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Share Name | Share Symbol | Market | Type |
---|---|---|---|
UiPath Inc | NYSE:PATH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.50 | -2.55% | 19.09 | 19.8298 | 18.86 | 19.82 | 6,506,549 | 00:59:37 |
ARR of $726.5 million increased 60 percent year-over-year driven by record net new ARR of $73.9 million
UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its second quarter fiscal 2022 ended July 31, 2021.
“We continued our very strong momentum in the second quarter of fiscal year 2022 with ARR growing 60 percent year-over-year to $726.5 million. Our results were driven by both new customer additions, ending the quarter with more than 9,100 customers, as well as robust expansion with existing customers, reflected in our best-in-class dollar-based net retention rate of 144 percent,” said Daniel Dines, UiPath Co-Founder and Chief Executive Officer. “The opportunity to unlock human potential is vast and we are in the very early stages of the automation market. We believe we have a long-term opportunity to drive durable growth and build a company that will transform how organizations compete, employees experience work, and companies interact with their customers.”
Ashim Gupta, UiPath Chief Financial Officer, added, “The team executed well this quarter as we continue to drive meaningful growth at scale. Our land and expand go-to-market model delivered record net new ARR, a testament to our competitive differentiation and the power of our platform to drive meaningful return on investment for our customers. Looking ahead, our priority is to continue to drive growth while exercising operational rigor, which will allow us to maintain our clear leadership position in this large and growing market.”
Second Quarter Fiscal 2022 Financial Highlights
Recent Business Highlights
Financial Outlook
For the fiscal third quarter 2022, UiPath expects:
For the fiscal full year 2022, UiPath expects:
Reconciliation of non-GAAP operating loss guidance to the most directly comparable GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from this non-GAAP measure; in particular, the measures and 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.
Conference Call and Webcast
UiPath will host a conference call today, Tuesday, September 7, 2021, at 5:00 p.m. Eastern Time, to discuss the Company's fiscal second quarter 2022 financial results and guidance. To access this call, dial 1-201-689-8057 (domestic) or 1-877-407-8309 (international). The passcode is 13721284. A replay of this conference call will be available through September 21, 2021 at 1-201-612-7415 (domestic) or 1-877-660-6853 (international). The replay passcode is 13721284. A live webcast of this conference call will be available on the "Investor Relations" page of the Company's website (https://ir.uipath.com), and a replay will be archived on the website as well.
About UiPath
UiPath has a vision to deliver the Fully Automated Enterprise™, one where companies use automation to unlock their greatest potential. UiPath offers an end-to-end platform for automation, combining the leading Robotic Process Automation (RPA) solution with a full suite of capabilities that enable every organization to rapidly scale digital business operations.
Forward Looking Statements
Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” "outlook", “seeks,” “should,” “will,” and variations of such words or similar expressions.
We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions.
These forward-looking statements include, but are not limited to, statements regarding our financial guidance for the third fiscal quarter and full year fiscal 2022, our strategic plans or objectives, the estimated addressable market opportunity for our platform, the successful integration of new features into our platform, the success of our collaborations with third parties, and the ability of our platform to deliver our customers a return on investment. 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: (1) our recent rapid growth, which may not be indicative of our future growth; (2) our limited operating history; (3) our ability to successfully manage our growth; (4) our ability and the ability of our platform to satisfy and adapt to customer demands; (5) our dependency on our existing customers to renew their licenses and purchase additional licenses and products from us and our channel partners; (6) our ability to attract and retain customers; (7) the competitive markets in which we participate; (8) general market, political, economic, and business conditions; (9) our ability to maintain and expand our distribution channels; (10) our reliance on third-party providers of cloud-based infrastructure; and (11) the potential impact that the COVID-19 pandemic and any related economic downturn could have on our or our customers’ businesses, financial condition and results of operations.
Further information on risks that could cause actual results to differ materially from our guidance can be found in our Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2021 filed with the SEC on June 9, 2021, and in our Quarterly Report on Form 10-Q that will be filed for the quarterly period ended July 31, 2021. 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, Dollar-Based Net Retention Rate, 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 obligations assuming no increases or reductions in the subscriptions. ARR does not include the costs we may incur to obtain such subscription licenses or provide such maintenance and does not reflect any actual or anticipated reductions in invoiced value due to contract non-renewals or service cancellations other than for specific bad debt or disputed amounts. Additionally, though we use ARR as a forward-looking metric in the management of our business, it does not include invoiced amounts reported as perpetual licenses or professional services revenue in our consolidated statement of operations, and is not a forecast of future revenue, which can be impacted by contract start and end dates, duration, and renewal rates.
