UiPath : Supplemental FY 2025

Published: 2025-03-12 18:14:04 ET PATH

Key Performance Metric and Non-GAAP Financial Measures

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. ARR also does not reflect nonrecurring rebates payable to partners (upon establshing sufficient history of their nonrecurring nature), the impact of nonrecurring incentives (such as one-time discounts provided under sales promotional programs), and 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 is 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.

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

This supplemental information includes financial measures defined as non-GAAP financial measures by the SEC, including non-GAAP cost of revenue, non-GAAP gross profit and margin, non-GAAP operating expenses, non-GAAP operating income (loss) and margin, and non-GAAP net income (loss) and non-GAAP net income (loss) per share. These non-GAAP financial measures exclude:

stock-based compensation expense; amortization of acquired intangibles;

employer payroll tax expense related to employee equity transactions; restructuring costs;

charitable donation of Class A common stock; and

in the case of non-GAAP net income (loss), release of valuation allowance on deferred tax assets and tax adjustments associated with the add-back items, as applicable.

Additionally, this supplemental information 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, 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, 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 herein provides a reconciliation of non-GAAP financial measures 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.

UiPath, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

As Of

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31, 2022

October 31, 2021

July 31,

April 30,

January 31,

2025

2024

2023

2022

2021

2020

ASSETS

Current assets:

Cash and cash equivalents

879,196

773,630

939,313

1,146,618

1,061,678

1,003,080

1,093,898

1,311,576

1,402,119

1,451,152

1,607,356

1,679,217

1,768,723

1,776,417

1,826,424

1,796,267

357,690

232,386

Restricted cash

438

444

400

13,500

7,000

1,745

Marketable securities

750,322

795,411

804,061

788,920

818,145

814,097

735,670

469,071

354,774

225,605

114,188

114,749

96,417

102,009

70,140

83,263

102,828

Accounts receivable, net

451,131

336,137

267,706

270,621

436,296

373,091

226,327

233,307

374,217

275,935

193,483

169,061

251,988

196,427

138,945

136,520

172,286

93,008

Contract assets

88,735

109,918

101,107

88,146

84,197

84,164

80,602

68,536

69,260

91,551

94,760

88,427

74,831

63,621

53,555

35,058

34,221

12,855

Deferred contract acquisition costs

82,461

79,644

76,653

76,309

74,678

63,553

59,326

53,355

49,887

40,168

35,259

32,492

29,926

24,077

18,142

13,624

10,653

19,361

Prepaid expenses and other current assets

86,276

81,300

85,056

98,146

104,980

91,224

107,373

121,429

94,150

74,834

63,430

61,072

55,416

44,668

51,886

41,672

49,752

41,625

Total current assets

2,338,559

2,176,478

2,274,334

2,469,198

2,580,412

2,429,653

2,303,596

2,257,274

2,344,407

2,159,245

2,108,476

2,145,018

2,277,301

2,207,219

2,159,092

2,119,904

734,430

400,980

Restricted cash, non-current

6,500

Marketable securities, non-current

94,113

34,397

962

5,710

2,942

2,920

2,396

7,364

19,523

13,079

Contract assets, non-current

3,447

12,618

9,232

9,960

6,214

6,078

5,021

6,930

6,523

9,498

5,722

5,469

2,730

1,255

2,537

9,136

2,085

122

Deferred contract acquisition costs, non-current

139,341

145,968

146,564

145,175

154,317

139,932

134,021

136,571

137,616

113,568

106,654

103,520

100,224

77,849

58,289

44,618

32,553

17,893

Property and equipment, net

32,740

25,132

22,040

22,741

23,982

22,504

24,679

26,911

29,045

28,152

25,517

21,776

17,176

14,188

14,728

15,149

14,822

20,846

Operating lease right-of-use assets

66,500

69,598

71,033

60,458

56,072

53,711

52,847

52,275

52,052

50,555

44,074

44,895

48,953

50,895

16,302

16,490

17,260

22,737

Intangible assets, net

7,905

9,331

11,025

12,577

14,704

16,460

19,244

21,167

23,010

23,993

26,856

15,078

16,817

18,467

18,866

20,423

10,191

11,776

Goodwill

87,304

89,864

89,530

88,384

89,026

87,293

90,051

89,207

88,010

83,844

86,180

52,123

53,564

54,457

55,193

58,478

28,059

25,311

Deferred tax assets

27,963

27,990

3,763

3,900

4,678

5,143

5,573

5,915

5,895

7,657

7,995

8,170

10,628

6,846

7,927

7,836

8,118

Other assets, non-current

67,398

71,915

73,812

31,621

25,353

26,284

35,108

40,723

45,706

32,252

20,807

21,307

25,534

23,433

14,947

14,536

12,443

8,503

Total assets

2,865,270

2,663,291

2,701,333

2,844,976

2,954,758

2,787,058

2,670,140

2,642,683

2,735,206

2,511,684

2,434,677

2,424,720

2,572,450

2,467,688

2,347,881

2,306,570

866,461

508,168

LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' EQUITY

(DEFICIT)

Current liabilities:

Accounts payable

33,178

18,426

9,910

6,864

3,447

13,664

1,887

5,734

8,891

11,253

12,122

17,442

11,515

23,942

2,874

5,642

6,682

4,608

Accrued expenses and other current liabilities

83,923

93,883

82,640

84,793

83,997

108,014

64,404

63,138

76,645

78,892

74,666

75,590

87,958

82,439

60,558

51,057

36,660

32,315

Accrued compensation and benefits

112,355

88,794

77,444

40,663

137,442

100,170

67,836

48,622

142,582

98,086

80,961

62,948

130,673

107,788

75,628

49,802

110,736

58,478

Deferred payments related to business acquisitions

18,591

Deferred revenue

569,464

494,370

462,509

465,216

486,805

405,837

384,015

385,895

398,334

288,412

292,323

282,263

297,355

253,120

235,484

222,089

211,078

124,627

Total current liabilities

798,920

695,473

632,503

597,536

711,691

627,685

518,142

503,389

626,452

476,643

460,072

438,243

527,501

467,289

374,544

328,590

365,156

238,619

Deferred revenue, non-current

135,843

149,361

150,346

150,934

161,027

132,600

103,780

113,222

121,697

107,633

66,598

56,832

68,665

58,869

54,465

55,224

61,325

40,941

Operating lease liabilities, non-current

74,230

76,798

78,166

62,772

58,713

57,687

56,699

56,564

56,442

55,085

46,765

46,346

49,843

51,164

12,328

12,968

14,152

20,391

Accrued sales commissions, non-current

8,967

Other liabilities, non-current

10,515

9,814

6,737

6,730

7,213

7,873

8,153

13,971

10,457

12,499

11,693

3,105

4,524

6,961

7,591

10,247

7,564

2,372

Total liabilities

1,019,508

931,446

867,752

817,972

938,644

825,845

686,774

687,146

815,048

651,860

585,128

544,526

650,533

584,283

448,928

407,029

448,197

311,290

Convertible preferred stock

1,221,968

996,389

Stockholders' equity (deficit):

Class A common stock

Class B common stock

Treasury stock

(494,779)

(486,985)

(322,047)

(124,620)

(102,615)

(52,649)

Additional paid-in capital

4,333,300

4,249,569

4,176,531

4,089,795

4,024,079

3,958,795

3,888,414

3,801,656

3,736,838

3,649,474

3,577,278

3,488,255

3,406,959

3,312,405

3,213,595

3,117,853

179,175

72,229

Accumulated other comprehensive (loss) income

(4,890)

8,924

8,105

4,740

8,825

3,158

11,506

10,074

7,612

6,953

11,150

10,441

10,899

3,831

(4,598)

(8,294)

(12,521)

6,226

Accumulated deficit

(1,987,875)

(2,039,669)

(2,029,014)

(1,942,917)

(1,914,181)

(1,948,097)

(1,916,560)

(1,856,199)

(1,824,298)

(1,796,609)

(1,738,885)

(1,618,507)

(1,495,946)

(1,432,836)

(1,310,049)

(1,210,023)

(970,360)

(877,967)

Total stockholders' equity (deficit)

1,845,762

1,731,845

1,833,581

2,027,004

2,016,114

1,961,213

1,983,366

1,955,537

1,920,158

1,859,824

1,849,549

1,880,194

1,921,917

1,883,405

1,898,953

1,899,541

(803,704)

(799,511)

Total liabilities, convertible preferred stock, and stockholders' equity (deficit)

2,865,270

2,663,291

2,701,333

2,844,976

2,954,758

2,787,058

2,670,140

2,642,683

2,735,206

2,511,684

2,434,677

2,424,720

2,572,450

2,467,688

2,347,881

2,306,570

866,461

508,168

UiPath, Inc.

Condensed Consolidated Statements of Operations

(in thousands)

(unaudited)

Three Months Ended

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

2025

2024

2023

2022

2021

2020

2019

Revenue

Licenses

197,609

137,174

112,251

140,128

219,985

148,068

119,300

134,039

158,961

118,175

103,696

$ 117,004

174,056

$ 111,608

95,547

100,216

124,208

78,555

79,513

63,759

71,899

46,241

47,353

36,155

Subscription services

215,221

206,922

194,673

185,131

176,038

167,529

159,999

146,352

138,514

130,159

124,656

115,494

103,943

97,963

90,319

77,642

75,906

61,508

51,932

43,196

38,484

32,024

27,118

21,986

Professional services and

10,816

10,557

9,329

9,853

9,230

10,324

8,011

9,197

11,074

14,410

13,870

12,568

11,699

11,245

9,655

8,359

7,761

7,226

7,931

6,148

4,446

5,643

2,619

2,188

other

Total revenue

423,646

354,653

316,253

335,112

405,253

325,921

287,310

289,588

308,549

262,744

242,222

245,066

289,698

220,816

195,521

186,217

207,875

147,289

139,376

113,103

114,829

83,908

77,090

60,329

Cost of revenue

Licenses

Subscription services Professional services and other

Total cost of revenue

Gross profit Operating expenses

Sales and marketing Research and development General and administrative

Total operating expenses

Operating income (loss) Interest income

Other income (expense), net Income (loss) before income taxes

Provision for (benefit from) income taxes

Net income (loss)

