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UiPath Reports Fourth Quarter and Full Year Fiscal 2023 Financial Results

ARR grew 30 percent year-over-year reaching $1.204 billion driven by net new ARR of $94 million

UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its fourth quarter and full year fiscal 2023 ended January 31, 2023.

“We delivered a very strong close to fiscal year 2023. Fourth quarter fiscal 2023 ARR grew 30 percent year-over-year while revenue outperformance and disciplined cost management resulted in a record fourth quarter non-GAAP operating margin and positive non-GAAP adjusted free cash flow,” said Rob Enslin, UiPath Co-Chief Executive Officer. “We enter fiscal year 2024 with the rollout of our new go-to-market initiatives on schedule and building momentum as both customers and partners see the positive impact our Business Automation Platform can have on their employees, customers, and businesses.”

“To maintain their competitive edge and increase operating agility, businesses need to do more without adding more,” said Daniel Dines, UiPath Co-Founder and Co-Chief Executive Officer. “This is where the UiPath AI-powered Business Automation Platform plays a strategic, transformational role for organizations. By combining our leading Robotic Process Automation solution with a full suite of capabilities, UiPath empowers people to more easily and efficiently create better ways to operate, innovate, and drive business outcomes.”

Fourth Quarter Fiscal 2023 Financial Highlights

  • Revenue of $308.5 million increased 7 percent year-over-year.
  • ARR of $1.204 billion increased 30 percent year-over-year.
  • Net new ARR of $93.8 million.
  • Dollar based net retention rate of 123 percent.
  • GAAP gross margin was 85 percent.
  • Non-GAAP gross margin was 87 percent.
  • GAAP operating loss was $(45.1) million.
  • Non-GAAP operating income was $69.2 million.
  • Net cash flow from operations was $94.0 million.
  • Non-GAAP adjusted free cash flow was $101.2 million.
  • Cash, cash equivalents, and marketable securities were $1.8 billion as of January 31, 2023.

Full Year Fiscal 2023 Financial Highlights

  • Revenue of $1.059 billion increased 19 percent year-over-year.
  • Net new ARR of $278.6 million.
  • GAAP gross margin was 83 percent.
  • Non-GAAP gross margin was 86 percent.
  • GAAP operating loss was $(348.3) million.
  • Non-GAAP operating income was $65.2 million.
  • Net cash used in operations was $10 million.
  • Non-GAAP adjusted free cash flow was $49 thousand.

“I am pleased with our results and how the team brought the fiscal year to a close despite foreign exchange and macroeconomic headwinds in the fourth quarter of fiscal 2023,” said Ashim Gupta, UiPath Chief Financial Officer. “Our commitment to driving growth at scale, expanding operating margin, and generating positive non-GAAP adjusted free cash flow is reflected in our full year fiscal 2024 outlook which implies a 350 basis point increase in non-GAAP operating margin and positive non-GAAP adjusted free cash flow for the fiscal year.”

Financial Outlook

For the first quarter fiscal 2024, UiPath expects:

  • Revenue in the range of $270 million to $272 million
  • ARR in the range of $1.245 billion to $1.250 billion as of April 30, 2023
  • Non-GAAP operating income of approximately $5 million

For the fiscal full year 2024, UiPath expects:

  • Revenue in the range of $1.253 billion to $1.258 billion
  • ARR in the range of $1.425 billion to $1.430 billion as of January 31, 2024
  • Non-GAAP operating income of approximately $120 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, including, in particular, the effects of stock-based compensation expense specific to equity awards that are directly impacted by 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

