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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 | |
|---|---|---|---|---|---|---|---|---|
| -0.97 | -6.97% | 12.94 | 14.005 | 12.905 | 14.00 | 9,871,215 | 00:59:12 |
From Nov 2024 to Dec 2024
Revenue of $355 million increases 9 percent year-over-year
ARR of $1.607 billion increases 17 percent year-over-year
UiPath, Inc. (NYSE: PATH), a leading enterprise automation and AI software company, today announced financial results for its third quarter fiscal 2025 ended October 31, 2024.
“Our customers’ response to the agentic automation vision and roadmap that we announced at FORWARD has been energizing and reinforces our leading position in the AI-powered automation market,” said Daniel Dines, UiPath Founder and Chief Executive Officer. “We have conviction that UiPath provides a differentiated approach to agentic automation that will expand our market opportunity by enabling customers to automate more complex and variable workflows to deliver enterprise-wide AI transformation.”
Third Quarter Fiscal 2025 Financial Highlights
“We are pleased to report third quarter results ahead of our expectations, reflecting our team’s improving execution. We have made good progress on returning to our entrepreneurial roots and refocusing our teams to be more customer centric and driving efficiency across the organization,” said Ashim Gupta, UiPath Chief Financial Officer and Chief Operating Officer. “In fiscal year 2026 we believe that this focus, along with the investments we are making in our product innovation, will stabilize net new ARR dollars while accelerating our non-GAAP adjusted free cash flow growth rate.”
Financial Outlook
For the fourth quarter fiscal 2025, UiPath expects:
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
Conference Call and Webcast
UiPath will host a conference call today, Thursday, December 5, 2024, at 5:00 p.m. Eastern Time, to discuss the Company's third quarter fiscal 2025 financial results and its guidance for the fourth quarter fiscal 2025. To access this call, dial 1-201-689-8057 (domestic) or 1-877-407-8309 (international). The passcode is 13750006. 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) develops AI technology that mirrors human intelligence with ever-increasing sophistication, transforming how businesses operate, innovate, and compete. The UiPath Platform™ accelerates the shift toward a new era of agentic automation—one where agents, robots, people, and models integrate seamlessly to enable autonomous processes and smarter decision making. With a focus on security, accuracy, and resiliency, UiPath is committed to shaping a world where AI enhances human potential and revolutionizes industries. 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 financial guidance for the fourth fiscal quarter 2025; our ability to drive and accelerate future growth and operational efficiency and grow our platform, product offerings, and market opportunity; our business strategy; plans and objectives of management for future operations; the estimated addressable market opportunity for our platform and 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. 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: our expectations regarding our revenue, annualized renewal run-rate (ARR), expenses, and other operating results; our ability to effectively manage our growth and achieve or sustain profitability; our ability to acquire new customers and successfully retain existing customers; the ability of the UiPath Platform™ to satisfy and adapt to customer demands and our ability to increase its adoption; our ability to grow our platform and release new functionality in a timely manner; future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements; the costs and success of our marketing efforts and our ability to evolve and enhance our brand; our growth strategies; the estimated addressable market opportunity for our platform and for automation in general; our reliance on key personnel and our ability to attract, integrate, and retain highly-qualified personnel and execute management transitions; our ability to obtain, maintain, and enforce our intellectual property rights and any costs associated therewith; the effect of significant events with macroeconomic impacts, including but not limited to military conflicts and other changes in geopolitical relationships and inflationary cost trends, on our business, industry, and the global economy; our reliance on third-party providers of cloud-based infrastructure; our ability to compete effectively with existing competitors and new market entrants, including new, potentially disruptive technologies; the size and growth rates of the markets in which we compete; 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 and other forward-looking statements can be found in our Annual Report on Form 10-K for the fiscal year ended January 31, 2024 filed with the United States Securities and Exchange Commission (SEC) on March 27, 2024, in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, and in 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 the 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 establishing 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.
Dollar-based net retention rate represents the rate of net expansion of our ARR from existing customers over the preceding 12 months. We calculate dollar-based net retention rate as of a period end by starting with ARR from the cohort of all customers as of 12 months prior to such period end (Prior Period ARR). We then calculate the ARR from these same customers as of the current period end (Current Period ARR). Current Period ARR includes any expansion and is net of any contraction or attrition over the preceding 12 months but does not include ARR from new customers in the current period. We then divide total Current Period ARR by total Prior Period ARR to arrive at dollar-based net retention rate. Dollar-based net retention rate may fluctuate based on the customers that qualify to be included in the cohort used for calculation and may not reflect our actual performance.
Investors should not place undue reliance on ARR or dollar-based net retention rate as an indicator of future or expected results. Our presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.
