UiPath (PATH) 2 Dec 222023 Q3 Earnings call transcript

Greetings. And welcome to the UiPath Third Quarter Fiscal 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note that this conference is being recorded. the Relations. to turn Turcotte host, now Investor of will conference our over Kelsey I you. Thank

may You begin.

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

the Rob turn Financial with Officer; and Executive we call me call UiPath’s for Officer. the call Daniel. Ashim Co-Chief will Daniel Dines, After questions. then guidance. open Co-Founder will will results Gupta, Enslin, Chief discussion and over to On review the are Then Co-Chief the and Rob start Executive and Officer; that Ashim provide our

materials Our financial on materials earnings UiPath posted release non-GAAP are supplemental and reconciliations. GAAP include to ir.uipath.com. Investor press These the Relations website,

be for may Actual therefore, ability growth to includes statements on This today’s investors We non-GAAP these the factors, in and place reliance fiscal statements. drive guidance should due XXXX. from on the metrics fourth our to forward-looking call. undue and results our forward-looking many about will differ afternoon’s discussing materially financial those statements expressed efficiency not and operational call quarter

for SEC, that For SEC. our XX-K ended refer material be filed the discussion and affect period including on XXXX, the and on October the risks XX, XX-Q please with ended filed January a actual the our quarterly for reports results, to uncertainties with report of annual XX, year our XXXX could Form the other Form to our report

that no obligation would them. statements slides. being of views this we Forward like this undertake as accompanied is I made by reflect our update webcast on looking to highlight call to today,

prepared our a immediately the copy Relations We of conclusion of and website will this comments call. slides to our following the Investor post

have in and currency fiscal through headwind foreign significant exchange price experienced as reminder a have a progressed we we this As local year.

to would the call to hand Now, over like Rob. I

us. afternoon, for good everyone. Thank and joining you Kelsey, you, Thank

with margin new pleased quarter $X.XXX both growth delivered and by are net of We ARR topline million. was ARR driven third expansion. $XX which results, billion,

of XX% the grew ARR headwind Revenue FX $XXX Excluding $XX was total million. million, year-over-year.

of million, Non-GAAP operating $XX and capital quarter our year-over-year. Excluding record, focus income cost revenue $XX grew disciplined on reflecting FX third a management. allocation the headwind million, was XX%

standalone working During and leading of like Wisconsin enterprise the In in in new existing quarter Orica their and automation added is SAP with and verticals. a automation SX/HANA. in one advisor, in with Nautilus and enterprise A particular enable logos two utilize mining program great Orica over test deliver automation, to and and our solutions infrastructure planning we selected strength the and successful one Energy, Orica, upgrades Accenture and providers. test both Petco, to the competitive ability scale enterprise With platform. vendors, quarter telecommunications C-suite because one world’s logo of one new and automation test as was UiPath saw migrate in suite an healthcare their sponsorship, to our UiPath, of win

ability employee pleased to These very outcomes Security. our Homeland risk that Third Department that and intangible including resonate automation resources. growth are allocate strong more quantifiable customer appreciate improved profitable in deliver, business vertical, of up are experience, U.S. to and year-end, quarter report to business outcomes the the and Customers U.S. across business that leadership, lines the Force The both that also of can including quarter reduction, with federal delivered under the new we Air and is C-suite. effectively the and we platform a expansions and

grow, strong including Understanding, Logistics, In third-party their using software just years both has largest America’s revenue business example, Task Document a and firms, and For automation organization. headcount. driving two adding helped Mining in delivered Quality logistics is new robots line one without them of of Total North across ROI

that which well macro and Quality identify we Total from plans next, Mining are can platform about market-leading Process in talk our detail about making in go-to-market Investor at will partnerships, has to who busy team also of addition our and forward, lastly, market largest progress our the extending lifecycle, class will every across implement of to go-to-market to our more out with strategic with automation we Going announcing some of detail, Logistics automation. the more Lee the benefit our stage initiatives adoption key months model, laid capabilities the go-to-market in a and APAC team. It technical release lead team, with all XX.XX, Hawksley that executing platform few include, great processes Day. I for upleveling been driving build talk significant out our which These world Daniel leadership will our

update Now, to initiatives. minutes our I have to would on like on a you go-to market few take progress made we