  • Named a Leader in RPA by Independent Research Firm: UiPath received the highest score in The Forrester Wave™: Robotic Process Automation, Q1 2023 in each of the three categories among the 15 vendors evaluated: Current Offering, Strategy, and Market Presence. The report stated, “Today, UiPath is not only the largest RPA software vendor by revenue but has also evolved from an RPA pure play into what it refers to as a business automation platform.”
  • Unveiled New Migration Capabilities and Connectors to Expand and Simplify Next-Gen Test Automation: UiPath announced significant upgrades to enable customers to modernize their software testing practices by migrating to the UiPath Business Automation Platform. UiPath Test Suite now integrates with more than 40 application lifecycle management tools, allowing production-grade test automation on modern and legacy applications.
  • Announced Global Partnership with Orica to Scale Application Testing and Automation Capabilities: Orica will use UiPath to automate application testing, improving quality assurance and avoiding workflow disruptions. It plans to migrate its enterprise automation program and use UiPath Test Suite for SAP S4 HANA upgrades. UiPath is now Orica’s Technology Partner of Choice for Application Testing and Enterprise Automation.
  • Announced Managed Services Partnership with Neostella to Deliver Automation for Midmarket Businesses: A new diversified offering from Neostella provides flexible automation investment models to help small to midmarket organizations with revenues of $500 million or below improve operations and processes.
  • Honored for Delivering World-Class Customer Service: For the third consecutive year, UiPath has received the NorthFace ScoreBoard Service Award℠ from the Customer Relationship Management Institute LLC in recognition of achieving excellence in customer service and support. With an overall Customer Satisfaction rating of 94%, UiPath is committed to building long-term loyalty by continuously exceeding customer expectations.

Conference Call and Webcast

UiPath will host a conference call today, Wednesday, March 15, 2023, at 5:00 p.m. Eastern Time, to discuss the Company's fourth quarter and full year 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 13735660. 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,” “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 our guidance for the first fiscal quarter and fiscal full year 2024, our strategic plans, objectives and roadmap, the estimated addressable market opportunity for our platform, and statements regarding the growth of the automation market. 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 geopolitical 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 the closure of Silicon Valley Bank in the U.S.; 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 and 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 condition, 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 to be filed with the SEC, and 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 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 the point-in-time 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, 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, capitalization of software development costs, 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.

UiPath, Inc.

Condensed Consolidated Statements of Operations

in thousands, except per share data

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2023

 

2022

 

2023

 

2022

Revenue:

 

 

 

 

 

 

 

 

Licenses

 

$

158,961

 

 

$

174,056

 

 

$

497,836

 

 

$

481,427

 

Subscription services

 

 

138,514

 

 

 

103,943

 

 

 

508,823

 

 

 

369,867

 

Professional services and other

 

 

11,074

 

 

 

11,699

 

 

 

51,922

 

 

 

40,958

 

Total revenue

 

 

308,549

 

 

 

289,698

 

 

 

1,058,581

 

 

 

892,252

 

Cost of revenue:

 

 

 

 

 

 

 

 

Licenses

 

 

2,506

 

 

 

4,374

 

 

 

10,421

 

 

 

11,888

 

Subscription services

 

 

23,417

 

 

 

18,489

 

 

 

87,366

 

 

 

60,565

 

Professional services and other

 

 

21,768

 

 

 

18,301

 

 

 

82,264

 

 

 

96,415

 

Total cost of revenue

 

 

47,691

 

 

 

41,164

 

 

 

180,051

 

 

 

168,868

 

Gross profit

 

 

260,858

 

 

 

248,534

 

 

 

878,530

 

 

 

723,384

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

173,760

 

 

 

174,757

 

 

 

701,558

 

 

 

697,682

 

Research and development

 

 

81,870

 

 

 

64,412

 

 

 

285,750

 

 

 

276,657

 

General and administrative

 

 

50,375

 

 

 

60,244

 

 

 

239,505

 

 

 

249,991

 

Total operating expenses

 

 

306,005

 

 

 

299,413

 

 

 

1,226,813

 

 

 

1,224,330

 

Operating loss

 

 

(45,147

)

 

 

(50,879

)

 

 

(348,283

)

 

 

(500,946

)

Interest income

 

 

12,898

 

 

 

945

 

 

 

27,955

 

 

 

3,551

 

Other income (expense), net

 

 

5,290

 

 

 

(4,745

)

 

 

2,767

 

 

 

(13,488

)

Loss before income taxes

 

 

(26,959

)

 

 

(54,679

)

 

 

(317,561

)

 

 

(510,883

)

Provision for income taxes

 

 

730

 

 

 

8,431

 

 

 

10,791

 

 

 

14,703

 

Net loss

 

$

(27,689

)

 

$

(63,110

)

 

$

(328,352

)

 

$

(525,586

)

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

 

$

(0.05

)

 

$

(0.12

)

 

$

(0.60

)

 

$

(1.16

)

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

 

 

553,766

 

 

 

537,162

 

 

 

548,022

 

 

 

454,625

 

UiPath, Inc.

