PATH
$15.95
Uipath Inc Cl A
($1.30)
(7.54%)
Earnings Details
Quarter January 2022
Wednesday, March 30, 2022 4:05:00 PM
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Summary

Uipath Inc Cl A Misses

Uipath Inc Cl A (PATH) reported a Quarter January 2022 loss of $0.05 per share on revenue of $289.7 million. The consensus earnings estimate was $0.03 per share on revenue of $283.0 million. The Earnings Whisper number was $0.05 per share.

The company said it expects first quarter revenue of $223.0 million to $225.0 million and fiscal 2022 revenue of $1.075 billion to $1.085 billion. The current consensus revenue estimate is $245.74 million for the quarter ending April 30, 2022 and revenue of $1.17 billion for the year ending January 31, 2023.

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.

Results
Reported Earnings
($0.05)
Earnings Whisper
$0.05
Consensus Estimate
$0.03
Reported Revenue
$289.7 Mil
Revenue Estimate
$283.0 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

UiPath Reports Fourth Quarter and Full Year Fiscal 2022 Financial Results

Announces Appointment of Chris Weber as Chief Business Officer

ARR of $925 million increased 59 percent year-over-year driven by record net new ARR of $107 million

NEW YORK--(BUSINESS WIRE)--UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its fourth quarter and full year fiscal 2022 ended January 31, 2022 and the appointment of Chris Weber as Chief Business Officer.

“The UiPath team delivered a strong finish to fiscal year 2022 with fourth quarter net new ARR reaching a record $107 million, an increase of 72 percent year-over-year. We believe this is a testament to our highly differentiated end-to-end platform,” said Daniel Dines, UiPath Co-Founder and Chief Executive Officer. “Our customers understand that automation is at the forefront of digital transformation and fundamental to driving efficiency, employee satisfaction, and strengthening customer relationships, all necessary to successfully navigate today’s complex operating environment and establish a sustainable competitive advantage.”

Ashim Gupta, UiPath Chief Financial Officer, added, “I am pleased with our fourth quarter fiscal year 2022 results. Net new ARR growth accelerated meaningfully driven by new customers and a best-in-class dollar based net retention rate of 145 percent as existing customers deployed more automations and adopted more capabilities across our platform. We delivered both positive non-GAAP operating margin and non-GAAP adjusted free cash flow in the fourth quarter of fiscal year 2022 and remain committed to balancing growth and profitability.”

Fourth Quarter Fiscal 2022 Financial Highlights

  • Revenue of $289.7 million increased 39 percent year-over-year.
  • ARR of $925.3 million increased 59 percent year-over-year.
  • Net new ARR of $106.9 million increased 72 percent year-over-year.
  • Dollar based net retention rate of 145 percent.
  • GAAP gross margin was 86 percent.
  • Non-GAAP gross margin was 88 percent.
  • Net cash used in operations was $6.0 million.
  • Non-GAAP adjusted free cash flow was $9.8 million.
  • Cash, cash equivalents, and marketable securities were $1.9 billion as of January 31, 2022.

Full Year Fiscal 2022 Financial Highlights

  • Revenue of $892.3 million increased 47 percent year-over-year.
  • Net new ARR of $344.8 million increased 51 percent year-over-year.
  • GAAP gross margin was 81 percent.
  • Non-GAAP gross margin was 87 percent.
  • Net cash used in operations was $55.0 million.
  • Non-GAAP adjusted free cash flow was negative $21.5 million.

Leadership Changes

In a separate release issued today, UiPath announced the appointment of Chris Weber as Chief Business Officer. A former Microsoft executive with more than 25 years of enterprise software experience, Weber will be responsible for leading global go-to-market strategy and execution at UiPath, and will guide worldwide sales, services, and other go-to-market operations including its partner organization. UiPath also announced that Chief Revenue Officer Thomas Hansen is leaving the Company to pursue other opportunities. Hansen will remain with UiPath through the end of the first quarter fiscal 2023 to assist with the transition.

Financial Outlook

“We are saddened by the war and humanitarian crisis that is unfolding in Ukraine,” said Daniel Dines, UiPath Co-Founder and Chief Executive Officer. “We have built a global business that serves customers in more than 115 countries, including countries across eastern Europe and Russia. Looking ahead, we feel confident in our market leading position in automation and prospects for future growth at scale but believe it is prudent at this time to factor both our European exposure and go-to-market leadership transition into the financial outlook we are providing this afternoon.”