Non-GAAP Financial Measures
Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States (GAAP). This earnings press release includes financial measures defined as non-GAAP financial measures by the SEC, including non-GAAP cost of licenses, non-GAAP cost of subscription services, non-GAAP cost of professional services and other, non-GAAP gross profit and margin, non-GAAP sales and marketing expenses, non-GAAP research and development expenses, non-GAAP general and administrative expenses, non-GAAP operating income and margin, and non-GAAP net income and non-GAAP net income per share. These non-GAAP financial measures exclude:
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 items that do not reflect the ordinary earnings of our operations, and as a supplement to GAAP measures. UiPath believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in UiPath’s industry, many of which present similar non-GAAP financial measures to investors. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information below provides a reconciliation of non-GAAP financial measures used in this earnings press release to the most directly comparable GAAP financial measures. We encourage investors to consider our GAAP results alongside our supplemental non-GAAP measures, and to review the reconciliation between GAAP results and non-GAAP measures that is included at the end of this earnings press release. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the Investor Relations page of UiPath’s website at https://ir.uipath.com.
UiPath, Inc.
Condensed Consolidated Statements of Operations
in thousands, except per share data
(unaudited)
Three Months Ended October 31,
Nine Months Ended October 31,
2024
2023
2024
2023
Revenue:
Licenses
$
137,174
$
148,068
$
389,553
$
401,407
Subscription services
206,922
167,529
586,726
473,880
Professional services and other
10,557
10,324
29,739
27,532
Total revenue
354,653
325,921
1,006,018
902,819
Cost of revenue:
Licenses
2,340
2,781
7,334
8,336
Subscription services
43,487
28,647
123,770
78,502
Professional services and other
17,936
18,492
51,304
55,736
Total cost of revenue
63,763
49,920
182,408
142,574
Gross profit
290,890
276,001
823,610
760,245
Operating expenses:
Sales and marketing
187,188
191,282
561,657
521,413
Research and development
96,976
84,514
281,012
246,462
General and administrative
50,090
56,024
177,119
172,185
Total operating expenses
334,254
331,820
1,019,788
940,060
Operating loss
(43,364
)
(55,819
)
(196,178
)
(179,815
)
Interest income
10,055
14,483
37,255
41,913
Other income, net
7,810
13,725
26,199
25,491
Loss before income taxes
(25,499
)
(27,611
)
(132,724
)
(112,411
)
(Benefit from) provision for income taxes
(14,844
)
3,926
(7,236
)
11,388
Net loss
$
(10,655
)
$
(31,537
)
$
(125,488
)
$
(123,799
)
Net loss per share, basic and diluted
$
(0.02
)
$
(0.06
)
$
(0.22
)
$
(0.22
)
Weighted-average shares used in computing net loss per share, basic and diluted
551,036
567,036
562,950
562,651
UiPath, Inc.
Condensed Consolidated Balance Sheets
in thousands
(unaudited)
As of
October 31, 2024
January 31, 2024
Assets
Current assets
Cash and cash equivalents
$
773,630
$
1,061,678
Restricted cash
438
438
Marketable securities
795,411
818,145
Accounts receivable, net of allowance for credit losses of $2,238 and $1,119, respectively
336,137
436,296
Contract assets
109,918
84,197
Deferred contract acquisition costs
79,644
74,678
Prepaid expenses and other current assets
81,300
104,980
Total current assets
2,176,478
2,580,412
Marketable securities, non-current
34,397
—
Contract assets, non-current
12,618
6,214
Deferred contract acquisition costs, non-current
145,968
154,317
Property and equipment, net
25,132
23,982
Operating lease right-of-use assets
69,598
56,072
Intangible assets, net
9,331
14,704
Goodwill
89,864
89,026
Deferred tax assets
27,990
4,678
Other assets, non-current
71,915
25,353
Total assets
$
2,663,291
$
2,954,758
Liabilities and stockholders' equity
Current liabilities
Accounts payable
$
18,426
$
3,447
Accrued expenses and other current liabilities
93,883
83,997
Accrued compensation and employee benefits
88,794
137,442
Deferred revenue
494,370
486,805
Total current liabilities
695,473
711,691
Deferred revenue, non-current
149,361
161,027
Operating lease liabilities, non-current
76,798
58,713
Other liabilities, non-current
9,814
7,213
Total liabilities
931,446
938,644
Commitments and contingencies
Stockholders' equity
Class A common stock
5
5
Class B common stock
1
1
Treasury stock
(486,985
)
(102,615
)
Additional paid-in capital
4,249,569
4,024,079
Accumulated other comprehensive income
8,924
8,825
Accumulated deficit
(2,039,669
)
(1,914,181
)
Total stockholders’ equity
1,731,845
2,016,114
Total liabilities and stockholders’ equity
$
2,663,291
$
2,954,758
UiPath, Inc.
