UiPath (PATH) 9 Jun 212022 Q1 Earnings call transcript

Hello, and welcome to the UiPath, First Quarter 2022 Earnings Conference Call. At this time all participants are in listen-only mode. [Operator Instructions] A question-and-answer session will follow the formal presentation.

As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Kelsey Turcotte, Investor Relations. ahead. go Please

close thank UiPath And we joining today after us in today. Good quarter you fiscal review the issued release first earnings which the XXXX to market our afternoon. press for of financial announced results,

are with Chief Chief Gupta, Dines, UiPath, Officer. On Executive me Co-Founder and Officer, the Daniel call Ashim Financial and

session. will with open prepared We remarks followed by Q&A

for of substitute in XXXX or Relations include financial in accordance Our the are otherwise posted measures clarifying further differences items Investor results. release reconciliations call. and a to UiPath as refer company's materials These superior and financial supplemental we events metrics performance the items financial in specified, the quarter of included website considered year press with to the be ir.uipath.com. with to The on of not earnings on accordance the at performance financial as measures impact comparable provided unless measures the prepared understanding most have today's non-GAAP these of addition financial first on non-GAAP non-GAAP GAAP. to financial U.S. They're additional will U.S. directly investors to GAAP in calculated aid should fiscal measures

place many forward-looking reliance our materially to statements. market our benefits we future factors addition, forward-looking these the economic This Actual our differ environment. customer afternoon's guidance due statements the growth from annualized should statements therefore, including these competitive investors and on macro define landscape, call opportunities, platform, vision of the in about results note our In business not and and please renewal behaviors, that results the and to undue related includes as our ARR in financial expressed may run rate. statements product future events,

material SEC. to filed please and and discussion uncertainties actual earnings a the of our reports with affect could refer the our For that release risks results, other

today. of no to views on reflect obligation made call this We Forward-looking update take them. our as statements undertake

Now I'd to over the turn like to call Daniel.

on for public company. everyone We Thank as you, you us Kelsey first and to call the earnings start to joining very our had strong a year. thank a

Before in employee world are acknowledge our families and to we donations COVID-XX actively around send especially colleagues million I and and and supplies the in like a the in continues to to India, the and recently supporting have region begin, I'd in contributed over the oxygen distribute corporate region. their impact

with pandemic. are Our everyone ongoing thoughts this impacted by

the business. Turning to

increased million, the XX Our market is which while demonstrated year-over-year to leadership growth, new again in XXX ARR net our position XX% RPA record ARR by million.

We market continue of market take the to multiples grow and share.

than fact, competitors XXXX conditions. automation and will applications the IT brings changing together the constantly in UiPath and RPA, database. stack. IBC top points in business knowledge In to adapt announced UiPath Gartner's of latest be quickly added that respond that simplifies research deliver combined. next the layer and versus more one to number necessary It to in agility revenue And XXXX ranked believe We share XXXX. of software for sprawl workers share X capturing it market nine In our the

market human robot. Our This API or our is automation, vision computer in an management opportunity. UI and DNA. is the through automated automation sign, unique to vision work to combination our enable And automatable to enterprise fully emulate AI-based and of is workers incredible the

that the cases. significant of addresses number XX advantage including gives of in us broadest our We automation market market. we a have is the insights XXXX years our than a unique from end-to-end result of, use The which customers, combination more over first, believe experience, platform

of trained as on-prem, large growing partners, well go-to-market and vast a professionals. and Second, third, ecosystem And hybrid, of automation flexible community and technology deployment including multi-cloud, models, as SaaS. the

not of to results mode. mindset. in as continue drives time we on our automation this are return and first still, investment And competitive that expand for All our customers our standing value tremendous first we to

user, test to This is end-to-end we new introduction the is May, These platform. products, capabilities integrations automate Our three of is end, design years cloud with only deeper existing robot, for in well platform insights, our ultimate over the objective, include we features cloud processes, push and platform. XXX as across possible that but achieve on not in our UiPath processes pillar major of announced the and XX.X. our one To important we mining, to of and as to automation as new innovation. new every the product coming vision think board's boundaries

New and development of powered AI including the availability and discovery, enterprise integrated management as automation, scale impactful test privatization and most mining. governance general control

management significantly software capabilities automation no build, also deliver automation to expanded scale the We Automation cloud, robots and manage required our customers. robot cloud. by were enterprise migrate, cloud in capacity as with measure infrastructure needed, unattended