For the fiscal first quarter 2023, UiPath expects:

  • Revenue in the range of $223 million to $225 million
  • ARR in the range of $960 million to $965 million as of April 30, 2022
  • Non-GAAP operating loss in the range of $(30) million to $(25) million

For the fiscal full year 2023, UiPath expects:

  • Revenue in the range of $1,075 million to $1,085 million
  • ARR in the range of $1,200 million to $1,210 million as of January 31, 2023
  • Non-GAAP operating income in the range of $0 to $10 million

Reconciliation of non-GAAP operating income (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 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

  • Surpassed $140 million in cloud ARR. In just over two years more than 3,800 UiPath customers have adopted cloud products, including 55 percent of new customers in the fourth quarter of fiscal 2022.
  • Named a Leader in the IDC MarketScape: Worldwide Cloud Testing 2022 Vendor Assessment – Empowering Business Velocity.* The report, which includes UiPath for the first time among traditional software quality tools, examines cloud testing adoption trends and their influence on organizational success through the development of secure, high-quality software.
  • Announced technology integrations with:
    • Box, Inc., the leading Content Cloud, which includes expanding integration with their native e-signature product, Box Sign, and plans to add Box Sign to UiPath Integration Service to help customers accelerate complex enterprise workstreams like contract processing, HR onboarding, and sales operations.
    • MuleSoft, provider of the world’s #1 integration and API platform, to deliver a UiPath Orchestrator API connector for MuleSoft. This integration will make it easy to invoke or retrieve information from within an application and seamlessly integrate robots into the local software ecosystem.
  • Accelerated the development and use of automation for societal impact by:
    • Announcing a partnership with Coursera, one of the largest online learning platforms in the world, to offer best-in-class automation education courses from UiPath to the over 92 million registered learners on Coursera. The RPA Specialization and Step into RPA courses from UiPath on Coursera build comprehensive knowledge and professional-level skills in developing and deploying UiPath software robots.
    • Partnering with global market intelligence firm IDC to launch a free interactive assessment tool that offers organizations a tailored response on how to automate for good.
  • Honored for delivering world-class customer service with the Customer Relationship Management Institute’s NorthFace ScoreBoard Service Award?, widely recognized as the most prestigious award for customer service excellence due to its unique customer-only vote criteria. UiPath received an overall Customer Satisfaction (CSAT) rating of 91% from its customers in 2021.

*IDC MarketScape: Worldwide Cloud Testing 2022 Vendor Assessment – Empowering Business Velocity (IDC # US47097221, March 2022)

Conference Call and Webcast

UiPath will host a conference call today, Wednesday, March 30, 2022, at 5:00 p.m. Eastern Time, to discuss the Company's fourth quarter and full year 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 13726262. A replay of this conference call will be available through April 13, 2022 at 1-201-612-7415 (domestic) or 1-877-660-6853 (international). The replay passcode is 13726262. A live webcast of this conference call will be available on the "Investor Relations" page of the UiPath’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, 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 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 first fiscal quarter and fiscal year-end 2023, 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 ability to retain and motivate our management and key employees and integrate new team members and manage management transitions;(11) unfavorable conditions in our industry, the market, political, economic, and business conditions, including geo-political turmoil as caused by the Russian military operation in Ukraine; (12) our reliance on third-party providers of cloud-based infrastructure; and (13) 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 October 31, 2021 filed with the SEC on December 10, 2021, and in our Annual Report on Form 10-K that will be filed for the annual period ended January 31, 2022 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 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 these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.

