructuring costs;
  • charitable donations of Class A common stock; and
  • in the case of non-GAAP net income (loss), tax adjustments associated with the add-back items, as applicable.

Additionally, this earnings release presents non-GAAP adjusted free cash flow, which is calculated by adjusting GAAP operating cash flows for the impact of purchases of property and equipment, cash paid for employer payroll taxes related to employee equity transactions, net payments/receipts of employee tax withholdings on stock option exercises, and cash paid for restructuring costs.

UiPath uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, by excluding the effects of special items that do not reflect the ordinary earnings of our operations, and as a supplement to GAAP measures. UiPath believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in UiPath’s industry, many of which present similar non-GAAP financial measures to investors. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information below provides a reconciliation of non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures. We encourage investors to consider our GAAP results alongside our supplemental non-GAAP measures, and to review the reconciliation between GAAP results and non-GAAP measures that is included at the end of this earnings press release. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the Investor Relations page of UiPath’s website at https://ir.uipath.com.

SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices.

UiPath, Inc.

Condensed Consolidated Statements of Operations

in thousands, except per share data

(unaudited)

 

 

Three Months Ended April 30,

 

 

 

2023

 

 

 

2022

 

Revenue:

 

 

 

 

Licenses

 

$

134,039

 

 

$

117,004

 

Subscription services

 

 

146,352

 

 

 

115,494

 

Professional services and other

 

 

9,197

 

 

 

12,568

 

Total revenue

 

 

289,588

 

 

 

245,066

 

Cost of revenue:

 

 

 

 

Licenses

 

 

2,547

 

 

 

2,537

 

Subscription services

 

 

23,078

 

 

 

21,045

 

Professional services and other

 

 

18,042

 

 

 

21,434

 

Total cost of revenue

 

 

43,667

 

 

 

45,016

 

Gross profit

 

 

245,921

 

 

 

200,050

 

Operating expenses:

 

 

 

 

Sales and marketing

 

 

160,406

 

 

 

189,782

 

Research and development

 

 

75,342

 

 

 

68,690

 

General and administrative

 

 

56,584

 

 

 

57,530

 

Total operating expenses

 

 

292,332

 

 

 

316,002

 

Operating loss

 

 

(46,411

)

 

 

(115,952

)

Interest income

 

 

13,848

 

 

 

991

 

Other income (expense), net

 

 

4,294

 

 

 

(2,811

)

Loss before income taxes

 

 

(28,269

)

 

 

(117,772

)

Provision for income taxes

 

 

3,632

 

 

 

4,789

 

Net loss

 

$

(31,901

)

 

$

(122,561

)

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.06

)

 

$

(0.23

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

 

557,878

 

 

 

541,902

 

UiPath, Inc.

Condensed Consolidated Balance Sheets

in thousands

(unaudited)

 

 

As of

 

 

April 30,
2023

 

January 31,
2023

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

1,311,576

 

 

$

1,402,119

 

Marketable securities

 

 

469,071

 

 

 

354,774

 

Accounts receivable, net of allowance for credit losses of $1,017 and $2,698, respectively

 

 

233,307

 

 

 

374,217

 

Contract assets

 

 

68,536

 

 

 

69,260

 

Deferred contract acquisition costs

 

 

53,355

 

 

 

49,887

 

Prepaid expenses and other current assets

 

 

121,429

 

 

 

94,150

 

Total current assets

 

 

2,257,274

 

 

 

2,344,407

 

Marketable securities, non-current

 

 

5,710

 

 

 

2,942

 

Contract assets, non-current

 

 

6,930

 

 

 

6,523

 

Deferred contract acquisition costs, non-current

 

 

136,571

 

 

 

137,616

 

Property and equipment, net

 

 

26,911

 

 

 

29,045

 

Operating lease right-of-use assets

 

 

52,275

 

 

 

52,052

 

Intangible assets, net

 

 

21,167

 