1,231

2,340

2,393

2,601

2,133

2,781

3,008

2,547

2,506

3,208

2,170

2,537

4,374

2,626

2,434

2,454

2,281

1,720

1,636

1,417

1,962

705

583

510

43,860

43,487

43,529

36,754

33,420

28,647

26,777

23,078

23,417

20,578

22,326

21,045

18,489

15,659

12,238

14,179

7,079

6,092

5,501

5,543

2,360

6,620

5,075

2,448

19,443

17,936

17,398

15,970

17,797

18,492

19,202

18,042

21,768

18,982

20,080

21,434

18,301

24,815

20,922

32,377

10,776

9,573

7,561

6,678

8,453

7,274

8,285

15,130

64,534

63,763

63,320

55,325

53,350

49,920

48,987

43,667

47,691

42,768

44,576

45,016

41,164

43,100

35,594

49,010

20,136

17,385

14,698

13,638

12,775

14,599

13,943

18,088

359,112

290,890

252,933

279,787

351,903

276,001

238,323

245,921

260,858

219,976

197,646

200,050

248,534

177,716

159,927

137,207

187,739

129,904

124,678

99,465

102,054

69,309

63,147

42,241

176,836

187,188

194,330

180,139

191,717

191,282

169,725

160,406

173,760

156,469

181,547

189,782

174,757

172,906

144,268

205,751

99,380

99,512

90,331

90,931

118,774

139,408

131,123

94,039

99,670

96,976

98,433

85,603

85,639

84,514

86,606

75,342

81,870

67,341

67,849

68,690

64,412

61,559

57,646

93,040

29,194

27,456

26,541

26,729

24,307

26,272

32,309

48,178

48,997

50,090

63,519

63,510

59,452

56,024

59,577

56,584

50,375

63,157

68,443

57,530

60,244

59,498

55,834

74,415

44,574

65,951

24,834

26,676

34,959

38,097

49,750

56,818

325,503

334,254

356,282

329,252

336,808

331,820

315,908

292,332

306,005

286,967

317,839

316,002

299,413

293,963

257,748

373,206

173,148

192,919

141,706

144,336

178,040

203,777

213,182

199,035

33,609

(43,364)

(103,349)

(49,465)

15,095

(55,819)

(77,585)

(46,411)

(45,147)

(66,991)

(120,193)

(115,952)

(50,879)

(116,247)

(97,821)

(235,999)

14,591

(63,015)

(17,028)

(44,871)

(75,986)

(134,468)

(150,035)

(156,794)

12,167

10,055

13,370

13,830

15,217

14,483

13,582

13,848

12,898

9,561

4,505

991

945

899

766

941

401

144

530

1,218

2,281

2,608

634

8,848

7,810

7,710

10,679

6,284

13,725

7,472

4,294

5,290

888

(600)

(2,811)

(4,745)

(4,300)

(1,225)

(3,218)

4,643

(6,303)

24,010

(7,837)

(1,434)

(247)

(2,862)

(2,054)

54,624

(25,499)

(82,269)

(24,956)

36,596

(27,611)

(56,531)

(28,269)

(26,959)

(56,542)

(116,288)

(117,772)

(54,679)

(119,648)

(98,280)

(238,276)

19,635

(69,174)

7,059

(52,178)

(76,202)

(132,434)

(150,289)

(158,214)

2,830

(14,844)

3,828

3,780

2,680

3,926

3,830

3,632

730

1,182

4,090

4,789

8,431

3,139

1,746

1,387

(6,621)

1,622

2,072

662

1,892

602

742

(442)

51,794

(10,655)

(86,097)

(28,736)

33,916

(31,537)

(60,361)

(31,901)

(27,689)

$ (57,724)

$ (120,378)

$ (122,561)

(63,110)

$ (122,787)

(100,026)

$ (239,663)

26,256

(70,796)

4,987

(52,840)

(78,094)

(133,036)

(151,031)

(157,772)

UiPath, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Three Months

Three

Nine Months

Six Months

Nine Months

Six Months

Months

Ended

Year Ended

Ended October

Six Months

Three Months

Year Ended

Ended October

Six Months

Three Months

Year Ended

Ended October

Six Months

Three Months

Year Ended

Ended

Ended July

Year Ended

Ended October

Ended July

Ended

Year Ended

April 30,

January 31,

31,

Ended July 31,

Ended April 30,

January 31,

31,

Ended July 31,

Ended April 30,

January 31,

31,

Ended July 31,

Ended April 30,

January 31,

October 31,

31,

January 31,

31,

April 30,

January 31,

2025

2024

2023

2022

2021

2020

Cash flows from operating activities

Net loss

(73,694)

(125,488)

(114,833)

(28,736)

(89,883)

(123,799)

(92,262)

(31,901)

(328,352)

(300,663)

(242,939)

(122,561)

(525,586)

(462,476)

(339,689)

(239,663)

(92,393)

(118,649)

(47,853)

(52,840)

(519,933)

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

operating activities:

Depreciation and amortization

17,232

14,017

9,483

4,902

22,597

16,555

11,160

5,616

18,723

12,993

8,065

4,039

14,705

10,697

6,966

3,172

12,335

9,383

6,264

3,147

8,666

Amortization of deferred contract acquisition costs

92,089

62,951

39,392

18,467

75,471

52,828

31,229

14,072

59,826

37,967

21,860

10,822

39,257

19,904

10,971

4,920

40,997

28,478

18,991

8,006

30,450

Reversal of deferred contract acquisition cost and accrued

sales commissions, net

(9,229)