Condensed Consolidated Balance Sheets

in thousands

(unaudited)

 

 

 

 

 

 

 

As of

 

 

January 31, 2023

 

January 31, 2022

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

1,402,119

 

 

$

1,768,723

 

Marketable securities

 

 

354,774

 

 

 

96,417

 

Accounts receivable, net of allowance for credit losses of $2,698 and $2,566, respectively

 

 

374,217

 

 

 

251,988

 

Contract assets

 

 

69,260

 

 

 

74,831

 

Deferred contract acquisition costs

 

 

49,887

 

 

 

29,926

 

Prepaid expenses and other current assets

 

 

94,150

 

 

 

55,416

 

Total current assets

 

 

2,344,407

 

 

 

2,277,301

 

Marketable securities, non-current

 

 

2,942

 

 

 

19,523

 

Contract assets, non-current

 

 

6,523

 

 

 

2,730

 

Deferred contract acquisition costs, non-current

 

 

137,616

 

 

 

100,224

 

Property and equipment, net

 

 

29,045

 

 

 

17,176

 

Operating lease right-of-use assets

 

 

52,052

 

 

 

48,953

 

Intangible assets, net

 

 

23,010

 

 

 

16,817

 

Goodwill

 

 

88,010

 

 

 

53,564

 

Deferred tax assets

 

 

5,895

 

 

 

10,628

 

Other assets, non-current

 

 

45,706

 

 

 

25,534

 

Total assets

 

$

2,735,206

 

 

$

2,572,450

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

8,891

 

 

$

11,515

 

Accrued expenses and other current liabilities

 

 

76,645

 

 

 

87,958

 

Accrued compensation and employee benefits

 

 

142,582

 

 

 

130,673

 

Deferred revenue

 

 

398,334

 

 

 

297,355

 

Total current liabilities

 

 

626,452

 

 

 

527,501

 

Deferred revenue, non-current

 

 

121,697

 

 

 

68,665

 

Operating lease liabilities, non-current

 

 

56,442

 

 

 

49,843

 

Other liabilities, non-current

 

 

10,457

 

 

 

4,524

 

Total liabilities

 

 

815,048

 

 

 

650,533

 

Commitments and contingencies

 

 

 

 

Stockholders' equity

 

 

 

 

Class A common stock

 

 

5

 

 

 

4

 

Class B common stock

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

3,736,838

 

 

 

3,406,959

 

Accumulated other comprehensive income

 

 

7,612

 

 

 

10,899

 

Accumulated deficit

 

 

(1,824,298

)

 

 

(1,495,946

)

Total stockholders’ equity

 

 

1,920,158

 

 

 

1,921,917

 

Total liabilities and stockholders’ equity

 

$

2,735,206

 

 

$

2,572,450

 

UiPath, Inc.

Condensed Consolidated Statements of Cash Flows

in thousands

(unaudited)

 

 

 

 

 

 

 

Twelve Months Ended January 31,

 

 

2023

 

2022

Cash flows from operating activities

 

 

 

 

Net loss

 

$

(328,352

)

 

$

(525,586

)

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

 

 

 

 

Depreciation and amortization

 

 

18,723

 

 

 

14,705

 

Amortization of deferred contract acquisition costs

 

 

59,826

 

 

 

39,257

 

Net amortization on marketable securities

 

 

(1,782

)

 

 

1,954

 

Abandonment and impairment charges

 

 

2,881

 

 

 

 

Stock-based compensation expense

 

 

369,840

 

 

 

515,583

 

Charitable donation of Class A common stock

 

 

5,499

 

 

 

 

Amortization of operating lease right-of-use assets

 

 

11,675

 

 

 

8,875

 

Provision for deferred income taxes

 

 

861

 

 

 

(5,832

)

Other non-cash (credits) charges, net

 

 

(2,465

)

 

 

1,983

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

(123,783

)

 

 

(86,387

)

Contract assets

 

 

(185

)

 

 