Non-GAAP Financial Measures

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, 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 January 31,

 

Twelve Months Ended January 31,

 

 

2022

 

2021

 

2022

 

2021

Revenue:

 

 

 

 

 

 

 

 

Licenses

 

$

174,056

 

 

$

124,208

 

 

$

481,427

 

 

$

346,035

 

Subscription services

 

 

103,943

 

 

 

75,906

 

 

 

369,867

 

 

 

232,542

 

Professional services and other

 

 

11,699

 

 

 

7,761

 

 

 

40,958

 

 

 

29,066

 

Total revenue

 

 

289,698

 

 

 

207,875

 

 

 

892,252

 

 

 

607,643

 

Cost of revenue:

 

 

 

 

 

 

 

 

Licenses

 

 

4,374

 

 

 

2,281

 

 

 

11,888

 

 

 

7,054

 

Subscription services

 

 

18,489

 

 

 

7,079

 

 

 

60,565

 

 

 

24,215

 

Professional services and other

 

 

18,301

 

 

 

10,776

 

 

 

96,415

 

 

 

34,588

 

Total cost of revenue

 

 

41,164

 

 

 

20,136

 

 

 

168,868

 

 

 

65,857

 

Gross profit

 

 

248,534

 

 

 

187,739

 

 

 

723,384

 

 

 

541,786

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

174,757

 

 

 

99,380

 

 

 

697,682

 

 

 

380,154

 

Research and development

 

 

64,412

 

 

 

29,194

 

 

 

276,657

 

 

 

109,920

 

General and administrative

 

 

60,244

 

 

 

44,574

 

 

 

249,991

 

 

 

162,035

 

Total operating expenses

 

 

299,413

 

 

 

173,148

 

 

 

1,224,330

 

 

 

652,109

 

Operating (loss) income

 

 

(50,879

)

 

 

14,591

 

 

 

(500,946

)

 

 

(110,323

)

Interest income

 

 

945

 

 

 

401

 

 

 

3,551

 

 

 

1,152

 

Other (expense) income, net

 

 

(4,745

)

 

 

4,643

 

 

 

(13,488

)

 

 

14,513

 

(Loss) income before income taxes

 

 

(54,679

)

 

 

19,635

 

 

 

(510,883

)

 

 

(94,658

)

Provision for (benefit from) income taxes

 

 

8,431

 

 

 

(6,621

)

 

 

14,703

 

 

 

(2,265

)

Net (loss) income

 

$

(63,110

)

 

$

26,256

 

 

$

(525,586

)

 

$

(92,393

)

Undistributed earnings attributable to participating securities

 

 

 

 

 

26,256

 

 

 

 

 

 

 

Net loss attributable to common stockholders, basic and diluted

 

$

(63,110

)

 

$

 

 

$

(525,586

)

 

$

(92,393

)

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

 

$

(0.12

)

 

$

 

 

$

(1.16

)

 

$

(0.55

)

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

 

 

537,162

 

 

 

179,624

 

 

 

454,625

 

 

 

168,255

 

UiPath, Inc.

Condensed Consolidated Balance Sheets

in thousands

(unaudited)

 

 

 

 

As of

 

January 31, 2022

January 31, 2021

Assets

 

 

Current assets

 

 

Cash and cash equivalents

$

1,768,723

 

$

357,690

 

Restricted cash

 

 

 

7,000

 

Marketable securities

 

96,417

 

 

102,828

 

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

 

251,988

 

 

172,286

 

Contract assets

 

74,831

 

 

34,221

 

Deferred contract acquisition costs

 

29,926

 

 

10,653

 

Prepaid expenses and other current assets

 

55,416

 

 

49,752

 

Total current assets

 

2,277,301

 

 

734,430

 

Restricted cash, non-current

 

 

 

6,500

 

Marketable securities, non-current

 

19,523

 

 

 

Contract assets, non-current

 

2,730

 

 

2,085

 

Deferred contract acquisition costs, non-current

 

100,224

 

 

32,553

 

Property and equipment, net

 

17,176

 

 

14,822

 

Operating lease right-of-use assets

 

48,953

 

 

17,260

 

Intangible assets, net

 

16,817

 

 

10,191

 

Goodwill

 

53,564

 

 

28,059

 

Deferred tax asset

 

10,628

 

 

8,118

 

Other assets, non-current

 

25,534

 

 

12,443

 

Total assets

$

2,572,450

 

$

866,461

 

 

 

 

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

 

 

Current liabilities

 

 

Accounts payable

$

11,515

 

$

6,682

 

Accrued expenses and other current liabilities

 

87,958

 

 

36,660

 

Accrued compensation and employee benefits

 

130,673

 

 

110,736

 

Deferred revenue

 

297,355

 

 

211,078

 

Total current liabilities

 

527,501

 

 

365,156

 

Deferred revenue, non-current

 

68,665

 

 

61,325

 

Operating lease liabilities, non-current

 