Condensed Consolidated Statements of Cash Flows
in thousands
(unaudited)
Nine Months Ended October 31,
2024
2023
Cash flows from operating activities
Net loss
$
(125,488
)
$
(123,799
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
14,017
16,555
Amortization of deferred contract acquisition costs
62,951
52,828
Net amortization on marketable securities
(26,552
)
(19,556
)
Stock-based compensation expense
270,520
283,025
Charitable donation of Class A common stock
6,564
4,215
Non-cash operating lease expense
11,762
9,663
Provision for deferred income taxes
(20,773
)
(1,040
)
Other non-cash credits, net
(57
)
(4,864
)
Changes in operating assets and liabilities:
Accounts receivable
98,062
(1,507
)
Contract assets
(32,179
)
(14,875
)
Deferred contract acquisition costs
(59,657
)
(71,727
)
Prepaid expenses and other assets
10,228
17,247
Accounts payable
14,954
5,767
Accrued expenses and other liabilities
11,230
22,309
Accrued compensation and employee benefits
(48,587
)
(40,590
)
Operating lease liabilities, net
(10,750
)
(10,296
)
Deferred revenue
(1,762
)
30,125
Net cash provided by operating activities
174,483
153,480
Cash flows from investing activities
Purchases of marketable securities
(1,162,243
)
(1,006,606
)
Maturities of marketable securities
1,176,776
576,480
Purchases of property and equipment
(7,531
)
(3,558
)
Purchases of investments
(35,809
)
—
Other investing, net
—
2,754
Net cash used in investing activities
(28,807
)
(430,930
)
Cash flows from financing activities
Repurchases of Class A common stock
(381,403
)
(52,649
)
Proceeds from exercise of stock options
934
5,421
Payments of tax withholdings on net settlement of equity awards
(60,483
)
(75,495
)
Net receipts (payments) of tax withholdings on sell-to-cover equity award transactions
99
(645
)
Proceeds from employee stock purchase plan contributions
12,893
14,253
Payment of deferred consideration related to business acquisition
(5,570
)
(5,863
)
Net cash used in financing activities
(433,530
)
(114,978
)
Effect of exchange rate changes
(194
)
(6,167
)
Net decrease in cash, cash equivalents, and restricted cash
(288,048
)
(398,595
)
Cash, cash equivalents, and restricted cash - beginning of period
1,062,116
1,402,119
Cash, cash equivalents, and restricted cash - end of period
$
774,068
$
1,003,524
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,
2024
2023
2024
2023
GAAP cost of licenses
$
2,340
$
2,781
$
7,334
$
8,336
Less: Amortization of acquired intangible assets
822
836
2,485
2,523
Non-GAAP cost of licenses
$
1,518
$
1,945
$
4,849
$
5,813
GAAP cost of subscription services
$
43,487
$
28,647
$
123,770
$
78,502
Less: Stock-based compensation expense
5,041
3,791
14,601
10,778
Less: Amortization of acquired intangible assets
602
589
1,790
1,767
Less: Employer payroll tax expense related to employee equity transactions
46
58
291
233
Less: Restructuring costs
7
(53
)
325
114
Non-GAAP cost of subscription services
$
37,791
$
24,262
$
106,763
$
65,610
GAAP cost of professional services and other
$
17,936
$
18,492
$
51,304
$
55,736
Less: Stock-based compensation expense
2,953
2,764
8,438
8,546
Less: Employer payroll tax expense related to employee equity transactions
24
42
117
181
Less: Restructuring costs
(21
)
—
105
—
Non-GAAP cost of professional services and other
$
14,980
$
15,686
$
42,644
$
47,009
GAAP gross profit
$
290,890
$
276,001
$
823,610
$
760,245
GAAP gross margin
82
%
85
%
82
%
84
%
Plus: Stock-based compensation expense
7,994
6,555
23,039
19,324
Plus: Amortization of acquired intangible assets
1,424
1,425
4,275
4,290
Plus: Employer payroll tax expense related to employee equity transactions
70
100
408
414
Plus: Restructuring costs
(14
)
(53
)
430
114
Non-GAAP gross profit
$
300,364
$
284,028
$
851,762
$
784,387
Non-GAAP gross margin
85
%
87
%
85
%
87
%
UiPath, Inc.
