ARR of $726.5 million increased 60 percent
year-over-year driven by record net new ARR of $73.9 million
UiPath, Inc. (NYSE: PATH), a leading enterprise automation
software company, today announced financial results for its second
quarter fiscal 2022 ended July 31, 2021.
“We continued our very strong momentum in the second quarter of
fiscal year 2022 with ARR growing 60 percent year-over-year to
$726.5 million. Our results were driven by both new customer
additions, ending the quarter with more than 9,100 customers, as
well as robust expansion with existing customers, reflected in our
best-in-class dollar-based net retention rate of 144 percent,” said
Daniel Dines, UiPath Co-Founder and Chief Executive Officer. “The
opportunity to unlock human potential is vast and we are in the
very early stages of the automation market. We believe we have a
long-term opportunity to drive durable growth and build a company
that will transform how organizations compete, employees experience
work, and companies interact with their customers.”
Ashim Gupta, UiPath Chief Financial Officer, added, “The team
executed well this quarter as we continue to drive meaningful
growth at scale. Our land and expand go-to-market model delivered
record net new ARR, a testament to our competitive differentiation
and the power of our platform to drive meaningful return on
investment for our customers. Looking ahead, our priority is to
continue to drive growth while exercising operational rigor, which
will allow us to maintain our clear leadership position in this
large and growing market.”
Second Quarter Fiscal 2022 Financial Highlights
- ARR of $726.5 million as of July 31, 2021, increased 60 percent
year-over-year.
- Net new ARR of $73.9 million increased 33 percent
year-over-year.
- Revenue of $195.5 million increased 40 percent
year-over-year.
- GAAP gross margin was 82 percent.
- Non-GAAP gross margin was 86 percent.
- Net cash used in operations was $(6.0) million.
- Non-GAAP adjusted free cash flow was $(3.5) million.
- Cash, cash equivalents, and marketable securities of $1.9
billion as of July 31, 2021.
Recent Business Highlights
- Named a Process Mining Leader in the Technology Vendor
Landscape for the second consecutive year, according to Everest
Group’s Process Mining Products PEAK Matrix® Assessment 2021.
UiPath has also emerged as one of the four-Star Performers in this
year’s assessment, demonstrating the most year over year
improvement on the PEAK Matrix®.
- Announced new integrations with Smartsheet (NYSE: SMAR),
the enterprise platform for dynamic work, to make it easy for users
to retrieve, update, and share data in Smartsheet. This means users
are now able to automate the management of workflows in Smartsheet
projects, reports, and sheets in a matter of minutes, saving hours
of repetitive, manual work.
- Expanded technology partner ecosystem to include SUSE, a
leader in Linux and Kubernetes management, to provide additional
deployment options for customers leveraging the UiPath platform. In
addition, UiPath collaborated with Alteryx (NYSE: AYX), a strategic
technology partner, which developed a UiPath Connector that makes
it easy for users to trigger UiPath software robots directly from
an Alteryx analytic automation workflow.
- Completed SOC 2 Type 2 System and Organization Controls for
UiPath Automation Cloud: This attestation, among the Company’s
extensive list of security capabilities, provides assurance to
UiPath global customers in highly-regulated industries who trust
UiPath with their most sensitive data.
- Joined TSANet (Technical Support Alliance Network), the
industry’s largest vendor neutral support alliance, to fast track
interactions with other vendors in resolving multi-party
integration issues. As the first pure-play automation company to
the TSANet ecosystem, UiPath will leverage other vendors’
engineering and customer success teams to ultimately reduce the
resolution time for its mutual customers.
- Expanded go-to-market partner ecosystem to help
customers rapidly accelerate their digital transformation efforts.
With a range of technology and industry solutions, UiPath added
more than 300 new go-to-market partners in the quarter bringing the
total partner ecosystem to more than 4,700 worldwide.
- Announced UiPath community grew to more than 1.5 million
members and launched three new features: Use case repository,
UiPath community job board, and Community mentorship
program. The UiPath Community connects customers, partners,
freelancers, enthusiasts, and beginners to UiPath.
