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Classified in: Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

UiPath Reports Third Quarter Fiscal 2023 Financial Results


UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its third quarter fiscal 2023 ended October 31, 2022.

"We are pleased with our third quarter fiscal 2023 results as ARR grew 36 percent year-over-year and we delivered meaningful non-GAAP operating margin expansion," said Rob Enslin, UiPath Co-Chief Executive Officer. "Our new go-to-market initiatives are driving results and resonating with customers. We closed several notable third quarter deals using this value-selling approach and are widely engaged with both new and existing customers as we head into the last quarter of fiscal year 2023."

"UiPath continues to be differentiated by our platform approach, which is at the core of our success," said Daniel Dines, UiPath Co-Founder and Co-Chief Executive Officer. "Our latest release, 2022.10, further expands our competitive advantage with market-leading capabilities at every stage in the automation lifecycle, from discover to automate to operate. This cohesive approach makes it easier and faster for organizations to efficiently scale their automation programs and drive meaningful business outcomes."

Third Quarter Fiscal 2023 Financial Highlights

"Non-GAAP operating income of $18 million for the quarter was the result of disciplined capital deployment and cost management. Our durable financial model and strong balance sheet give us the resources to continue to invest in long-term growth and drive a path to sustained profitability, both of which are core to our go-forward strategy," said Ashim Gupta, UiPath Chief Financial Officer.

Financial Outlook

For the fourth quarter fiscal 2023, 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, including, in particular, the effects of stock-based compensation expense specific to equity awards that are directly impacted by 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 1, 2022, at 5:00 p.m. Eastern Time, to discuss the Company's third quarter fiscal 2023 financial results and guidance. To access this call, dial 1-201-689-8057 (domestic) or 1-877-407-8309 (international). The passcode is 13734091. 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 has a vision to deliver the Fully Automated Enterprisetm, 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 guidance for the fourth fiscal quarter and fiscal year end 2023, our strategic plans, objectives and roadmap, the estimated addressable market opportunity for our platform and statements regarding the growth of the automation market. Accordingly, actual results could differ materially, or such uncertainties could cause adverse effects on our results. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: the market, political, economic, and business conditions, including geopolitical turmoil and macro-economic effects caused by the war in Ukraine, increasing inflationary cost trends, and foreign exchange volatility; our recent rapid growth, which may not be indicative of our future growth; our limited operating history; our ability to successfully manage our growth; our ability and the ability of our platform to satisfy and adapt to customer demands; our dependency on our existing customers to renew their licenses and purchase additional licenses and products from us and our channel partners; our ability to attract and retain customers; the competitive markets in which we participate; our ability to maintain and expand our distribution channels; our ability to retain and motivate our management and key employees and integrate new team members and manage management transitions; our reliance on third-party providers of cloud-based infrastructure; the potential impact that the COVID-19 pandemic and an economic downturn could have on our or our customers' businesses, financial condition, and future operating results; our failure to achieve our environmental, social and governance (ESG) goals; and the price volatility of our Class A common stock.

Further information on risks that could cause actual results to differ materially from our guidance can be found in our Annual Report on Form 10-K for the annual period ended January 31, 2022, filed with the SEC on April 4, 2022, in our 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 a key performance metric we use in managing our business because it illustrates our ability to acquire new subscription customers and to maintain and expand our relationships with existing subscription customers. We define ARR as annualized invoiced amounts per solution SKU from subscription licenses and maintenance and support obligations assuming no increases or reductions in 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

Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States (GAAP). This earnings press release includes financial measures defined as non-GAAP financial measures by the SEC, including non-GAAP cost of licenses, non-GAAP cost of subscription services, non-GAAP cost of professional services and other, non-GAAP gross profit and margin, non-GAAP sales and marketing expenses, non-GAAP research and development expenses, non-GAAP general and administrative expenses, non-GAAP operating income (loss) and margin, non-GAAP net income (loss), and non-GAAP net income (loss) 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, capitalization of software development costs, cash paid for employer payroll taxes related to employee equity transactions, net payments/receipts of employee tax withholdings on stock option exercises, and cash paid for restructuring costs.