Net accretion on marketable securities

(31,778)

(26,552)

(18,527)

(9,268)

(28,246)

(19,556)

(10,745)

(4,097)

(1,782)

501

860

473

1,954

1,391

867

558

263

Stock-based compensation expense

358,151

270,520

183,032

88,727

371,955

283,025

187,145

85,048

369,840

270,797

189,706

101,454

515,583

438,551

343,448

250,835

86,167

65,794

17,030

8,201

137,862

Charitable donation of Class A common stock

6,564

4,215

5,499

Non-cash operating lease expense

15,899

11,762

7,562

3,476

13,047

9,663

6,299

3,071

11,675

8,555

4,597

2,759

8,875

6,013

3,580

1,734

7,266

5,522

3,708

1,879

7,019

Provision for deferred income taxes

(19,794)

(20,773)

752

569

554

(1,040)

(57)

(267)

861

1,171

1,505

1,594

(5,832)

(357)

(134)

(7,587)

(10)

(52)

(1,324)

Abandonment and impairment charges

2,881

Other non-cash (credits) charges, net

(2,332)

(57)

(573)

(966)

(3,700)

(4,864)

965

624

(2,465)

(1,714)

(1,031)

2,849

1,983

1,599

(526)

(643)

1,019

1,382

247

1,954

Changes in operating assets and liabilities:

Accounts receivable

(22,173)

98,062

165,781

162,444

(64,217)

(1,507)

147,725

141,557

(123,783)

(33,449)

51,707

76,864

(86,387)

(27,028)

32,961

35,973

(76,907)

(34,191)

(17,740)

9,769

(52,146)

Contract assets

(3,991)

(32,179)

(19,773)

(7,645)

(14,694)

(14,875)

(9,455)

660

(185)

(27,735)

(26,146)

(18,523)

(43,660)

(29,994)

(20,355)

(8,148)

(21,964)

(18,459)

(13,955)

(4,781)

(5,083)

Deferred contract acquisition costs

(89,157)

(59,657)

(33,898)

(12,437)

(118,833)

(71,727)

(36,389)

(15,499)

(118,909)

(69,657)

(39,572)

(20,761)

(130,186)

(80,720)

(44,946)

(20,205)

(51,058)

(28,885)

(18,516)

(5,782)

(61,037)

Prepaid expenses and other assets

7,065

10,228

6,314

(803)

4,222

17,247

(6,679)

(5,860)

(59,810)

(27,361)

(4,277)

(5,231)

(15,360)

(2,295)

(4,340)

7,666

(8,564)

208

2,326

1,109

(20,625)

Accounts payable

27,856

14,954

6,774

3,936

(5,052)

5,767

(6,033)

(2,130)

(1,571)

2,414

2,759

7,554

3,507

17,549

(3,663)

(528)

1,893

1,983

1,414

4,251

(14,557)

Accrued expenses and other liabilities

9,235

11,230

7,018

(4,195)

11,804

22,309

(4,229)

(10,547)

(14,954)

(13,785)

(14,507)

(12,894)

45,729

17,756

8,484

4,573

6,122

8,009

4,127

(1,646)

18,763

Accrued compensation and benefits

(23,428)

(48,587)

(59,799)

(96,403)

(4,039)

(40,590)

(74,184)

(93,390)

15,086

(26,096)

(45,042)

(65,083)

24,038

(822)

(32,686)

(60,433)

49,924

24,233

7,192

(8,340)

17,735

Operating lease liabilities, net

(15,527)

(10,750)

(6,983)

(3,912)

(13,590)

(10,296)

(7,532)

(2,946)

(3,307)

(488)

(2,422)

(1,950)

(9,064)

(5,261)

(3,698)

(1,807)

(8,080)

(6,075)

(4,097)

(1,894)

(5,064)

Deferred revenue

68,348

(1,762)

(31,873)

(24,683)

137,471

30,125

(29,547)

(20,885)

160,746

54,232

9,876

(14,289)

105,481

46,544

19,237

4,453

98,973

72,197

44,934

14,812

97,884

Net cash provided by (used in) operating

320,565

174,483

146,413

100,037

299,082

153,480

111,626

67,341

(9,981)

(103,938)

(76,621)

(52,884)

(54,963)

(48,949)

(23,523)

(17,522)

29,177

10,998

4,062

(24,132)

(359,436)

activities

Cash flows from investing activities:

Purchases of marketable securities

(1,470,355)

(1,162,243)

(697,765)

(323,137)

(1,485,965)

(1,006,606)

(709,199)

(215,391)

(388,409)

(204,311)

(45,600)

(21,918)

(212,512)

(161,214)

(94,157)

(103,108)

Sales of marketable securities

89,383

Maturities of marketable securities

1,475,584

1,176,776

730,337

360,141

1,050,984

576,480

338,644

78,955

151,426

93,298

47,433

14,813

107,745

58,109

36,605

23,755

Purchases of property and equipment

(14,923)

(7,531)

(2,656)

(1,238)

(7,342)

(3,558)

(2,876)

(1,870)

(23,815)

(21,614)

(16,298)

(9,692)

(8,879)

(5,719)

(3,641)

