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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 5, 2024
UiPath, Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware001-4034847-4333187
(State or Other Jurisdiction
of Incorporation) 		(Commission File Number)(IRS Employer
Identification No.)
One Vanderbilt Avenue, 60th Floor
New York, New York
10017
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: (844) 432-0455
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Class A Common Stock, par value $0.00001 per sharePATHNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 2.02 Results of Operations and Financial Condition.
On December 5, 2024, UiPath, Inc. (“UiPath” or the “Company”) issued a press release announcing its financial results for the fiscal third quarter 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Item 2.02 and Item 9.01 in this Current Report on Form 8-K, including the accompanying Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UiPath, Inc.
By:
/s/ Brad Brubaker
Chief Legal Officer and Secretary
Date:December 5, 2024


UiPath Reports Third Quarter Fiscal 2025 Financial Results
Revenue of $355 million increases 9 percent year-over-year
ARR of $1.607 billion increases 17 percent year-over-year
NEW YORK, NY – December 5, 2024 – UiPath, Inc. (NYSE: PATH), a leading enterprise automation and AI software company, today announced financial results for its third quarter fiscal 2025 ended October 31, 2024.
“Our customers’ response to the agentic automation vision and roadmap that we announced at FORWARD has been energizing and reinforces our leading position in the AI-powered automation market,” said Daniel Dines, UiPath Founder and Chief Executive Officer. “We have conviction that UiPath provides a differentiated approach to agentic automation that will expand our market opportunity by enabling customers to automate more complex and variable workflows to deliver enterprise-wide AI transformation.”
Third Quarter Fiscal 2025 Financial Highlights
•Revenue of $355 million increased 9 percent year-over-year.
•ARR of $1.607 billion increased 17 percent year-over-year.
•Net new ARR of $56 million.
•Dollar based net retention rate of 113 percent.
•GAAP gross margin was 82 percent.
•Non-GAAP gross margin was 85 percent.
•GAAP operating loss was $(43) million.
•Non-GAAP operating income was $50 million.
•Net cash flow from operations was $28 million.
•Non-GAAP adjusted free cash flow was $33 million.
•Cash, cash equivalents, and marketable securities were $1.6 billion as of October 31, 2024.
“We are pleased to report third quarter results ahead of our expectations, reflecting our team’s improving execution. We have made good progress on returning to our entrepreneurial roots and refocusing our teams to be more customer centric and driving efficiency across the organization,” said Ashim Gupta, UiPath Chief Financial Officer and Chief Operating Officer. “In fiscal year 2026 we believe that this focus, along with the investments we are making in our product innovation, will stabilize net new ARR dollars while accelerating our non-GAAP adjusted free cash flow growth rate.”
Financial Outlook
For the fourth quarter fiscal 2025, UiPath expects:
•Revenue in the range of $422 million to $427 million
•ARR in the range of $1.669 billion to $1.674 billion as of January 31, 2025
•Non-GAAP operating income of approximately $100 million
Reconciliation of non-GAAP operating income guidance to the most directly comparable GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to the charges excluded from this non-GAAP measure; in particular, the effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.
Recent Business Highlights
•UiPath Unveils New Vision for the Future with Agentic Automation: At its annual FORWARD user conference in October, UiPath announced its new vision and strategic direction centered on