outcomes many enable business were define resonate C-level see right teams To higher played an and sell value. to we important they track pleased our new North sure customer our in role very we quarter tested to approaches All into of are designed notable American executives to of in on this wins. to work that several these the market time third and accelerate make with is organizations,

new the brings simplify much a the of approach quarter at more the beginning solutions which to is one fourth This realize quickly in pricing across go-to-market and of of together platform broader our roll-out launched we the when geos, designed necessary motion. step we packaging SKU. advantages a formal Next adoption the started to line-item

defines We value-based in tool. model helps new and prescriptive the predictive the to our to This model selling position our We sales our reps value of formally automation that value, It of of also tool expect this economic purchasing automation process. differentiated, practices. friction delivered the framework long-term roadmap pricing NorthStar, introduced execution reduce a engagement platform position through an through best clearly to customers and the full great capabilities. is benefits

in and we insights since improving the Pershing, success focus a good customer identified XXXX. sales New helped deal us of their grow transactions to to-date and robots new of scaled experience implementation software risk to continue align quickly, and more services, efficiency their UiPath, industry quarter with teams extensive have by both Bank around TMT, vertical had mitigation financial our and across program Through space like their leveraging well York to close considerable existing Mellon financial also firm, leveraging client The a services expansion to are both customers. verticals We process where third in UiPath’s white automation as UiPath consistently. the as healthcare

them organization. customers even in platform outcomes, Mellon starting pilot Accelerator piloting journey. more -- for York Bank for success, As these to New a a we now to our across rapidly And tools positive give verticals their to their point of is expanding of result Solution the these automation are first provide full

developed We knowhow the belief testament of platform in about largest UiPath Accelerators massive partnership success organizations. to with their scale of par also faster. puts global partnership significantly believe is will presents deepen strengthening for experts. have are X excited to on a trust Partners. the mind, them largest their and continue in always we Ecosystem the one Solution automation relationships technical automation potential UiPath we complete implementations their With the growth At our Forward customers EY, and this that we with and global that global The with that they and alliance GSIs at help with provide the customer expanded announced our to our customers, the

to expand also continue We ecosystem. our technical

automation combine for preferred the which cloud Automation the Platform enterprise is applications. Together, by UiPath to plan including UiPath core platform with processes we to automation strategic to Azure providers, to and partnerships customers we Microsoft, announced automate market. We securely During named as the UiPath. quarter, of several announced together power we continue and with partner, OutSystems’ bring preferred collaborate their high-performance, innovate Business Microsoft to Azure business technology major solutions Microsoft while and expect enable Outsystems, And intelligently to powered to a low-code.

is $XXX,XXX the were increased in quarter including cohorts of our customer $X proof and over X,XXX, larger ARR that cohort pleased points of to our of our growth One of execution XXX. the over customers million this best we very customers of

tool their it’s tedious about or these good I our they we and to take model. operating automation in can $X eliminate feel just where use of plans are work, isn’t For growth journey a billion. this customers, beyond part strategy, to reduce company

operating technology platform, right making margin. the increase and market-leading and growth, the structure leaders in allow the productivity automation drive have go-to-market we expand the and putting us that to right disciplined We are place decisions

the of to We XX.XX is team the on the Daniel? will are talk impact and we a close. I platform to fourth our quarter seeing call into release strong head the innovation. newest over our work positive already and focused Daniel about turn as

everyone. afternoon, Good Rob. Thank you,

and I like customers success. thank for hard Before their commitment get our their appreciate I’d UiPath to and and who started, recognize partners the to your to team dedication work

fact, one that where about In to to transformation with about them the I spending they customers their things understand are and automation evolution. enjoy time role my play role in journey at the talk UiPath of most digital can in is