UiPath uses these non-GAAP financial measures internally in analyzing its financial results, and believes they are useful to investors, by excluding the effects of special items that do not reflect the ordinary earnings of our operations, and as a supplement to GAAP measures. UiPath believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in UiPath's industry, many of which present similar non-GAAP financial measures to investors. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information below provides a reconciliation of non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures. We encourage investors to consider our GAAP results alongside our supplemental non-GAAP measures, and to review the reconciliation between GAAP results and non-GAAP measures that is included at the end of this earnings press release. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the "Investor Relations" page of UiPath's website at https://ir.uipath.com.

UiPath, Inc.

Condensed Consolidated Statements of Operations

in thousands, except per share data

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

 

2022

 

2021

 

2022

 

2021

Revenue:

 

 

 

 

 

 

 

 

Licenses

 

$

118,175

 

 

$

111,608

 

 

$

338,875

 

 

$

307,371

 

Subscription services

 

 

130,159

 

 

 

97,963

 

 

 

370,309

 

 

 

265,924

 

Professional services and other

 

 

14,410

 

 

 

11,245

 

 

 

40,848

 

 

 

29,259

 

Total revenue

 

 

262,744

 

 

 

220,816

 

 

 

750,032

 

 

 

602,554

 

Cost of revenue:

 

 

 

 

 

 

 

 

Licenses

 

 

3,208

 

 

 

2,626

 

 

 

7,915

 

 

 

7,514

 

Subscription services

 

 

20,578

 

 

 

15,659

 

 

 

63,949

 

 

 

42,076

 

Professional services and other

 

 

18,982

 

 

 

24,815

 

 

 

60,496

 

 

 

78,114

 

Total cost of revenue

 

 

42,768

 

 

 

43,100

 

 

 

132,360

 

 

 

127,704

 

Gross profit

 

 

219,976

 

 

 

177,716

 

 

 

617,672

 

 

 

474,850

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

156,469

 

 

 

172,906

 

 

 

527,798

 

 

 

522,925

 

Research and development

 

 

67,341

 

 

 

61,559

 

 

 

203,880

 

 

 

212,245

 

General and administrative

 

 

63,157

 

 

 

59,498

 

 

 

189,130

 

 

 

189,747

 

Total operating expenses

 

 

286,967

 

 

 

293,963

 

 

 

920,808

 

 

 

924,917

 

Operating loss

 

 

(66,991

)

 

 

(116,247

)

 

 

(303,136

)

 

 

(450,067

)

Interest income

 

 

9,561

 

 

 

899

 

 

 

15,057

 

 

 

2,606

 

Other income (expense), net

 

 

888

 

 

 

(4,300

)

 

 

(2,523

)

 

 

(8,743

)

Loss before income taxes

 

 

(56,542

)

 

 

(119,648

)

 

 

(290,602

)

 

 

(456,204

)

Provision for income taxes

 

 

1,182

 

 

 

3,139

 

 

 

10,061

 

 

 

6,272

 

Net loss

 

$

(57,724

)

 

$

(122,787

)

 

$

(300,663

)

 

$

(462,476

)

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

 

$

(0.10

)

 

$

(0.23

)

 

$

(0.55

)

 

$

(1.08

)

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

 

 

550,164

 

 

 

531,718

 

 

 

546,087

 

 

 

426,811

 

UiPath, Inc.