the next evolution of enterprise automation – agentic automation. UiPath is innovating customer automation journeys with agentic automation – a progressive leap from robotic process automation (RPA) that combines AI agents, robots, people, and models to deliver AI transformation enterprise-wide for end-to-end processes. The value of agentic automation lies in its potential to efficiently tackle the long tail of complex and differentiated use cases across industries, while offering previously unseen potential for customization, adaptability, and cost savings. As part of this new vision, UiPath announced a preview of Agent Builder™, a tool for automation developers to build, evaluate, and publish enterprise agents that work cooperatively with robots on UiPath’s automation platform. Agent Builder is part of the UiPath Studio family of developer tools, meaning developers can use Studio to develop and deploy workflows and apps that work with agents.
•Announces an Integrated Offering with SAP to Accelerate Enterprise Automation for SAP Customers: UiPath announced that the UiPath Platform™ is integrated with the SAP Build Process Automation solution and sold as one of the SAP Solution Extensions. The offering is integrated with SAP Build Process Automation and will help to enable true enterprise-wide transformation by allowing customers to embrace a holistic view of automation across heterogeneous environments that span both SAP and non-SAP systems. The UiPath addition to SAP Solution Extensions can help customers readily automate business processes and operate at enterprise scale. The integrated offering can unlock the full potential of enterprise automation for customers looking to save costs and quickly deploy enterprise-wide automations. With the solution extension, SAP customers can accelerate business transformation, migrate critical business systems to the cloud, and streamline business processes that traverse enterprise systems and applications.
•Integrates Anthropic Claude Language Models to Deliver Next Generation AI Assistant and Solutions: UiPath announced the integration of Anthropic’s large language model (LLM), Claude 3.5 Sonnet, to deliver new AI features in three key products, including UiPath Autopilot for Everyone, Clipboard AI, and a new medical record summarization solution. Businesses will be able to achieve greater accuracy with UiPath's platform and Claude’s advanced trusted and responsible AI capabilities. Autopilot for Everyone, now available to UiPath customers, is an AI companion that streamlines daily work tasks. Customers are using Autopilot for Everyone to improve employee self-service, ground responses in domain and business-specific knowledge, and automate repetitive work. As part of the partnership with Anthropic, UiPath also launched a new industry solution to help healthcare organizations revolutionize medical record summarization and empower them to take full advantage of the combined power of GenAI and enterprise automation to create a more efficient and accurate way to analyze medical documents.
•UiPath and Inflection AI Announce Partnership to Bring Agentic AI to Security-Focused Industries: UiPath announced a strategic partnership with Inflection AI to integrate the UiPath Platform™ with the new Inflection for Enterprise solution, allowing enterprises to achieve greater levels of operational efficiency and effectiveness without compromising trust and AI security options. Inflection AI develops one of the world's leading LLMs and recently announced the first enterprise-grade AI system designed to accelerate the adoption and impact of AI for the world’s largest enterprises. Through its collaboration with Intel, Inflection intends to make UiPath available as an option to Intel’s Tiber AI Cloud service, leveraging Intel’s new Gaudi 3 processors.
•Announces 2024 Customer and Partner Award Winners: At its FORWARD conference, UiPath announced the customer winners of the AI25 Awards – an annual program that recognizes the 25 most innovative UiPath customers using AI and automation as a strategic change enabler – and its global and regional partners of the year recognizing partners that demonstrate an outstanding commitment to helping organizations bring AI to life in the enterprise.
•UiPath and Indosat Partner to Elevate Workers’ Skills through Enterprise Automation: UiPath announced a partnership with Indosat Ooredoo Hutchison (Indosat or IOH) to empower 100,000 knowledge workers in Indonesia with enterprise automation skills by 2027. This initiative aims to prepare Indonesia's digital talents in supporting the country’s transformation into a global AI and automation talent hub.
•UiPath Issues Annual State of the Automation Professional Report, Highlights AI’s Influence on Workers: UiPath’s annual global survey of automation professionals and students


revealed 90% of automation professionals are using or planning to use AI within the coming year. The report found that the primary motivation behind integrating AI into workflows is increased productivity (66%), and automation professionals are utilizing the technology in various ways, including writing code (67%), creating documentation (57%), and testing (47%).
Conference Call and Webcast
UiPath will host a conference call today, Thursday, December 5, 2024, at 5:00 p.m. Eastern Time, to discuss the Company's third quarter fiscal 2025 financial results and its guidance for the fourth quarter fiscal 2025. To access this call, dial 1-201-689-8057 (domestic) or 1-877-407-8309 (international). The passcode is 13750006. A live webcast of this conference call will be available on the "Investor Relations" page of UiPath’s website (https://ir.uipath.com), and a replay will also be archived on the website for one year.
About UiPath
UiPath (NYSE: PATH) develops AI technology that mirrors human intelligence with ever-increasing sophistication, transforming how businesses operate, innovate, and compete. The UiPath Platform™ accelerates the shift toward a new era of agentic automation—one where agents, robots, people, and models integrate seamlessly to enable autonomous processes and smarter decision making. With a focus on security, accuracy, and resiliency, UiPath is committed to shaping a world where AI enhances human potential and revolutionizes industries. For more information, visit www.uipath.com.
Forward-Looking Statements
Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “possible,” “projects,” “outlook,” “seeks,” “should,” “will,” and variations of such words or similar expressions, including the negatives of these words or similar expressions.
We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are making this statement for purposes of complying with those safe harbor provisions.
These forward-looking statements include, but are not limited to, statements regarding: our financial guidance for the fourth fiscal quarter 2025; our ability to drive and accelerate future growth and operational efficiency and grow our platform, product offerings, and market opportunity; our business strategy; plans and objectives of management for future operations; the estimated addressable market opportunity for our platform and the growth of the enterprise automation market; the success of our platform and new releases including the incorporation of AI; the success of our collaborations with third parties; our customers’ behaviors and potential automation spend; and details of UiPath’s stock repurchase program. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: our expectations regarding our revenue, annualized renewal run-rate (ARR), expenses, and other operating results; our ability to effectively manage our growth and achieve or sustain profitability; our ability to acquire new customers and successfully retain existing customers; the ability of the UiPath Platform™ to satisfy and adapt to customer demands and our ability to increase its adoption; our ability to grow our platform and release new functionality in a timely manner; future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements; the costs and success of our marketing efforts and our ability to evolve and enhance our brand; our growth strategies; the estimated addressable market opportunity for our platform and for automation in general; our reliance on key personnel and our ability to attract, integrate, and retain highly-qualified personnel and execute management transitions; our ability to obtain, maintain, and enforce our intellectual property rights and any costs associated therewith; the effect of significant events with macroeconomic impacts, including but not limited to military conflicts and other changes in geopolitical relationships and inflationary cost trends,