more the HCA release unstructured our budgets, stage a as easier and adopting outcomes in building efficiently deal in family, customers because This our organizations and leading changes UiPath are sizes addresses operating value. recent the and quarter member these momentum automate effectively. agreement. HCA such our builder less platform fall, in completes platform with entire enhanced has a great of UiPath with unpredictable in win, A capabilities today’s Given way and in challenges further all competitive expansions citizen to Process engine and of automation environment user two the a innovate. build and every and the value our platform in advantage and program Understanding latest as our This it experience. adoption had of operate great reduces our a healthcare for is cross In With public-facing We software tightening platform to for by release and of lifecycle, captured manage providers. platform deploying they their the to with powerful this with help of huge time years XX.XX, Web, and the of the release market-leading ManpowerGroup, business. directly which massive Studio multiyear with conference ability to finance platform example for the in the numerous data that both is the department, structured UiPath XX.XX technology a operate production. UiPath faster all their to friction, data Healthcare, software platform X across automations partnership drives Task full closed the Document by is workforce most platform automation and they allows one preview also they our the automation automations developers, successfully amount in cloud Coming intelligence their C-suite Apps, unstructured includes capabilities of to internally understand and four solutions data. we clients. deliver use to developer been out a bases, Forward faster to a of customer ramping is delivers friction expanded platforms a involving with and years. After user quarter processes expanded nation’s to of and us. expand our Ultimately, There’s Studio scale offering, provides the look applications customer more, robots be important acquisition platform a with resonate Re:infer. Mining, integrated and quarter, automating

both drive During to UiPath several to their that U.K. Communications recently is the automation a helped planning automating by we Automation XX.XX leverage tickets added in quarter, which and have payroll, Automation experiences system drive year-over-year Cloud, their leading departments. and since also This in delivered customers efficiencies Mining fund and capabilities which case for includes program. customer Suite for XXXX, growth to triple-digit customer renamed and acquired improve tax and Cloud HR, ARR. Re:infer enhanced their management accounting administrator both Re:infer, of

role has we reports Provider the the and are from core won constant sixth us leader Everest analysts ISG were proud RPA the XXXX, According are customer Leader flexibility we Star thought their for meet Assessment Technology recent recognition deployment to This a the Robotic wherever by on automation our Performer and Everest industry of PEAK Process year ISG. named and Automation excited Group’s accomplished on greater consecutive I journey. innovation leaders to they of focus in Group need about quarter but One automation latest a the Ashim. on low-code/no-code innovation Landscape. in is named an will to and tenants in UiPath UiPath over Products play Matrix of thrive, their leading turn proud focused ever reflects research to continue to that, category third their and the With the increase application not and I platform. what will ahead. our advantage. The only helping we software This companies. development of leadership commitment massive I recognition am than competitive organizations for it is in before across and opportunity believe

Thank basis that I I you, afternoon, and third otherwise are quarter through be good a non-GAAP running also discussing quarter want FX our was I everyone. provide a Daniel, guidance. to rates indicated this headwind then our to on year-over-year. results and again by Unless fourth note and all growth significant quarter. results will start will

demand results. $XX impact FX Because our billion, sell net our basis, net ARR in for total quarter ARR, we foreign local $XX approximately an but driven totaled $X.XXX to was On product, Third year-over-year fluctuations new $XX headwind of of do ARR translation an not the million million. currency, currency a FX by ARR, headwind. for do million approximately was and impact new

FX, XX%. serve Excluding now total ARR approximately XX,XXX grew customers. We

we the lower with high a we propensity Day, the to of distributors the positioning at serve As are company automation, to in end grow Investor while market. and will land customers invest shared

rate in customers Moving transformational retention XX% as based Americas retention on, net Remaining to be to of for was year-over-year. with dollar Russian $XXX obligations of XX%, million. outcomes Normalizing of $XX and net the our platform. our that increased rate as the million, headwind strength was continues XXX%. cloud rate million. the Normalizing $XXX to Dollar retention show reflecting to Normalizing dollar year-over-year. Revenue support to gross that margin approximately RPO $XXX our performance impact retention gross year-over-year of million, grew based million. the relative was investments FX based our world. sanctions, grew achieve for headwind and Current dollar $XX FX XX% to the we excluding net business year-over-year based FX underscoring rest RPO grew the increased outperformed for scale approximately best-in-class, revenue XX% infrastructure Total ongoing of continues business. XXX%.

was Software XX%. gross margin

Third expenses were $XXX million. operating quarter

Non-GAAP control efficiency our restructuring of We tighter $XX million, spend. hiring strongest operating income on continue operating including of expense. $XX non-GAAP operating focus our to million operational actions, compensation $XX was third loss freeze discretionary included of GAAP million to-date. and stock-based quarter margin

of was adjusted UiPath in non-GAAP collections $XX prepaid quarter in an allow cash Third negative reflecting contracts and that environment. timing free to vendor flow million, us lock for favorable inflationary terms

strong operating very equivalents important billion in We cash cash, a have and marketable in current no which sheet, is securities the asset $X.X and debt. with an balance environment,

foreign environment pipeline guidance. the Now, from now me current what see to and pressure and guide turn that assume in We let choppy macro we exchange the continue.

