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UiPath Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results

Fourth Quarter Highlights

  • Record quarterly revenue of $405 million increases 31 percent year-over-year
  • ARR of $1.464 billion increases 22 percent year-over-year
  • Achieves first quarter of GAAP profitability as a public company
  • Cash flow from operations and non-GAAP adjusted free cash flow reach $146 million

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

“We delivered a strong close to the fiscal year with fourth quarter ARR growing 22 percent year-over-year to $1.464 billion, underscoring the meaningful outcomes our Business Automation Platform delivers for our customers,” said Rob Enslin, UiPath Chief Executive Officer. “The combination of UiPath’s AI and automation is the strategic change enabler for our customers that makes any digital transformation easier and faster, while empowering customers to innovate, adapt more quickly, and grow.”

Fourth Quarter Fiscal 2024 Financial Highlights

  • Revenue of $405 million increased 31 percent year-over-year.
  • ARR of $1.464 billion increased 22 percent year-over-year.
  • Net new ARR of $86 million.
  • Dollar based net retention rate of 119 percent.
  • GAAP gross margin was 87 percent.
  • Non-GAAP gross margin was 89 percent.
  • GAAP operating income was $15 million.
  • Non-GAAP operating income was $111 million.
  • Net cash flow from operations was $146 million.
  • Non-GAAP adjusted free cash flow was $146 million.
  • Cash, cash equivalents, and marketable securities were $1.9 billion as of January 31, 2024.

Full Year Fiscal 2024 Financial Highlights

  • Revenue of $1.308 billion increased 24 percent year-over-year.
  • Net new ARR of $260 million.
  • GAAP gross margin was 85 percent.
  • Non-GAAP gross margin was 87 percent.
  • GAAP operating loss was $(165) million.
  • Non-GAAP operating income was $233 million.
  • Net cash flow from operations was $299 million.
  • Non-GAAP adjusted free cash flow was $309 million.

“The team executed well in the fourth quarter and I am particularly pleased with our significant year-over-year increase in operating margins, including our first quarter of GAAP profitability as a public company, and record cash flow,” said Ashim Gupta, UiPath Chief Financial Officer. “Looking ahead to fiscal year 2025, this afternoon’s guidance reflects typical seasonal patterns in the business as well as our plans to strategically invest to further expand our market leadership while continuing to drive operating leverage.”

Financial Outlook

For the first quarter fiscal 2025, UiPath expects:

  • Revenue in the range of $330 million to $335 million
  • ARR in the range of $1.508 billion to $1.513 billion as of April 30, 2024
  • Non-GAAP operating income of approximately $55 million

For the fiscal full year 2025, UiPath expects:

  • Revenue in the range of $1.555 billion to $1.560 billion
  • ARR in the range of $1.725 billion to $1.730 billion as of January 31, 2025
  • Non-GAAP operating income of approximately $295 million