Condensed Consolidated Balance Sheets

in thousands

(unaudited)

 

 

 

 

 

 

 

As of

 

 

October 31,
2022

 

January 31,
2022

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

1,451,152

 

 

$

1,768,723

 

Marketable securities

 

 

225,605

 

 

 

96,417

 

Accounts receivable, net of allowance for doubtful accounts of $3,279 and $2,566, respectively

 

 

275,935

 

 

 

251,988

 

Contract assets

 

 

91,551

 

 

 

74,831

 

Deferred contract acquisition costs

 

 

40,168

 

 

 

29,926

 

Prepaid expenses and other current assets

 

 

74,834

 

 

 

55,416

 

Total current assets

 

 

2,159,245

 

 

 

2,277,301

 

Marketable securities, non-current

 

 

2,920

 

 

 

19,523

 

Contract assets, non-current

 

 

9,498

 

 

 

2,730

 

Deferred contract acquisition costs, non-current

 

 

113,568

 

 

 

100,224

 

Property and equipment, net

 

 

28,152

 

 

 

17,176

 

Operating lease right-of-use assets

 

 

50,555

 

 

 

48,953

 

Intangible assets, net

 

 

23,993

 

 

 

16,817

 

Goodwill

 

 

83,844

 

 

 

53,564

 

Deferred tax asset

 

 

7,657

 

 

 

10,628

 

Other assets, non-current

 

 

32,252

 

 

 

25,534

 

Total assets

 

$

2,511,684

 

 

$

2,572,450

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

11,253

 

 

$

11,515

 

Accrued expenses and other current liabilities

 

 

78,892

 

 

 

87,958

 

Accrued compensation and employee benefits

 

 

98,086

 

 

 

130,673

 

Deferred revenue

 

 

288,412

 

 

 

297,355

 

Total current liabilities

 

 

476,643

 

 

 

527,501

 

Deferred revenue, non-current

 

 

107,633

 

 

 

68,665

 

Operating lease liabilities, non-current

 

 

55,085

 

 

 

49,843

 

Other liabilities, non-current

 

 

12,499

 

 

 

4,524

 

Total liabilities

 

 

651,860

 

 

 

650,533

 

Commitments and contingencies

 

 

 

 

Stockholders' equity

 

 

 

 

Class A common stock

 

 

5

 

 

 

4

 

Class B common stock

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

3,649,474

 

 

 

3,406,959

 

Accumulated other comprehensive income

 

 

6,953

 

 

 

10,899

 

Accumulated deficit

 

 

(1,796,609

)

 

 

(1,495,946

)

Total stockholders' equity

 

 

1,859,824

 

 

 

1,921,917

 

Total liabilities and stockholders' equity

 

$

2,511,684

 

 

$

2,572,450

 

UiPath, Inc.

Condensed Consolidated Statements of Cash Flows

in thousands (unaudited)

 

 

 

Nine Months Ended October 31,

 

 

2022

 

2021

Cash flows from operating activities

 

 

 

 

Net loss

 

$

(300,663

)

 

$

(462,476

)

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

 

 

 

 

Depreciation and amortization

 

 

12,993

 

 

 

10,697

 

Amortization of deferred contract acquisition costs

 

 

37,967

 

 

 

19,904

 

Net amortization of premium on marketable securities

 

 

501

 

 

 

1,391

 

Stock-based compensation expense

 

 

270,797

 

 

 

438,551

 

Charitable donation of Class A common stock

 

 

5,499

 

 

 

?

 

Amortization of operating lease right-of-use assets

 

 

8,555

 

 

 

6,013

 

Provision for deferred income taxes

 

 

1,171

 

 

 

(357

)

Abandonment and impairment charges

 

 

2,881

 

 

 

?

 

Other non-cash (credits) charges, net1

 

 

(1,714

)

 

 

1,599

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

(33,449

)

 

 

(27,028

)

Contract assets

 

 

(27,735

)

 

 

(29,994

)

Deferred contract acquisition costs

 

 

(69,657

)

 

 

(80,720

)

Prepaid expenses and other assets

 

 

(27,361

)

 

 

(2,295

)

Accounts payable

 

 

2,414

 

 

 

17,549

 

Accrued expense and other liabilities

 

 

(13,785

)

 

 

17,756

 

Accrued compensation and employee benefits

 

 

(26,096

)

 

 

(822

)

Operating lease liabilities, net

 

 

(488

)

 

 

(5,261

)

Deferred revenue

 

 

54,232

 

 

 

46,544

 

Net cash used in operating activities

 

 

(103,938

)

 

 

(48,949

)

Cash flows from investing activities

 

 

 

 

Purchases of marketable securities

 

 

(204,311

)

 

 

(161,214

)

Sales of marketable securities

 

 

?