numbers. the to Turning

to First, billion. in $X.XXX to for guidance $X.XXX of fiscal we prior fourth an increase billion. from ARR of $X.XXX quarter billion $X.XXX billion expect This XXXX, the range is

range the $XXX million. in revenue of $XXX expect We million to

expect approximately operating quarter count expect $XX to shares outstanding. be XXX share million to we basic We million. approximately And be fourth income non-GAAP

our and outcomes go-forward team strong balance of to fiscal focused sustained we a our The close XXXX. guide will solid forward and the I meaningful expect to when long-term model full year and strong fiscal customers seasonality to typical results. from and year a both fourth quarter for financial ARR quarter us are both durable invest as want We we we drive fourth new is results, XXXX and announce net the quarter highlight look on sheet Finally, resources in we core quarter delivered to quarter that third strategy. revenue our growth give in delivering which first profitability, to but to first to our enterprise

with like Operator. our Finally, poll Operator, we season forward the to will employees in you I holiday many of healthy would and wish please that, speaking weeks. of questions. coming to the look the over all a With turn you and for happy I call and to

Our Instructions] first with Suisse. Winslow go Please Credit ahead. [Operator from comes you. Phil Thank question

where just Hi. joined walk if to go-to-market on want and obviously, my question through is the the And are some of I you and changes thoughts How color, when I really with question. push changes, you start versus all focus Thanks about the changes the these right on do capacity which us could for you I my just of now? call do capacity sort have making kind wonder you appreciate taking how particularly in your productivity then, of made Rob, you just force? the think sales sort should productivity And inflect? of then go-to-market feel of sort one follow-up. to similarly, you

feel We points with proof actually delivering we delivery. how got good outlined on at we are have team and strategy we and that aligns our real the are Thanks, see strategy Phil. Investor we and really about the to Day is Yeah. the capacity and around starting focused good

at, one growth ARR. look you you would cohorts. in When say if of the look of So customer is of proof at best our execution what points our the like, is, I $XXX,XXX

increased We million XXX. have that over X,XXX. you look it’s $X And up at to when customers now, to

So go-to-market, short in we feel our good of segmentation execution have far about come how relatively the we time. a and period the and

should their strong Daniel, why bulb sort customers that then, in of a into the lean RPA the automation and journey, customer success. to for new suite just full just need of, go off productivity light makes for productivity of they a customers points like your sort hyper you retention have companies, highlighted why -- it proof feels automation when is starting efficiency drive automation, go standpoint? what But maybe something as have already the from dollar-based automation And resonating obviously, you continues catalyst that to net that existing that’s just to Great. with remain of

-- for our the is the same by the testing I as customers -- down also was two I automation our and they can mentioned, kind instance, of for satisfaction our instrumental was of customers, new getting driving existing this And that we the the Orica Orica motivation the platform productivity, takeout the -- of into competitive think it the think Rob they improve buying seeing of improve that are in employees’ of are competitors. platform. drive, meaningful close entire entire and customer the power of into case adoption I

environment even this more of say would is for that automation I So in customers. the the relevant new benefit

Thank you.

question Securities. of Sills Brad ahead. next America Please comes with Our go Bank from

so be and see in go-to-market. on with great it’s much early, success you Rob, Thanks but of are on some with the Are any would little areas Great. a to Oh! topic, some of the success. I you verticals particular those these of might know it’s accelerators. to seen learnings you some there solution where could changes out your please, some that out apply early if Maybe that call have expand ones bit you you broadly? in any able these and in more called there success from

progress. Yeah. actually around points think I I York into significant because we we and and of the the speed all, -- this Mellon NorthStar Bank proof the value early and showing Brad, then of are But to the ATA, antidotal, of value driving very that think its first New value approach selling some numbers. Orica of -- proof points are is NorthStar around

well to actually organization And as the starting a sales having KPIs, progress States the that’s we globally significant to are is they are packages. and seeing and interest. more team -- doing see environment with but in We deal in I continue launch leading around are and benefit out operating we operating obviously, our United well. significant think We Singapore have with progress started has with starting our around see see also energy the in We well. shows to based are see world-class significant don’t are we the look, strategy Orica tools bag our that as I globally progress company interest. of clear mean, them Europe have really in to significant that. We And seen we to solution that

outlook for Day assuming maybe are what Thank you XX% next a Analyst XX%. are that pretty for in exiting Are one or guiding you a looks quarter, please, then provided us in could I if currency, just that outlook Ashim, the this remind down the XX%, mean, if on growth And macro so you, it bit, I worsening constant big a at to may, at Thanks. just that at number? XX% quite you QX, are currency ARR you you XX, constant like year, Wonderful. for assuming year deceleration. the you It’s you.