Financial Outlook
For the fiscal third quarter 2022, UiPath expects:
- ARR in the range of $796 million and $798 million as of October
31, 2021
- Revenue in the range of $207 million and $209 million
- Non-GAAP operating loss in the range of $(30) million and $(15)
million
For the fiscal full year 2022, UiPath expects:
- ARR in the range of $876 million and $881 million as of January
31, 2022
Reconciliation of non-GAAP operating 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
measures and effects of stock-based compensation expense specific
to equity compensation awards that are directly impacted by
unpredictable fluctuations in our stock price. We expect the
variability of the above charges to have a significant, and
potentially unpredictable, impact on our future GAAP financial
results.
Conference Call and Webcast
UiPath will host a conference call today, Tuesday, September 7,
2021, at 5:00 p.m. Eastern Time, to discuss the Company's fiscal
second quarter 2022 financial results and guidance. To access this
call, dial 1-201-689-8057 (domestic) or 1-877-407-8309
(international). The passcode is 13721284. A replay of this
conference call will be available through September 21, 2021 at
1-201-612-7415 (domestic) or 1-877-660-6853 (international). The
replay passcode is 13721284. A live webcast of this conference call
will be available on the "Investor Relations" page of the Company's
website (https://ir.uipath.com), and a replay will be archived on
the website as well.
About UiPath
UiPath has a vision to deliver the Fully Automated Enterprise™,
one where companies use automation to unlock their greatest
potential. UiPath offers an end-to-end platform for automation,
combining the leading Robotic Process Automation (RPA) solution
with a full suite of capabilities that enable every organization to
rapidly scale digital business operations.
Forward Looking Statements
Statements we make in this press release may include statements
which are not historical facts and are considered forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995, which are usually identified by the use of words such as
“anticipates,” “believes,” “estimates,” “expects,” “intends,”
“may,” “plans,” “projects,” "outlook", “seeks,” “should,” “will,”
and variations of such words or similar expressions.
We intend these forward-looking statements to be covered by the
safe harbor provisions for forward-looking statements contained in
Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act and are making this statement for purposes of
complying with those safe harbor provisions.
These forward-looking statements include, but are not limited
to, statements regarding our financial guidance for the third
fiscal quarter and full year fiscal 2022, our strategic plans or
objectives, the estimated addressable market opportunity for our
platform, the successful integration of new features into our
platform, the success of our collaborations with third parties, and
the ability of our platform to deliver our customers a return on
investment. Accordingly, actual results could differ materially or
such uncertainties could cause adverse effects on our results.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. These risks include, but are not
limited to, risks and uncertainties related to: (1) our recent
rapid growth, which may not be indicative of our future growth; (2)
our limited operating history; (3) our ability to successfully
manage our growth; (4) our ability and the ability of our platform
to satisfy and adapt to customer demands; (5) our dependency on our
existing customers to renew their licenses and purchase additional
licenses and products from us and our channel partners; (6) our
ability to attract and retain customers; (7) the competitive
markets in which we participate; (8) general market, political,
economic, and business conditions; (9) our ability to maintain and
expand our distribution channels; (10) our reliance on third-party
providers of cloud-based infrastructure; and (11) the potential
impact that the COVID-19 pandemic and any related economic downturn
could have on our or our customers’ businesses, financial condition
and results of operations.
Further information on risks that could cause actual results to
differ materially from our guidance can be found in our Quarterly
Report on Form 10-Q for the quarterly period ended April 30, 2021
filed with the SEC on June 9, 2021, and in our Quarterly Report on
Form 10-Q that will be filed for the quarterly period ended July
31, 2021. Any forward-looking statements contained in this press
release are based on assumptions that we believe to be reasonable
as of this date. Except as required by law, we assume no obligation
to update these forward-looking statements.