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

  • Launched UiPath Autopilot™ for Studio and Autopilot™ for Test Suite into Public Preview: Autopilot™ for Studio delivers enhanced productivity for developers empowering both professional and citizen automation developers to create automations, code, and expressions with natural language. Autopilot™ for Test Suite provides a collection of advanced AI capabilities designed to boost the productivity of testers throughout the entire testing lifecycle, including AI-powered Quality Checks, Test Design, and Test Automation.
  • Unveiled Latest UiPath Business Automation Platform Features for Developer Community: Daniel Dines, UiPath Co-Founder and Chief Innovation Officer, and the UiPath team hosted 1,000+ professional developers, GSI partners, COE specialists, government officers, and educators in Bengaluru, India at DevCon 2024. During the conference UiPath delivered a host of new features designed to enable developers to build, test, and accelerate implementation of automations. These include an expanded collection of Generative AI Connectors that leverage industry-leading LLM providers; improved developer capabilities in UiPath Integration Service; and key investments in its Solution Accelerators, a pre-built automation framework designed to help developers implement faster and expedite time-to-value.
  • UiPath Partner, FedResults, Awarded a U.S. Department of Defense Enterprise Software Initiative Agreement for UiPath Products and Services: The U.S. Department of Defense (DoD) has awarded an Enterprise Software Initiative (ESI) Purchase Agreement for UiPath products and services to UiPath partner FedResults for up to $95 million. The agreement has a five-year base period and will streamline the acquisition process and reduce cost of delivery of UiPath products and services to the DoD, Intelligence Community, and U.S. Coast Guard. The ESI agreement will enable these federal organizations to significantly accelerate their adoption of UiPath and put AI to work in a safe and secure manner to achieve their mission goals.
  • Announced an Expanded Partnership with Google Cloud: The partnership between UiPath and Google Cloud will help customers facilitate their AI-powered automation journey while integrating Google Cloud’s Vertex AI and Google Workspace business collaboration offerings. UiPath, a Premier Level partner of Google Cloud, is now available on Google Cloud Marketplace.
  • Introduced Turnkey Automation Offering for Growth Companies in Collaboration with Deloitte: Building on the recent announcement by Deloitte of the creation of a first-of-its-kind co-innovation market collaboration between UiPath and Deloitte, Deloitte’s Smart Finance for Growth Companies leverages automations built by UiPath and customized by Deloitte into value-driven packages tailored for the needs of growth companies. By leveraging this managed service offering, finance teams can quickly establish or scale their automation program to advance their capabilities and improve productivity.
  • Announced Availability of New India Data Center: Beginning in April 2024 UiPath Automation Cloud will expand with a new data center in India to offer opportunities for public and private sector customers and partners to strategically position their infrastructure, applications, and data. The India data center meets the growing demand for cloud services, focusing on business continuity and compliance while providing high availability, low latency, improving accessibility, and service speed for customers.
  • Named Veteran Technology Executive and AI Expert June Yang to UiPath Board: Yang is a proven strategic and transformational executive who brings extensive experience in AI, Cloud, and related technologies, as well as decades of experience in corporate management and fostering emerging technologies. Most recently, she was Vice President, Cloud AI and Industry Solutions at Google Cloud.

Conference Call and Webcast

UiPath will host a conference call today, Wednesday, March 13, 2024, at 5:00 p.m. Eastern Time, to discuss the Company's fourth quarter and full year fiscal 2024 financial results and its guidance for the first quarter and full year fiscal 2025. To access this call, dial 1-201-689-8057 (domestic) or 1-877-407-8309 (international). The passcode is 13744344. 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 first fiscal quarter 2025 and the full fiscal year 2025, 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 including the incorporation of AI, the success of our collaborations with third parties, our customers’ behaviors and potential automation spend, and details of UiPath’s stock repurchase program. Accordingly, actual results could differ materially from those expectations expressed in the forward-looking statements 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 turmoil and macro-economic effects caused by geopolitical tensions and conflict, increasing inflationary cost trends and foreign exchange volatility; 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 to grow our platform and release new functionality in a timely manner; our ability and the ability of our platform and products to satisfy and adapt to customer demands, including our ability to continue to successfully develop, integrate and compete against competitors and new market entrants with artificial intelligence tools and capabilities; 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, including our transition from a co-CEO structure to a single CEO; 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 ability or perceived inability 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, 2024 to be filed with the SEC, in our Quarterly Reports on Form 10-Q filed with the SEC, and other filings and reports that we have filed and 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 certain 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 and margin, and non-GAAP net income and non-GAAP net income 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 donation of Class A common stock; and
  • in the case of non-GAAP net income, estimated tax adjustments associated with the add-back items, as applicable.

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 earnings 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/.

UiPath, Inc.

Condensed Consolidated Statements of Operations

in thousands, except per share data

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2024

 

2023

 

2024

 

2023

Revenue:

 

 

 

 

 

 

 

 

Licenses

 

$

219,985

 

$

158,961

 

 

$

621,392

 

 

$

497,836

 

Subscription services

 

 

176,038

 

 

138,514

 

 

 

649,918

 

 

 

508,823

 

Professional services and other

 

 

9,230

 

 

11,074

 

 

 

36,762

 

 

 

51,922

 

Total revenue

 

 

405,253

 

 

308,549

 

 

 

1,308,072

 

 

 

1,058,581

 

Cost of revenue:

 

 

 

 

 

 

 

 

Licenses

 

 

2,133

 

 

2,506

 

 

 

10,469

 

 

 

10,421

 

Subscription services

 

 

33,420

 

 

23,417

 

 

 

111,922

 

 

 

87,366

 

Professional services and other

 

 

17,797

 

 

21,768

 

 

 

73,533

 

 

 

82,264

 

Total cost of revenue

 

 

53,350

 

 

47,691

 

 

 

195,924

 

 

 

180,051

 

Gross profit

 

 

351,903

 

 

260,858

 

 

 

