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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240313601802/en/
Investor Relations Contact Kelsey Turcotte
Investor.relations@uipath.com UiPath
Media Contact Pete Daly PR@uipath.com UiPath
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