UiPath Reports Fourth Quarter and Full Year Fiscal 2022 Financial Results
UiPath, Inc. (NYSE: PATH) reported strong financial results for Q4 and fiscal year 2022, highlighting a record net new ARR of $107 million, a 72% increase year-over-year. Revenue reached $289.7 million, up 39% year-over-year, contributing to a total ARR of $925.3 million, a 59% increase. The company's leadership saw changes with the appointment of Chris Weber as Chief Business Officer. Looking ahead, Q1 2023 revenue is expected between $223 million and $225 million, with an ARR of $960 million to $965 million. Non-GAAP operating loss guidance is set between $(30) million and $(25) million.
- Fourth quarter revenue was $289.7 million, a 39% increase year-over-year.
- ARR increased 59% year-over-year to $925.3 million.
- Net new ARR reached $107 million, a 72% increase year-over-year.
- Strong dollar-based net retention rate of 145%.
- Non-GAAP adjusted free cash flow was negative $21.5 million for the full year 2022.
- Net cash used in operations was $55.0 million for the full year 2022.
- Anticipated non-GAAP operating loss of $(30) million to $(25) million for Q1 2023.
Announces Appointment of
ARR of
“The UiPath team delivered a strong finish to fiscal year 2022 with fourth quarter net new ARR reaching a record
Fourth Quarter Fiscal 2022 Financial Highlights
-
Revenue of
increased 39 percent year-over-year.$289.7 million -
ARR of
increased 59 percent year-over-year.$925.3 million -
Net new ARR of
increased 72 percent year-over-year.$106.9 million - 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
as of$1.9 billion January 31, 2022 .
Full Year Fiscal 2022 Financial Highlights
-
Revenue of
increased 47 percent year-over-year.$892.3 million -
Net new ARR of
increased 51 percent year-over-year.$344.8 million - 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,
Financial Outlook
“We are saddened by the war and humanitarian crisis that is unfolding in Ukraine,” said
For the fiscal first quarter 2023,
-
Revenue in the range of
to$223 million $225 million -
ARR in the range of
to$960 million as of$965 million April 30, 2022 -
Non-GAAP operating loss in the range of
to$(30) million $(25) million
For the fiscal full year 2023,
-
Revenue in the range of
to$1,075 million $1,085 million -
ARR in the range of
to$1,200 million as of$1,210 million January 31, 2023 -
Non-GAAP operating income in the range of
to$0 $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
in cloud ARR. In just over two years more than 3,800$140 million 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 fromUiPath on Coursera build comprehensive knowledge and professional-level skills in developing and deployingUiPath 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.
-
Announcing a partnership with Coursera, one of the largest online learning platforms in the world, to offer best-in-class automation education courses from
-
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 of91% from its customers in 2021.
*IDC MarketScape: Worldwide Cloud Testing 2022 Vendor Assessment – Empowering Business Velocity (IDC # US47097221,
Conference Call and Webcast
About
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
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
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
- 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.
|
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
in thousands, except per share data |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
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 |
|
|
||||||||
Condensed Consolidated Balance Sheets |
||||||||
in thousands |
||||||||
(unaudited) |
||||||||
|
|
|
||||||
|
As of |
|||||||
|
|
|
||||||
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 |
|
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 |
|
||
|
|
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 |
|
||
|
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
in thousands |
||||||||
(unaudited) |
||||||||
|
|
|
||||||
|
Twelve Months Ended |
|||||||
|
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 |
|
||||||||||||||||
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 |
|
Twelve Months Ended |
||||||||||||
|
|
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 |
% |
|
||||||||||||||||
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 |
|
Twelve Months Ended |
||||||||||||
|
|
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 |
)% |
|
|||||||||||||||
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 |
|
Twelve Months Ended |
|||||||||||
|
|
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. |
|
||||||||
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow |
||||||||
in thousands |
||||||||
(unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Twelve Months Ended |
||||||
|
|
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 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220330005602/en/
Investor Relations Contact
Investor.relations@uipath.com
Media Contact
PR@uipath.com
Source:
FAQ
What are UiPath's financial results for Q4 fiscal 2022?
What is the expected revenue for UiPath in Q1 2023?
What changes occurred in UiPath's leadership?
What is the ARR for UiPath as of January 31, 2022?