API UiPath as further bring roadmap To an has accomplished. vision a a customers Elements. and technical strategic incredibly and how have in more capabilities, In It automation AI first with what the user quarter, accelerate we differentiates we community. tuck-in product their of automation cloud acquisitions, for with resilient have team. a better capabilities built example our truly March, ecosystem programs. of is emulation This during of our customer is expanded extremely along the the been As our of XX.X as to And and human of acquisition XXXX of the the accelerate team positive. success, than of end I'm that us API accelerate proud automation has go-to-market thriving to feedback customers enables talent partners, process computer the great the adopted interface and Cloud edge manner. reflects need combination XX.X well the cutting

by a robotic retrieve are automations or now we visual world's easily pleased in with reports. fully automated, example, users activity their analytics, have very in launched tableau to For data leader the recently tableau produce, can utilize

trigger a users UiPath the tableau report addition, In directly a from dashboard. tableau or extension robot for enables to

go-to-market including now also now UiPath rigor. deliver partnerships, to have Deloitte, we XX% by than UiPath worldwide first certified a the is GSI our to advanced side, On partner several more the most network They XXXX. than and certified resources of become service with and implementations training partner. expanded which to more grew base year-over-year a We'll the quality level

of expand and place historically Robotic engineering our automated And community has automation addition even democratize work. Micro globally. the solution of citizen team our In end-to-end UiPath brand XXXXs committed successful plus our agreement addition, we of seven Ingram are continue UiPath finally, using partners to platform And efficiency so bring UiPath people business also developers provide with technology dedicated alliances, fastest experts can more. XXX in internal academic the one help jobs global clients. processes team channel colleges plans a future to Ingram with be awareness more is to Today, skills academic to Micro we black and we announced their of introducing and a universities their and has emerging for RPA sell Ingram its customer, the through of RPA to in raise to is Micro alliance. do to that worldwide. and and our more

the very enterprise recently We have the fully of boundaries and will important been by continue push gratified industry automated to recognition.

the each highest a Process presence. Automation three named March, in For strategy offering vendors example, and Wave, market categories, in the ranking XX Robotic leader Forrester among UiPath, in were evaluated the current of we

We will are we this by leadership humbled And position. maintain our acknowledgement. to strive

we this turn our people take thank the to work. I the that partners will employees, believe discuss I call turn for and opportunity would that, QX and step next shareholders journey. like I'll in Ashim beginning to that market in are unique we more we over of our to Before take the We questions, to their at change With our performance in confidence call truly how as detail. over guidance experience and firmly UiPath a Ashim

Thank you, joining thank for you Daniel. And today. us everyone

as We be with this quarter to scale. phase I'm pleased on which growth public at very delivered are yet company. first again our very results, a meaningful excited next embarking

remains $XX long-term the expansion our lead over continue billion, to platform our automation of to there drive market continued the room us addressable in total believe ample of durable our validated we growth. market, Given and for

extending the the execute the as inflection is our their partner. point strategic are customers long-term And competitive we continue leadership. know plan focus consistently to winning with in these now adoption on are as competitive and market evaluations invest we our underscore, technology of and automation to choosing first innovate, leader moat, As a results our to widen

finally of ecosystem go-to-market world-class community. our partners, our talent. And attracting and expanding and as as well Second, retaining technical

emphasize Before details model. I the business of like of our quarter, would financial discussing to the the strengths

billed business based primarily We a have recurring contracted in and advance. highly annually subscription

deployment our which create SaaS, in class best rates. technology sticky, cloud retention on-prem, models is net and licensed hybrid XXX. offer ASC can revenue base incredibly in from flexible retention of mix We and resulting particularly revenue Our under dollar recognition, gross customers lumpy the

that performance result, business. underlying a of of remind our most ARR, As and run we we business representative the manage our you which is on

that growth rates are Moving on to all unless indicated. otherwise results, quarter first please note year-over-year

deployment, the software ARR, XX. to use expansions with a great focus their Notable of quarter as became Mobility customers their to which first We quarter Healthcare Carolina. Verizon the Exchange best-in-class overstock XXXX for automation remain sequentially First XXXX Lauren, full which grew least they including a $XXX.X million. State their more could up of in platform in ARR, accelerated of customers ended account million $XX.X ARR our to have July successful initial was included; our a $XXX,XXX XX% new XXX delivered our customer Verizon and Siemens automation including needs. attended quarter up achieve and plus new dollars Global We from from million XX%. that customers We record their up during robots. at After now shifted the logos XXXX with support flyboard sequentially adoption incremental at North to and how Communications, than at deployment platform metrics scale. Ralph XXXX customer logos Expansion customers existing