Key Performance Metric, Dollar-Based Net Retention Rate, and
Non-GAAP Financial Measures
Annualized Renewal Run-rate (ARR) is a key performance metric we
use in managing our business because it illustrates our ability to
acquire new subscription customers and to maintain and expand our
relationships with existing subscription customers. We define ARR
as annualized invoiced amounts per solution SKU from subscription
licenses and maintenance obligations assuming no increases or
reductions in the subscriptions. ARR does not include the costs we
may incur to obtain such subscription licenses or provide such
maintenance and does not reflect any actual or anticipated
reductions in invoiced value due to contract non-renewals or
service cancellations other than for specific bad debt or disputed
amounts. Additionally, though we use ARR as a forward-looking
metric in the management of our business, it does not include
invoiced amounts reported as perpetual licenses or professional
services revenue in our consolidated statement of operations, and
is not a forecast of future revenue, which can be impacted by
contract start and end dates, duration, and renewal rates.
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 ARR and dollar-based net retention rate may
differ from similarly titled metrics presented by other companies
and therefore comparability may be limited.
This earnings press release includes financial measures defined
as non-GAAP financial measures by the SEC, including non-GAAP cost
of revenue, non-GAAP gross profit and margin, non-GAAP operating
expenses, non-GAAP operating income (loss) and margin, non-GAAP net
income (loss) and non-GAAP net income (loss) per share, and
non-GAAP adjusted free cash flow. These non-GAAP financial measures
exclude:
- stock-based compensation expense;
- amortization of acquired intangibles;
- employer payroll tax expense related to employee equity
transactions;
- in the case of non-GAAP net income (loss), undistributed
earnings attributable to participating securities and tax
adjustments associated with the add-back items; and
- in the case of non-GAAP adjusted free cash flow, purchases of
property and equipment, capitalization of software development
costs, cash paid for employer payroll taxes related to employee
equity transactions, and net receipts of employee tax withholdings
on stock option exercises.
UiPath uses these non-GAAP financial measures internally in
analyzing its financial results and believes they are useful to
investors, as a supplement to GAAP measures, in evaluating UiPath’s
ongoing operational performance. UiPath believes that the use of
these non-GAAP financial measures provides an additional tool for
investors to use in evaluating ongoing operating results and trends
and in comparing its financial results with other companies in
UiPath’s industry, many of which present similar non-GAAP financial
measures to investors. Non-GAAP financial measures are financial
measures that are derived from the consolidated financial
statements, but that are not presented in accordance with generally
accepted accounting principles in the United States (GAAP). We
believe these non-GAAP financial measures provide investors with
useful supplementary information in evaluating our performance.
Investors should consider these non-GAAP financial measures in
addition to, and not as a substitute for, our financial performance
measures prepared in accordance with GAAP. Further, our non-GAAP
information may be different from the non-GAAP information provided
by other companies. The information below provides a reconciliation
of non-GAAP financial measures used in this press release to the
most directly comparable GAAP financial measures. We encourage
investors to consider our GAAP results alongside our supplemental
non-GAAP measures, and to review the reconciliation between GAAP
results and non-GAAP measures that is included at the end of this
earnings press release. This earnings press release and any future
releases containing such non-GAAP reconciliations can also be found
on the Investor Relations page of UiPath’s website at
https://ir.uipath.com.
UiPath, Inc.
Condensed Consolidated
Statements of Operations
in thousands, except per share
data
(unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
2021
2020
2021
2020
Revenue:
Licenses
$
95,547
$
79,513
$
195,763
$
143,272
Maintenance and support
90,319
51,932
167,961
95,128
Services and other
9,655
7,931
18,014
14,079
Total revenue
195,521
139,376
381,738
252,479
Cost of revenue:
Licenses
2,434
1,636
4,888
3,053
Maintenance and support
12,238
5,501
26,417
11,044
Services and other
20,922
7,561
53,299
14,239
Total cost of revenue
35,594
14,698
84,604
28,336
Gross profit
159,927
124,678
297,134
224,143
Operating expenses:
Sales and marketing
144,268
90,331
350,019
181,262
Research and development
57,646
26,541
150,686
53,270
General and administrative
55,834
24,834
130,249
51,510
Total operating expenses
257,748
141,706
630,954
286,042
Operating loss
(97,821
)
(17,028
)
(333,820
)
(61,899
)
Interest income
766
77
1,707
607
Other (expense) income, net
(1,225
)
24,010
(4,443
)
16,173
(Loss) income before income taxes
(98,280
)
7,059
(336,556
)
(45,119
)
Provision for income taxes
1,746
2,072
3,133
2,734
Net (loss) income
$
(100,026
)
$
4,987
$
(339,689
)
$
(47,853
)
Undistributed earnings attributable to
participating securities
—
4,987
—
—
Net loss attributable to common
stockholders, basic and diluted
$
(100,026
)
$
—
$
(339,689
)
$
(47,853
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.19
)
$
—
$
(0.91
)
$
(0.30
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
526,512
162,914
373,488
160,980
UiPath, Inc.