(2,200)

(1,953)

(989)

(587)

(460)

(15,748)

Payments related to business acquisitions, net of cash

(29,542)

(29,477)

(5,498)

(19,690)

(1,000)

(18,525)

acquired

Purchases of investments

(35,809)

Capitalization of software development costs

(2,950)

(771)

(410)

(1,240)

(5,233)

Other investing, net

2,754

1,197

(507)

1,100

(2,731)

(1,231)

Net cash (used in) provided by investing

(45,503)

(28,807)

(5,893)

35,766

(439,569)

(430,930)

(370,677)

(135,552)

(289,143)

(162,676)

(44,449)

(15,697)

(35,442)

(29,120)

21,921

10,873

(125,991)

(20,679)

(1,587)

(460)

(39,506)

activities

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)

(2,406)

Proceeds from issuance of convertible preferred stock

750,000

225,903

583,600

Payments of issuance costs related to convertible preferred

(164)

(324)

(591)

stock

Proceeds from exercise of stock options

8,032

934

643

312

6,740

5,421

3,904

1,187

8,388

7,605

4,682

2,823

12,197

9,687

6,651

3,114

26,379

19,837

2,719

536

3,599

Repurchase of Class A common stock

(390,751)

(381,403)

(218,752)

(22,005)

(102,615)

(52,649)

Repurchase and retirement of common stock

(128,843)

Proceeds from credit agreement

78,587

78,828

Repayment of credit agreement

(78,587)

Payments of tax withholdings on net settlement of equity

(77,930)

(60,483)

(45,949)

(28,959)

(112,067)

(75,495)

(52,832)

(25,902)

(73,095)

(53,300)

(38,717)

(17,329)

(10,467)

(10,300)

(9,554)

awards

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

equity award transactions

(645)

(679)

(645)

(9,480)

(10,132)

(10,037)

10,432

20,418

9,483

Proceeds from employee stock purchase plan contributions

15,605

12,893

8,642

4,916

17,555

14,253

9,643

4,730

15,011

13,525

8,507

6,356

19,040

13,766

6,902

Payment of deferred consideration related to business

(5,570)

(5,863)

acquisition

Repurchase of unvested early exercised stock options

(1,493)

Payment of deferred loan cost related to senior secured

credit facility

(808)

Payments of deferred offering costs

(732)

Net cash (used in) provided by financing

(450,515)

(433,530)

(260,887)

(45,736)

(196,895)

(114,978)

(45,827)

(20,630)

(60,669)

(43,795)

(37,153)

(18,187)

1,469,673

1,472,042

1,451,953

1,442,913

250,418

244,608

228,298

79,364

457,765

activities

Effect of exchange rate changes

(7,029)

(194)

(1,998)

(5,127)

(2,621)

(6,167)

(2,943)

(1,702)

(6,811)

(7,162)

(3,144)

(2,738)

18,265

11,254

4,883

2,313

(16,545)

(8,402)

(14,067)

7,955

3,190

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

(182,482)

(288,048)

(122,365)

84,940

(340,003)

(398,595)

(307,821)

(90,543)

(366,604)

(317,571)

(161,367)

(89,506)

1,397,533

1,405,227

1,455,234

1,438,577

137,059

226,525

216,706

62,727

62,013

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

1,062,116

1,402,119

1,768,723

371,190

234,131

172,118

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

879,634

774,068

939,751

1,147,056

1,062,116

1,003,524

1,094,298

1,311,576

1,402,119

1,451,152

1,607,356

1,679,217

1,768,723

1,776,417

1,826,424

1,809,767

371,190

460,656

450,837

296,858

234,131

UiPath, Inc.

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

(in thousands, except percentages)

(unaudited)

Three Months Ended

October

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

31,

July 31,

April 30,

2025

2024

2023

2022

2021

2020

Licenses

GAAP cost of licenses

1,231

2,340

2,393

2,601

2,133

2,781

3,008

2,547

2,506

3,208

2,170

2,537

4,374

2,626

2,434

2,454

2,281

1,720

1,636

1,417

Less: Amortization of acquired intangible assets

262

822

819

844

848

836

851

836

819

777

562

596

611

628

636

646

656

634

617

586

Non-GAAP cost of licenses

969

1,518

1,574

1,757

1,285

1,945

2,157

1,711

1,687

2,431

1,608

1,941

3,763

1,998

1,798

1,808

1,625

1,086

1,019

831

Subscription services

GAAP cost of subscription services

43,860

43,487

43,529

36,754

33,420

28,647

26,777

23,078

23,417

20,578

22,326

21,045

18,489

15,659

12,238

14,179

7,079

6,092

5,501

5,543

Less: Stock-based compensation expense

4,800

5,041

5,284

4,276

3,972

3,791

3,809

3,178

2,993

2,844

2,841

3,216

2,316

2,045

1,657

6,214

154

133

141

Less: Amortization of acquired intangible assets

592

602

595

593

592

589

594

584

581

570

330

110

Less: Employer payroll tax expense related to employee equity transactions

157

177

201

255

701

186

Less: Restructuring costs

2,420

318

(53)