 

 

23,010

 

Goodwill

 

 

89,207

 

 

 

88,010

 

Deferred tax assets

 

 

5,915

 

 

 

5,895

 

Other assets, non-current

 

 

40,723

 

 

 

45,706

 

Total assets

 

$

2,642,683

 

 

$

2,735,206

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

5,734

 

 

$

8,891

 

Accrued expenses and other current liabilities

 

 

63,138

 

 

 

76,645

 

Accrued compensation and employee benefits

 

 

48,622

 

 

 

142,582

 

Deferred revenue

 

 

385,895

 

 

 

398,334

 

Total current liabilities

 

 

503,389

 

 

 

626,452

 

Deferred revenue, non-current

 

 

113,222

 

 

 

121,697

 

Operating lease liabilities, non-current

 

 

56,564

 

 

 

56,442

 

Other liabilities, non-current

 

 

13,971

 

 

 

10,457

 

Total liabilities

 

 

687,146

 

 

 

815,048

 

Commitments and contingencies

 

 

 

 

Stockholders' equity

 

 

 

 

Class A common stock

 

 

5

 

 

 

5

 

Class B common stock

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

3,801,656

 

 

 

3,736,838

 

Accumulated other comprehensive income

 

 

10,074

 

 

 

7,612

 

Accumulated deficit

 

 

(1,856,199

)

 

 

(1,824,298

)

Total stockholders’ equity

 

 

1,955,537

 

 

 

1,920,158

 

Total liabilities and stockholders’ equity

 

$

2,642,683

 

 

$

2,735,206

 

UiPath, Inc.

Condensed Consolidated Statements of Cash Flows

in thousands

(unaudited)

 

 

 

 

 

 

 

Three Months Ended April 30,

 

 

 

2023

 

 

 

2022

 

Cash flows from operating activities

 

 

 

 

Net loss

 

$

(31,901

)

 

$

(122,561

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

Depreciation and amortization

 

 

5,616

 

 

 

4,039

 

Amortization of deferred contract acquisition costs

 

 

14,072

 

 

 

10,822

 

Net amortization on marketable securities

 

 

(4,097

)

 

 

473

 

Stock-based compensation expense

 

 

85,048

 

 

 

101,454

 

Charitable donation of Class A common stock

 

 

4,215

 

 

 

 

Amortization of operating lease right-of-use assets

 

 

3,071

 

 

 

2,759

 

Provision for deferred income taxes

 

 

(267

)

 

 

1,594

 

Other non-cash charges, net

 

 

624

 

 

 

2,849

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

141,557

 

 

 

76,864

 

Contract assets

 

 

660

 

 

 

(18,523

)

Deferred contract acquisition costs

 

 

(15,499

)

 

 

(20,761

)

Prepaid expenses and other assets

 

 

(5,860

)

 

 

(5,231

)

Accounts payable

 

 

(2,130

)

 

 

7,554

 

Accrued expenses and other liabilities

 

 

(10,547

)

 

 

(12,894

)

Accrued compensation and employee benefits

 

 

(93,390

)

 

 

(65,083

)

Operating lease liabilities, net

 

 

(2,946

)

 

 

(1,950

)

Deferred revenue

 

 

(20,885

)

 

 

(14,289

)

Net cash provided by (used in) operating activities

 

 

67,341

 

 

 

(52,884

)

Cash flows from investing activities

 

 

 

 

Purchases of marketable securities

 

 

(215,391

)

 

 

(21,918

)

Maturities of marketable securities

 

 

78,955

 

 

 

14,813

 

Purchases of property and equipment

 

 

(1,870

)

 

 

(9,692

)

Other investing, net

 

 

2,754

 

 

 

1,100

 

Net cash used in investing activities

 

 

(135,552

)

 

 

(15,697

)

Cash flows from financing activities

 

 

 

 

Proceeds from exercise of stock options

 

 

1,187

 

 

 

2,823

 

