Revenue of $326 million increases 24 percent
year-over-year
ARR of $1.378 billion increases 24 percent
year-over-year
Cash flow from operations reaches $42 million
and non-GAAP adjusted free cash flow reaches $44 million
UiPath, Inc. (NYSE: PATH), a leading enterprise automation
software company, today announced financial results for its third
quarter fiscal 2024 ended October 31, 2023.
“I am pleased with our strong third quarter results with ARR
growing 24 percent year-over-year to $1.378 billion, driven by the
team’s execution and the transformational results we deliver,” said
Rob Enslin, UiPath Co-Chief Executive Officer. “My conversations
with customers and partners validate the strategic role enterprise
automation plays in digital transformation and I am excited about
the investments we continue to make in AI to further extend our
market leadership.”
Daniel Dines, UiPath Co-Founder and Co-Chief Executive Officer,
added, “Our unwavering commitment to understanding the needs of our
customers is key to our success. In our most recent platform
release, 2023.10, we delivered scores of new capabilities that
seamlessly translate the potential of AI into tangible action,
accelerate productivity, spark innovation, and drive business
outcomes for our customers.”
Third Quarter Fiscal 2024 Financial Highlights
- Revenue of $326 million increased 24 percent
year-over-year.
- ARR of $1.378 billion increased 24 percent
year-over-year.
- Net new ARR of $70 million.
- Dollar based net retention rate of 121 percent.
- GAAP gross margin was 85 percent.
- Non-GAAP gross margin was 87 percent.
- GAAP operating loss was $(56) million.
- Non-GAAP operating income was $44 million.
- Net cash flow from operations was $42 million.
- Non-GAAP adjusted free cash flow was $44 million.
- Cash, cash equivalents, and marketable securities were
$1.8 billion as of October 31, 2023.
“Our relentless focus on operational excellence once again
resulted in strong top-line growth and year over year improvements
in profitability and cash flow,” said Ashim Gupta, UiPath Chief
Financial Officer. “Given the strength of our business model we
expect to balance growth and profitability, while investing in the
business to position UiPath for long-term success.”
Financial Outlook
For the fourth quarter fiscal 2024, UiPath expects:
- Revenue in the range of $381 million to $386 million
- ARR in the range of $1.450 billion to $1.455 billion as of
January 31, 2024
- Non-GAAP operating income of approximately $78 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
- Unveiled Newest AI at Work Platform Features to Transform
the Enterprise: UiPath announced its newest platform features
that help customers gain real value by transforming millions of
tasks and thousands of processes across the enterprise with AI and
automation, creating capacity for new ideas and unleashing worker
productivity. UiPath Autopilot™ uses the combined power of Gen AI
and Specialized AI to improve productivity for everyone. New
previews were released for Autopilot for Studio, Apps, and Test
Suite, offering solutions for both new and experienced developers
and testers. New connectors for Gen AI add support for key
ecosystems and models including OpenAI, AWS Bedrock, and Meta.
- Announced New Connectors for Google AI and Google
Workspace: The UiPath connector for Google Cloud Vertex AI
allows developers, data scientists, and machine learning engineers
to integrate generative text and chat completion into their
automations. UiPath now offers customers more than 30 activity
packs and 10 connectors for Google Cloud.
- Named a Leader in the IDC MarketScape: Worldwide Intelligent
Document Processing 2023-2024 Vendor Assessment report*: UiPath
was named a Leader in Intelligent Document Processing in the
inaugural IDC MarketScape report examining AI technologies such as
optical character recognition, computer vision, natural language
processing, and machine/deep learning to classify and extract
information from structured, semi-structured, and unstructured
documents. According to the report, “UiPath’s success and broad
market leadership as an AI-powered automation platform puts it in a
great position for capturing growth as new and existing customers
look to integrate a document component into their broader
automation workflows.”
- UiPath Clipboard AI Named One of TIME Magazine’s Best
Inventions of 2023: Clipboard AI was selected to TIME
Magazine's Best Inventions of 2023 from a pool of thousands of
global nominations, with winners recognized for delivering
innovations that are changing the way we live, work, and play.
Clipboard AI was named to the Productivity Category because it
removes the need for anyone to manually copy-paste.
- Released AI report in Partnership with Bain & Co.:
Bain partnered with UiPath to examine and understand the adoption
and impact of AI-powered automation to date, as well as the
influence that AI will play in enterprise and market
reconfiguration moving forward. Most respondents reported they are
already investing in AI-powered automation, with 74% anticipating a
positive return on investment from their automation endeavors and
70% asserting that AI-driven automation is either “very important”
or “critical” in fulfilling their organization’s strategic
objectives.