 

 

 

89,383

 

Maturities of marketable securities

 

 

93,298

 

 

 

58,109

 

Purchases of property and equipment

 

 

(21,614

)

 

 

(5,719

)

Capitalization of software development costs

 

 

?

 

 

 

(2,950

)

Payments related to business acquisitions, net of cash acquired

 

 

(29,542

)

 

 

(5,498

)

Other investing, net

 

 

(507

)

 

 

(1,231

)

Net cash used in investing activities

 

 

(162,676

)

 

 

(29,120

)

Cash flows from financing activities

 

 

 

 

Proceeds from exercise of stock options

 

 

7,605

 

 

 

9,687

 

Payments of tax withholdings on net settlement of equity awards

 

 

(53,300

)

 

 

(10,300

)

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

 

 

(10,132

)

 

 

20,418

 

Proceeds from employee stock purchase plan contributions

 

 

13,525

 

 

 

13,766

 

Repurchase of unvested early exercised stock options

 

 

(1,493

)

 

 

?

 

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

 

Payments of issuance costs for convertible preferred stock

 

 

?

 

 

 

(164

)

Net cash (used in) provided by financing activities

 

 

(43,795

)

 

 

1,472,042

 

Effect of exchange rate changes

 

 

(7,162

)

 

 

11,254

 

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

 

(317,571

)

 

 

1,405,227

 

Cash, cash equivalents, and restricted cash - beginning of period

 

 

1,768,723

 

 

 

371,190

 

Cash, cash equivalents, and restricted cash - end of period

 

$

1,451,152

 

 

$

1,776,417

 

 

 

 

 

 

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

UiPath, Inc.

Reconciliation of GAAP Cost of Revenue and Gross Profit to Non-GAAP Cost of Revenue and Gross Profit

in thousands, except percentages

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

 

2022

 

2021

 

2022

 

2021

Licenses

 

 

 

 

 

 

 

 

GAAP cost of licenses

 

$

3,208

 

 

$

2,626

 

 

$

7,915

 

 

$

7,514

 

Less: Amortization of acquired intangible assets

 

 

777

 

 

 

628

 

 

 

1,935

 

 

 

1,910

 

Non-GAAP cost of licenses

 

$

2,431

 

 

$

1,998

 

 

$

5,980

 

 

$

5,604

 

 

 

 

 

 

 

 

 

 

Subscription services

 

 

 

 

 

 

 

 

GAAP cost of subscription services

 

$

20,578

 

 

$

15,659

 

 

$

63,949

 

 

$

42,076

 

Less: Stock-based compensation expense

 

 

2,844

 

 

 

2,045

 

 

 

8,901

 

 

 

9,916

 

Less: Amortization of acquired intangible assets

 

 

570

 

 

 

330

 

 

 

1,230

 

 

 

770

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

34

 

 

 

701

 

 

 

180

 

 

 

887

 

Less: Restructuring costs

 

 

?

 

 

 

?

 

 

 

137

 

 

 

?

 

Non-GAAP cost of subscription services

 

$

17,130

 

 

$

12,583

 

 

$

53,501

 

 

$

30,503

 

 

 

 

 

 

 

 

 

 

Professional services and other

 

 

 

 

 

 

 

 

GAAP cost of professional services and other

 

$

18,982

 

 

$

24,815

 

 

$

60,496

 

 

$

78,114

 

Less: Stock-based compensation expense

 

 

2,557

 

 

 

4,305

 

 

 

8,959

 

 

 

27,140

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

26

 

 

 

2,527

 

 

 

167

 

 

 

3,606

 

Less: Restructuring costs

 

 

?

 

 

 

?

 

 

 

320

 

 

 

?