Payments of tax withholdings on net settlement of equity awards

 

 

(25,902

)

 

 

(17,329

)

Net payments of tax withholdings on sell-to-cover equity award transactions

 

 

(645

)

 

 

(10,037

)

Proceeds from employee stock purchase plan contributions

 

 

4,730

 

 

 

6,356

 

Net cash used in financing activities

 

 

(20,630

)

 

 

(18,187

)

Effect of exchange rate changes

 

 

(1,702

)

 

 

(2,738

)

Net decrease in cash and cash equivalents

 

 

(90,543

)

 

 

(89,506

)

Cash and cash equivalents - beginning of period

 

 

1,402,119

 

 

 

1,768,723

 

Cash and cash equivalents - end of period

 

$

1,311,576

 

 

$

1,679,217

 

UiPath, Inc.

Reconciliation of GAAP Cost of Revenue, Gross Profit and Margin to Non-GAAP Cost of
Revenue, Gross Profit and Margin

in thousands, except percentages

(unaudited)

 

 

 

 

 

 

 

Three Months Ended April 30,

 

 

 

2023

 

 

 

2022

 

GAAP cost of licenses

 

$

2,547

 

 

$

2,537

 

Less: Amortization of acquired intangible assets

 

 

836

 

 

 

596

 

Non-GAAP cost of licenses

 

$

1,711

 

 

$

1,941

 

 

 

 

 

 

GAAP cost of subscription services

 

$

23,078

 

 

$

21,045

 

Less: Stock-based compensation expense

 

 

3,178

 

 

 

3,216

 

Less: Amortization of acquired intangible assets

 

 

584

 

 

 

330

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

90

 

 

 

84

 

Non-GAAP cost of subscription services

 

$

19,226

 

 

$

17,415

 

 

 

 

 

 

GAAP cost of professional services and other

 

$

18,042

 

 

$

21,434

 

Less: Stock-based compensation expense

 

 

2,699

 

 

 

3,874

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

71

 

 

 

79

 

Non-GAAP cost of professional services and other

 

$

15,272

 

 

$

17,481

 

 

 

 

 

 

GAAP gross profit

 

$

245,921

 

 

$

200,050

 

GAAP gross margin

 

 

85

%

 

 

82

%

Plus: Stock-based compensation expense

 

 

5,877

 

 

 

7,090

 

Plus: Amortization of acquired intangible assets

 

 

1,420

 

 

 

926

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

161

 

 

 

163

 

Non-GAAP gross profit

 

$

253,379

 

 

$

208,229

 

Non-GAAP gross margin

 

 

87

%

 

 

85

%

UiPath, Inc.

Reconciliation of GAAP Operating Expenses, Loss, and Margin to Non-GAAP Operating
Expenses, Income (Loss) and Margin

in thousands, except percentages

(unaudited)

 

 

 

 

 

 

 

Three Months Ended April 30,

 

 

 

2023

 

 

 

2022

 

GAAP sales and marketing

 

$

160,406

 

 

$

189,782

 

Less: Stock-based compensation expense

 

 

33,123

 

 

 

50,758

 

Less: Amortization of acquired intangible assets

 

 

671

 

 

 

414

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

1,224

 

 

 

1,427

 

Less: Restructuring costs

 

 

229

 

 

 

 

Non-GAAP sales and marketing

 

$

125,159

 

 

$

137,183

 

 

 

 

 

 

GAAP research and development

 

$

75,342

 

 

$

68,690

 

Less: Stock-based compensation expense

 

 

24,773

 

 

 

26,623

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

601

 

 

 

481

 

Less: Restructuring costs

 

 

285

 

 

 

 

Non-GAAP research and development

 

$

49,683

 

 

$

41,586

 

 

 

 

 

 

GAAP general and administrative

 

$

56,584

 

 

$

57,530

 

Less: Stock-based compensation expense

 

 

21,275

 

 

 