49,843

 

 

14,152

 

Other liabilities, non-current

 

4,524

 

 

7,564

 

Total liabilities

 

650,533

 

 

448,197

 

Commitments and contingencies

 

 

Convertible preferred stock

 

 

 

1,221,968

 

Stockholders' equity (deficit)

 

 

Class A common stock

 

4

 

 

1

 

Class B common stock

 

1

 

 

1

 

Additional paid-in capital

 

3,406,959

 

 

179,175

 

Accumulated other comprehensive income (loss)

 

10,899

 

 

(12,521

)

Accumulated deficit

 

(1,495,946

)

 

(970,360

)

Total stockholders’ equity (deficit)

 

1,921,917

 

 

(803,704

)

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

$

2,572,450

 

$

866,461

 

 
 

UiPath, Inc.

Condensed Consolidated Statements of Cash Flows

in thousands

(unaudited)

 

 

 

 

Twelve Months Ended January 31,

 

2022

 

2021

Cash flows from operating activities

 

 

Net loss

$

(525,586

)

$

(92,393

)

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

 

 

Depreciation and amortization

 

14,705

 

 

12,335

 

Amortization of deferred contract acquisition costs

 

39,257

 

 

40,997

 

Reversal of deferred contract acquisition costs and accrued sales commissions, net

 

 

 

(9,229

)

Net amortization of premium on marketable securities

 

1,954

 

 

263

 

Stock-based compensation expense

 

515,583

 

 

86,167

 

Amortization of operating lease right-of-use assets

 

8,875

 

 

7,266

 

Deferred income taxes

 

(5,832

)

 

(7,587

)

Other non-cash charges, net (1)

 

1,983

 

 

1,019

 

Changes in operating assets and liabilities:

 

 

Accounts receivable

 

(86,387

)

 

(76,907

)

Contract assets

 

(43,660

)

 

(21,964

)

Deferred contract acquisition costs

 

(130,186

)

 

(51,058

)

Prepaid expenses and other assets

 

(15,360

)

 

(8,564

)

Accounts payable

 

3,507

 

 

1,893

 

Accrued expense and other liabilities

 

45,729

 

 

6,122

 

Accrued compensation and employee benefits

 

24,038

 

 

49,924

 

Operating lease liabilities, net

 

(9,064

)

 

(8,080

)

Deferred revenue

 

105,481

 

 

98,973

 

Net cash (used in) provided by operating activities

 

(54,963

)

 

29,177

 

Cash flows from investing activities

 

 

Purchases of marketable securities

 

(212,512

)

 

(103,108

)

Sales of marketable securities

 

89,383

 

 

 

Maturities of marketable securities

 

107,745

 

 

 

Purchases of property and equipment

 

(8,879

)

 

(1,953

)

Payment related to business acquisition, net of cash acquired

 

(5,498

)

 

(19,690

)

Capitalization of software development costs

 

(2,950

)

 

(1,240

)

Purchases of intangible assets

 

(1,231

)

 

 

Purchases of investments

 

(1,500

)

 

 

Net cash used in investing activities

 

(35,442

)

 

(125,991

)

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

)

 

(732

)

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

 

12,197

 

 

26,379

 

Payments of tax withholdings on net settlement of equity awards

 

(10,467

)

 

 

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

 

10,432

 

 

 

Proceeds from employee stock purchase plan contributions

 

19,040

 

 

 

Proceeds from credit agreement

 

 

 

78,587

 

Repayment of credit agreement

 

 

 

(78,587

)

Payment of deferred loan costs related to senior secured credit facility

 

 

 

(808

)

Net cash provided by financing activities

 

1,469,673

 

 

250,418

 

Effect of exchange rates

 

18,265

 

 

(16,545

)

Net increase in cash, cash equivalents, and restricted cash

 

1,397,533

 

 

137,059

 

Cash, cash equivalents and restricted cash - beginning of period

 

371,190

 

 

234,131

 

Cash, cash equivalents and restricted cash - end of period

$

1,768,723

 

$

371,190

 

 

 

 

(1) Prior period amounts have been combined to conform to current presentation

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 January 31,

 

Twelve Months Ended January 31,

 

 

2022

 

2021

 

2022

 

2021

Licenses

 

 

 

 

 

 

 

 

GAAP cost of licenses

 

$

4,374

 