(43,660

)

Deferred contract acquisition costs

 

 

(118,909

)

 

 

(130,186

)

Prepaid expenses and other assets

 

 

(59,810

)

 

 

(15,360

)

Accounts payable

 

 

(1,571

)

 

 

3,507

 

Accrued expenses and other liabilities

 

 

(14,954

)

 

 

45,729

 

Accrued compensation and employee benefits

 

 

15,086

 

 

 

24,038

 

Operating lease liabilities, net

 

 

(3,307

)

 

 

(9,064

)

Deferred revenue

 

 

160,746

 

 

 

105,481

 

Net cash used in operating activities

 

 

(9,981

)

 

 

(54,963

)

Cash flows from investing activities

 

 

 

 

Purchases of marketable securities

 

 

(388,409

)

 

 

(212,512

)

Sales of marketable securities

 

 

 

 

 

89,383

 

Maturities of marketable securities

 

 

151,426

 

 

 

107,745

 

Purchases of property and equipment

 

 

(23,815

)

 

 

(8,879

)

Payments related to business acquisitions, net of cash acquired

 

 

(29,542

)

 

 

(5,498

)

Capitalization of software development costs

 

 

 

 

 

(2,950

)

Other investing, net (1)

 

 

1,197

 

 

 

(2,731

)

Net cash used in investing activities

 

 

(289,143

)

 

 

(35,442

)

Cash flows from financing activities

 

 

 

 

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

 

 

 

 

 

692,369

 

Payments of initial public offering costs

 

 

 

 

 

(3,734

)

Proceeds from issuance of convertible preferred stock

 

 

 

 

 

750,000

 

Payments of issuance costs for convertible preferred stock

 

 

 

 

 

(164

)

Proceeds from exercise of stock options

 

 

8,388

 

 

 

12,197

 

Payments of tax withholdings on net settlement of equity awards

 

 

(73,095

)

 

 

(10,467

)

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

 

 

(9,480

)

 

 

10,432

 

Proceeds from employee stock purchase plan contributions

 

 

15,011

 

 

 

19,040

 

Repurchase of unvested early exercised stock options

 

 

(1,493

)

 

 

 

Net cash (used in) provided by financing activities

 

 

(60,669

)

 

 

1,469,673

 

Effect of exchange rate changes

 

 

(6,811

)

 

 

18,265

 

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

 

 

(366,604

)

 

 

1,397,533

 

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

 

 

1,768,723

 

 

 

371,190

 

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

 

$

1,402,119

 

 

$

1,768,723

 

 

 

 

 

 

(1) Prior period amounts have been combined to conform to current 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 January 31,

 

Twelve Months Ended January 31,

 

 

2023

 

2022

 

2023

 

2022

Licenses

 

 

 

 

 

 

 

 

GAAP cost of licenses

 

$

2,506

 

 

$

4,374

 

 

$

10,421

 

 

$

11,888

 

Less: Amortization of acquired intangible assets

 

 

819

 

 

 

611

 

 

 

2,754

 

 

 

2,521

 

Non-GAAP cost of licenses

 

$

1,687

 

 

$

3,763

 

 

$

7,667

 

 

$

9,367

 

 

 

 

 

 

 

 

 

 

Subscription Services

 

 

 

 

 

 

 

 

GAAP cost of subscription services

 

$

23,417

 

 

$

18,489

 

 

$

87,366

 

 

$

60,565

 

Less: Stock-based compensation expense

 

 

2,993

 

 

 

2,316

 

 

 

11,894

 

 

 

12,232

 

Less: Amortization of acquired intangible assets

 

 

581

 

 

 

330

 

 

 

1,811

 

 

 

1,100

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

92

 

 

 

255

 

 

 

272

 

 

 

1,142

 

Less: Restructuring costs

 

 

45

 

 

 

 

 

 

182

 

 

 

 

Non-GAAP cost of subscription services

 

$

19,706

 

 

$

15,588

 

 

$

73,207

 

 

$

46,091

 

 

 

 

 

 

 

 

 

 

Professional Services and Other

 

 

 

 

 

 

 

 

GAAP cost of professional services and other

 

$

21,768

 

 

$

18,301

 

 

$

82,264

 

