UiPath Reports Third Quarter Fiscal 2022 Financial Results

ARR of $818 million increased 58 percent year-over-year driven by record net new ARR of $92 million

NEW YORK–(BUSINESS WIRE)–UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its third quarter fiscal 2022 ended October 31, 2021.

Our continued growth at scale was driven by customers across verticals and geographies who recognize that the power of automation not only increases efficiency, but also drives revenue growth and creates a significant competitive advantage. This increasing awareness of the power of our end-to-end automation platform coupled with strong execution by our team resulted in fiscal third quarter ARR of $818 million, an increase of 58 percent year-over-year,” said Daniel Dines, UiPath Co-Founder and Chief Executive Officer. “Automation is essential to digital transformation and UiPath is leading the way with our vision to deliver the fully automated enterprise™ where companies use automation to unlock creativity and the full potential of every worker.”

Ashim Gupta, UiPath Chief Financial Officer, added, “I am pleased with our third quarter fiscal 2022 results as ARR grew 58 percent and trailing twelve-month revenue grew 57 percent year-over-year, once again demonstrating our market leadership. Looking ahead, we expect that the innovation we are delivering in UiPath 2021.10, our most recent platform release, coupled with investments in our teams and strategic partnerships will further accelerate customer success and platform adoption. Our focus continues to be on driving long-term, durable growth as we believe that we have the unique opportunity to build a truly multi-generational company.”

Third Quarter Fiscal 2022 Financial Highlights

  • ARR of $818.4 million increased 58 percent year-over-year.
  • Net new ARR of $91.9 million increased 42 percent year-over-year.
  • Revenue of $220.8 million increased 50 percent year-over-year.
  • GAAP gross margin was 80 percent.
  • Non-GAAP gross margin was 85 percent.
  • Net cash used in operations was $25.4 million.
  • Non-GAAP adjusted free cash flow was negative $7.7 million.
  • Cash, cash equivalents, and marketable securities were $1.9 billion as of October 31, 2021.

Recent Business Highlights

  • Announced the general availability of UiPath 2021.10 to help customers tackle the most common issues in the enterprise such as sprawling and disparate applications; applying artificial intelligence (AI) to every facet of work; helping IT with scaling, maintaining, and securing automation; and making it easier for developers to build automations.
  • Named a leader in the inaugural IDC MarketScape: Worldwide Robotic Process Automation Software 2021-2022 Vendor Assessment, which positions UiPath as a leader for overall technical capabilities and a strong capitalization structure for extending our end-to-end automation platform.
  • Named a Robotic Process Automation (RPA) Leader and Star Performer in the Technology Vendor Landscape for the fifth consecutive year, according to Everest Group’s Robotic Process Automation Products PEAK Matrix® Assessment 2021. UiPath emerged as the only Star Performer who is also a Leader in this year’s assessment, which analyzes the changing dynamics of the RPA landscape and assesses 23 service providers across several key dimensions.
  • Announced go-to-market partnership with PwC to incorporate the UiPath end-to-end automation platform into PwC Perform, a proprietary operational improvement methodology and management system that drives new behaviors to increase effectiveness and efficiency in an organization and improve customer outcomes. By embedding the UiPath Platform, PwC can harness the power and scope of UiPath automation products to speed time-to-value for customers engaged in rapidly advancing digital transformation initiatives.
  • Announced technical partnerships with:

    • Alteryx, Inc., the analytics automation company, which includes an expansion of the existing strategic partnership and new integrations as part of Alteryx’s recent product release making it easier to invoke UiPath bots from within an Alteryx workflow.
    • CrowdStrike Inc., a leader in cloud-delivered endpoint and workload protection, to deliver a new level of security protection and visibility with the UiPath RPA platform and the CrowdStrike Falcon® platform.
    • Qlik®, which provides an end-to-end, real-time data integration and analytics cloud platform, to enable Qlik Cloud® analytics users to leverage UiPath automations to drive action and prioritize tasks in downstream applications from directly within Qlik to help organizations in their journey to accelerate business value across the entire data and analytics supply chain.
    • Snowflake, the Data Cloud company, that integrates UiPath Insights with Snowflake’s platform. This combined offering of UiPath with Snowflake’s compute, elastic scaling, and enterprise-grade secure data sharing capabilities provides customers with faster data processing, while enabling them to perform long-term historical analysis to scale their automation journeys.
  • Hosted the world’s most immersive gathering of automation experts at UiPath FORWARD IV, which was held at the Bellagio in Las Vegas and featured more than 90 customer and partner speakers, including from Accenture, Amazon, Atlassian, Chevron, Deloitte, EY, Palo Alto Networks, PwC, and Uber.
  • Expanded its groundbreaking UiPath Academic Alliance program to more than 1,000 higher education institutions and workforce development organizations. UiPath Academic Alliance institutions have educated more than 245,000 students and professionals on automation in 63 countries through the program in its first two years.
  • Issued its inaugural 2020 Environmental, Social, and Governance (ESG) Overview, which provides baseline ESG metrics and context related to the Company’s environmental sustainability efforts, commitment to its team members and communities, and corporate governance.