on our business, industry, and the global economy; our reliance on third-party providers of cloud-based infrastructure; our ability to compete effectively with existing competitors and new market entrants, including new, potentially disruptive technologies; the size and growth rates of the markets in which we compete; and the price volatility of our Class A common stock.
Further information on risks that could cause actual results to differ materially from our guidance and other forward-looking statements can be found in our Annual Report on Form 10-K for the fiscal year ended January 31, 2024 filed with the United States Securities and Exchange Commission (SEC) on March 27, 2024, in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, and in other filings and reports that we may file from time to time with the SEC. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements.
Key Performance Metric
Annualized Renewal Run-rate (ARR) is the key performance metric we use in managing our business because it illustrates our ability to acquire new subscription customers and to maintain and expand our relationships with existing subscription customers. We define ARR as annualized invoiced amounts per solution SKU from subscription licenses and maintenance and support obligations assuming no increases or reductions in customers’ subscriptions. ARR does not include the costs we may incur to obtain such subscription licenses or provide such maintenance and support. ARR also does not reflect nonrecurring rebates payable to partners (upon establishing sufficient history of their nonrecurring nature), the impact of nonrecurring incentives (such as one-time discounts provided under sales promotional programs), and any actual or anticipated reductions in invoiced value due to contract non-renewals or service cancellations other than for certain reserves (for example those for credit losses or disputed amounts). ARR does not include invoiced amounts associated with perpetual licenses or professional services. ARR is not a forecast of future revenue, which is impacted by contract start and end dates and duration. ARR should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items.
Dollar-based net retention rate represents the rate of net expansion of our ARR from existing customers over the preceding 12 months. We calculate dollar-based net retention rate as of a period end by starting with ARR from the cohort of all customers as of 12 months prior to such period end (Prior Period ARR). We then calculate the ARR from these same customers as of the current period end (Current Period ARR). Current Period ARR includes any expansion and is net of any contraction or attrition over the preceding 12 months but does not include ARR from new customers in the current period. We then divide total Current Period ARR by total Prior Period ARR to arrive at dollar-based net retention rate. Dollar-based net retention rate may fluctuate based on the customers that qualify to be included in the cohort used for calculation and may not reflect our actual performance.
Investors should not place undue reliance on ARR or dollar-based net retention rate as an indicator of future or expected results. Our presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.
Non-GAAP Financial Measures
Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States (GAAP). This earnings press release includes financial measures defined as non-GAAP financial measures by the SEC, including non-GAAP cost of licenses, non-GAAP cost of subscription services, non-GAAP cost of professional services and other, non-GAAP gross profit and margin, non-GAAP sales and marketing expenses, non-GAAP research and development expenses, non-GAAP general and administrative expenses, non-GAAP operating income and margin, and non-GAAP net income and non-GAAP net income per share. These non-GAAP financial measures exclude:
•stock-based compensation expense;
•amortization of acquired intangibles;
•employer payroll tax expense related to employee equity transactions;
•restructuring costs;