1,112,148

 

 

 

878,530

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

191,717

 

 

173,760

 

 

 

713,130

 

 

 

701,558

 

Research and development

 

 

85,639

 

 

81,870

 

 

 

332,101

 

 

 

285,750

 

General and administrative

 

 

59,452

 

 

50,375

 

 

 

231,637

 

 

 

239,505

 

Total operating expenses

 

 

336,808

 

 

306,005

 

 

 

1,276,868

 

 

 

1,226,813

 

Operating income (loss)

 

 

15,095

 

 

(45,147

)

 

 

(164,720

)

 

 

(348,283

)

Interest income

 

 

15,217

 

 

12,898

 

 

 

57,130

 

 

 

27,955

 

Other income, net

 

 

6,284

 

 

5,290

 

 

 

31,775

 

 

 

2,767

 

Income (loss) before income taxes

 

 

36,596

 

 

(26,959

)

 

 

(75,815

)

 

 

(317,561

)

Provision for income taxes

 

 

2,680

 

 

730

 

 

 

14,068

 

 

 

10,791

 

Net income (loss)

 

$

33,916

 

$

(27,689

)

 

$

(89,883

)

 

$

(328,352

)

Net income (loss) per share attributable to common stockholders, basic

 

$

0.06

 

$

(0.05

)

 

$

(0.16

)

 

$

(0.60

)

Net income (loss) per share attributable to common stockholders, diluted

 

$

0.06

 

$

(0.05

)

 

$

(0.16

)

 

$

(0.60

)

Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic

 

 

567,428

 

 

553,766

 

 

 

563,855

 

 

 

548,022

 

Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted

 

 

583,191

 

 

553,766

 

 

 

563,855

 

 

 

548,022

 

UiPath, Inc.

Condensed Consolidated Balance Sheets

in thousands

(unaudited)

 

 

 

 

 

 

 

As of

 

 

January 31, 2024

 

January 31, 2023

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

1,061,678

 

 

$

1,402,119

 

Restricted cash

 

 

438

 

 

 

 

Marketable securities

 

 

818,145

 

 

 

354,774

 

Accounts receivable, net of allowance for credit losses of $1,119 and $2,698, respectively

 

 

436,296

 

 

 

374,217

 

Contract assets

 

 

84,197

 

 

 

69,260

 

Deferred contract acquisition costs

 

 

74,678

 

 

 

49,887

 

Prepaid expenses and other current assets

 

 

104,980

 

 

 

94,150

 

Total current assets

 

 

2,580,412

 

 

 

2,344,407

 

Marketable securities, non-current

 

 

 

 

 

2,942

 

Contract assets, non-current

 

 

6,214

 

 

 

6,523

 

Deferred contract acquisition costs, non-current

 

 

154,317

 

 

 

137,616

 

Property and equipment, net

 

 

23,982

 

 

 

29,045

 

Operating lease right-of-use assets

 

 

56,072

 

 

 

52,052

 

Intangible assets, net

 

 

14,704

 

 

 

23,010

 

Goodwill

 

 

89,026

 

 

 

88,010

 

Deferred tax assets

 

 

4,678

 

 

 

5,895

 

Other assets, non-current

 

 

25,353

 

 

 

45,706

 

Total assets

 

$

2,954,758

 

 

$

2,735,206

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

3,447

 

 

$

8,891

 

Accrued expenses and other current liabilities

 

 

83,997

 

 

 

76,645

 

Accrued compensation and employee benefits

 

 

137,442

 

 

 

142,582

 

Deferred revenue

 

 

486,805

 

 

 

398,334

 

Total current liabilities

 

 

711,691

 

 

 

626,452

 

Deferred revenue, non-current

 

 

161,027

 

 

 

121,697

 

Operating lease liabilities, non-current

 

 

58,713

 

 

 

56,442

 

Other liabilities, non-current

 

 

7,213

 

 

 

10,457

 

Total liabilities

 

 

938,644

 

 

 

815,048

 

Commitments and contingencies

 

 

 

 

Stockholders' equity

 

 

 

 

Class A common stock

 

 

5

 

 

 

5

 

Class B common stock

 

 

1

 

 

 

1

 

Treasury stock

 

 

(102,615

)

 

 

 

Additional paid-in capital

 

 

4,024,079

 

 

 

3,736,838

 

Accumulated other comprehensive income

 

 

8,825

 

 

 

7,612

 

Accumulated deficit

 

 

(1,914,181

)

 

 

(1,824,298

)

Total stockholders’ equity

 

 

2,016,114

 

 

 

1,920,158

 

Total liabilities and stockholders’ equity

 

$

2,954,758

 

 

$

2,735,206

 

UiPath, Inc.