also their robots. automation of benefits interconnected they insights end-to-end of continuing the to While expand transformational process using an footprint, planning now to platform. a value attended finding our to unattended mining workforce from on business automation now focus enable are Verizon

customer base, became and To bank New XXXX, document in part the program, in Bancorp highest long-term digital their program move not often system the a In efforts. cycle automation seven but accelerated only across Third see, their of broader common automation hospital a XX full a UiPath up partnership automation entered mining largest journey April a and into in process program to the in finally, their we finance quarter, some platform faster. satisfaction. automations employee across thread million. Fifth $X.X XXXX set past transformation understanding the processes our late they helping accounting, Jersey, Health, we in payable also delivered Second, improve customer management, using Meridian their increase the a revenue And efficiency approximately with impact tackle and as of which Hackensack to a XXXX, and in Beginning accounts department. finance months saving IT started started

of to of program accelerate in new practice tighter These XXXX. for March automations, cloud our and HMH $XX human the land parts examples departments is faster phase has contributed April how million expand leveraging HMH Given including expanding to center, buying adding world-class poised expanded of of a collaboration. capabilities. its increasingly by to automation multiple growth. process and benefit citizen and deployment automation annualized automation to and looks test is XXXX, discovery realize end and This program added across just developers are robot our which in departments, and in action suite enabled initial multiple the introduced a model like a our few it success of implementations HMH To IT, multiple their platform class year-over-year strong and led purchasing what and approximately test in the customers expanded HR. offering

basis a Turning to otherwise revenue, noted. profitability non-GAAP and results on the be unless cash, discussing I will

or a the during to revenue $XXX.X XX% pipeline in year-over-year. and of $XXX.X across first was regions. large the second million, balanced increased totaling were an including closed increase remaining GAAP quarter deals revenue obligations were million quarter. for $X handful originally successfully quarter, GAAP quarter We several that million in performance RPO XX% multi-year the First

cost to rigor flow. priority, income at and we strong scale which improved drive our While unit has operating free operational in growth continue resulted economics, positive cash is

to meet UiPath XXXX the drive has growing margin the loss for XX.X% mainly demand compensation of related own operating growth. additions included and to to stock success positive and Excellence to GAAP Of expenses, of course, non-GAAP million quarter IPO. created future software customer Investments are quarter first second teams the quarter compared robots growing recent to Operating included key period. across XX.X million, Gross Free in million, hours compared million operating and prior was our our automation income compared our year to sales prior of the year million XX.X% was teams profitably XXX,XXX engineering a of with deployed incremental quarter prior $XX of in $XXX.X in enterprise the loss totaled capacity expenses We negative $XXX $XX.X delivered period. period. of in automations to year cash wide. million our flow $XX.X the Center the in profit since negative $XXX of headcount force million.

payout bonus First performance. commissions quarter flow reflects fourth and related sales free cash to including quarter our annual seasonality,

ended cash includes with we and no debt. securities in million $XXX.X cash the quarter sheet, our marketable restricted from April IPO. the balance in our equivalents, to $X.X This proceeds net cash, billion and Turning

As first assess the this by the let core company. guidance, is me providing our begin by quarter run to and we emphasizing plan which principles

building an strengthening only driving first customers deployment software our are more as The and cases a automation more adopt in and generational mindset, use are secular of We our robots. market trends company. prospects

and most our early perspective, behavior In and strengthening relative for the with the the over believe this a partners that to that customers, outcomes we only what positioning financial means in competitive stages are addition, business long-term. the shareholders only we is of metrics come. drive is our running and right beneficial From

Turning afternoon's reflects and confidence competitive product to position. market, portfolio numbers, the guidance our this in

For XXX ARR in we expect XXXX, range second million the the fiscal quarter to be $XXX of to million.