Condensed Consolidated Balance
Sheets
in thousands
(unaudited)
As of
July 31, 2021
January 31,
2021
Assets
Current assets
Cash and cash equivalents
$
1,826,424
$
357,690
Restricted cash, current
—
7,000
Marketable securities
70,140
102,828
Accounts receivable, net of allowance for
doubtful accounts of $2,158 and $2,879, respectively
138,945
172,286
Contract assets, current
53,555
34,221
Deferred contract acquisition costs,
current
18,142
10,653
Prepaid expenses and other current
assets
51,886
49,752
Total current assets
2,159,092
734,430
Restricted cash, non-current
—
6,500
Contract assets, non-current
2,537
2,085
Deferred contract acquisition costs,
non-current
58,289
32,553
Property and equipment, net
14,728
14,822
Operating lease right-of-use assets
16,302
17,260
Intangible assets, net
18,866
10,191
Goodwill
55,193
28,059
Deferred tax asset, non-current
7,927
8,118
Other assets, non-current
14,947
12,443
Total assets
$
2,347,881
$
866,461
Liabilities, Convertible Preferred Stock,
and Stockholders' Equity (Deficit)
Current liabilities
Accounts payable
$
2,874
$
6,682
Accrued expenses and other current
liabilities
60,558
36,660
Accrued compensation and employee
benefits
75,628
110,736
Deferred revenues, current
235,484
211,078
Total current liabilities
374,544
365,156
Deferred revenues, non-current
54,465
61,325
Operating lease liabilities,
non-current
12,328
14,152
Other liabilities, non-current
7,591
7,564
Total liabilities
448,928
448,197
Commitments and contingencies
Convertible preferred stock
—
1,221,968
Stockholders' equity (deficit)
Preferred stock
—
—
Class A common stock
4
1
Class B common stock
1
1
Additional paid-in capital
3,213,595
179,175
Accumulated other comprehensive loss
(4,598
)
(12,521
)
Accumulated deficit
(1,310,049
)
(970,360
)
Total stockholders’ equity (deficit)
1,898,953
(803,704
)
Total liabilities, convertible preferred
stock, and stockholders’ equity (deficit)
$
2,347,881
$
866,461
UiPath, Inc.
