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UiPath Reports First Quarter Fiscal 2023 Financial Results

ARR of $977 million increased 50 percent year-over-year driven by net new ARR of $52 million

UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its first quarter fiscal 2023 ended April 30, 2022.

“We are pleased to have exceeded first quarter guidance across all metrics with ARR of $977 million growing 50 percent year-over-year. I want to thank the UiPath team for their hard work and dedication to our customers in the midst of such turbulent times,” said Daniel Dines, UiPath Co-Founder and Co-Chief Executive Officer. “To help our customers more quickly realize the benefits of automation, we recently launched our UiPath 2022.4 platform. This release opens additional pathways in productivity, customer satisfaction, and employee engagement while also expanding our SaaS capabilities with new Automation Cloud™ robots. Our relentless focus on innovation continues to accelerate our customers' digital transformation initiatives while extending our market leadership.”

Ashim Gupta, UiPath Chief Financial Officer, added, “Our financial model and strong balance sheet position us well in the current macroeconomic environment. The automation market is large and growing and we continue to take market share given the measurable return on investment we create for our customers and the breadth and depth of our automation platform.”

First Quarter Fiscal 2023 Financial Highlights

  • Revenue of $245.1 million increased 32 percent year-over-year.
  • ARR of $977.1 million increased 50 percent year-over-year.
  • Net new ARR of $51.8 million.
  • Dollar based net retention rate of 138 percent.
  • GAAP gross margin was 82 percent.
  • Non-GAAP gross margin was 85 percent.
  • Net cash used in operations was $52.9 million.
  • Non-GAAP adjusted free cash flow was negative $53.8 million.
  • Cash, cash equivalents, and marketable securities were $1.8 billion as of April 30, 2022.

Financial Outlook

“One of UiPath’s strengths is our global presence as we operate in more than 100 countries which gives us diverse perspectives and access to talent,” said Gupta. “We price in local currency and with more than 50 percent of our business conducted outside of North America our results are subject to foreign exchange volatility. Accordingly, our full fiscal year 2023 guidance, which we are raising this afternoon, includes an FX headwind offset by growing momentum in the business. Looking ahead, there is a significant opportunity to continue to grow at scale while improving operational efficiency.”

For the fiscal second quarter 2023, UiPath expects:

  • Revenue in the range of $229 million to $231 million
  • ARR in the range of $1,040 million to $1,042 million as of July 31, 2022
  • Non-GAAP operating loss in the range of $(60) million to $(55) million

For the fiscal full year 2023, UiPath expects:

  • Revenue in the range of $1,085 million to $1,090 million
  • ARR in the range of $1,220 million to $1,225 million as of January 31, 2023
  • Non-GAAP operating income in the range of $10 to $15 million

Reconciliation of non-GAAP operating income (loss) 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

  • Appointed Robert Enslin as Co-Chief Executive Officer: Enslin, a former Google Cloud executive who brings more than 30 years of enterprise software experience, works alongside UiPath Co-Founder and Co-Chief Executive Officer Daniel Dines. The partnership of Dines and Enslin positions UiPath for its next phase of growth while building a company that reimagines how business is done.
  • Launched next-gen UiPath Automation CloudTM to extend automation leadership in latest platform release: The new release provides enterprises with an even more comprehensive automation foundation to achieve fast and accurate outcomes. New SaaS robots – along with added features that simplify how developers create automations, uplevel security and governance, and expand access to automation to Mac – deepen the reach of automation in the enterprise.
  • Announced technology integrations and partnerships with:
    • Adobe Document Services and Adobe Acrobat Sign, to help customers automate end-to-end document processes. Now, organizations have easy access to the best digital document experiences that drive productivity and scale in a secure manner.
    • Microsoft, to extend our partnership with Azure’s robust AI capabilities including the READ OCR container to provide additional language coverage with UiPath Document Understanding, specifically Chinese, Japanese, and Korean. This expansion will enable more global and regional customers to leverage Document Understanding to automate end-to-end document processing, from classification to data extraction and data entry.
    • Myndshft, a leading provider of automated prior authorization and real-time medical benefits check technology, to enable better patient care faster by reducing manual operational tasks and introducing significant operational efficiencies.
    • airSlate, a fast-growing workflow automation company, to empower individuals and small businesses to create, innovate, and automate to digitally transform their organizations to run faster, easier, and more efficiently.
  • Announced additional strategic collaborations with:
    • Finastra, one of the world’s largest fintech companies, to launch a new Automation as a Service offering on the Finastra cloud that is designed to provide a managed service model for automation to Finastra’s thousands of bank, credit union, and financial institution customers.
    • NCS, a subsidiary of Singtel Group, and a leading technology services firm with presence in Asia Pacific. The joint go-to-market effort will bring the power of automation to both public and private enterprises from across industries, such as telecommunications, government, and financial services, particularly in high growth markets like Singapore, Australia, and Asia Pacific.
  • Achieved In Process status from the Federal Risk and Authorization Management Program (FedRAMP): The UiPath designation at the Moderate Impact Level means the offering is on the path to FedRAMP authorization, which will bring more value to federal customers who want the ease and flexibility of a secure and compliant cloud-based automation platform.