ARR as key it the is strong measuring scale. emphasized UiPath I company for we and the a foundation repeatedly, metric As lays for

$XXX which given revenue and XXX, quarter-to-quarter in This the million not the revenue business. ASC dislocated and of quarter variability $XXX introduced the of we the is growth, ARR expected grow short-term million that the to the We is to do from lumpy fact business be on expect the can focus range be in long-term evidenced by by to revenue health second growth $XX as to business XX%. XXX. non-GAAP midpoint be grow at to multi the in Last XX% And of deals driving million ARR expected range while large operations. we invest quarter, revenue guidance, is year the the million continue to to drove year, still we loss significant contributions which several second closed $XX in our the while of expect operating we in efficient under

to ARR expect million be of in we XXXX, fiscal to For the range million. $XXX $XXX

both Our guidance full quarter in robust expansion our pipeline and deals continued business. underscoring is momentum of and the reflected for the new year in second our ARR

in the count is XXX share summary, be approximately million basic expect we for Finally, outstanding. opportunity us growing. the quarter enormous second In shares of and front to

power reflect and Our in flywheel. the the strong business our results first quarter guidance automation and growing our of momentum

and is work speaking we by partners for time questions of the human throughout helping automation. through to remain customers This I'll the our creativity We an enduring and over We'll how And UiPath. on exciting now transform to unlocking are company and look Kelsey. many and forward turn innovative call building an you focused with take quarter. people

thanks for joining everyone Great, us.

Our at question from BMO. first is Bachman Keith

logos. new For by existing in you on will the of course driven the retention two anticipate the the net impact rate those those over you the And provide quarter color of customers, and of impact Ashim, growth year. to be could what

was founded by customers of total continuing that we're ARR. a $XXX a you. to breaking of million really $XX incremental growth, fact ARR the When the Thank fast it and ARR million our and at want just that record strength on look of to you incremental pace. emphasizing at add really I million start $XX quarter quarter

you and than So net retention our from strong. of that's as our this our look automation up When expand logos strength strong And of rate, be new sequentially, looking shows and customer demand greater our market. XXXX greater very and has count more which than XXXX frankly, our the land to exceeded year-over-year. customers expansion pipeline in at our comes expansion is best-in-class and now it the massive expectations. continues XX% this than be model to dollar Quite versus XXX for you and we're ARR continues forward

as guide We that's release look with as we product our where the have cloud, to of is you've in at automation expanded mining, about fuel, growing feel as shows And at base task every items we're XX% front just the of scale. confidence the at gets us. growth the opportunity year-over-year ratio that's towards that as platform really in We good the logos, and the of our to shift ARR both continue seen, well these new acquisition midpoint that bigger, will really significant now. expansion you roadmap expansion

Great.

from So shift model appears towards Could in. measure of your contracts both more duration multi you couple the describe company's a There momentum? Fred next mixed Ashim revenue shorter how comes Havemeyer. with And thoughts? Macquarie, and a question is ARR? shift to be why this inversing impacts in your us accurate you ARR could also some give durations, you believe your

is question. of Yes, calculate emphasize great sure. not ARR, and duration the all. look really we our We make the financial has as -- foundation for view our duration constantly to which is best model. the way way Fred, tool is impacted metrics. that by a I adoption, we that this And largely at been what ARR customer not disclosed

force in ARR. we therefore, run so And and business the to manage sales

our on going as gives -- and we impacted it those of our so total by should business deployment create customer stated, for base. by on the we're vary, at good are revenue that did as noise, be contract variability the durations is growth GAAP model, commitment from which and And us value, that of true based to a we increases, driven again, look especially really driving well noise representation XXX, customer to choice. really customer and comparison. not GAAP as year-over-year out company preferences, as I've models, that all as of think multi-year represent ARR a demand both that is as based it of revenue, a elements takes under signed, representation Going really you all in true our --

consistent around well is our as product, between or is sheets. stickiness the So and emphasis, the as of our which external We've our strength internal and proven messaging, balance ARR.

the we three contracts. And our So of view last existed has for five our ARR all as at sales to the years. model primary scale two for focus go-to-market of really years, been we've while

And ARR our we front at and something we'll just revenue to drive tremendous GAAP we opportunity so us. that going will in we're And is overemphasize. teams that see of to continue look to not

Actually, Ashim attended you. this Thanks do attended thanks, about you and next Daniel, What's mix for cases? enterprise between Bryan Microsoft? is Cowen. Great. consider to automation your opportunity automation? you relative from unattended Bergin and process competitive And only complex threats the and market think simple one response the Fred. similar at do how for the When cases

philosophy Kelsey. saying would we I first all, in our very you, differentiated, that towards Thank are of start automation. by