*IDC MarketScape: Worldwide Intelligent
Document Processing 2023-2024 Vendor Assessment (IDC #US49988723,
November 2023)
Conference Call and Webcast
UiPath will host a conference call today, Thursday, November 30,
2023, at 5:00 p.m. Eastern Time, to discuss the Company's third
quarter fiscal 2024 financial results and its guidance for the
fourth quarter fiscal 2024. To access this call, dial
1-201-689-8057 (domestic) or 1-877-407-8309 (international). The
passcode is 13742261. 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 fourth fiscal quarter
2024, 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 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;
volatility in credit and financial markets; 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; 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 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
filed with the SEC on March 24, 2023, and in our subsequent
Quarterly Reports on Form 10-Q filed with the SEC, and other
filings and reports that we may file from time to time with the
SEC. Any forward-looking statements contained in this press release
are based on assumptions that we believe to be reasonable as of
this date. Except as required by law, we assume no obligation to
update these forward-looking statements.
Key Performance Metric
Annualized Renewal Run-rate (ARR) is a key performance metric we
use in managing our business because it illustrates our ability to
acquire new subscription customers and to maintain and expand our
relationships with existing subscription customers. We define ARR
as annualized invoiced amounts per solution SKU from subscription
licenses and maintenance 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 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 (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), 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 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 October
31,
Nine Months Ended October
31,
2023
2022
2023
2022
Revenue:
Licenses
$
148,068
$
118,175
$
401,407
$
338,875
Subscription services
167,529
130,159
473,880
370,309
Professional services and other
10,324
14,410
27,532
40,848
Total revenue
325,921
262,744
902,819
750,032
Cost of revenue:
Licenses
2,781
3,208
8,336
7,915
Subscription services
28,647
20,578
78,502
63,949
Professional services and other
18,492
18,982
55,736
60,496
Total cost of revenue
49,920
42,768
142,574
132,360
Gross profit
276,001
219,976
760,245
617,672
Operating expenses:
Sales and marketing
191,282
156,469
521,413
527,798
Research and development
84,514
67,341
246,462
203,880
General and administrative
56,024
63,157
172,185
189,130
Total operating expenses
331,820
286,967
940,060
920,808
Operating loss
(55,819
)
(66,991
)
(179,815
)
(303,136
)
Interest income
14,483
9,561
41,913
15,057
Other income (expense), net
13,725
888
25,491
(2,523
)
Loss before income taxes
(27,611
)
(56,542
)
(112,411
)
(290,602
)
Provision for income taxes
3,926
1,182
11,388
10,061
Net loss
$
(31,537
)
$
(57,724
)
$
(123,799
)
$
(300,663
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.06
)
$
(0.10
)
$
(0.22
)
$
(0.55
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
567,036
550,164
562,651
546,087
UiPath, Inc.
Condensed Consolidated Balance
Sheets
in thousands
(unaudited)
As of
October 31,
2023
January 31,
2023
Assets
Current assets
Cash and cash equivalents
$
1,003,080
$
1,402,119
Restricted cash
444
—
Marketable securities
814,097
354,774
Accounts receivable, net of allowance for
credit losses of $1,023 and $2,698, respectively
373,091
374,217
Contract assets
84,164
69,260
Deferred contract acquisition costs
63,553
49,887
Prepaid expenses and other current
assets
91,224
94,150
Total current assets
2,429,653
2,344,407
Marketable securities, non-current
—
2,942
Contract assets, non-current
6,078
6,523
Deferred contract acquisition costs,
non-current
139,932
137,616
Property and equipment, net
22,504
29,045
Operating lease right-of-use assets
53,711
52,052
Intangible assets, net
16,460
23,010
Goodwill
87,293
88,010
Deferred tax assets
5,143
5,895
Other assets, non-current
26,284
45,706
Total assets
$
2,787,058
$
2,735,206
Liabilities and stockholders' equity
Current liabilities
Accounts payable
$
13,664
$
8,891
Accrued expenses and other current
liabilities
108,014
76,645
Accrued compensation and employee
benefits
100,170
142,582
Deferred revenue
405,837
398,334
Total current liabilities
627,685
626,452
Deferred revenue, non-current
132,600
121,697
Operating lease liabilities,
non-current
57,687
56,442
Other liabilities, non-current
7,873
10,457
Total liabilities
825,845
815,048
Commitments and contingencies
Stockholders' equity
Class A common stock
5
5
Class B common stock
1
1
Treasury stock
(52,649
)
—
Additional paid-in capital
3,958,795
3,736,838
Accumulated other comprehensive income
3,158
7,612
Accumulated deficit
(1,948,097
)
(1,824,298
)
Total stockholders’ equity
1,961,213
1,920,158
Total liabilities and stockholders’
equity
$
2,787,058
$
2,735,206
UiPath, Inc.