 

Non-GAAP cost of professional services and other

 

$

16,399

 

 

$

17,983

 

 

$

51,050

 

 

$

47,368

 

 

 

 

 

 

 

 

 

 

Gross profit and margin

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

219,976

 

 

$

177,716

 

 

$

617,672

 

 

$

474,850

 

GAAP gross margin

 

 

84

%

 

 

80

%

 

 

82

%

 

 

79

%

Plus: Stock-based compensation expense

 

 

5,401

 

 

 

6,350

 

 

 

17,860

 

 

 

37,056

 

Plus: Amortization of acquired intangible assets

 

 

1,347

 

 

 

958

 

 

 

3,165

 

 

 

2,680

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

60

 

 

 

3,228

 

 

 

347

 

 

 

4,493

 

Plus: Restructuring costs

 

 

?

 

 

 

?

 

 

 

457

 

 

 

?

 

Non-GAAP gross profit

 

$

226,784

 

 

$

188,252

 

 

$

639,501

 

 

$

519,079

 

Non-GAAP gross margin

 

 

86

%

 

 

85

%

 

 

85

%

 

 

86

%

UiPath, Inc.

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

in thousands, except percentages

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

 

2022

 

2021

 

2022

 

2021

Sales and Marketing

 

 

 

 

 

 

 

 

GAAP sales and marketing

 

$

156,469

 

 

$

172,906

 

 

$

527,798

 

 

$

522,925

 

Less: Stock-based compensation expense

 

 

30,763

 

 

 

41,823

 

 

 

117,410

 

 

 

202,122

 

Less: Amortization of acquired intangible assets

 

 

659

 

 

 

405

 

 

 

1,486

 

 

 

993

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

416

 

 

 

23,839

 

 

 

3,045

 

 

 

32,518

 

Less: Restructuring costs

 

 

511

 

 

 

?

 

 

 

11,243

 

 

 

?

 

Non-GAAP sales and marketing

 

$

124,120

 

 

$

106,839

 

 

$

394,614

 

 

$

287,292

 

 

 

 

 

 

 

 

 

 

Research and Development

 

 

 

 

 

 

 

 

GAAP research and development

 

$

67,341

 

 

$

61,559

 

 

$

203,880

 

 

$

212,245

 

Less: Stock-based compensation expense

 

 

23,435

 

 

 

24,866

 

 

 

73,559

 

 

 

114,460

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

170

 

 

 

1,312

 

 

 

971

 

 

 

1,637

 

Less: Restructuring costs

 

 

?

 

 

 

?

 

 

 

43

 

 

 

?

 

Non-GAAP research and development

 

$

43,736

 

 

$

35,381

 

 

$

129,307

 

 

$

96,148

 

 

 

 

 

 

 

 

 

 

General and Administrative

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

63,157

 

 

$

59,498

 

 

$

189,130

 

 

$

189,747

 

Less: Stock-based compensation expense

 

 

21,492

 

 

 

22,064

 

 

 

61,968

 

 

 

84,913

 

Less: Amortization of acquired intangible assets

 

 

44

 

 

 

44

 

 

 

136

 

 

 

44

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

123

 

 

 

455

 

 

 

486

 

 

 

1,045

 

Less: Restructuring costs

 

 

580

 

 

 

?

 

 

 

1,382

 

 

 

?

 

Less: Charitable donation of Class A common stock

 

 

?

 

 

 

?

 

 

 

5,499

 

 

 

?

 

Non-GAAP general and administrative

 

$

40,918

 

 

$

36,935

 

 

$

119,659

 

 

$

103,745

 

 

 

 

 

 

 

 

 

 

Operating Loss

 

 

 

 

 

 

 

 

GAAP operating loss

 

$

(66,991

)

 

$

(116,247

)

 

$

(303,136

)

 

$

(450,067

)

GAAP operating margin

 

 

(25

) %

 

 

(53

) %

 

 

(40

) %

 

 

(75

) %

Plus: Stock-based compensation expense

 

 

81,091

 

 

 

95,103

 

 

 

270,797

 

 

 

438,551

 

Plus: Amortization of acquired intangible assets

 

 

2,050

 

 

 

1,407

 

 

 

4,787

 

 

 

3,717

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

769

 

 

 

28,834

 

 

 

4,849

 

 

 

39,693

 

Plus: Restructuring costs

 

 

1,091

 

 

 

?