 

$

2,281

 

 

$

11,888

 

 

$

7,054

 

Less: Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

Less: Amortization of acquired intangible assets

 

 

611

 

 

 

656

 

 

 

2,521

 

 

 

2,493

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP cost of licenses

 

$

3,763

 

 

$

1,625

 

 

$

9,367

 

 

$

4,561

 

 

 

 

 

 

 

 

 

 

Subscription Services

 

 

 

 

 

 

 

 

GAAP cost of subscription services

 

$

18,489

 

 

$

7,079

 

 

$

60,565

 

 

$

24,215

 

Less: Stock-based compensation expense

 

 

2,316

 

 

 

154

 

 

 

12,232

 

 

 

513

 

Less: Amortization of acquired intangible assets

 

 

330

 

 

 

 

 

 

1,100

 

 

 

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

255

 

 

 

 

 

 

1,142

 

 

 

 

Non-GAAP cost of subscription services

 

$

15,588

 

 

$

6,925

 

 

$

46,091

 

 

$

23,702

 

 

 

 

 

 

 

 

 

 

Professional Services and Other

 

 

 

 

 

 

 

 

GAAP cost of professional services and other

 

$

18,301

 

 

$

10,776

 

 

$

96,415

 

 

$

34,588

 

Less: Stock-based compensation expense

 

 

2,709

 

 

 

531

 

 

 

29,849

 

 

1,860

 

Less: Amortization of acquired intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

910

 

 

 

 

 

 

4,516

 

 

 

 

Non-GAAP cost of professional services and other

 

$

14,682

 

 

$

10,245

 

 

$

62,050

 

 

$

32,728

 

 

 

 

 

 

 

 

 

 

Gross Profit and Margin

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

248,534

 

 

$

187,739

 

 

$

723,384

 

 

$

541,786

 

GAAP gross margin

 

 

86

%

 

 

90

%

 

 

81

%

 

 

89

%

Plus: Stock-based compensation expense

 

 

5,025

 

 

 

685

 

 

 

42,081

 

 

 

2,373

 

Plus: Amortization of acquired intangible assets

 

 

941

 

 

 

656

 

 

 

3,621

 

 

 

2,493

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

1,165

 

 

 

 

 

 

5,658

 

 

 

 

Non-GAAP gross profit

 

$

255,665

 

 

$

189,080

 

 

$

774,744

 

 

$

546,652

 

Non-GAAP gross margin

 

 

88

%

 

 

91

%

 

 

87

%

 

 

90

%

UiPath, Inc.

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

in thousands, except percentages

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2022

 

2021

 

2022

 

2021

Sales and Marketing

 

 

 

 

 

 

 

 

GAAP sales and marketing

 

$

174,757

 

 

$

99,380

 

 

 

697,682

 

 

 

380,154

 

Less: Stock-based compensation expense

 

 

35,853

 

 

 

5,612

 

 

 

237,975

 

 

 

16,356

 

Less: Amortization of acquired intangible assets

 

 

404

 

 

 

27

 

 

 

1,397

 

 

 

115

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

7,097

 

 

 

 

 

 

39,615

 

 

 

 

Non-GAAP sales and marketing

 

$

131,403

 

 

$

93,741

 

 

$

418,695

 

 

$

363,683

 

 

 

 

 

 

 

 

 

 

Research and Development

 

 

 

 

 

 

 

 

GAAP research and development

 

$

64,412

 

 

$

29,194

 

 

$

276,657

 

 

$

109,920

 

Less: Stock-based compensation expense

 

 

21,253

 

 

 

3,639

 

 

 

135,713

 

 

 

11,435

 

Less: Amortization of acquired intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

4,173

 

 

 

 

 

 

5,810

 

 

 

 

Non-GAAP research and development

 

$

38,986

 

 

$

25,555

 

 

$

135,134

 

 

$

98,485

 

 

 

 

 

 

 

 

 

 

General and Administrative

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

60,244

 

 

$

44,574

 

 

$

249,991

 

 

$

162,035

 

Less: Stock-based compensation expense

 

 

14,901

 

 

 

10,437

 

 

 

99,814

 

 

 

56,003

 

Less: Amortization of acquired intangible assets

 

 

57

 

 

 

 

 

 

101

 

 

 

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

1,956

 

 

 

 