Condensed Consolidated Statements of Cash Flows

in thousands

(unaudited)

 

 

 

 

 

 

 

Twelve Months Ended January 31,

 

 

2024

 

2023

Cash flows from operating activities

 

 

 

 

Net loss

 

$

(89,883

)

 

$

(328,352

)

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

 

 

 

 

Depreciation and amortization

 

 

22,597

 

 

 

18,723

 

Amortization of deferred contract acquisition costs

 

 

75,471

 

 

 

59,826

 

Net amortization on marketable securities

 

 

(28,246

)

 

 

(1,782

)

Stock-based compensation expense

 

 

371,955

 

 

 

369,840

 

Charitable donation of Class A common stock

 

 

4,215

 

 

 

5,499

 

Non-cash operating lease expense

 

 

13,047

 

 

 

11,675

 

Abandonment and impairment charges

 

 

 

 

 

2,881

 

Provision for deferred income taxes

 

 

554

 

 

 

861

 

Other non-cash credits, net

 

 

(3,700

)

 

 

(2,465

)

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

(64,217

)

 

 

(123,783

)

Contract assets

 

 

(14,694

)

 

 

(185

)

Deferred contract acquisition costs

 

 

(118,833

)

 

 

(118,909

)

Prepaid expenses and other assets

 

 

4,222

 

 

 

(59,810

)

Accounts payable

 

 

(5,052

)

 

 

(1,571

)

Accrued expenses and other liabilities

 

 

11,804

 

 

 

(14,954

)

Accrued compensation and employee benefits

 

 

(4,039

)

 

 

15,086

 

Operating lease liabilities, net

 

 

(13,590

)

 

 

(3,307

)

Deferred revenue

 

 

137,471

 

 

 

160,746

 

Net cash provided by (used in) operating activities

 

 

299,082

 

 

 

(9,981

)

Cash flows from investing activities

 

 

 

 

Purchases of marketable securities

 

 

(1,485,965

)

 

 

(388,409

)

Maturities of marketable securities

 

 

1,050,984

 

 

 

151,426

 

Purchases of property and equipment

 

 

(7,342

)

 

 

(23,815

)

Payments related to business acquisition, net of cash acquired

 

 

 

 

 

(29,542

)

Other investing, net

 

 

2,754

 

 

 

1,197

 

Net cash used in investing activities

 

 

(439,569

)

 

 

(289,143

)

Cash flows from financing activities

 

 

 

 

Repurchases of Class A common stock

 

 

(102,615

)

 

 

 

Proceeds from exercise of stock options

 

 

6,740

 

 

 

8,388

 

Payments of tax withholdings on net settlement of equity awards

 

 

(112,067

)

 

 

(73,095

)

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

 

 

(645

)

 

 

(9,480

)

Proceeds from employee stock purchase plan contributions

 

 

17,555

 

 

 

15,011

 

Payment of deferred consideration related to business acquisition

 

 

(5,863

)

 

 

 

Repurchase of unvested early exercised stock options

 

 

 

 

 

(1,493

)

Net cash used in financing activities

 

 

(196,895

)

 

 

(60,669

)

Effect of exchange rate changes

 

 

(2,621

)

 

 

(6,811

)

Net decrease in cash, cash equivalents, and restricted cash

 

 

(340,003

)

 

 

(366,604

)

Cash, cash equivalents, and restricted cash - beginning of period

 

 

1,402,119

 

 

 

1,768,723

 

Cash, cash equivalents, and restricted cash - end of period

 

$

1,062,116

 

 

$

1,402,119

 

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 January 31,

 

Twelve Months Ended January 31,

 

 

2024

 

2023

 

2024

 

2023

GAAP cost of licenses

 

$

2,133

 

 

$

2,506

 

 

$

10,469

 

 

$

10,421

 

Less: Amortization of acquired intangible assets

 

 

848

 

 

 

819

 

 

 

3,371

 

 

 

2,754

 

Non-GAAP cost of licenses

 

$

1,285

 

 

$

1,687

 

 

$

7,098

 

 

$

7,667

 

 

 

 

 

 

 

 

 

 