 

 

 

13,125

 

 

 

?

 

Plus: Charitable donation of Class A common stock

 

 

?

 

 

 

?

 

 

 

5,499

 

 

 

?

 

Non-GAAP operating income (loss)

 

$

18,010

 

 

$

9,097

 

 

$

(4,079

)

 

$

31,894

 

Non-GAAP operating margin

 

 

7

%

 

 

4

%

 

 

(1

) %

 

 

5

%

UiPath, Inc.

Reconciliation of GAAP Net Loss and GAAP Net Loss Per Share to Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) Per Share

in thousands, except per share data

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

 

2022

 

2021

 

2022

 

2021

GAAP net loss

 

$

(57,724

)

 

$

(122,787

)

 

$

(300,663

)

 

$

(462,476

)

Plus: Stock-based compensation expense

 

 

81,091

 

 

 

95,103

 

 

 

270,797

 

 

 

438,551

 

Plus: Amortization of acquired intangible assets

 

 

2,050

 

 

 

1,407

 

 

 

4,787

 

 

 

3,717

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

769

 

 

 

28,834

 

 

 

4,849

 

 

 

39,693

 

Plus: Restructuring costs

 

 

1,091

 

 

 

?

 

 

 

13,125

 

 

 

?

 

Plus: Charitable donation of Class A common stock

 

 

?

 

 

 

?

 

 

 

5,499

 

 

 

?

 

Tax adjustments to add-backs1

 

 

(609

)

 

 

(462

)

 

 

(609

)

 

 

(1,545

)

Non-GAAP net income (loss)

 

$

26,668

 

 

$

2,095

 

 

$

(2,215

)

 

$

17,940

 

 

 

 

 

 

 

 

 

 

GAAP net loss per share, basic and diluted

 

$

(0.10

)

 

$

(0.23

)

 

$

(0.55

)

 

$

(1.08

)

GAAP weighted average common shares outstanding, basic and diluted

 

 

550,164

 

 

 

531,718

 

 

 

546,087

 

 

 

426,811

 

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

 

 

?

 

 

 

?

 

 

 

?

 

 

 

90,880

 

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

 

 

?

 

 

 

?

 

 

 

?

 

 

 

3,857

 

Non-GAAP weighted average common shares outstanding, basic

 

 

550,164

 

 

 

531,718

 

 

 

546,087

 

 

 

521,548

 

Plus: Dilutive potential common shares from outstanding equity awards

 

 

10,331

 

 

 

28,192

 

 

 

?

 

 

 

37,806

 

Non-GAAP weighted average common shares outstanding, diluted

 

 

560,495

 

 

 

559,910

 

 

 

546,087

 

 

 

559,354

 

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

 

$

0.05

 

 

$

0.00

 

 

$

0.00

 

 

$

0.03

 

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

 

$

0.05

 

 

$

0.00

 

 

$

0.00

 

 

$

0.03

 

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)

 

 

 

 

 

 

 

Nine Months Ended October 31,

 

 

2022

 

2021

GAAP net cash used in operating activities

 

$

(103,938

)

 

$

(48,949

)

Purchases of property and equipment

 

 

(21,614

)

 

 

(5,719

)

Capitalization of software development costs

 

 

?

 

 

 

(2,950

)

Cash paid for employer payroll taxes related to employee equity transactions

 

 

6,399

 

 

 

34,623

 

Net payments (receipts) of employee tax withholdings on stock option exercises

 

 

6,370

 

 

 

(8,272

)

Cash paid for restructuring costs

 

 

11,585

 

 

 

?

 

Non-GAAP adjusted free cash flow

 

$

(101,198

)

 

$

(31,267

)

 


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