Dollar-based net retention rate represents the rate of net expansion of our ARR from existing customers over the preceding 12 months. We calculate dollar-based net retention rate as of a period end by starting with ARR from the cohort of all customers as of 12 months prior to such period end (Prior Period ARR). We then calculate the ARR from these same customers as of the current period end (Current Period ARR). Current Period ARR includes any expansion and is net of any contraction or attrition over the preceding 12 months but does not include ARR from new customers in the current period. We then divide total Current Period ARR by total Prior Period ARR to arrive at dollar-based net retention rate. Dollar-based net retention rate may fluctuate based on the customers that qualify to be included in the cohort used for calculation and may not reflect our actual performance.
Investors should not place undue reliance on ARR or dollar-based net retention rate as an indicator of future or expected results. Our presentation of ARR and dollar-based net retention rate may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.
This earnings press release 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, non-GAAP net income (loss) and non-GAAP net income (loss) per share, and non-GAAP adjusted free cash flow. These non-GAAP financial measures exclude:
UiPath uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating UiPath’s ongoing operational performance. UiPath believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in UiPath’s industry, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States (GAAP). We believe these non-GAAP financial measures provide investors with useful supplementary information in evaluating our performance. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information below provides a reconciliation of non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures. We encourage investors to consider our GAAP results alongside our supplemental non-GAAP measures, and to review the reconciliation between GAAP results and non-GAAP measures that is included at the end of this earnings press release. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the Investor Relations page of UiPath’s website at https://ir.uipath.com.
UiPath, Inc.
Condensed Consolidated Statements of Operations
in thousands, except per share data
(unaudited)
Three Months Ended July 31,
Six Months Ended July 31,
2021
2020
2021
2020
Revenue:
Licenses
$
95,547
$
79,513
$
195,763
$
143,272
Maintenance and support
90,319
51,932
167,961
95,128
Services and other
9,655
7,931
18,014
14,079
Total revenue
195,521
139,376
381,738
252,479
Cost of revenue:
Licenses
2,434
1,636
4,888
3,053
Maintenance and support
12,238
5,501
26,417
11,044
Services and other
20,922
7,561
53,299
14,239
Total cost of revenue
35,594
14,698
84,604
28,336
Gross profit
159,927
124,678
297,134
224,143
Operating expenses:
Sales and marketing
144,268
90,331
350,019
181,262
Research and development
57,646
26,541
150,686
53,270
General and administrative
55,834
24,834
130,249
51,510
Total operating expenses
257,748
141,706
630,954
286,042
Operating loss
(97,821
)
(17,028
)
(333,820
)
(61,899
)
Interest income
766
77
1,707
607
Other (expense) income, net
(1,225
)
24,010
(4,443
)
16,173
(Loss) income before income taxes
(98,280
)
7,059
(336,556
)
(45,119
)
Provision for income taxes
1,746
2,072
3,133
2,734
Net (loss) income
$
(100,026
)
$
4,987
$
(339,689
)
$
(47,853
)
Undistributed earnings attributable to participating securities
—
4,987
—
—
Net loss attributable to common stockholders, basic and diluted
$
(100,026
)
$
—
$
(339,689
)
$
(47,853
)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.19
)
$
—
$
(0.91
)
$
(0.30
)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
526,512
162,914
373,488
160,980
UiPath, Inc.
Condensed Consolidated Balance Sheets
in thousands
(unaudited)
As of
July 31, 2021
January 31, 2021
Assets
Current assets
Cash and cash equivalents
$
1,826,424
$
357,690
Restricted cash, current
—
7,000
Marketable securities
70,140
102,828
Accounts receivable, net of allowance for doubtful accounts of $2,158 and $2,879, respectively
138,945
172,286
Contract assets, current
53,555
34,221
Deferred contract acquisition costs, current
18,142
10,653
Prepaid expenses and other current assets
51,886
49,752
Total current assets
2,159,092
734,430
Restricted cash, non-current
—
6,500
Contract assets, non-current
2,537
2,085
Deferred contract acquisition costs, non-current
58,289
32,553
Property and equipment, net
14,728
14,822
Operating lease right-of-use assets
16,302
17,260
Intangible assets, net
18,866
10,191
Goodwill
55,193
28,059
Deferred tax asset, non-current
7,927
8,118
Other assets, non-current
14,947
12,443
Total assets
$
2,347,881
$
866,461
Liabilities, Convertible Preferred Stock, and Stockholders' Equity (Deficit)
Current liabilities
Accounts payable
$
2,874
$
6,682
Accrued expenses and other current liabilities
60,558
36,660
Accrued compensation and employee benefits
75,628
110,736
Deferred revenues, current
235,484
211,078
Total current liabilities
374,544
365,156
Deferred revenues, non-current
54,465
61,325
Operating lease liabilities, non-current
12,328
14,152
Other liabilities, non-current
7,591
7,564
Total liabilities
448,928
448,197
Commitments and contingencies
Convertible preferred stock
—
1,221,968
Stockholders' equity (deficit)
Preferred stock
—
—
Class A common stock
4
1
Class B common stock
1
1
Additional paid-in capital
3,213,595
179,175
Accumulated other comprehensive loss
(4,598
)
(12,521
)
Accumulated deficit
(1,310,049
)
(970,360
)
Total stockholders’ equity (deficit)
1,898,953
(803,704
)
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)
$
2,347,881
$
866,461
UiPath, Inc.