Conference Call and Webcast

UiPath will host a conference call today, Wednesday, June 1, 2022, at 5:00 p.m. Eastern Time, to discuss the Company's first quarter fiscal 2023 financial results and guidance. To access this call, dial 1-201-689-8057 (domestic) or 1-877-407-8309 (international). The passcode is 13729270. A replay of this conference call will be available through June 15, 2022 at 1-201-612-7415 (domestic) or 1-877-660-6853 (international). The replay passcode is 13729270. A live webcast of this conference call will be available on the "Investor Relations" page of the UiPath’s website (https://ir.uipath.com), and a replay will be archived on the website as well.

About UiPath

UiPath has a vision to deliver the Fully Automated Enterprise™, one where companies use automation to unlock their greatest potential. UiPath offers an end-to-end platform for automation, combining the leading Robotic Process Automation (RPA) solution with a full suite of capabilities that enable every organization to rapidly scale digital business operations.

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,” “projects,” "outlook," “seeks,” “should,” “will,” and variations of such words, 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 and Section 21E of the Securities Exchange Act 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 the growth of the automation market, the impact of FedRAMP authorization and our financial guidance for the second fiscal quarter and fiscal year-end 2023. 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 unfavorable conditions in our industry, the market, political, economic, and business conditions, including geopolitical turmoil as caused by the war in Ukraine; foreign currency headwinds; our recent rapid growth, which may not be indicative of our future growth; our limited operating history; our ability to successfully manage our growth; our ability and the ability of our platform 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; general market, political, economic, and business conditions; our ability to maintain and expand our distribution channels; our ability to retain and motivate our management and key employees and integrate new team members and execute management transitions; our reliance on third-party providers of cloud-based infrastructure; the potential impact that the COVID-19 pandemic, macroeconomic effects from the war in Ukraine, increasing inflationary cost pressures, supply chain constraints, and an economic downturn could have on our or our customers’ businesses, financial condition, and future operating results; 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, 2022 filed with the SEC on April 4, 2022, and in our Quarterly Report on Form 10-Q that will be filed for the quarterly period ended April 30, 2022, 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 obligations assuming no increases or reductions in the subscriptions. ARR does not include the costs we may incur to obtain such subscription licenses or provide such maintenance and does not reflect any actual or anticipated reductions in invoiced value due to contract non-renewals or service cancellations other than for specific bad debt or disputed amounts. Additionally, though we use ARR as a forward-looking metric in the management of our business, it does not include invoiced amounts reported as perpetual licenses or professional services revenue in our consolidated statement of operations, and is not a forecast of future revenue, which can be impacted by contract start and end dates, duration, and renewal rates.

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

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; and
  • in the case of non-GAAP net income (loss), tax adjustments associated with the add-back items.

Additionally, this earnings release presents non-GAAP adjusted free cash flow, which includes purchases of property and equipment and capitalization of software development costs, and excludes cash paid for employer payroll taxes related to employee equity transactions and net payments/receipts of employee tax withholdings on stock option exercises.

UiPath uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating UiPath’s ongoing operational performance. 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. 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). We believe these non-GAAP financial measures provide investors with useful supplementary information in evaluating our performance. 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.

UiPath, Inc.