Reconciliation of GAAP Operating Expenses, Loss, and Margin to Non-GAAP Operating Expenses, Income and Margin
in thousands, except percentages
(unaudited)
Three Months Ended October 31,
Nine Months Ended October 31,
2024
2023
2024
2023
GAAP sales and marketing
$
187,188
$
191,282
$
561,657
$
521,413
Less: Stock-based compensation expense
32,688
37,760
106,377
109,890
Less: Amortization of acquired intangible assets
307
675
1,157
2,027
Less: Employer payroll tax expense related to employee equity transactions
356
625
2,156
2,350
Less: Restructuring costs
1,956
65
9,927
1,381
Non-GAAP sales and marketing
$
151,881
$
152,157
$
442,040
$
405,765
GAAP research and development
$
96,976
$
84,514
$
281,012
$
246,462
Less: Stock-based compensation expense
34,211
30,604
96,007
88,448
Less: Employer payroll tax expense related to employee equity transactions
237
387
1,155
1,572
Less: Restructuring costs
187
(7
)
1,868
387
Non-GAAP research and development
$
62,341
$
53,530
$
181,982
$
156,055
GAAP general and administrative
$
50,090
$
56,024
$
177,119
$
172,185
Less: Stock-based compensation expense
12,595
20,961
45,097
65,363
Less: Amortization of acquired intangible assets
39
41
117
123
Less: Employer payroll tax expense related to employee equity transactions
124
340
714
1,209
Less: Restructuring costs
911
20
3,427
749
Less: Charitable donation of Class A common stock
—
—
6,564
4,215
Non-GAAP general and administrative
$
36,421
$
34,662
$
121,200
$
100,526
GAAP operating loss
$
(43,364
)
$
(55,819
)
$
(196,178
)
$
(179,815
)
GAAP operating margin
(12
)%
(17
)%
(20
)%
(20
)%
Plus: Stock-based compensation expense
87,488
95,880
270,520
283,025
Plus: Amortization of acquired intangible assets
1,770
2,141
5,549
6,440
Plus: Employer payroll tax expense related to employee equity transactions
787
1,452
4,433
5,545
Plus: Restructuring costs
3,040
25
15,652
2,631
Plus: Charitable donation of Class A common stock
—
—
6,564
4,215
Non-GAAP operating income
$
49,721
$
43,679
$
106,540
$
122,041
Non-GAAP operating margin
14
%
13
%
11
%
14
%
UiPath, Inc.
Reconciliation of GAAP Net Loss and GAAP Net Loss Per Share to Non-GAAP Net Income and Non-GAAP Net Income Per Share
in thousands, except per share data
(unaudited)
Three Months Ended October 31,
Nine Months Ended October 31,
2024
2023
2024
2023
GAAP net loss
$
(10,655
)
$
(31,537
)
$
(125,488
)
$
(123,799
)
Plus: Stock-based compensation expense
87,488
95,880
270,520
283,025
Plus: Amortization of acquired intangible assets
1,770
2,141
5,549
6,440
Plus: Employer payroll tax expense related to employee equity transactions
787
1,452
4,433
5,545
Plus: Restructuring costs
3,040
25
15,652
2,631
Plus: Charitable donation of Class A common stock
—
—
6,564
4,215
Less: Release of valuation allowance on deferred tax assets
(24,633
)
—
(24,633
)
—
Tax adjustments to add-backs
2,009
1,127
4,191
3,809
Non-GAAP net income
$
59,806
$
69,088
$
156,788
$
181,866
GAAP net loss per share, basic and diluted
$
(0.02
)
$
(0.06
)
$
(0.22
)
$
(0.22
)
GAAP weighted average common shares outstanding, basic and diluted
551,036
567,036
562,950
562,651
Non-GAAP weighted average common shares outstanding, basic
551,036
567,036
562,950
562,651
Plus: Dilutive potential common shares from outstanding equity awards
2,906
10,463
7,369
11,578
Non-GAAP weighted average common shares outstanding, diluted
553,942
577,499
570,319
574,229
Non-GAAP net income per share, basic
$
0.11
$
0.12
$
0.28
$
0.32
Non-GAAP net income per share, diluted
$
0.11
$
0.12
$
0.27
$
0.32
UiPath, Inc.
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow
in thousands
(unaudited)
Nine Months Ended October 31,
2024
2023
GAAP net cash provided by operating activities
$
174,483
$
153,480
Purchases of property and equipment
(7,531
)
(3,558
)
Cash paid for employer payroll taxes related to employee equity transactions
4,435
6,183
Net payments of employee tax withholdings on stock option exercises
6
788
Cash paid for restructuring costs
11,475
6,072
Non-GAAP adjusted free cash flow
$
182,868
$
162,965
View source version on businesswire.com: https://www.businesswire.com/news/home/20241205218162/en/
Investor Relations Contact Monica Gould Investor.relations@uipath.com UiPath Media Contact Heather Graubard PR@uipath.com UiPath
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