Condensed Consolidated
Statements of Cash Flows
in thousands
(unaudited)
Nine Months Ended October
31,
2023
2022
Cash flows from operating activities
Net loss
$
(123,799
)
$
(300,663
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
16,555
12,993
Amortization of deferred contract
acquisition costs
52,828
37,967
Net amortization on marketable
securities
(19,556
)
501
Stock-based compensation expense
283,025
270,797
Charitable donation of Class A common
stock
4,215
5,499
Amortization of operating lease
right-of-use assets
9,663
8,555
Provision for deferred income taxes
(1,040
)
1,171
Abandonment and impairment charges
—
2,881
Other non-cash credits, net
(4,864
)
(1,714
)
Changes in operating assets and
liabilities:
Accounts receivable
(1,507
)
(33,449
)
Contract assets
(14,875
)
(27,735
)
Deferred contract acquisition costs
(71,727
)
(69,657
)
Prepaid expenses and other assets
17,247
(27,361
)
Accounts payable
5,767
2,414
Accrued expenses and other liabilities
22,309
(13,785
)
Accrued compensation and employee
benefits
(40,590
)
(26,096
)
Operating lease liabilities, net
(10,296
)
(488
)
Deferred revenue
30,125
54,232
Net cash provided by (used in) operating
activities
153,480
(103,938
)
Cash flows from investing activities
Purchases of marketable securities
(1,006,606
)
(204,311
)
Maturities of marketable securities
576,480
93,298
Purchases of property and equipment
(3,558
)
(21,614
)
Payments related to business acquisitions,
net of cash acquired
—
(29,542
)
Other investing, net
2,754
(507
)
Net cash used in investing activities
(430,930
)
(162,676
)
Cash flows from financing activities
Repurchases of Class A common stock
(52,649
)
—
Proceeds from exercise of stock
options
5,421
7,605
Payments of tax withholdings on net
settlement of equity awards
(75,495
)
(53,300
)
Net payments of tax withholdings on
sell-to-cover equity award transactions
(645
)
(10,132
)
Proceeds from employee stock purchase plan
contributions
14,253
13,525
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
(114,978
)
(43,795
)
Effect of exchange rate changes
(6,167
)
(7,162
)
Net decrease in cash, cash equivalents,
and restricted cash
(398,595
)
(317,571
)
Cash, cash equivalents, and restricted
cash - beginning of period
1,402,119
1,768,723
Cash, cash equivalents, and restricted
cash - end of period
$
1,003,524
$
1,451,152
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 October
31,
Nine Months Ended October
31,
2023
2022
2023
2022
GAAP cost of licenses
$
2,781
$
3,208
$
8,336
$
7,915
Less: Amortization of acquired intangible
assets
836
777
2,523
1,935
Non-GAAP cost of licenses
$
1,945
$
2,431
$
5,813
$
5,980
GAAP cost of subscription services
$
28,647
$
20,578
$
78,502
$
63,949
Less: Stock-based compensation expense
3,791
2,844
10,778
8,901
Less: Amortization of acquired intangible
assets
589
570
1,767
1,230
Less: Employer payroll tax expense related
to employee equity transactions
58
34
233
180
Less: Restructuring costs
(53
)
—
114
137
Non-GAAP cost of subscription services
$
24,262
$
17,130
$
65,610
$
53,501
GAAP cost of professional services and
other
$
18,492
$
18,982
$
55,736
$
60,496
Less: Stock-based compensation expense
2,764
2,557
8,546
8,959
Less: Employer payroll tax expense related
to employee equity transactions
42
26
181
167
Less: Restructuring costs
—
—
—
320
Non-GAAP cost of professional services and
other
$
15,686
$
16,399
$
47,009
$
51,050
GAAP gross profit
$
276,001
$
219,976
$
760,245
$
617,672
GAAP gross margin
85
%
84
%
84
%
82
%
Plus: Stock-based compensation expense
6,555
5,401
19,324
17,860
Plus: Amortization of acquired intangible
assets
1,425
1,347
4,290
3,165
Plus: Employer payroll tax expense related
to employee equity transactions
100
60
414
347
Plus: Restructuring costs
(53
)
—
114
457
Non-GAAP gross profit
$
284,028
$
226,784
$
784,387
$
639,501
Non-GAAP gross margin
87
%
86
%
87
%
85
%
UiPath, Inc.