16,983

 

Less: Amortization of acquired intangible assets

 

 

41

 

 

 

46

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

378

 

 

 

177

 

Less: Restructuring costs

 

 

375

 

 

 

 

Less: Charitable donation of Class A common stock

 

 

4,215

 

 

 

 

Non-GAAP general and administrative

 

$

30,300

 

 

$

40,324

 

 

 

 

 

 

GAAP operating loss

 

$

(46,411

)

 

$

(115,952

)

GAAP operating margin

 

 

(16

) %

 

 

(47

) %

Plus: Stock-based compensation expense

 

 

85,048

 

 

 

101,454

 

Plus: Amortization of acquired intangible assets

 

 

2,132

 

 

 

1,386

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

2,364

 

 

 

2,248

 

Plus: Restructuring costs

 

 

889

 

 

 

 

Plus: Charitable donation of Class A common stock

 

 

4,215

 

 

 

 

Non-GAAP operating income (loss)

 

$

48,237

 

 

$

(10,864

)

Non-GAAP operating margin

 

 

17

%

 

 

(4

) %

UiPath, Inc.

Reconciliation of GAAP Net Loss and GAAP Net Loss Per Share to Non-GAAP Net Income (loss)
and Non-GAAP Net Income (loss) Per Share

in thousands, except per share data

(unaudited)

 

 

 

 

 

 

 

Three Months Ended April 30,

 

 

 

2023

 

 

 

2022

 

GAAP net loss attributable to common stockholders

 

$

(31,901

)

 

$

(122,561

)

Plus: Stock-based compensation expense

 

 

85,048

 

 

 

101,454

 

Plus: Amortization of acquired intangible assets

 

 

2,132

 

 

 

1,386

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

2,364

 

 

 

2,248

 

Plus: Restructuring costs

 

 

889

 

 

 

 

Plus: Charitable donation of Class A common stock

 

 

4,215

 

 

 

 

Tax adjustments to add-backs

 

 

1,042

 

 

 

 

Non-GAAP net income (loss)

 

$

63,789

 

 

$

(17,473

)

 

 

 

 

 

GAAP net loss per share, basic and diluted

 

$

(0.06

)

 

$

(0.23

)

GAAP weighted average common shares outstanding, basic and diluted

 

 

557,878

 

 

 

541,902

 

Non-GAAP weighted average common shares outstanding, basic

 

 

557,878

 

 

 

541,902

 

Plus: Dilutive potential common shares from outstanding equity awards

 

 

12,728

 

 

 

 

Non-GAAP weighted average common shares outstanding, diluted

 

 

570,606

 

 

 

541,902

 

Non-GAAP net income (loss) per share, basic

 

$

0.11

 

 

$

(0.03

)

Non-GAAP net income (loss) per share, diluted

 

$

0.11

 

 

$

(0.03

)

UiPath, Inc.

Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow

in thousands

(unaudited)

 

 

 

 

 

 

 

Three Months Ended April 30,

 

 

 

2023

 

 

 

2022

 

GAAP net cash provided by (used in) operating activities

 

$

67,341

 

 

$

(52,884

)

Purchases of property and equipment

 

 

(1,870

)

 

 

(9,692

)

Cash paid for employer payroll taxes related to employee equity transactions

 

 

2,738

 

 

 

3,034

 

Net payments of employee tax withholdings on stock option exercises

 

 

765

 

 

 

5,757

 

Cash paid for restructuring costs

 

 

3,734

 

 

 

 

Non-GAAP adjusted free cash flow

 

$

72,708

 

 

$

(53,785

)

 

Contacts

Investor Relations
Kelsey Turcotte
Investor.relations@uipath.com
UiPath

Media
Toni Iafrate
PR@uipath.com
UiPath

Contacts

Investor Relations
Kelsey Turcotte
Investor.relations@uipath.com
UiPath

Media
Toni Iafrate
PR@uipath.com
UiPath