167

137

Non-GAAP cost of subscription services

35,891

37,791

37,264

31,708

28,655

24,262

22,122

19,226

19,706

17,130

18,956

17,415

15,588

12,583

10,065

7,855

6,925

5,959

5,360

5,458

Professional services and other

GAAP cost of professional services and other

19,443

17,936

17,398

15,970

17,797

18,492

19,202

18,042

21,768

18,982

20,080

21,434

18,301

24,815

20,922

32,377

10,776

9,573

7,561

6,678

Less: Stock-based compensation expense

2,948

2,953

3,015

2,470

2,412

2,764

3,083

2,699

2,896

2,557

2,528

3,874

2,709

4,305

3,904

18,931

531

532

499

298

Less: Employer payroll tax expense related to employee equity transactions

146

910

2,527

1,079

Less: Restructuring costs

(21)

126

390

320

Non-GAAP professional cost of services and other

16,424

14,980

14,230

13,434

15,239

15,686

16,051

15,272

18,386

16,399

17,170

17,481

14,682

17,983

15,939

13,446

10,245

9,041

7,062

6,380

Gross Profit and Margin

GAAP gross profit

359,112

290,890

252,933

279,787

351,903

276,001

238,323

245,921

260,858

219,976

197,646

200,050

248,534

177,716

159,927

137,207

187,739

129,904

124,678

99,465

GAAP gross margin

85%

82%

80%

83%

87%

85%

83%

85%

84%

82%

86%

80%

82.%

74%

90%

88%

89.%

88%

Plus: Stock-based compensation expense

7,748

7,994

8,299

6,746

6,384

6,555

6,892

5,877

5,889

5,401

5,369

7,090

5,025

6,350

5,561

25,145

685

665

640

383

Plus: Amortization of acquired intangible assets

854

1,424

1,414

1,437

1,440

1,425

1,445

1,420

1,400

1,347

892

926

941

958

966

756

656

634

617

586

Plus: Employer payroll tax expense related to employee equity transactions

228

243

347

100

153

161

188

124

163

1,165

3,228

1,265

Plus: Restructuring costs

2,420

(14)

444

(53)

167

435

457

Non-GAAP gross profit

370,362

300,364

263,185

288,213

360,074

284,028

246,980

253,379

268,770

226,784

204,488

208,229

255,665

188,252

167,719

163,108

189,080

131,203

125,935

100,434

Non-GAAP gross margin

87%

85%

83%

86%

89%

87%

86%

87%

86%

84%

85%

88%

85%

86%

88%

91%

89%

90%

89%

UiPath, Inc.

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

(in thousands, except percentages)

(unaudited)

Three Months Ended

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

2025

2024

2023

2022

2021

2020

Sales and Marketing

GAAP sales and marketing

176,836

187,188

194,330

180,139

191,717

191,282

169,725

160,406

173,760

156,469

181,547

189,782

174,757

172,906

144,268

205,751

99,380

99,512

90,331

90,931

Less: Stock-based compensation expense

28,269

32,688

37,473

36,216

34,973

37,760

39,007

33,123

37,512

30,763

35,889

50,758

35,853

41,823

41,006

119,293

5,612

5,116

3,775

1,853

Less: Amortization of acquired intangible assets

271

307

298

552

679

675

681

671

667

659

413

414

404

405

427

161

Less: Employer payroll tax expense related to employee equity

transactions

913

356

577

1,223

1,826

625

501

1,224

1,560

416

1,202

1,427

7,097

23,839

8,364

315

Less: Restructuring costs

5,525

1,956

7,971

(5)

1,087

229

8,248

511

10,732

Non-GAAP sales and marketing

141,858

151,881

148,011

142,148

154,244

128,449

125,159

125,773

124,120

133,311

137,183

131,403

106,839

94,471

85,982

93,741

94,361

86,538

89,043

Research and Development

GAAP research and development

99,670

96,976

98,433

85,603

85,639

84,514

86,606

75,342

81,870

67,341

67,849

68,690

64,412

61,559

57,646

93,040

29,194

27,456

26,541

26,729

Less: Stock-based compensation expense

36,750

34,211

32,654

29,142

29,517

30,604

33,071

24,773

28,987

23,435

23,501

26,623

21,253

24,866

23,978

65,616

3,639

3,169

2,811

1,816

Less: Employer payroll tax expense related to employee equity

transactions

1,033

237

288

630

1,455

387

584

601

721

170

320

481

4,173

1,312

325

Less: Restructuring costs

1,190

187

1,681

(7)

109

285

451

Non-GAAP research and development

60,697

62,341

63,810

55,831

54,667

52,842

49,683

51,711

43,736

43,985

41,586

38,986

35,381

33,343

27,424

25,555

24,287

23,730

24,913

General and Administrative

GAAP general and administrative

48,997

50,090

63,519

63,510

59,452

56,024

59,577

56,584

50,375

63,157

68,443

57,530

60,244

59,498

55,834

74,415

44,574

65,951

24,834

26,676

Less: Stock-based compensation expense

14,864

12,595

15,879

16,623

18,056

20,961

23,127

21,275

26,655

21,492

23,493

16,983

14,901

22,064

22,068

40,781

10,437

39,814

1,603

4,149

Less: Amortization of acquired intangible assets

Less: Employer payroll tax expense related to employee equity

transactions

392

124

175

415

715

340

491

378

444

123

186

177

1,956

455

590

Less: Restructuring costs

(61)