Financial Outlook

For the fiscal fourth quarter 2022, UiPath expects:

  • ARR in the range of $901 million to $903 million as of January 31, 2022
  • Revenue in the range of $281 million to $283 million
  • Non-GAAP operating income in the range of $10 million to $20 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.

Conference Call and Webcast

UiPath will host a conference call today, Wednesday, December 8, 2021, at 5:00 p.m. Eastern Time, to discuss the Company’s third quarter fiscal 2022 financial results and guidance. To access this call, dial 1-201-689-8057 (domestic) or 1-877-407-8309 (international). The passcode is 13724511. A replay of this conference call will be available through December 22, 2021 at 1-201-612-7415 (domestic) or 1-877-660-6853 (international). The replay passcode is 13724511. 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 fourth fiscal quarter and fiscal year-end 2022, our strategic plans or objectives, the estimated addressable market opportunity for our platform and our position in the market, future growth opportunities, the success of our platform and new platform releases, the success of our investment in our personnel and partnerships, 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 July 31, 2021 filed with the SEC on September 8, 2021, and in our Quarterly Report on Form 10-Q that will be filed for the quarterly period ended October 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 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.

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 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:

  • stock-based compensation expense;
  • amortization of acquired intangibles;
  • employer payroll tax expense related to employee equity transactions;
  • in the case of non-GAAP net income (loss), tax adjustments associated with the add-back items; and
  • in the case of non-GAAP adjusted free cash flow, purchases of property and equipment, capitalization of software development costs, cash paid for employer payroll taxes related to employee equity transactions, and net receipts of employee tax withholdings on stock option exercises.

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 October 31,

 

Nine Months Ended October 31,

 

 

2021

 

2020

 

2021

 

2020

Revenue:

 

 

 

 

 

 

 

 

Licenses

 

$

111,608

 

 

 

$

78,555

 

 

 

$

307,371

 

 

 

$

221,827

 

 

Subscription services

 

97,963

 

 

 

61,508

 

 

 

265,924

 

 

 

156,636

 

 

Professional services and other

 

11,245

 

 

 

7,226

 

 

 

29,259

 

 

 

21,305

 

 

Total revenue

 

220,816

 

 

 

147,289

 

 

 

602,554

 

 

 

399,768

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

Licenses

 

2,626

 

 

 

1,720

 

 

 

7,514

 

 

 

4,773

 

 

Subscription services

 

15,659

 

 

 

6,092

 

 

 

42,076

 

 

 

17,136

 

 

Professional services and other

 

24,815

 

 

 

9,573

 

 

 

78,114

 

 

 

23,812

 

 

Total cost of revenue

 

43,100

 

 

 

17,385

 

 

 

127,704

 

 

 

45,721

 

 

Gross profit

 

177,716

 

 

 

129,904

 

 

 

474,850

 

 

 

354,047

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

172,906

 

 

 

99,512

 

 

 

522,925

 

 

 

280,774

 

 

Research and development

 

61,559

 

 

 

27,456

 

 

 

212,245

 

 

 

80,726

 

 

General and administrative

 

59,498

 

 

 

65,951

 

 

 

189,747

 

 

 

117,461

 

 

Total operating expenses

 

293,963

 

 

 

192,919

 

 

 

924,917

 

 

 

478,961

 

 

Operating loss

 

(116,247

)

 

 

(63,015

)

 

 

(450,067

)

 

 

(124,914

)

 

Interest income

 

899

 

 

 

144

 

 

 

2,606

 

 

 

751

 

 

Other (expense) income, net

 

(4,300

)

 

 

(6,303

)

 

 

(8,743

)

 

 

9,870

 

 

Loss before income taxes

 

(119,648

)

 

 

(69,174

)

 

 

(456,204

)

 

 

(114,293

)

 

Provision for income taxes

 

3,139

 

 

 

1,622

 

 

 

6,272

 

 

 

4,356

 

 

Net loss

 

$

(122,787

)

 

 

$

(70,796

)

 

 

$

(462,476

)

 

 

$

(118,649

)

 

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.23

)

 

 

$

(0.41

)

 

 

$

(1.08

)

 

 

$

(0.72

)

 

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

531,718

 

 

 

171,280

 

 

 

426,811

 

 

 

164,438

 

 

UiPath, Inc.