Reconciliation of GAAP
Operating Expenses, Loss, and Margin to Non-GAAP Operating
Expenses, Income (Loss) and Margin
in thousands, except
percentages
(unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
2023
2022
2023
2022
GAAP sales and marketing
$
191,282
$
156,469
$
521,413
$
527,798
Less: Stock-based compensation expense
37,760
30,763
109,890
117,410
Less: Amortization of acquired intangible
assets
675
659
2,027
1,486
Less: Employer payroll tax expense related
to employee equity transactions
625
416
2,350
3,045
Less: Restructuring costs
65
511
1,381
11,243
Non-GAAP sales and marketing
$
152,157
$
124,120
$
405,765
$
394,614
GAAP research and development
$
84,514
$
67,341
$
246,462
$
203,880
Less: Stock-based compensation expense
30,604
23,435
88,448
73,559
Less: Employer payroll tax expense related
to employee equity transactions
387
170
1,572
971
Less: Restructuring costs
(7
)
—
387
43
Non-GAAP research and development
$
53,530
$
43,736
$
156,055
$
129,307
GAAP general and administrative
$
56,024
$
63,157
$
172,185
$
189,130
Less: Stock-based compensation expense
20,961
21,492
65,363
61,968
Less: Amortization of acquired intangible
assets
41
44
123
136
Less: Employer payroll tax expense related
to employee equity transactions
340
123
1,209
486
Less: Restructuring costs
20
580
749
1,382
Less: Charitable donation of Class A
common stock
—
—
4,215
5,499
Non-GAAP general and administrative
$
34,662
$
40,918
$
100,526
$
119,659
GAAP operating loss
$
(55,819
)
$
(66,991
)
$
(179,815
)
$
(303,136
)
GAAP operating margin
(17
)%
(25
)%
(20
)%
(40
)%
Plus: Stock-based compensation expense
95,880
81,091
283,025
270,797
Plus: Amortization of acquired intangible
assets
2,141
2,050
6,440
4,787
Plus: Employer payroll tax expense related
to employee equity transactions
1,452
769
5,545
4,849
Plus: Restructuring costs
25
1,091
2,631
13,125
Plus: Charitable donation of Class A
common stock
—
—
4,215
5,499
Non-GAAP operating income (loss)
$
43,679
$
18,010
$
122,041
$
(4,079
)
Non-GAAP operating margin
13
%
7
%
14
%
(1
)%
UiPath, Inc.
Reconciliation of GAAP Net
Loss and GAAP Net 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 October
31,
Nine Months Ended October
31,
2023
2022
2023
2022
GAAP net loss attributable to common
stockholders
$
(31,537
)
$
(57,724
)
$
(123,799
)
$
(300,663
)
Plus: Stock-based compensation expense
95,880
81,091
283,025
270,797
Plus: Amortization of acquired intangible
assets
2,141
2,050
6,440
4,787
Plus: Employer payroll tax expense related
to employee equity transactions
1,452
769
5,545
4,849
Plus: Restructuring costs
25
1,091
2,631
13,125
Plus: Charitable donation of Class A
common stock
—
—
4,215
5,499
Tax adjustments to add-backs
1,127
(609
)
3,809
(609
)
Non-GAAP net income (loss)
$
69,088
$
26,668
$
181,866
$
(2,215
)
GAAP net loss per share, basic and
diluted
$
(0.06
)
$
(0.10
)
$
(0.22
)
$
(0.55
)
GAAP weighted average common shares
outstanding, basic and diluted
567,036
550,164
562,651
546,087
Non-GAAP weighted average common shares
outstanding, basic
567,036
550,164
562,651
546,087
Plus: Dilutive potential common shares
from outstanding equity awards
10,463
10,331
11,578
—
Non-GAAP weighted average common shares
outstanding, diluted
577,499
560,495
574,229
546,087
Non-GAAP net income (loss) per share,
basic
$
0.12
$
0.05
$
0.32
$
0.00
Non-GAAP net income (loss) per share,
diluted
$
0.12
$
0.05
$
0.32
$
0.00
UiPath, Inc.
Reconciliation of GAAP
Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow
in thousands
(unaudited)
Nine Months Ended October
31,
2023
2022
GAAP net cash provided by (used in)
operating activities
$
153,480
$
(103,938
)
Purchases of property and equipment
(3,558
)
(21,614
)
Cash paid for employer payroll taxes
related to employee equity transactions
6,183
6,399
Net payments of employee tax withholdings
on stock option exercises
788
6,370
Cash paid for restructuring costs
6,072
11,585
Non-GAAP adjusted free cash flow
$
162,965
$
(101,198
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231130142896/en/
Investor Relations Contact Kelsey Turcotte
Investor.relations@uipath.com UiPath
Media Contact Toni Iafrate PR@uipath.com UiPath
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