Microsoft analytics that They to apples-to-oranges. their applications and aims whose platform people a main have goal a are [indiscernible] work. the is like comparing people. unique provide has platform new to built to We in emulate

built that approach extremely have requires we the XX years. a to experience over last replicate. curve Our difficult huge is It

and directions. AI Our differentiation the I Moreover, say to UI, replicate major again our computer extremely is difficult would comes of that our sauce. vision is API platform is a and secret three combination from it that

And that investment that First and is all, is on in win this this seen ever necessary the time in the the we software. really enterprise end-to-end a space. this fastest space unique and value is return have almost of to to world platform highest of that horizontal

beaten that our consistently We we technology. very return prove We have with history. beneficial was throughout competitors, on business where investment our a are and and in have of the we proven our can

to able deploy investment a if the deploy that go that you that happens in the If are you to a are return on technology way, can by show halftime, at there when scale. scale. you implement imagine is and we you exponential proven And

now And emulates of interfaces, conversations, really our And we would customers deployments, the automation is in now. multi-platform choices first by we customers, are people. approach the here I of that important the is amount we're and And an to our infrastructure that there extraordinary say in Microsoft's tested that ecosystem, like task to in we computer this speaking, this what the to differentiator into released, address With able approach can is word we're I not us in, lock in in platform multi-cloud, and to machine our our you vision our one information has direction. are semantic would is deployments. large the information. automation and that While is find into semantic conclude largely respect But user learning, newly untapped documents, at our about leadership, company generally mining this second of plus talking our deeper goes in in been ability to first of particular for tap cloud and and a that deploy or has A advance trove third, our in able accommodate scale thought don't infrastructure. them delivering we it's important particular scale. a which flexibility

one now. then Daniel. of others to open up one one you, you We're get the to and and thank you going ask to back asking the each Great, question up We're that questions into just queue. call follow have

to turn right to it I'm you operator, now. over So going

you. Thank Instructions] question Morgan today from coming Weiss [Operator Keith first Our Stanley. is from

cloud, Singh is talk this strong were of questions, Daniel set of Weiss. some the start in Keith for task Congrats you Sanjit highlights, sort the I really robots. about wanted off mentioning to automation platform, you the results Thank of to mining, year. on for the including taking fiscal

as that puzzle a heading, that low Or terms that's and into building code As a in play? something where automation building end-to-end that from think the where over the of your we bring opportunity? out you of of stand that sort of automation about time? that Is does piece sort that platform partnership sort is you of platform perspective, of is something as the a think capability

code, start by platform to automation. like of have beginning a indeed, our was Democratization to would since pillar saying, automation no existence. of our been code, a the But we I always low platform we're success. a automation of dedicated

We are exists the if one our by independent considered by code, of largest, in the low reviews the largest, not revenue, and that no code today platform business.

new the If our like want overwhelming you you by Gentoo, look the And there. no that at completed platform. will with code reviews be to layer believe introduced of the that applications. top this layer that And the it's amount platform the automation. we the automation will connect only will was that positive remind is application new of recently I layer users sit end on that

code a lot no believe looking result at really you're that automation. honestly, approach. low our it's in end you will of And cases, code, an we if So platforms, the many actually in see

So the month I a the very that code this fact a to And platform. seen angle encouraging it's for no are strong market after development, respecting have always XXXX in in first we customers applications our tremendous like created we application on adoption code, having our more like of enter that like, what low we a and very have feel is our choice. going instance,

success. believe continuing of here. So that we the code low no invest to code, our quintessential are I And aspect truly was

follow makes for more up, guess this and ton a is sense. it that's Understood of And my Ashim. question I

strong opportunities The rest you talked basis, as about pipeline on into And the first of basis. even an overall the the the results quarter as some have were going on of ARR pretty an expansion but incremental year. well

to As better guide, of ARR contribution net down in factors sort terms I new of QX respect does just or want of it of ARR what I the the incremental expansions, sort in sort with a understanding to look -- what ARR conservatism get to forecast, in through year-over-year. embedding your imply the door? coming customer of comes that

Yes.