seeing. the next that for Investor we Brad, we points macro been have that that as assumes Day, really like, anchor we our well year -- that also have talking Yeah. all at we the the as until and and this discussed Day from we forward as current exchange about, provided environment the foreign Investor We or consistent now. FX see environment been have

We provide fourth will as more earnings. we get into of quarter an report and year next update

from question next comes Our JPMorgan. Murphy ahead. go Mark with Please

Thank great margin progress. on you the Yeah. congrats and

actually you much think macro don’t tonight. I Ashim, issues time on talking about spent quite So, as

you that framework, improve the trending the repositioning I the here changes am then is the get on represent so to it’s year. XX% be trough this there to then declining is, opportunity period that for mean QX if and new to the into a would the of to fair be the could and maybe general that quick in kind XX% in thinking What And the -- if it think of first repackaging a follow-up. I of business? as about wondering as ARR. that half I net go-to-market Is way an a And and further range this be logical and have of QX would next

very Yeah, as environment and the Investor consistent We with Day look we talked Day. Analyst have what consistent. it’s at at Mark,

talked we in less have probably APAC and few the talked about environment of ago. relatively the between as environment Europe, we we Americas, months about just just terms it So feel same a

that we Day, around actually Investor laid the making and that our the about we are commitment are of all identifying In we out segmentation, to strategy focus, executing propensity excited progress high solutioning, on committed customers. at terms

those and we mind, seasonality typical All I we our what are as are everybody remind in going year next that’s just to. see going into factors script, overall, half. executing first pleased but we first it with and -- strategy But, also strategy second the yield are we the half, of yield because positive would positive quarter between to get will believe that of we results. we mentioned execution results do feel executing to we the in are are we we

to Okay. a Understood. believe said quick the for Rob on touch something their largest that’s little is win Microsoft And relationship. follow-up that as I a referred expanded that’s there to one incrementally Could maybe built and that Azure of going type you you partners opportunity it way. they see out Microsoft helping Microsoft is and Daniel. at with on What that this do point? technology, be think, I of UiPath you Microsoft business

question. the for Thanks

the been comes customers. to and go-to-market time on really both partner cycle it sales partnering side. cost the when our on on on I for Rob a us with then it. add color cloud, we of our offering to has our feel Microsoft made to cloud Microsoft on help reduce top technology basing reduced the good and drive the the create Let good the bet customers. Azure It of value it us, most technology cloud that innovation more helps to it that sales start having me really a to and might that us increased resonates built

this So really we front. at development are looking positive Rob? on a

I think Thanks, good. that’s Mark

Please next And question. you. comes state question from Thank Raimo Lenschow your with our Barclays.

competitors, do think and businesses, making is follow-up question isn’t themselves. relationship that how Like optimization, Ashim. SAP Thank about your years lot That’s and noise to a you you. Rob, One about process obviously, it installed SAP SAP. quick Two cetera, Like have more at how of then SAP I lot the a doing base, questions. spent, staying evolving? for of partners, et one et my on relationship, that we is have on helping on cetera. first

Yeah. mean, to say, you -- Look, would all, have of I our first we look I portfolio. at got

financials are healthcare. and we Our portfolio, very in strong

So we have we go portfolio after. broad a that

the SAP a and not continue closely are with we because on they to technology. our there’s of we But closely value partnership. got in a We only add that think with and we fit partnership an working it’s they So work and well. customer We together for -- as mutual we customer have that work we our have incredible customers. that with We other them utilize in value and includes believe benefit base also space with obviously have. them, some the our customers helping companies

the are to partnerships we continue quarter. So Key to every laid evolve we clearly at progress. continue of part Day out that strategy Investor and we

at a couple does added lot different number last we Could should the what you. might just Thank than you or that about cetera, saw bit remember specific et Perfect. of of at And about ARR for we anything new year seem I QX and years QX, look a really in like you factors Thank million Okay. that in implied had then, Ashim, remember look investors obviously, the it of just net had a strong $XX the year. this If kind end, speak drive like a that, little you. there I we are if QX? know ago, change quarter.