 

 

3,001

 

 

 

 

Non-GAAP general and administrative

 

$

43,330

 

 

$

34,137

 

 

$

147,075

 

 

$

106,032

 

 

 

 

 

 

 

 

 

 

Operating (Loss) Income

 

 

 

 

 

 

 

 

GAAP operating (loss) income

 

$

(50,879

)

 

$

14,591

 

 

$

(500,946

)

 

$

(110,323

)

GAAP operating margin

 

 

(18

)%

 

 

7

%

 

 

(56

)%

 

 

(18

)%

Plus: Stock-based compensation expense

 

 

77,032

 

 

 

20,373

 

 

 

515,583

 

 

 

86,167

 

Plus: Amortization of acquired intangible assets

 

 

1,402

 

 

 

683

 

 

 

5,119

 

 

 

2,608

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

14,391

 

 

 

 

 

 

54,084

 

 

 

 

Non-GAAP operating income (loss)

 

$

41,946

 

 

$

35,647

 

 

$

73,840

 

 

$

(21,548

)

Non-GAAP operating margin

 

 

14

%

 

 

17

%

 

 

8

%

 

 

(4

)%

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 January 31,

 

Twelve Months Ended January 31,

 

 

2022

 

2021

 

2022

 

2021

GAAP net loss attributable to common stockholders

 

$

(63,110

)

 

$

 

$

(525,586

)

 

$

(92,393

)

Plus: Undistributed earnings attributable to participating securities

 

 

 

 

 

26,256

 

 

 

 

 

 

Plus: Stock-based compensation expense

 

 

77,032

 

 

 

20,373

 

 

515,583

 

 

 

86,167

 

Plus: Amortization of acquired intangible assets

 

 

1,402

 

 

 

683

 

 

5,119

 

 

 

2,608

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

14,391

 

 

 

 

 

54,084

 

 

 

 

Tax adjustments to add-backs (1)

 

 

(2,545

)

 

 

 

 

(4,090

)

 

 

 

Non-GAAP net income (loss)

 

$

27,170

 

 

$

47,312

 

$

45,110

 

 

$

(3,618

)

 

 

 

 

 

 

 

 

 

GAAP net loss per share, basic and diluted

 

$

(0.12

)

 

$

 

$

(1.16

)

 

$

(0.55

)

GAAP weighted average common shares outstanding, basic and diluted

 

 

537,162

 

 

 

179,624

 

 

454,625

 

 

 

168,255

 

Plus: Unweighted adjustment for conversion of preferred to common stock in connection with IPO

 

 

 

 

 

306,300

 

 

67,973

 

 

 

306,300

 

Plus: Unweighted adjustment for common stock issued in connection with IPO

 

 

 

 

 

13,000

 

 

2,885

 

 

 

13,000

 

Non-GAAP weighted average common shares outstanding, basic

 

 

537,162

 

 

 

498,924

 

 

525,483

 

 

 

487,555

 

Plus: Dilutive potential common shares from outstanding equity awards

 

 

22,733

 

 

 

 

 

34,007

 

 

 

 

Non-GAAP weighted average common shares outstanding, diluted

 

 

559,895

 

 

 

498,924

 

 

559,490

 

 

 

487,555

 

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

 

$

0.05

 

 

$

0.09

 

$

0.09

 

 

$

(0.01

)

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

 

$

0.05

 

 

$

0.09

 

$

0.08

 

 

$

(0.01

)

(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)

 

 

 

 

 

 

 

Twelve Months Ended January 31,

 

 

2022

 

2021

GAAP net cash (used in) provided by operating activities

 

$

(54,963

)

 

$

29,177

 

Purchases of property and equipment

 

 

(8,879

)

 

 

(1,953

)

Capitalization of software development costs

 

 

(2,950

)

 

 

(1,240

)

Cash paid for employer payroll taxes related to employee equity transactions

 

 

51,693

 

 

 

 

Net receipts of employee tax withholdings on stock option exercises

 

 

(6,382

)

 

 

 

Non-GAAP adjusted free cash flow

 

$

(21,481

)

 

$

25,984

 

 

Investor Relations Contact
Kelsey Turcotte
Investor.relations@uipath.com
UiPath

Media Contact
Toni Iafrate
PR@uipath.com
UiPath

Source: UiPath, Inc.