to we creating I our in for expand the give us. and So a visibility clear philosophy in guidance we billion have of and would in in right land operating we way market our what to that is strength say that see provide the guidance $XX have is, model. strong the we confidence we're guide front plus continue TAM, of to --

we great what Today, got momentum with continue said, to I have us, right quarter that on a moving we've front guiding is is we especially And based forward us. with great that to I'm -- As have tailwinds, see in execute. you of the give release to I our our to for have full the for -- continue just year. quarter, high guidance now but And to in the provides not XX.X. it customers. functionality of lot second ROI also actually right confidence a of our

you. Thank

of America. question next Our Sills Bank today is coming from from Brad

my running congrats Brad, how some the offering, cloud it cloud UiPath from maybe question the more on wondering on and much. Thank a been was the again great percentage this of so for on the And has thanks so may certain adopting cloud taking you what barriers color quarter. of just Hi, on represents. for what tracking revenue and the much is and just organizations adoption I benefits offering. prevent on Sherry

with particularly not revenue, rapid SaaS base, our part our see customer but question. commercial customers cloud will of our a say really customers adopting that applicability a Yes, is benefits our of from we terms so, hybrid a an kind all the fast you there. small components, using and start percentage numbers -- a standpoint, but and great I'll technology I the are really a cloud Daniel, and to of full from platform, see overall over we including customers mid-market, I where would the see our necessarily to offering. you standpoint. of excitement get still that it turn from small It's with in still in then

So forward versus of of for see the any customer tracking revenue, is impact what as how it it. significant in go really on best towards more financials terms is our kind or we're thinking we

view adoption organizations It customer of and to really infrastructure Daniel, commercial then for are or speeds point they speed customer a that a from capabilities, up often IT turn especially their helps as IT that to large specific it have base. Just that. don't of it I'll part cycle

other customers So technical and can me want this at that customer is terms to continuing really our accelerate invest features to preferences. individual and based to on us additional And quarter. color where their Daniel XXXX time in why you customers. expands this of new see features choice some add that gives they crossing our

of get an for is to technology said, to of what adoption But down reduce the Cloud are it again, our part strategy customer, here respect to friction our Ashim on choices. essential our Yes. we doubling customers.

cloud strategy and we Macs actually, clouds support this later to year, and build we multi is multiplatform clouds, our are and for time. our and Our executing going our Linux introduce on all automations increase is strategy major that for will

Thank you.

next today is question Lenschow from coming Our Barclays. from Raimo

the way you as that if me can you how circle Hey, your picture please? part, you talk to to then, almost for well. it here. maybe is leading money And the and I client that, thank RPA important can, have full Is congratulations as almost mining, question suggests comes mining Could identify terms from that process automate it like Daniel, Task more about put you view in, of think had driver right you think, you as you it's that to like, a relationship. to create the of can the on because a Daniel I future it? areas, I RPA me, task in and a kind in do bigger for like

one the AI has of over automation, is done discovery that the project of vision is really years two excited the going But of the I of today. on the really this that learning computer It documents to one in top task other it of Yes, today. the initial all the number also for propeller automation. I'm at by the of what bottleneck is the screen, release. to I stickiness platform. and said UiPath in is large we is of like data interfaces, basically of human This And of going a they the correct. most the mining, funnel, of been And machine the and it the scale automation multiply Think beginning, provide It it's this one to of is culmination about semantic more going available years. addresses acceleration has untapped in would our was to think like pillar by and making. It's is platform. big mining investments very it about absolutely this core and the information flywheel automation task in complex the largely opportunities increase automations of I on of reiterate adoption. are

think semantic we're human I platform, powerful. data. we user, a to a this getting we're this like to understand This call it So automation is this why getting extremely understand is data,

our helps departments, you $XX automated think capability trying especially what in TAM unfair which land across have single about And The demand further for are But other the customers retention, it if piece net not find a further they million plus dollar helps which for opportunities who go both us customers with want, actually already in process know is those you share our internally process, go automations always drive it us. really and we we're excited is, across just our we're about strengthens reinforces of. the expand play also and saying, really base. -- the it as a to and have model. customer and win this to that previewed, see to monetization automation to every every world-class We automation, have

it's above of like at look ARR, you The of follow-on like operating industry Ashim, because your in I was chimed kind you Okay. kind my if funny, standards. question. there, way that Like follow-up,

forward? vendors me and so -- Even -- going the I'm And about like, was other going like, question think players, bit, little other number? more that you if of how bit for the a the of number to streets but be sustainability think you're way still come do I down that do you about you sorry do of ahead how a