Condensed Consolidated Statements of Cash Flows
in thousands (unaudited)
Six Months Ended July 31,
2021
2020
Cash flows from operating activities
Net loss
$
(339,689
)
$
(47,853
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
6,966
6,264
Amortization of deferred contract acquisition costs
10,971
18,991
Amortization of deferred loan cost
133
—
Net amortization of premium on marketable securities
867
—
Stock-based compensation expense
343,448
17,030
Non-cash operating lease costs
3,580
3,708
(Benefit from) provision for bad debt
(659
)
247
Deferred income taxes
(134
)
(10
)
Changes in operating assets and liabilities:
Accounts receivable
32,961
(17,740
)
Contract assets
(20,355
)
(13,955
)
Deferred contract acquisition costs
(44,946
)
(18,516
)
Prepaid expenses and other assets
(4,340
)
2,326
Accounts payable
(3,663
)
1,414
Accrued expense and other liabilities
8,484
4,127
Accrued compensation and employee benefits
(32,686
)
7,192
Operating lease liabilities, net
(3,698
)
(4,097
)
Deferred revenue
19,237
44,934
Net cash (used in) provided by operating activities
(23,523
)
4,062
Cash flows from investing activities
Purchases of marketable securities
(94,157
)
—
Sales of marketable securities
89,383
—
Maturities of marketable securities
36,605
—
Purchases of property and equipment
(3,641
)
(587
)
Capitalization of software development costs
(771
)
—
Payment related to business acquisition, net of cash acquired
(5,498
)
(1,000
)
Net cash provided by (used in) investing activities
21,921
(1,587
)
Cash flows from financing activities
Proceeds from initial public offering, net of underwriting discounts and commissions
692,369
—
Payments of initial public offering costs
(3,734
)
—
Proceeds from issuance of convertible preferred stock
750,000
225,903
Payments of issuance costs for convertible preferred stock
(164
)
(324
)
Proceeds from exercise of stock options
6,651
2,719
Payments of tax withholdings on net settlement of equity awards
(9,554
)
—
Net receipts of tax withholdings on sell-to-cover equity award transactions
9,483
—
Proceeds from employee stock purchase plan contributions
6,902
—
Proceeds from credit facility
—
78,587
Repayment of credit facility
—
(78,587
)
Net cash provided by financing activities
1,451,953
228,298
Effect of exchange rates
4,883
(14,067
)
Net increase in cash, cash equivalents, and restricted stock
1,455,234
216,706
Cash, cash equivalents and restricted cash - beginning of period
371,190
234,131
Cash, cash equivalents and restricted cash - end of period
$
1,826,424
$
450,837
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 July 31,
Six Months Ended July 31,
2021
2020
2021
2020
Licenses
GAAP cost of licenses
$
2,434
$
1,636
$
4,888
$
3,053
Less: Stock-based compensation expense
—
—
—
—
Less: Amortization of acquired intangible assets
636
617
1,282
1,203
Less: Employer payroll tax expense related to employee equity transactions
—
—
—
—
Non-GAAP cost of licenses
$
1,798
$
1,019
$
3,606
$
1,850
Maintenance and Support
GAAP cost of maintenance and support
$
12,238
$
5,501
$
26,417
$
11,044
Less: Stock-based compensation expense
1,657
141
7,871
226
Less: Amortization of acquired intangible assets
330
—
440
—
Less: Employer payroll tax expense related to employee equity transactions
186
—
186
—
Non-GAAP cost of maintenance and support
$
10,065
$
5,360
$
17,920
$
10,818
Services and Other
GAAP cost of services and other
$
20,922
$
7,561
$
53,299
$
14,239
Less: Stock-based compensation expense
3,904
499
22,835
797
Less: Amortization of acquired intangible assets
—
—
—
—
Less: Employer payroll tax expense related to employee equity transactions
1,079
—
1,079
—
Non-GAAP cost of services and other
$
15,939
$
7,062
$
29,385
$
13,442
Gross Profit and Margin
GAAP gross profit
$
159,927
$
124,678
$
297,134
$
224,143
GAAP gross margin
82
%
89
%
78
%
89
%
Plus: Stock-based compensation expense
5,561
640
30,706
1,023
Plus: Amortization of acquired intangible assets
966
617
1,722
1,203
Plus: Employer payroll tax expense related to employee equity transactions
1,265
—
1,265
—
Non-GAAP gross profit
$
167,719
$
125,935
$
330,827