GAAP cost of subscription services

 

$

33,420

 

 

$

23,417

 

 

$

111,922

 

 

$

87,366

 

Less: Stock-based compensation expense

 

 

3,972

 

 

 

2,993

 

 

 

14,750

 

 

 

11,894

 

Less: Amortization of acquired intangible assets

 

 

592

 

 

 

581

 

 

 

2,359

 

 

 

1,811

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

201

 

 

 

92

 

 

 

434

 

 

 

272

 

Less: Restructuring costs

 

 

 

 

 

45

 

 

 

114

 

 

 

182

 

Non-GAAP cost of subscription services

 

$

28,655

 

 

$

19,706

 

 

$

94,265

 

 

$

73,207

 

 

 

 

 

 

 

 

 

 

GAAP cost of professional services and other

 

$

17,797

 

 

$

21,768

 

 

$

73,533

 

 

$

82,264

 

Less: Stock-based compensation expense

 

 

2,412

 

 

 

2,896

 

 

 

10,958

 

 

 

11,855

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

146

 

 

 

96

 

 

 

327

 

 

 

263

 

Less: Restructuring costs

 

 

 

 

 

390

 

 

 

 

 

 

710

 

Non-GAAP cost of professional services and other

 

$

15,239

 

 

$

18,386

 

 

$

62,248

 

 

$

69,436

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

351,903

 

 

$

260,858

 

 

$

1,112,148

 

 

$

878,530

 

GAAP gross margin

 

 

87

%

 

 

85

%

 

 

85

%

 

 

83

%

Plus: Stock-based compensation expense

 

 

6,384

 

 

 

5,889

 

 

 

25,708

 

 

 

23,749

 

Plus: Amortization of acquired intangible assets

 

 

1,440

 

 

 

1,400

 

 

 

5,730

 

 

 

4,565

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

347

 

 

 

188

 

 

 

761

 

 

 

535

 

Plus: Restructuring costs

 

 

 

 

 

435

 

 

 

114

 

 

 

892

 

Non-GAAP gross profit

 

$

360,074

 

 

$

268,770

 

 

$

1,144,461

 

 

$

908,271

 

Non-GAAP gross margin

 

 

89

%

 

 

87

%

 

 

87

%

 

 

86

%

UiPath, Inc.

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

in thousands, except percentages

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2024

 

2023

 

2024

 

2023

GAAP sales and marketing

 

$

191,717

 

 

$

173,760

 

 

$

713,130

 

 

$

701,558

 

Less: Stock-based compensation expense

 

 

34,973

 

 

 

37,512

 

 

 

144,863

 

 

 

154,922

 

Less: Amortization of acquired intangible assets

 

 

679

 

 

 

667

 

 

 

2,706

 

 

 

2,153

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

1,826

 

 

 

1,560

 

 

 

4,176

 

 

 

4,605

 

Less: Restructuring costs

 

 

(5

)

 

 

8,248

 

 

 

1,376

 

 

 

19,491

 

Non-GAAP sales and marketing

 

$

154,244

 

 

$

125,773

 

 

$

560,009

 

 

$

520,387

 

 

 

 

 

 

 

 

 

 

GAAP research and development

 

$

85,639

 

 

$

81,870

 

 

$

332,101

 

 

$

285,750

 

Less: Stock-based compensation expense

 

 

29,517

 

 

 

28,987

 

 

 

117,965

 

 

 

102,546

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

1,455

 

 

 

721

 

 

 

3,027

 

 

 

1,692

 

Less: Restructuring costs

 

 

 

 

 

451

 

 

 

387

 

 

 

494

 

Non-GAAP research and development

 

$

54,667

 

 

$

51,711

 

 

$

210,722

 

 

$

181,018

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

59,452

 

 

$

50,375

 

 

$

231,637

 

 

$

239,505

 

Less: Stock-based compensation expense

 

 

18,056

 

 

 

26,655

 

 

 

83,419

 

 

 

88,623

 

Less: Amortization of acquired intangible assets

 

 

41

 

 

 

42

 

 

 

164

 

 

 

178

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

715

 

 

 

444

 

 

 

1,924

 

 

 

930

 

Less: Restructuring costs

 

 

 

 

 

1,187

 

 

 

749

 

 

 

2,569

 

Less: Charitable donation of Class A common stock

 

 

 

 

 

 

 

 

4,215

 

 

 

5,499

 

Non-GAAP general and administrative

 