Condensed Consolidated
Statements of Cash Flows
in thousands (unaudited)
Six Months Ended July
31,
2021
2020
Cash flows from operating activities
Net loss
$
(339,689
)
$
(47,853
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
6,966
6,264
Amortization of deferred contract
acquisition costs
10,971
18,991
Amortization of deferred loan cost
133
—
Net amortization of premium on marketable
securities
867
—
Stock-based compensation expense
343,448
17,030
Non-cash operating lease costs
3,580
3,708
(Benefit from) provision for bad debt
(659
)
247
Deferred income taxes
(134
)
(10
)
Changes in operating assets and
liabilities:
Accounts receivable
32,961
(17,740
)
Contract assets
(20,355
)
(13,955
)
Deferred contract acquisition costs
(44,946
)
(18,516
)
Prepaid expenses and other assets
(4,340
)
2,326
Accounts payable
(3,663
)
1,414
Accrued expense and other liabilities
8,484
4,127
Accrued compensation and employee
benefits
(32,686
)
7,192
Operating lease liabilities, net
(3,698
)
(4,097
)
Deferred revenue
19,237
44,934
Net cash (used in) provided by operating
activities
(23,523
)
4,062
Cash flows from investing activities
Purchases of marketable securities
(94,157
)
—
Sales of marketable securities
89,383
—
Maturities of marketable securities
36,605
—
Purchases of property and equipment
(3,641
)
(587
)
Capitalization of software development
costs
(771
)
—
Payment related to business acquisition,
net of cash acquired
(5,498
)
(1,000
)
Net cash provided by (used in) investing
activities
21,921
(1,587
)
Cash flows from financing activities
Proceeds from initial public offering, net
of underwriting discounts and commissions
692,369
—
Payments of initial public offering
costs
(3,734
)
—
Proceeds from issuance of convertible
preferred stock
750,000
225,903
Payments of issuance costs for convertible
preferred stock
(164
)
(324
)
Proceeds from exercise of stock
options
6,651
2,719
Payments of tax withholdings on net
settlement of equity awards
(9,554
)
—
Net receipts of tax withholdings on
sell-to-cover equity award transactions
9,483
—
Proceeds from employee stock purchase plan
contributions
6,902
—
Proceeds from credit facility
—
78,587
Repayment of credit facility
—
(78,587
)
Net cash provided by financing
activities
1,451,953
228,298
Effect of exchange rates
4,883
(14,067
)
Net increase in cash, cash equivalents,
and restricted stock
1,455,234
216,706
Cash, cash equivalents and restricted cash
- beginning of period
371,190
234,131
Cash, cash equivalents and restricted cash
- end of period
$
1,826,424
$
450,837
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 July
31,
Six Months Ended July
31,
2021
2020
2021
2020
Licenses
GAAP cost of licenses
$
2,434
$
1,636
$
4,888
$
3,053
Less: Stock-based compensation expense
—
—
—
—
Less: Amortization of acquired intangible
assets
636
617
1,282
1,203
Less: Employer payroll tax expense related
to employee equity transactions
—
—
—
—
Non-GAAP cost of licenses
$
1,798
$
1,019
$
3,606
$
1,850
Maintenance and Support
GAAP cost of maintenance and support
$
12,238
$
5,501
$
26,417
$
11,044
Less: Stock-based compensation expense
1,657
141
7,871
226
Less: Amortization of acquired intangible
assets
330
—
440
—
Less: Employer payroll tax expense related
to employee equity transactions
186
—
186
—
Non-GAAP cost of maintenance and
support
$
10,065
$
5,360
$
17,920
$
10,818
Services and Other
GAAP cost of services and other
$
20,922
$
7,561
$
53,299
$
14,239
Less: Stock-based compensation expense
3,904
499
22,835
797
Less: Amortization of acquired intangible
assets
—
—
—
—
Less: Employer payroll tax expense related
to employee equity transactions
1,079
—
1,079
—
Non-GAAP cost of services and other
$
15,939
$
7,062
$
29,385
$
13,442
Gross Profit and Margin
GAAP gross profit
$
159,927
$
124,678
$
297,134
$
224,143
GAAP gross margin
82
%
89
%
78
%
89
%
Plus: Stock-based compensation expense
5,561
640
30,706
1,023
Plus: Amortization of acquired intangible
assets
966
617
1,722
1,203
Plus: Employer payroll tax expense related
to employee equity transactions
1,265
—
1,265
—
Non-GAAP gross profit
$
167,719
$
125,935
$
330,827
$
226,369
Non-GAAP gross margin
86
%
90
%
87
%
90
%
UiPath, Inc.