Condensed Consolidated Balance Sheets

in thousands

(unaudited)

 

 

 

 

 

 

 

As of

 

 

October 31,
2021

 

January 31,

2021

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

1,776,417

 

 

 

$

357,690

 

 

Restricted cash

 

 

 

 

7,000

 

 

Marketable securities

 

102,009

 

 

 

102,828

 

 

Accounts receivable, net of allowance for doubtful accounts of $2,566 and $2,879, respectively

 

196,427

 

 

 

172,286

 

 

Contract assets

 

63,621

 

 

 

34,221

 

 

Deferred contract acquisition costs

 

24,077

 

 

 

10,653

 

 

Prepaid expenses and other current assets

 

44,668

 

 

 

49,752

 

 

Total current assets

 

2,207,219

 

 

 

734,430

 

 

Restricted cash, non-current

 

 

 

 

6,500

 

 

Marketable securities, non-current

 

13,079

 

 

 

 

 

Contract assets, non-current

 

1,255

 

 

 

2,085

 

 

Deferred contract acquisition costs, non-current

 

77,849

 

 

 

32,553

 

 

Property and equipment, net

 

14,188

 

 

 

14,822

 

 

Operating lease right-of-use assets

 

50,895

 

 

 

17,260

 

 

Intangible assets, net

 

18,467

 

 

 

10,191

 

 

Goodwill

 

54,457

 

 

 

28,059

 

 

Deferred tax asset, non-current

 

6,846

 

 

 

8,118

 

 

Other assets, non-current

 

23,433

 

 

 

12,443

 

 

Total assets

 

$

2,467,688

 

 

 

$

866,461

 

 

 

 

 

 

 

Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

23,942

 

 

 

$

6,682

 

 

Accrued expenses and other current liabilities

 

82,439

 

 

 

36,660

 

 

Accrued compensation and employee benefits

 

107,788

 

 

 

110,736

 

 

Deferred revenues

 

253,120

 

 

 

211,078

 

 

Total current liabilities

 

467,289

 

 

 

365,156

 

 

Deferred revenues, non-current

 

58,869

 

 

 

61,325

 

 

Operating lease liabilities, non-current

 

51,164

 

 

 

14,152

 

 

Other liabilities, non-current

 

6,961

 

 

 

7,564

 

 

Total liabilities

 

584,283

 

 

 

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

 

3,312,405

 

 

 

179,175

 

 

Accumulated other comprehensive income (loss)

 

3,831

 

 

 

(12,521

)

 

Accumulated deficit

 

(1,432,836

)

 

 

(970,360

)

 

Total stockholders’ equity (deficit)

 

1,883,405

 

 

 

(803,704

)

 

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

 

$

2,467,688

 

 

 

$

866,461

 

 

UiPath, Inc.

Condensed Consolidated Statements of Cash Flows

in thousands (unaudited)

 

 

Nine Months Ended October 31,

 

 

2021

 

2020

Cash flows from operating activities

 

 

 

 

Net loss

 

$

(462,476

)

 

 

$

(118,649

)

 

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

Depreciation and amortization

 

10,697

 

 

 

9,383

 

 

Amortization of deferred contract acquisition costs

 

19,904

 

 

 

28,478

 

 

Amortization of deferred loan cost

 

199

 

 

 

 

 

Net amortization of premium on marketable securities

 

1,391

 

 

 

 

 

Loss on fixed asset disposal

 

772

 

 

 

 

 

Stock-based compensation expense

 

438,551

 

 

 

65,794

 

 

Amortization of operating lease right-of-use assets

 

6,013

 

 

 

5,522

 

 

(Benefit from) provision for bad debt

 

(194

)

 

 

1,382

 

 

Provision for uncertain tax position

 

822

 

 

 

 

 

Deferred income taxes

 

(357

)

 

 

68

 

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

(27,028

)

 

 

(34,191

)

 

Contract assets

 

(29,994

)

 

 

(18,459

)

 

Deferred contract acquisition costs

 

(80,720

)

 

 

(28,885

)

 

Prepaid expenses and other assets

 

(2,295

)

 

 

208

 

 

Accounts payable

 

17,549

 

 

 

1,983

 

 

Accrued expense and other liabilities

 

17,756

 

 

 

8,009

 

 

Accrued compensation and employee benefits

 

(822

)

 

 

24,233

 

 

Operating lease liabilities, net

 

(5,261

)

 

 

(6,075

)

 

Deferred revenue

 

46,544

 

 

 

72,197

 

 

Net cash (used in) provided by operating activities

 

(48,949

)

 

 

10,998

 

 

Cash flows from investing activities

 

 

 