Condensed Consolidated Statements of Operations

in thousands, except per share data

(unaudited)

 

 

 

 

 

 

 

Three Months Ended April 30,

 

 

2022

 

2021

Revenue:

 

 

 

 

Licenses

 

$

117,004

 

 

$

100,216

 

Subscription services

 

 

115,494

 

 

 

77,642

 

Professional services and other

 

 

12,568

 

 

 

8,359

 

Total revenue

 

 

245,066

 

 

 

186,217

 

Cost of revenue:

 

 

 

 

Licenses

 

 

2,537

 

 

 

2,454

 

Subscription services

 

 

21,045

 

 

 

14,179

 

Professional services and other

 

 

21,434

 

 

 

32,377

 

Total cost of revenue

 

 

45,016

 

 

 

49,010

 

Gross profit

 

 

200,050

 

 

 

137,207

 

Operating expenses:

 

 

 

 

Sales and marketing

 

 

189,782

 

 

 

205,751

 

Research and development

 

 

68,690

 

 

 

93,040

 

General and administrative

 

 

57,530

 

 

 

74,415

 

Total operating expenses

 

 

316,002

 

 

 

373,206

 

Operating loss

 

 

(115,952

)

 

 

(235,999

)

Interest income

 

 

991

 

 

 

941

 

Other expense, net

 

 

(2,811

)

 

 

(3,218

)

Loss before income taxes

 

 

(117,772

)

 

 

(238,276

)

Provision for income taxes

 

 

4,789

 

 

 

1,387

 

Net loss

 

$

(122,561

)

 

$

(239,663

)

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

 

$

(0.23

)

 

$

(1.11

)

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

 

 

541,902

 

 

 

215,352

 

UiPath, Inc.

Condensed Consolidated Balance Sheets

in thousands

(unaudited)

 

 

 

 

 

 

 

As of

 

 

April 30,

2022

 

January 31,

2022

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

1,679,217

 

 

$

1,768,723

 

Marketable securities

 

 

114,749

 

 

 

96,417

 

Accounts receivable, net of allowance for doubtful accounts of $3,217 and $2,566, respectively

 

 

169,061

 

 

 

251,988

 

Contract assets

 

 

88,427

 

 

 

74,831

 

Deferred contract acquisition costs

 

 

32,492

 

 

 

29,926

 

Prepaid expenses and other current assets

 

 

61,072

 

 

 

55,416

 

Total current assets

 

 

2,145,018

 

 

 

2,277,301

 

Marketable securities, non-current

 

 

7,364

 

 

 

19,523

 

Contract assets, non-current

 

 

5,469

 

 

 

2,730

 

Deferred contract acquisition costs, non-current

 

 

103,520

 

 

 

100,224

 

Property and equipment, net

 

 

21,776

 

 

 

17,176

 

Operating lease right-of-use assets

 

 

44,895

 

 

 

48,953

 

Intangible assets, net

 

 

15,078

 

 

 

16,817

 

Goodwill

 

 

52,123

 

 

 

53,564

 

Deferred tax asset

 

 

8,170

 

 

 

10,628

 

Other assets, non-current

 

 

21,307

 

 

 

25,534

 

Total assets

 

$

2,424,720

 

 

$

2,572,450

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

17,442

 

 

$

11,515

 

Accrued expenses and other current liabilities

 

 

75,590

 

 

 

87,958

 

Accrued compensation and employee benefits

 

 

62,948

 

 

 

130,673

 

Deferred revenue

 

 

282,263

 

 

 

297,355

 

Total current liabilities

 

 

438,243

 

 

 

527,501

 

Deferred revenue, non-current

 

 

56,832

 

 

 

68,665

 

Operating lease liabilities, non-current

 

 

46,346

 

 

 

49,843

 

Other liabilities, non-current

 

 

3,105

 

 

 

4,524

 

Total liabilities

 

 

544,526

 

 

 

650,533

 

Commitments and contingencies

 

 

 

 

Stockholders' equity

 

 

 

 

Class A common stock

 

 

4

 

 

 

4

 

Class B common stock

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

3,488,255

 

 

 

3,406,959

 

Accumulated other comprehensive income

 

 

10,441

 

 

 

10,899

 

Accumulated deficit

 

 

(1,618,507

)

 

 

(1,495,946

)

Total stockholders’ equity

 

 

1,880,194

 

 

 

1,921,917

 

Total liabilities and stockholders’ equity

 

$

2,424,720

 

 

$

2,572,450

 

UiPath, Inc.