$
226,369
Non-GAAP gross margin
86
%
90
%
87
%
90
%
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 July 31,
Six Months Ended July 31,
2021
2020
2021
2020
Sales and Marketing
GAAP sales and marketing
$
144,268
$
90,331
$
350,019
$
181,262
Less: Stock-based compensation expense
41,006
3,775
160,299
5,628
Less: Amortization of acquired intangible assets
427
18
588
53
Less: Employer payroll tax expense related to employee equity transactions
8,364
—
8,679
—
Non-GAAP sales and marketing
$
94,471
$
86,538
$
180,453
$
175,581
Research and Development
GAAP research and development
$
57,646
$
26,541
$
150,686
$
53,270
Less: Stock-based compensation expense
23,978
2,811
89,594
4,627
Less: Amortization of acquired intangible assets
—
—
—
—
Less: Employer payroll tax expense related to employee equity transactions
325
—
325
—
Non-GAAP research and development
$
33,343
$
23,730
$
60,767
$
48,643
General and Administrative
GAAP general and administrative
$
55,834
$
24,834
$
130,249
$
51,510
Less: Stock-based compensation expense
22,068
1,603
62,849
5,752
Less: Amortization of acquired intangible assets
—
—
—
—
Less: Employer payroll tax expense related to employee equity transactions
590
—
590
—
Non-GAAP general and administrative
$
33,176
$
23,231
$
66,810
$
45,758
Operating Loss
GAAP operating loss
$
(97,821
)
$
(17,028
)
$
(333,820
)
$
(61,899
)
GAAP operating margin
(50
)%
(12
)%
(87
)%
(25
)%
Plus: Stock-based compensation expense
92,613
8,829
343,448
17,030
Plus: Amortization of acquired intangible assets
1,393
635
2,310
1,256
Plus: Employer payroll tax expense related to employee equity transactions
10,544
—
10,859
—
Non-GAAP operating income (loss)
$
6,729
$
(7,564
)
$
22,797
$
(43,613
)
Non-GAAP operating margin
3
%
(5
)%
6
%
(17
)%
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 July 31,
Six Months Ended July 31,
2021
2020
2021
2020
GAAP net loss attributable to common stockholders
$
(100,026
)
$
—
$
(339,689
)
$
(47,853
)
Plus: Undistributed earnings attributable to participating securities
—
4,987
—
—
Plus: Stock-based compensation expense
92,613
8,829
343,448
17,030
Plus: Amortization of acquired intangible assets
1,393
635
2,310
1,256
Plus: Employer payroll tax expense related to employee equity transactions
10,544
—
10,859
—
Tax adjustments to add-backs (1)
(338
)
—
(1,083
)
—
Non-GAAP net income (loss)
$
4,186
$
14,451
$
15,845
$
(29,567
)
GAAP net loss per share, basic and diluted
$
(0.19
)
$
—
$
(0.91
)
$
(0.30
)
GAAP weighted average common shares outstanding, basic and diluted
526,512
162,914
373,488
160,980
Plus: Unweighted adjustment for conversion of preferred to common stock in connection with IPO
—
306,300
137,073
306,300
Plus: Unweighted adjustment for common stock issued in connection with IPO
—
13,000
5,818
13,000
Non-GAAP weighted average common shares outstanding, basic
526,512
482,214
516,379
480,280
Plus: Dilutive potential common shares from outstanding equity awards
33,619
59,090
42,692
—
Non-GAAP weighted average common shares outstanding, diluted
560,131
541,304
559,071
480,280
Non-GAAP net income (loss) per share, basic
$
0.01
$
0.03
$
0.03
$
(0.06
)
Non-GAAP net income (loss) per share, diluted
$
0.01
$
0.03
$
0.03
$
(0.06
)
(1) Estimated using blended annual effective tax rate and net operating losses available to offset.
UiPath, Inc.
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow
in thousands
(unaudited)
Six Months Ended July 31,
2021
2020
GAAP net cash (used in) provided by operating activities
$
(23,523
)
$
4,062
Purchases of property and equipment
(3,641
)
(587
)
Capitalization of software development costs
(771
)
—
Cash paid for employer payroll taxes related to employee equity transactions
9,064
—
Net receipts of employee tax withholdings on stock option exercises
(4,726
)
—
Non-GAAP adjusted free cash flow
$
(23,597
)
$
3,475
View source version on businesswire.com: https://www.businesswire.com/news/home/20210907005791/en/
Investor Relations Kelsey Turcotte Investor.relations@uipath.com UiPath
Media Toni Iafrate PR@uipath.com UiPath
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