911

2,516

354

375

1,187

580

802

Less: Charitable donation of Class A common stock

6,564

4,215

5,499

Non-GAAP general and administrative

33,765

36,421

44,910

39,869

40,640

35,564

30,300

22,047

40,918

38,417

40,324

43,330

36,935

33,176

33,634

34,137

26,137

23,231

22,527

Operating Income (Loss)

GAAP operating income (loss)

33,609

(43,364)

(103,349)

(49,465)

15,095

(55,819)

(77,585)

(46,411)

(45,147)

(66,991)

(120,193)

(115,952)

(50,879)

(116,247)

(97,821)

(235,999)

14,591

(63,015)

(17,028)

(44,871)

GAAP operating margin

8 %

(12)%

(33)%

(15)%

4 %

(17)%

(27)%

(16)%

(15)%

(25)%

(50)%

(47)%

(18)%

(53)%

(50)%

(127)%

(43)%

(12)%

(40)%

Plus: Stock-based compensation expense

87,631

87,488

94,305

88,727

88,930

95,880

102,097

85,048

99,043

81,091

88,252

101,454

77,032

95,103

92,613

250,835

20,373

48,764

8,829

8,201

Plus: Amortization of acquired intangible assets

1,162

1,770

1,751

2,028

2,160

2,141

2,167

2,132

2,109

2,050

1,351

1,386

1,402

1,407

1,393

917

683

669

635

621

Plus: Employer payroll tax expense related to employee equity

transactions

2,566

787

1,135

2,511

4,343

1,452

1,729

2,364

2,913

769

1,832

2,248

14,391

28,834

10,544

315

Plus: Restructuring costs

9,074

3,040

12,612

(5)

1,717

889

10,321

1,091

12,034

Plus: Charitable donation of Class A common stock

6,564

4,215

5,499

Non-GAAP operating income (loss)

134,042

49,721

6,454

50,365

110,523

30,125

48,237

69,239

18,010

(11,225)

(10,864)

41,946

9,097

6,729

16,068

35,647

(13,582)

(7,564)

(36,049)

Non-GAAP operating margin

32 %

14 %

2 %

15 %

27 %

13 %

10 %

17 %

22 %

7 %

(5)%

(4)%

14%

17%

(9)%

(5)%

(32)%

UiPath, Inc.

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

(in thousands, except per share data)

(unaudited)

Three Months Ended

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

2025

2024

2023

2022

2021

2020

GAAP net income (loss) attributable to common stockholders

51,794

(10,655)

(86,097)

(28,736)

33,916

(31,537)

(60,361)

(31,901)

(27,689)

(57,724)

(120,378)

(122,561)

(63,110)

(122,787)

(100,026)

(239,663)

(70,796)

(52,840)

Plus: Undistributed earnings attributable to participating securities

26,256

4,987

Plus: Stock-based compensation expense

87,631

87,488

94,305

88,727

88,930

95,880

102,097

85,048

99,043

81,091

88,252

101,454

77,032

95,103

92,613

250,835

20,373

48,764

8,829

8,201

Plus: Amortization of acquired intangible assets

1,162

1,770

1,751

2,028

2,160

2,141

2,167

2,132

2,109

2,050

1,351

1,386

1,402

1,407

1,393

917

683

669

635

621

Plus: Employer payroll tax expense related to employee equity

2,566

787

1,135

2,511

4,343

1,452

1,729

2,364

2,913

769

1,832

2,248

14,391

28,834

10,544

315

Plus: Restructuring costs

9,074

3,040

12,612

(5)

1,717

889

10,321

1,091

12,034

Plus: Charitable donation of Class A common stock

6,564

4,215

5,499

Less: Release of valuation allowance on deferred tax assets

(111)

(24,633)

Tax adjustments to add-backs

(7,543)

2,009

2,124

(830)

1,127

1,640

1,042

(3,999)

(609)

(2,545)

(462)

(338)

(745)

Non-GAAP net income (loss)

144,573

59,806

23,764

73,218

128,514

69,088

48,989

63,789

82,698

26,668

(11,410)

(17,473)

27,170

2,095

4,186

11,659

47,312

(21,363)

14,451

(44,018)

GAAP net income (loss) per share, basic

0.09

(0.02)

(0.15)

(0.05)

0.06

(0.06)

(0.11)

(0.06)

(0.05)

(0.10)

(0.22)

(0.23)

(0.12)

(0.23)

(0.19)

(1.11)

$0.00

(0.41)

$0.00

(0.33)

GAAP net income (loss) per share, diluted

0.09

(0.02)

(0.15)

(0.05)

0.06

(0.06)

(0.11)

(0.06)

(0.05)

(0.10)

(0.22)

(0.23)

(0.12)

(0.23)

(0.19)

(1.11)

$0.00

(0.41)

$0.00

(0.33)