 

$

96,415

 

Less: Stock-based compensation expense

 

 

2,896

 

 

 

2,709

 

 

 

11,855

 

 

 

29,849

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

96

 

 

 

910

 

 

 

263

 

 

 

4,516

 

Less: Restructuring costs

 

 

390

 

 

 

 

 

 

710

 

 

 

 

Non-GAAP cost of professional services and other

 

$

18,386

 

 

$

14,682

 

 

$

69,436

 

 

$

62,050

 

 

 

 

 

 

 

 

 

 

Gross Profit and Margin

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

260,858

 

 

$

248,534

 

 

$

878,530

 

 

$

723,384

 

GAAP gross margin

 

 

85

%

 

 

86

%

 

 

83

%

 

 

81

%

Plus: Stock-based compensation expense

 

 

5,889

 

 

 

5,025

 

 

 

23,749

 

 

 

42,081

 

Plus: Amortization of acquired intangible assets

 

 

1,400

 

 

 

941

 

 

 

4,565

 

 

 

3,621

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

188

 

 

 

1,165

 

 

 

535

 

 

 

5,658

 

Plus: Restructuring costs

 

 

435

 

 

 

 

 

 

892

 

 

 

 

Non-GAAP gross profit

 

$

268,770

 

 

$

255,665

 

 

$

908,271

 

 

$

774,744

 

Non-GAAP gross margin

 

 

87

%

 

 

88

%

 

 

86

%

 

 

87

%

UiPath, Inc.

Reconciliation of GAAP Operating Expenses, 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,

 

 

2023

 

2022

 

2023

 

2022

Sales and Marketing

 

 

 

 

 

 

 

 

GAAP sales and marketing

 

$

173,760

 

 

$

174,757

 

 

$

701,558

 

 

$

697,682

 

Less: Stock-based compensation expense

 

 

37,512

 

 

 

35,853

 

 

 

154,922

 

 

 

237,975

 

Less: Amortization of acquired intangible assets

 

 

667

 

 

 

404

 

 

 

2,153

 

 

 

1,397

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

1,560

 

 

 

7,097

 

 

 

4,605

 

 

 

39,615

 

Less: Restructuring costs

 

 

8,248

 

 

 

 

 

 

19,491

 

 

 

 

Non-GAAP sales and marketing

 

$

125,773

 

 

$

131,403

 

 

$

520,387

 

 

$

418,695

 

 

 

 

 

 

 

 

 

 

Research and Development

 

 

 

 

 

 

 

 

GAAP research and development

 

$

81,870

 

 

$

64,412

 

 

$

285,750

 

 

$

276,657

 

Less: Stock-based compensation expense

 

 

28,987

 

 

 

21,253

 

 

 

102,546

 

 

 

135,713

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

721

 

 

 

4,173

 

 

 

1,692

 

 

 

5,810

 

Less: Restructuring costs

 

 

451

 

 

 

 

 

 

494

 

 

 

 

Non-GAAP research and development

 

$

51,711

 

 

$

38,986

 

 

$

181,018

 

 

$

135,134

 

 

 

 

 

 

 

 

 

 

General and Administrative

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

50,375

 

 

$

60,244

 

 

$

239,505

 

 

$

249,991

 

Less: Stock-based compensation expense

 

 

26,655

 

 

 

14,901

 

 

 

88,623

 

 

 

99,814

 

Less: Amortization of acquired intangible assets

 

 

42

 

 

 

57

 

 

 

178

 

 

 

101

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

444

 

 

 

1,956

 

 

 

930

 

 

 

3,001

 

Less: Restructuring costs

 

 

1,187

 

 

 

 

 

 

2,569

 

 

 

 

Less: Charitable donation of Class A common stock

 

 

 

 

 

 

 

 

5,499

 

 

 

 

Non-GAAP general and administrative

 

$

22,047

 

 

$

43,330

 

 

$

141,706

 

 

$

147,075

 

 

 

 

 

 

 

 

 

 

Operating Loss

 

 

 

 

 

 

 

 

GAAP operating loss

 

$

(45,147

)

 

$

(50,879

)

 

$

(348,283

)

 

$

(500,946

)

GAAP operating margin

 