•charitable donation of Class A common stock; and
•in the case of non-GAAP net income, release of valuation allowance on deferred tax assets and estimated tax adjustments associated with the add-back items, as applicable.
Additionally, this earnings release presents non-GAAP adjusted free cash flow, which is calculated by adjusting GAAP operating cash flows for the impact of purchases of property and equipment, cash paid for employer payroll taxes related to employee equity transactions, net payments/receipts of employee tax withholdings on stock option exercises, and cash paid for restructuring costs.
UiPath uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, by excluding the effects of items that do not reflect the ordinary earnings of our operations, and as a supplement to GAAP measures. UiPath believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in UiPath’s industry, many of which present similar non-GAAP financial measures to investors. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information below provides a reconciliation of non-GAAP financial measures used in this earnings press release to the most directly comparable GAAP financial measures. We encourage investors to consider our GAAP results alongside our supplemental non-GAAP measures, and to review the reconciliation between GAAP results and non-GAAP measures that is included at the end of this earnings press release. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the Investor Relations page of UiPath’s website at https://ir.uipath.com.




UiPath, Inc.
Condensed Consolidated Statements of Operations
in thousands, except per share data
(unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
2024202320242023
Revenue:
Licenses$137,174 $148,068 $389,553 $401,407 
Subscription services206,922 167,529 586,726 473,880 
Professional services and other10,557 10,324 29,739 27,532 
Total revenue354,653 325,921 1,006,018 902,819 
Cost of revenue:
Licenses2,340 2,781 7,334 8,336 
Subscription services43,487 28,647 123,770 78,502 
Professional services and other17,936 18,492 51,304 55,736 
Total cost of revenue63,763 49,920 182,408 142,574 
Gross profit290,890 276,001 823,610 760,245 
Operating expenses:
Sales and marketing187,188 191,282 561,657 521,413 
Research and development96,976 84,514 281,012 246,462 
General and administrative50,090 56,024 177,119 172,185 
Total operating expenses334,254 331,820 1,019,788 940,060 
Operating loss(43,364)(55,819)(196,178)(179,815)
Interest income10,055 14,483 37,255 41,913 
Other income, net7,810 13,725 26,199 25,491 
Loss before income taxes(25,499)(27,611)(132,724)(112,411)
(Benefit from) provision for income taxes(14,844)3,926 (7,236)11,388 
Net loss$(10,655)$(31,537)$(125,488)$(123,799)
Net loss per share, basic and diluted$(0.02)$(0.06)$(0.22)$(0.22)
Weighted-average shares used in computing net loss per share, basic and diluted551,036 567,036 562,950 562,651 


UiPath, Inc.
Condensed Consolidated Balance Sheets
in thousands
(unaudited)
As of
October 31,
2024		January 31,
2024
Assets
Current assets
Cash and cash equivalents$773,630 $1,061,678 
Restricted cash438 438 
Marketable securities795,411 818,145 
Accounts receivable, net of allowance for credit losses of $2,238 and $1,119, respectively
336,137 436,296 
Contract assets109,918 84,197 
Deferred contract acquisition costs79,644 74,678 
Prepaid expenses and other current assets81,300 104,980 
Total current assets2,176,478 2,580,412 
Marketable securities, non-current34,397 — 
Contract assets, non-current12,618 6,214 
Deferred contract acquisition costs, non-current145,968 154,317 
Property and equipment, net25,132 23,982 
Operating lease right-of-use assets69,598 56,072 
Intangible assets, net9,331 14,704 
Goodwill89,864 89,026 
Deferred tax assets27,990 4,678 
Other assets, non-current71,915 25,353 
Total assets$2,663,291 $2,954,758 
Liabilities and stockholders' equity
Current liabilities
Accounts payable$18,426 $3,447 
Accrued expenses and other current liabilities93,883 83,997 
Accrued compensation and employee benefits88,794 137,442 
Deferred revenue494,370 486,805 
Total current liabilities695,473 711,691 
Deferred revenue, non-current149,361 161,027 
Operating lease liabilities, non-current76,798 58,713 
Other liabilities, non-current9,814 7,213 
Total liabilities931,446 938,644 
Commitments and contingencies
Stockholders' equity
Class A common stock5 5 
Class B common stock1 1 
Treasury stock(486,985)(102,615)
Additional paid-in capital4,249,569 4,024,079 
Accumulated other comprehensive income8,924 8,825 
Accumulated deficit(2,039,669)(1,914,181)
Total stockholders’ equity1,731,845 2,016,114 
Total liabilities and stockholders’ equity$2,663,291 $2,954,758 