 

Purchases of marketable securities

 

(161,214

)

 

 

 

 

Sales of marketable securities

 

89,383

 

 

 

 

 

Maturities of marketable securities

 

58,109

 

 

 

 

 

Purchases of property and equipment

 

(5,719

)

 

 

(989

)

 

Capitalization of software development costs

 

(2,950

)

 

 

 

 

Payment related to business acquisition, net of cash acquired

 

(5,498

)

 

 

(19,690

)

 

Purchases of intangible assets

 

(1,231

)

 

 

 

 

Net cash used in investing activities

 

(29,120

)

 

 

(20,679

)

 

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

 

9,687

 

 

 

19,837

 

 

Payments of tax withholdings on net settlement of equity awards

 

(10,300

)

 

 

 

 

Net receipts of tax withholdings on sell-to-cover equity award transactions

 

20,418

 

 

 

 

 

Proceeds from employee stock purchase plan contributions

 

13,766

 

 

 

 

 

Proceeds from credit facility

 

 

 

 

78,587

 

 

Repayment of credit facility

 

 

 

 

(78,587

)

 

Payment of deferred loan costs related to senior secured credit facility

 

 

 

 

(808

)

 

Net cash provided by financing activities

 

1,472,042

 

 

 

244,608

 

 

Effect of exchange rates

 

11,254

 

 

 

(8,402

)

 

Net increase in cash, cash equivalents, and restricted stock

 

1,405,227

 

 

 

226,525

 

 

Cash, cash equivalents and restricted cash – beginning of period

 

371,190

 

 

 

234,131

 

 

Cash, cash equivalents and restricted cash – end of period

 

$

1,776,417

 

 

 

$

460,656

 

 

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,

 

 

2021

 

2020

 

2021

 

2020

Licenses

 

 

 

 

 

 

 

 

GAAP cost of licenses

 

$

2,626

 

 

$

1,720

 

 

$

7,514

 

 

$

4,773

 

Less: Stock-based compensation expense

 

 

 

 

 

 

 

 

Less: Amortization of acquired intangible assets

 

628

 

 

634

 

 

1,910

 

 

1,837

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

 

 

 

 

 

 

Non-GAAP cost of licenses

 

$

1,998

 

 

$

1,086

 

 

$

5,604

 

 

$

2,936

 

 

 

 

 

 

 

 

 

 

Subscription services

 

 

 

 

 

 

 

 

GAAP cost of subscription services

 

$

15,659

 

 

$

6,092

 

 

$

42,076

 

 

$

17,136

 

Less: Stock-based compensation expense

 

2,045

 

 

133

 

 

9,916

 

 

359

 

Less: Amortization of acquired intangible assets

 

330

 

 

 

 

770

 

 

 

Less: Employer payroll tax expense related to employee equity transactions

 

701

 

 

 

 

887

 

 

 

Non-GAAP cost of subscription services

 

$

12,583

 

 

$

5,959

 

 

$

30,503

 

 

$

16,777

 

 

 

 

 

 

 

 

 

 

Professional services and other

 

 

 

 

 

 

 

 

GAAP cost of professional services and other

 

$

24,815

 

 

$

9,573

 

 

$

78,114

 

 

$

23,812

 

Less: Stock-based compensation expense

 

4,305

 

 

532

 

 

27,140

 

 

1,329

 

Less: Amortization of acquired intangible assets

 

 

 

 

 

 

 

 

Less: Employer payroll tax expense related to employee equity transactions

 

2,527

 

 

 

 

3,606

 

 

 

Non-GAAP cost of professional services and other

 

$

17,983

 

 

$

9,041

 

 

$

47,368

 

 

$

22,483

 

 

 

 

 

 

 

 

 

 

Gross Profit and Margin

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

177,716

 

 

$

129,904

 

 

$

474,850

 

 

$

354,047

 

GAAP gross margin

 

80

%

 

88

%

 

79

%

 

89

%

Plus: Stock-based compensation expense

 

6,350

 

 

665

 

 

37,056

 

 

1,688

 

Plus: Amortization of acquired intangible assets

 

958

 

 

634

 

 

2,680

 

 

1,837

 

Plus: Employer payroll tax expense related to employee equity transactions

 

3,228

 

 

 

 

4,493

 

 

 

Non-GAAP gross profit

 

$

188,252

 

 

$

131,203

 

 

$

519,079

 

 

$

357,572

 

Non-GAAP gross margin

 

85

%

 

89

%

 

86

%

 

89

%

Contacts

Investor Relations Contact
Kelsey Turcotte

Investor.relations@uipath.com
UiPath

Media Contact
Toni Iafrate

PR@uipath.com
UiPath

Read full story here