 

(15

)%

 

 

(18

)%

 

 

(33

)%

 

 

(56

)%

Plus: Stock-based compensation expense

 

 

99,043

 

 

 

77,032

 

 

 

369,840

 

 

 

515,583

 

Plus: Amortization of acquired intangible assets

 

 

2,109

 

 

 

1,402

 

 

 

6,896

 

 

 

5,119

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

2,913

 

 

 

14,391

 

 

 

7,762

 

 

 

54,084

 

Plus: Restructuring costs

 

 

10,321

 

 

 

 

 

 

23,446

 

 

 

 

Plus: Charitable donation of Class A common stock

 

 

 

 

 

 

 

 

5,499

 

 

 

 

Non-GAAP operating income

 

$

69,239

 

 

$

41,946

 

 

$

65,160

 

 

$

73,840

 

Non-GAAP operating margin

 

 

22

%

 

 

14

%

 

 

6

%

 

 

8

%

UiPath, Inc.

Reconciliation of GAAP Net Loss and GAAP Net 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,

 

 

2023

 

2022

 

2023

 

2022

GAAP net loss attributable to common stockholders

 

$

(27,689

)

 

$

(63,110

)

 

$

(328,352

)

 

$

(525,586

)

Plus: Stock-based compensation expense

 

 

99,043

 

 

 

77,032

 

 

 

369,840

 

 

 

515,583

 

Plus: Amortization of acquired intangible assets

 

 

2,109

 

 

 

1,402

 

 

 

6,896

 

 

 

5,119

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

2,913

 

 

 

14,391

 

 

 

7,762

 

 

 

54,084

 

Plus: Restructuring costs

 

 

10,321

 

 

 

 

 

 

23,446

 

 

 

 

Plus: Charitable donation of Class A common stock

 

 

 

 

 

 

 

 

5,499

 

 

 

 

Tax adjustments to add-backs

 

 

(3,999

)

 

 

(2,545

)

 

 

(4,608

)

 

 

(4,090

)

Non-GAAP net income

 

$

82,698

 

 

$

27,170

 

 

$

80,483

 

 

$

45,110

 

 

 

 

 

 

 

 

 

 

GAAP net loss per share, basic and diluted

 

$

(0.05

)

 

$

(0.12

)

 

$

(0.60

)

 

$

(1.16

)

GAAP weighted average common shares outstanding, basic and diluted

 

 

553,766

 

 

 

537,162

 

 

 

548,022

 

 

 

454,625

 

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

 

 

 

 

 

 

 

 

 

 

 

67,973

 

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

 

 

 

 

 

 

 

 

 

 

 

2,885

 

Non-GAAP weighted average common shares outstanding, basic

 

 

553,766

 

 

 

537,162

 

 

 

548,022

 

 

 

525,483

 

Plus: Dilutive potential common shares from outstanding equity awards

 

 

9,066

 

 

 

22,733

 

 

 

12,483

 

 

 

34,007

 

Non-GAAP weighted average common shares outstanding, diluted

 

 

562,832

 

 

 

559,895

 

 

 

560,505

 

 

 

559,490

 

Non-GAAP net income per share, basic

 

$

0.15

 

 

$

0.05

 

 

$

0.15

 

 

$

0.09

 

Non-GAAP net income per share, diluted

 

$

0.15

 

 

$

0.05

 

 

$

0.14

 

 

$

0.08

 

UiPath, Inc.

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

in thousands

(unaudited)

 

 

 

 

 

 

 

Twelve Months Ended January 31,

 

 

2023

 

2022

GAAP net cash used in operating activities

 

$

(9,981

)

 

$

(54,963

)

Purchases of property and equipment

 

 

(23,815

)

 

 

(8,879

)

Capitalization of software development costs

 

 

 

 

 

(2,950

)

Cash paid for employer payroll taxes related to employee equity transactions

 

 

9,112

 

 

 

51,693

 

Net payments (receipts) of employee tax withholdings on stock option exercises

 

 

5,394

 

 

 

(6,382

)

Cash paid for restructuring costs

 

 

19,339

 

 

 

 

Non-GAAP adjusted free cash flow

 

$

49

 

 

$

(21,481

)

 

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