UiPath, Inc.
Condensed Consolidated Statements of Cash Flows
in thousands
(unaudited)
Nine Months Ended October 31,
20242023
Cash flows from operating activities
Net loss$(125,488)$(123,799)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization14,017 16,555 
Amortization of deferred contract acquisition costs62,951 52,828 
Net amortization on marketable securities(26,552)(19,556)
Stock-based compensation expense270,520 283,025 
Charitable donation of Class A common stock6,564 4,215 
Non-cash operating lease expense
11,762 9,663 
Provision for deferred income taxes(20,773)(1,040)
Other non-cash credits, net
(57)(4,864)
Changes in operating assets and liabilities:
Accounts receivable98,062 (1,507)
Contract assets(32,179)(14,875)
Deferred contract acquisition costs(59,657)(71,727)
Prepaid expenses and other assets10,228 17,247 
Accounts payable14,954 5,767 
Accrued expenses and other liabilities11,230 22,309 
Accrued compensation and employee benefits(48,587)(40,590)
Operating lease liabilities, net(10,750)(10,296)
Deferred revenue(1,762)30,125 
Net cash provided by operating activities174,483 153,480 
Cash flows from investing activities
Purchases of marketable securities(1,162,243)(1,006,606)
Maturities of marketable securities1,176,776 576,480 
Purchases of property and equipment(7,531)(3,558)
Purchases of investments
(35,809)— 
Other investing, net— 2,754 
Net cash used in investing activities
(28,807)(430,930)
Cash flows from financing activities
Repurchases of Class A common stock(381,403)(52,649)
Proceeds from exercise of stock options934 5,421 
Payments of tax withholdings on net settlement of equity awards(60,483)(75,495)
Net receipts (payments) of tax withholdings on sell-to-cover equity award transactions
99 (645)
Proceeds from employee stock purchase plan contributions12,893 14,253 
Payment of deferred consideration related to business acquisition(5,570)(5,863)
Net cash used in financing activities(433,530)(114,978)
Effect of exchange rate changes(194)(6,167)
Net decrease in cash, cash equivalents, and restricted cash
(288,048)(398,595)
Cash, cash equivalents, and restricted cash - beginning of period1,062,116 1,402,119 
Cash, cash equivalents, and restricted cash - end of period$774,068 $1,003,524 


UiPath, Inc.
Reconciliation of GAAP Cost of Revenue, Gross Profit and Margin to Non-GAAP Cost of Revenue, Gross Profit and Margin
in thousands, except percentages
(unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
2024202320242023
GAAP cost of licenses$2,340 $2,781 $7,334 $8,336 
Less: Amortization of acquired intangible assets822 836 2,485 2,523 
Non-GAAP cost of licenses$1,518 $1,945 $4,849 $5,813 
GAAP cost of subscription services$43,487 $28,647 $123,770 $78,502 
Less: Stock-based compensation expense5,041 3,791 14,601 10,778 
Less: Amortization of acquired intangible assets602 589 1,790 1,767 
Less: Employer payroll tax expense related to employee equity transactions46 58 291 233 
Less: Restructuring costs7 (53)325 114 
Non-GAAP cost of subscription services$37,791 $24,262 $106,763 $65,610 
GAAP cost of professional services and other$17,936 $18,492 $51,304 $55,736 
Less: Stock-based compensation expense2,953 2,764 8,438 8,546 
Less: Employer payroll tax expense related to employee equity transactions24 42 117 181 
Less: Restructuring costs(21)— 105 — 
Non-GAAP cost of professional services and other$14,980 $15,686 $42,644 $47,009 
GAAP gross profit$290,890 $276,001 $823,610 $760,245 
GAAP gross margin82 %85 %82 %84 %
Plus: Stock-based compensation expense7,994 6,555 23,039 19,324 
Plus: Amortization of acquired intangible assets1,424 1,425 4,275 4,290 
Plus: Employer payroll tax expense related to employee equity transactions70 100 408 414 
Plus: Restructuring costs(14)(53)430 114 
Non-GAAP gross profit$300,364 $284,028 $851,762 $784,387 
Non-GAAP gross margin85 %87 %85 %87 %