Reconciliation of GAAP
Operating Expenses, Loss, and Margin to Non-GAAP Operating
Expenses, Income (Loss) and Margin
in thousands, except
percentages
(unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
2021
2020
2021
2020
Sales and Marketing
GAAP sales and marketing
$
144,268
$
90,331
$
350,019
$
181,262
Less: Stock-based compensation expense
41,006
3,775
160,299
5,628
Less: Amortization of acquired intangible
assets
427
18
588
53
Less: Employer payroll tax expense related
to employee equity transactions
8,364
—
8,679
—
Non-GAAP sales and marketing
$
94,471
$
86,538
$
180,453
$
175,581
Research and Development
GAAP research and development
$
57,646
$
26,541
$
150,686
$
53,270
Less: Stock-based compensation expense
23,978
2,811
89,594
4,627
Less: Amortization of acquired intangible
assets
—
—
—
—
Less: Employer payroll tax expense related
to employee equity transactions
325
—
325
—
Non-GAAP research and development
$
33,343
$
23,730
$
60,767
$
48,643
General and Administrative
GAAP general and administrative
$
55,834
$
24,834
$
130,249
$
51,510
Less: Stock-based compensation expense
22,068
1,603
62,849
5,752
Less: Amortization of acquired intangible
assets
—
—
—
—
Less: Employer payroll tax expense related
to employee equity transactions
590
—
590
—
Non-GAAP general and administrative
$
33,176
$
23,231
$
66,810
$
45,758
Operating Loss
GAAP operating loss
$
(97,821
)
$
(17,028
)
$
(333,820
)
$
(61,899
)
GAAP operating margin
(50
)%
(12
)%
(87
)%
(25
)%
Plus: Stock-based compensation expense
92,613
8,829
343,448
17,030
Plus: Amortization of acquired intangible
assets
1,393
635
2,310
1,256
Plus: Employer payroll tax expense related
to employee equity transactions
10,544
—
10,859
—
Non-GAAP operating income (loss)
$
6,729
$
(7,564
)
$
22,797
$
(43,613
)
Non-GAAP operating margin
3
%
(5
)%
6
%
(17
)%
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 July
31,
Six Months Ended July
31,
2021
2020
2021
2020
GAAP net loss attributable to common
stockholders
$
(100,026
)
$
—
$
(339,689
)
$
(47,853
)
Plus: Undistributed earnings attributable
to participating securities
—
4,987
—
—
Plus: Stock-based compensation expense
92,613
8,829
343,448
17,030
Plus: Amortization of acquired intangible
assets
1,393
635
2,310
1,256
Plus: Employer payroll tax expense related
to employee equity transactions
10,544
—
10,859
—
Tax adjustments to add-backs (1)
(338
)
—
(1,083
)
—
Non-GAAP net income (loss)
$
4,186
$
14,451
$
15,845
$
(29,567
)
GAAP net loss per share, basic and
diluted
$
(0.19
)
$
—
$
(0.91
)
$
(0.30
)
GAAP weighted average common shares
outstanding, basic and diluted
526,512
162,914
373,488
160,980
Plus: Unweighted adjustment for conversion
of preferred to common stock in connection with IPO
—
306,300
137,073
306,300
Plus: Unweighted adjustment for common
stock issued in connection with IPO
—
13,000
5,818
13,000
Non-GAAP weighted average common shares
outstanding, basic
526,512
482,214
516,379
480,280
Plus: Dilutive potential common shares
from outstanding equity awards
33,619
59,090
42,692
—
Non-GAAP weighted average common shares
outstanding, diluted
560,131
541,304
559,071
480,280
Non-GAAP net income (loss) per share,
basic
$
0.01
$
0.03
$
0.03
$
(0.06
)
Non-GAAP net income (loss) per share,
diluted
$
0.01
$
0.03
$
0.03
$
(0.06
)
(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)
Six Months Ended July
31,
2021
2020
GAAP net cash (used in) provided by
operating activities
$
(23,523
)
$
4,062
Purchases of property and equipment
(3,641
)
(587
)
Capitalization of software development
costs
(771
)
—
Cash paid for employer payroll taxes
related to employee equity transactions
9,064
—
Net receipts of employee tax withholdings
on stock option exercises
(4,726
)
—
Non-GAAP adjusted free cash flow
$
(23,597
)
$
3,475
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210907005791/en/
Investor Relations Kelsey Turcotte
Investor.relations@uipath.com UiPath
Media Toni Iafrate PR@uipath.com UiPath
UiPath (NYSE:PATH)
Historical Stock Chart
From Apr 2024 to May 2024
UiPath (NYSE:PATH)
Historical Stock Chart
From May 2023 to May 2024