GAAP weighted average common shares outstanding, basic

550,948

551,036

568,042

569,925

567,428

567,036

562,883

557,878

553,766

550,164

546,058

541,902

537,162

531,718

526,512

215,352

179,624

171,280

162,914

159,003

GAAP weighted average common shares outstanding, diluted

555,373

551,036

568,042

569,925

583,191

567,036

562,883

557,878

553,766

550,164

546,058

541,902

537,162

531,718

526,512

215,352

179,624

171,280

162,914

159,003

Plus: Unweighted adjustment for conversion of preferred to common

stock in connection with IPO

278,768

306,300

Plus: Unweighted adjustment for common stock issued in connection

with IPO

11,831

13,000

Non-GAAP weighted average common shares outstanding, basic

550,948

551,036

568,042

569,925

567,428

567,036

562,883

557,878

553,766

550,164

546,058

541,902

537,162

531,718

526,512

505,951

498,924

490,580

482,214

478,303

Dilutive potential common shares from outstanding equity awards

4,425

2,906

4,965

14,389

15,763

10,463

11,580

12,728

9,066

10,331

22,733

28,192

33,619

52,074

59,090

Non-GAAP weighted average common shares outstanding, diluted

555,373

553,942

573,007

584,314

583,191

577,499

574,463

570,606

562,832

560,495

546,058

541,902

559,895

559,910

560,131

558,025

498,924

490,580

541,304

478,303

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

0.26

0.11

0.04

0.13

0.23

0.12

0.09

0.11

0.15

0.05

(0.02)

(0.03)

0.05

$0.00

0.01

0.02

0.09

(0.04)

0.03

(0.09)

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

0.26

0.11

0.04

0.13

0.22

0.12

0.09

0.11

0.15

0.05

(0.02)

(0.03)

0.05

$0.00

0.01

0.02

0.09

(0.04)

0.03

(0.09)

UiPath, Inc.

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

(in thousands)

(unaudited)

Nine

Three

Nine

Three

Nine Months

Three Months

Nine Months

Six Months

Months

Six Months

Months

Six Months

Months

Year Ended January

Nine Months Ended

Six Months Ended

Three Months Ended

Year Ended

Ended

Six Months

Ended April

Year Ended

Ended

Ended July

Three Months

Year Ended

Ended

Ended July

Ended

Year Ended

Ended

Ended July

Ended

Year Ended

31,

October 31,

July 31,

April 30,

January 31,

October 31,

Ended July 31,

30,

January 31,

October 31,

31,

Ended April 30,

January 31,

October 31,

31,

April 30,

January 31,

October 31,

31,

April 30,

January 31,

2025

2024

2023

2022

2021

2020

GAAP net cash provided by (used in) operating activities

320,565

174,483

146,413

100,037

299,082

153,480

111,626

67,341

(9,981)

(103,938)

(76,621)

(52,884)

(54,963)

(48,949)

(23,523)

(17,522)

29,177

10,998

4,062

(24,132)

(359,436)

Purchases of property and equipment

(14,923)

(7,531)

(2,656)

(1,238)

(7,342)

(3,558)

(2,876)

(1,870)

(23,815)

(21,614)

(16,298)

(9,692)

(8,879)

(5,719)

(3,641)

(2,200)

(1,953)

(989)

(587)

(460)

(15,748)

Capitalization of software development costs

(2,950)

(771)

(410)

(1,240)

(5,233)

Cash paid for employer payroll taxes related to employee equity transactions

6,907

4,435

3,267

2,403

10,483

6,183

4,830

2,738

9,112

6,399

4,953

3,034

51,693

34,623

9,064

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

(3)

(9)

980

788

924

765

5,394

6,370

5,664

5,757

(6,382)

(8,272)

(4,726)

Cash paid for restructuring costs

15,283

11,475

2,762

6,180

6,072

4,792

3,734

19,339

11,585

5,196

Non-GAAP adjusted free cash flow

327,829

182,868

149,777

101,277

309,383

162,965

119,296

72,708

(101,198)

(77,106)

(53,785)

(21,481)

(31,267)

(23,597)

(20,132)

25,984

10,009

3,475

(24,592)

(380,417)

GAAP Net cash (used in) provided by investing activities

(45,503)

(28,807)

(5,893)

35,766

(439,569)

(430,930)

(370,677)

(135,552)

(289,143)

(162,676)

(44,449)

(15,697)

(35,442)

(29,120)

21,921

10,873

(125,991)

(20,679)

(1,587)

(460)

(39,506)

GAAP Net cash (used in) provided by financing activities

(450,515)

(433,530)

(260,887)

(45,736)

(196,895)

(114,978)

(45,827)

(20,630)

(60,669)

(43,795)

(37,153)

(18,187)

1,469,673

1,472,042

1,451,953

1,442,913

250,418

244,608

228,298

79,364

457,765

UiPath, Inc.

Key Performance Metric

(in thousands, except percentages)

(unaudited)

As of

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

January 31,

October 31,

July 31,

April 30,

2025

2024

2023

2022

2021

2020

2019

Annualized Renewal Run-Rate (ARR)

1,666,136

1,606,561

1,550,605

1,507,730

1,463,698

1,378,152

1,307,904

1,248,883

1,203,845

1,110,077

1,043,286

977,067

925,276

818,406

726,467

652,580

580,483

518,404

453,467

397,848

351,442

283,317

242,263

204,341

Year-over-year growth

14 %

17 %

19 %

21 %

22 %

24 %

25 %

28 %

30 %

36%

44%

50%

59%

58%

60%

64%

65%

83%

87%

95%

109%

131%

159%

213%

Disclaimer

UiPath Inc. published this content on March 12, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 12, 2025 at 22:13:08.427.