UiPath, Inc.
Reconciliation of GAAP Operating Expenses, Loss, and Margin to Non-GAAP Operating Expenses, Income and Margin
in thousands, except percentages
(unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
2024202320242023
GAAP sales and marketing$187,188 $191,282 $561,657 $521,413 
Less: Stock-based compensation expense32,688 37,760 106,377 109,890 
Less: Amortization of acquired intangible assets307 675 1,157 2,027 
Less: Employer payroll tax expense related to employee equity transactions356 625 2,156 2,350 
Less: Restructuring costs1,956 65 9,927 1,381 
Non-GAAP sales and marketing$151,881 $152,157 $442,040 $405,765 
GAAP research and development$96,976 $84,514 $281,012 $246,462 
Less: Stock-based compensation expense34,211 30,604 96,007 88,448 
Less: Employer payroll tax expense related to employee equity transactions237 387 1,155 1,572 
Less: Restructuring costs187 (7)1,868 387 
Non-GAAP research and development$62,341 $53,530 $181,982 $156,055 
GAAP general and administrative$50,090 $56,024 $177,119 $172,185 
Less: Stock-based compensation expense12,595 20,961 45,097 65,363 
Less: Amortization of acquired intangible assets39 41 117 123 
Less: Employer payroll tax expense related to employee equity transactions124 340 714 1,209 
Less: Restructuring costs911 20 3,427 749 
Less: Charitable donation of Class A common stock— — 6,564 4,215 
Non-GAAP general and administrative$36,421 $34,662 $121,200 $100,526 
GAAP operating loss$(43,364)$(55,819)$(196,178)$(179,815)
GAAP operating margin(12)%(17)%(20)%(20)%
Plus: Stock-based compensation expense87,488 95,880 270,520 283,025 
Plus: Amortization of acquired intangible assets1,770 2,141 5,549 6,440 
Plus: Employer payroll tax expense related to employee equity transactions787 1,452 4,433 5,545 
Plus: Restructuring costs3,040 25 15,652 2,631 
Plus: Charitable donation of Class A common stock— — 6,564 4,215 
Non-GAAP operating income$49,721 $43,679 $106,540 $122,041 
Non-GAAP operating margin14 %13 %11 %14 %



UiPath, Inc.
Reconciliation of GAAP Net Loss and GAAP Net Loss Per Share to Non-GAAP Net Income and Non-GAAP Net Income Per Share
in thousands, except per share data
(unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
2024202320242023
GAAP net loss
$(10,655)$(31,537)$(125,488)$(123,799)
Plus: Stock-based compensation expense87,488 95,880 270,520 283,025 
Plus: Amortization of acquired intangible assets1,770 2,141 5,549 6,440 
Plus: Employer payroll tax expense related to employee equity transactions787 1,452 4,433 5,545 
Plus: Restructuring costs3,040 25 15,652 2,631 
Plus: Charitable donation of Class A common stock— — 6,564 4,215 
Less: Release of valuation allowance on deferred tax assets(24,633)— (24,633)— 
Tax adjustments to add-backs2,009 1,127 4,191 3,809 
Non-GAAP net income$59,806 $69,088 $156,788 $181,866 
GAAP net loss per share, basic and diluted$(0.02)$(0.06)$(0.22)$(0.22)
GAAP weighted average common shares outstanding, basic and diluted551,036 567,036 562,950 562,651 
Non-GAAP weighted average common shares outstanding, basic551,036 567,036 562,950 562,651 
Plus: Dilutive potential common shares from outstanding equity awards2,906 10,463 7,369 11,578 
Non-GAAP weighted average common shares outstanding, diluted553,942 577,499 570,319 574,229 
Non-GAAP net income per share, basic$0.11 $0.12 $0.28 $0.32 
Non-GAAP net income per share, diluted$0.11 $0.12 $0.27 $0.32 



UiPath, Inc.
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow
in thousands
(unaudited)
Nine Months Ended October 31,
20242023
GAAP net cash provided by operating activities$174,483 $153,480 
Purchases of property and equipment(7,531)(3,558)
Cash paid for employer payroll taxes related to employee equity transactions4,435 6,183 
Net payments of employee tax withholdings on stock option exercises
6 788 
Cash paid for restructuring costs11,475 6,072 
Non-GAAP adjusted free cash flow$182,868 $162,965 

Investor Relations Contact
Monica Gould
Investor.relations@uipath.com
UiPath
Media Contact
Heather Graubard
PR@uipath.com
UiPath




v3.24.3
Cover
Dec. 05, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Dec. 05, 2024
Entity Registrant Name UiPath, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40348
Entity Tax Identification Number 47-4333187
Entity Address, Address Line One One Vanderbilt Avenue, 60th Floor
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10017
City Area Code 844
Local Phone Number 432-0455
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, par value $0.00001 per share
Trading Symbol PATH
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001734722
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