$

40,640

 

 

$

22,047

 

 

$

141,166

 

 

$

141,706

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

 

$

15,095

 

 

$

(45,147

)

 

$

(164,720

)

 

$

(348,283

)

GAAP operating margin

 

 

4

%

 

 

(15

)%

 

 

(13

)%

 

 

(33

)%

Plus: Stock-based compensation expense

 

 

88,930

 

 

 

99,043

 

 

 

371,955

 

 

 

369,840

 

Plus: Amortization of acquired intangible assets

 

 

2,160

 

 

 

2,109

 

 

 

8,600

 

 

 

6,896

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

4,343

 

 

 

2,913

 

 

 

9,888

 

 

 

7,762

 

Plus: Restructuring costs

 

 

(5

)

 

 

10,321

 

 

 

2,626

 

 

 

23,446

 

Plus: Charitable donation of Class A common stock

 

 

 

 

 

 

 

 

4,215

 

 

 

5,499

 

Non-GAAP operating income

 

$

110,523

 

 

$

69,239

 

 

$

232,564

 

 

$

65,160

 

Non-GAAP operating margin

 

 

27

%

 

 

22

%

 

 

18

%

 

 

6

%

UiPath, Inc.

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

in thousands, except per share data

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2024

 

2023

 

2024

 

2023

GAAP net income (loss) attributable to common stockholders

 

$

33,916

 

 

$

(27,689

)

 

$

(89,883

)

 

$

(328,352

)

Plus: Stock-based compensation expense

 

 

88,930

 

 

 

99,043

 

 

 

371,955

 

 

 

369,840

 

Plus: Amortization of acquired intangible assets

 

 

2,160

 

 

 

2,109

 

 

 

8,600

 

 

 

6,896

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

4,343

 

 

 

2,913

 

 

 

9,888

 

 

 

7,762

 

Plus: Restructuring costs

 

 

(5

)

 

 

10,321

 

 

 

2,626

 

 

 

23,446

 

Plus: Charitable donation of Class A common stock

 

 

 

 

 

 

 

 

4,215

 

 

 

5,499

 

Tax adjustments to add-backs

 

 

(830

)

 

 

(3,999

)

 

 

2,979

 

 

 

(4,608

)

Non-GAAP net income

 

$

128,514

 

 

$

82,698

 

 

$

310,380

 

 

$

80,483

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) per share, basic

 

$

0.06

 

 

$

(0.05

)

 

$

(0.16

)

 

$

(0.60

)

GAAP net income (loss) per share, diluted

 

$

0.06

 

 

$

(0.05

)

 

$

(0.16

)

 

$

(0.60

)

GAAP weighted average common shares outstanding, basic

 

 

567,428

 

 

 

553,766

 

 

 

563,855

 

 

 

548,022

 

GAAP weighted average common shares outstanding, diluted

 

 

583,191

 

 

 

553,766

 

 

 

563,855

 

 

 

548,022

 

Non-GAAP weighted average common shares outstanding, basic

 

 

567,428

 

 

 

553,766

 

 

 

563,855

 

 

 

548,022

 

Plus: Dilutive potential common shares from outstanding equity awards

 

 

15,763

 

 

 

9,066

 

 

 

12,633

 

 

 

12,483

 

Non-GAAP weighted average common shares outstanding, diluted

 

 

583,191

 

 

 

562,832

 

 

 

576,488

 

 

 

560,505

 

Non-GAAP net income per share, basic

 

$

0.23

 

 

$

0.15

 

 

$

0.55

 

 

$

0.15

 

Non-GAAP net income per share, diluted

 

$

0.22

 

 

$

0.15

 

 

$

0.54

 

 

$

0.14

 

UiPath, Inc.

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

in thousands

(unaudited)

 

 

 

 

 

 

 

Twelve Months Ended January 31,

 

 

2024

 

2023

GAAP net cash provided by (used in) operating activities

 

$

299,082

 

 

$

(9,981

)

Purchases of property and equipment

 

 

(7,342

)

 

 

(23,815

)

Cash paid for employer payroll taxes related to employee equity transactions

 

 

10,483

 

 

 

9,112

 

Net payments of employee tax withholdings on stock option exercises

 

 

980

 

 

 

5,394

 

Cash paid for restructuring costs

 

 

6,180

 

 

 

19,339

 

Non-GAAP adjusted free cash flow

 

$

309,383

 

 

$

49

 

 

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