Condensed Consolidated Statements of Cash Flows

in thousands (unaudited)

 

 

Three Months Ended April 30,

 

 

2022

 

2021

Cash flows from operating activities

 

 

 

 

Net loss

 

$

(122,561

)

 

$

(239,663

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

Depreciation and amortization

 

 

4,039

 

 

 

3,172

 

Amortization of deferred contract acquisition costs

 

 

10,822

 

 

 

4,920

 

Net amortization of premium on marketable securities

 

 

473

 

 

 

558

 

Stock-based compensation expense

 

 

101,454

 

 

 

250,835

 

Amortization of operating lease right-of-use assets

 

 

2,759

 

 

 

1,734

 

Deferred income taxes

 

 

1,594

 

 

 

21

 

Other non-cash charges (credits), net1

 

 

2,849

 

 

 

(643

)

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

76,864

 

 

 

35,973

 

Contract assets

 

 

(18,523

)

 

 

(8,148

)

Deferred contract acquisition costs

 

 

(20,761

)

 

 

(20,205

)

Prepaid expenses and other assets

 

 

(5,231

)

 

 

7,666

 

Accounts payable

 

 

7,554

 

 

 

(528

)

Accrued expense and other liabilities

 

 

(12,894

)

 

 

4,573

 

Accrued compensation and employee benefits

 

 

(65,083

)

 

 

(60,433

)

Operating lease liabilities, net

 

 

(1,950

)

 

 

(1,807

)

Deferred revenue

 

 

(14,289

)

 

 

4,453

 

Net cash used in operating activities

 

 

(52,884

)

 

 

(17,522

)

Cash flows from investing activities

 

 

 

 

Purchases of marketable securities

 

 

(21,918

)

 

 

(94,157

)

Sales of marketable securities

 

 

 

 

 

89,383

 

Maturities of marketable securities

 

 

14,813

 

 

 

23,755

 

Purchases of property and equipment

 

 

(9,692

)

 

 

(2,200

)

Capitalization of software development costs

 

 

 

 

 

(410

)

Payment related to business acquisition, net of cash acquired

 

 

 

 

 

(5,498

)

Other investing

 

 

1,100

 

 

 

 

Net cash (used in) provided by investing activities

 

 

(15,697

)

 

 

10,873

 

Cash flows from financing activities

 

 

 

 

Proceeds from initial public offering, net of underwriting discounts and commissions

 

 

 

 

 

692,369

 

Payments of initial public offering costs

 

 

 

 

 

(2,406

)

Proceeds from issuance of convertible preferred stock

 

 

 

 

 

750,000

 

Payments of issuance costs for convertible preferred stock

 

 

 

 

 

(164

)

Proceeds from exercise of stock options

 

 

2,823

 

 

 

3,114

 

Payments of tax withholdings on net settlement of equity awards

 

 

(17,329

)

 

 

 

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

 

 

(10,037

)

 

 

 

Proceeds from employee stock purchase plan contributions

 

 

6,356

 

 

 

 

Net cash (used in) provided by financing activities

 

 

(18,187

)

 

 

1,442,913

 

Effect of exchange rates

 

 

(2,738

)

 

 

2,313

 

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

 

(89,506

)

 

 

1,438,577

 

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

 

 

1,768,723

 

 

 

371,190

 

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

 

$

1,679,217

 

 

$

1,809,767

 

 

 

 

 

 

1 Prior period amounts have been combined to conform to current period presentation

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,

 

 

2022

 

2021

Licenses

 

 

 

 

GAAP cost of licenses

 

$

2,537

 

 

$

2,454

 

Less: Stock-based compensation expense

 

 

 

 

 

 

Less: Amortization of acquired intangible assets

 

 

596

 

 

 

646

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

 

 

 

 

Non-GAAP cost of licenses

 

$

1,941

 

 

$

1,808

 

 

 

 

 

 

Subscription services

 

 

 

 

GAAP cost of subscription services

 

$

21,045

 

 

$

14,179

 

Less: Stock-based compensation expense

 

 

3,216

 

 

 

6,214

 

Less: Amortization of acquired intangible assets

 

 

330

 

 

 

110

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

84

 

 

 

 

Non-GAAP cost of subscription services

 

$

17,415

 

 

$

7,855

 

 

 

 

 

 

Professional services and other

 

 

 

 

GAAP cost of professional services and other

 

$

21,434

 

 

$

32,377

 

Less: Stock-based compensation expense

 

 

3,874

 

 

 

18,931

 

Less: Amortization of acquired intangible assets

 

 

 

 

 

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

79

 

 

 

 

Non-GAAP cost of professional services and other

 

$

17,481

 

 

$

13,446

 

 

 

 

 

 

Gross profit and margin

 

 

 

 

GAAP gross profit

 

$

200,050

 

 

$

137,207

 

GAAP gross margin

 

 

82

%

 

 

74

%

Plus: Stock-based compensation expense

 

 

7,090

 

 

 

25,145

 

Plus: Amortization of acquired intangible assets

 

 

926

 

 

 

756

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

163

 

 

 

 

Non-GAAP gross profit

 

$

208,229

 

 

$

163,108

 

Non-GAAP gross margin

 

 

85

%

 

 

88

%

UiPath, Inc.