Right see I a of what in front and now for us, our see Yes. automation tremendous I platform. actually demand

the plus there I with but you for a been five at things, we've go-to-market scale But been said, model. look if for at two really like So great we've as out three to mentioned the single Meridian every started to years. like Hackensack this department, Take they're last department. This us two in earlier. finance able and grow a company Health I years for across

there, the technology of pace. in at releasing all the has been features tasks mining human put a our you put Now insights releasing that in team you the you incredible and in put it, other process discovery faster it, loop, bring into you

one customers. that world-class every For single and me to continues our fuel expansion fuel of

just features our So at the of that, that us. for automation producing, future to base. the to the we're And our an creates our by not ability for about but really platform the the amount for customer exciting we're scale that really diversity of and ability automation handle confident sustain

Thanks. from Wells The next today Michael Securities. coming question Fargo is Turner from

the company. and there. as Thanks quarter congrats public first Hey here on reporting a

given sales spend ramp number in you between shown that you basis versus Can partner you've should commentary even balance talk past on happening year. -- an is is the spending be growth quick more where stood Ashim, margin the might market over It of here, now? like margin this view How inflection and marketing and just last you might scale and a point down that around be QX And here? year. prove how the modestly about looks in still of actually enabled? absolute much

Yes.

we investment continued go-to-market the the team. were masking in numbers actually that are putting So our

at when marketing. year-over-year investing capture two you're a the there are let and sales first, when large me and of pieces this reported, are for market primarily focused and to you first look comparison that is we looking So numbers that we've to emphasize at count early front us, in on that

When The for events, And of marketing relative more had adjustments COVID, had a of of accounting you zero of really expense which you that pace change our we asked, our as sales from in rapid taking first the is, for of line. compensation, a well. COVID open when sales in our to a in half an some demand was demand a then this the demand for both help on up. live. to had to that impact versus support, contract our are -- We've year, the frankly, which account in over we from policy quarter see fact a deferring we at automation good the and year-over-year, the continue taking journey you still, hiring account our actually pipeline, that beginning life the we to that -- and of upfront, that dollar and adjust those, compensation that million to travel in partners just customers large their year, etc, $XX you investment last was them be demand increase we're marketing

in to position this, a investment we're that we mindset, increase gives demand our invest. at lot going that as look an first confidence So means us to of have leadership and

at do done that to we look position you we've that of If ROI the through in and and going confidence going to gives will able clear we're and me the Gartner sustain in continue Forrester, marketing. to lot investments a -- leadership we're sales to be

super color. helpful a That's

that you expansion in remind customers? commentary you when the on quarter referenced the there see cadence Just any in general of share rates, maybe metric historical throughout function at and focus if call, a not, a can the the within is you relative came how to of quick here investors in least and follow on this terms expansion can you've model

Yes.

who's our define learning me Let for it company. about any anybody

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is Our Steve next Koenig question from coming today from SMBC.

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is Matt today from question coming Markets. Capital next Hedberg from Your RBC

that all ‘aha’ when to lessons ‘aha’ specifically stood all Hey that about learned customer the the in guess I me I when they what doing was because guys, learning? you help thanks and on the -- things things obviously. your have, think from really treatment for my because UiPath. moment and that taking on for such high is and congrats ROI a IPO that that in? you're go out Are a Daniel, I customers accelerate think had one moment, questions customers of that the question and goes there perspective, can quarter

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great of one the So this more for to first half we dollars. seen to And the level, XXXX, starting And did Daniel, we entire and customers it's of seeing our of of a automation discussion led the to strategic remember another major, customer, saying, instance, go in tune the are enterprise but I of magnitude, finance one all sea department. a I've ‘aha’ scale, want. level bank started are automation. want and Head this investment with one customers wide they biggest Operations sponsorship moment to their with that build going completely thinking top CFO the and a they automated We big toward our more million of have initiative, automate, SMBC, Applied know achieved we of they return it. want enterprise late I Materials, way. the And have a

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floor turn further back closing our to Thank any like the you. of question-and-answer end over We've the for comments. to or session. I'd Daniel reached

Thank you.

quarter. dedication very the all bold, want look unlocking fast our of for UiPath hard team you to immerse, everyday human We member, Tom honor grateful values has for it and person a work us throughout Before ago with Mendoza, years humble their has humble, to really with and do. mission you. being I of I our decided who to our to and such almost of potential good like live to many him I us. through and for energy and been also work speaking thank we his customers, and We a Tom thank valuable and the Board. an four with conclude, from to that joined friend Thank retire highlight the automation. absolute board of time I'm character. they forward

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