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

in thousands, except percentages

(unaudited)

 

 

 

 

 

 

 

Three Months Ended April 30,

 

 

2022

 

2021

Sales and Marketing

 

 

 

 

GAAP sales and marketing

 

$

189,782

 

 

$

205,751

 

Less: Stock-based compensation expense

 

 

50,758

 

 

 

119,293

 

Less: Amortization of acquired intangible assets

 

 

414

 

 

 

161

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

1,427

 

 

 

315

 

Non-GAAP sales and marketing

 

$

137,183

 

 

$

85,982

 

 

 

 

 

 

Research and Development

 

 

 

 

GAAP research and development

 

$

68,690

 

 

$

93,040

 

Less: Stock-based compensation expense

 

 

26,623

 

 

 

65,616

 

Less: Amortization of acquired intangible assets

 

 

 

 

 

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

481

 

 

 

 

Non-GAAP research and development

 

$

41,586

 

 

$

27,424

 

 

 

 

 

 

General and Administrative

 

 

 

 

GAAP general and administrative

 

$

57,530

 

 

$

74,415

 

Less: Stock-based compensation expense

 

 

16,983

 

 

 

40,781

 

Less: Amortization of acquired intangible assets

 

 

46

 

 

 

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

177

 

 

 

 

Non-GAAP general and administrative

 

$

40,324

 

 

$

33,634

 

 

 

 

 

 

Operating Loss

 

 

 

 

GAAP operating loss

 

$

(115,952

)

 

$

(235,999

)

GAAP operating margin

 

 

(47

) %

 

 

(127

) %

Plus: Stock-based compensation expense

 

 

101,454

 

 

 

250,835

 

Plus: Amortization of acquired intangible assets

 

 

1,386

 

 

 

917

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

2,248

 

 

 

315

 

Non-GAAP operating (loss) income

 

$

(10,864

)

 

$

16,068

 

Non-GAAP operating margin

 

 

(4

) %

 

 

9

%

UiPath, Inc.

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

in thousands, except per share data

(unaudited)

 

 

 

 

 

 

 

Three Months Ended April 30,

 

 

2022

 

2021

GAAP net loss

 

$

(122,561

)

 

$

(239,663

)

Plus: Stock-based compensation expense

 

 

101,454

 

 

 

250,835

 

Plus: Amortization of acquired intangible assets

 

 

1,386

 

 

 

917

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

2,248

 

 

 

315

 

Tax adjustments to add-backs1

 

 

 

 

 

(745

)

Non-GAAP net (loss) income

 

$

(17,473

)

 

$

11,659

 

 

 

 

 

 

GAAP net loss per share, basic and diluted

 

$

(0.23

)

 

$

(1.11

)

GAAP weighted average common shares outstanding, basic and diluted

 

 

541,902

 

 

 

215,352

 

Plus: Unweighted adjustment for conversion of preferred to common stock in connection with IPO

 

 

 

 

 

278,768

 

Plus: Unweighted adjustment for common stock issued in connection with IPO

 

 

 

 

 

11,831

 

Non-GAAP weighted average common shares outstanding, basic

 

 

541,902

 

 

 

505,951

 

Plus: Dilutive potential common shares from outstanding equity awards

 

 

 

 

 

52,074

 

Non-GAAP weighted average common shares outstanding, diluted

 

 

541,902

 

 

 

558,025

 

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

 

$

(0.03

)

 

$

0.02

 

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

 

$

(0.03

)

 

$

0.02

 

1 Estimated using blended annual effective tax rate and net operating losses available to offset.

UiPath, Inc.

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

in thousands

(unaudited)

 

 

 

 

 

 

 

Three Months Ended April 30,

 

 

2022

 

2021

GAAP net cash used in operating activities

 

$

(52,884

)

 

$

(17,522

)

Purchases of property and equipment

 

 

(9,692

)

 

 

(2,200

)

Capitalization of software development costs

 

 

 

 

 

(410

)

Cash paid for employer payroll taxes related to employee equity transactions

 

 

3,034

 

 

 

 

Net payments of employee tax withholdings on stock option exercises

 

 

5,757

 

 

 

 

Non-GAAP adjusted free cash flow

 

$

(53,785

)

 

$

(20,132

)

 

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