Yeah.

So a exchange. foreign we impact from in have more pronounced QX

should $XX of a first rate lot That will at think has the reason renewable a I FX notable rate, -- say. which that’s impact at I year-over-year. FX lower is a base, for Raimo. million renew potentially that current point our The obviously the

guide you the is you been terms impact have of environment take into back factor macro us. right about takes see account that to $XX look think in guidance you implicitly for it have what So of macro what guided when components the the in and we you consistent $XX that, front from around the million million. at the philosophies why at guiding $XX kind And million how we That’s and of million and add you of -- we then the for our in $XX now.

you. Thank

Markets. Please Capital question go with next comes RBC Our ahead. from Matthew Hedberg

Hey. This Hedberg. Thanks taking is questions. our for on Simran Matt for

So your cycles? all hesitancy uncertainty experiencing current the about longer customer you tone earlier the has customers of are you see with sales at with conversations environment, noted more changed do the and

What actually and very into right Yeah. quarters QX clear managing we we the that a been have saw we we we now. that consistency are about it really see is well QX in believe between

reduction then workforce. budgets And thinking reallocation you earlier, announced greater in also efficiency it. and execution the of you an about customer towards are and additional strategies? Got How those your

question. Good Yeah.

the we and we discussions Part execute that has was on and the cross-functional we have. our we around our That go-to-market initiatives. as announced design the strategic minimum carriers that weeks impact, go-to-market, the restructuring is the had this the little rollout. to So at of and a strategic impact two we quota It continue I Investor ago, very think. restructuring Day

Weiss Morgan Thank question Keith you. our And comes next Please from ahead. with Stanley. go

question. taking guys Excellent. for you Thank the

guide for coming XXXX efficiency Ashim, on there. that operating should kind margins, kind there coming about was improvements really how And you from guys what Is progression the reductions perhaps? original of other are the that further of outperformed FY is or of business? think there potential the of into parts the headcount more all kind that the from we

Yeah.

operating announced reduction, to just walk -- the and was you headcount November will headcount So directly through Keith. The XXth. answer I then reduction the not margin, on

at quarter came and on break the the The on in did announced our great how falls so very impact had and operating look topline, we what bottomline. flows and a -- you you third through job environment the executing and When the first team topline. no that together, little the through of results. course, we outperformed to So down the impact margin is

know were we operating we installed lot we had in this of of discipline. is, environment put in that entire in second we a our and a -- reorganization, a employee a with we understands and we while hiring the -- place think, of operating freeze we I lot period environment, base, The are

there. factors really the just you explains take That So two those in beat.

durably the margin point go points discussions strategy we profitably, have but back execute We forward, grow of out are In kind we terms are committed and the to and of provided, growth for laid to together. and Investor at path our Day a expansion. going you still I’d a operate we anchor we see to that be to to that with able discipline,

one I then Rob. it. And think Got and is for this follow-up probably

it lowest just new new of have pretty versus public impact Is how even of a on terms growth of sort basis? seen net pace we about accelerate of of like, a has increase relatively at and pace it like net gone what part and ability customer macro of overall, the small quarter, in customer This a XXX. or distribution was That’s the looks is have changes the growth, net -- historically. should over XXX,XXX. guys you have and the is In new since weak the we kind that customer and customer this of more think we seen parcel recover to the that go-forward

Yeah.

at customers. I of when the is the it, smaller the mean, look you majority So Keith, churn in

have the we more -- set that Investor success left Global to showed the the actually we at more If shows to and how is the right. signs the chart in really segmentation going you Day we from we those feel with be continue to customers confident actually happening getting are to that’s move actually positive that XXXX that’s We up. remember and focus our and that that that’s

side smaller you should the expect into We will churn with the customers customer market. smaller in to move the and see -- smaller more distribution in over time

Got it.

customer of new [Technical is the the the the strong, impact So we the Difficulty] seeing that rate smaller retention net of probably kind customer remains on like but adds? really retention that rate customers are

Yeah.

Got Excellent. it.

Okay.

you. Thank

comes Please state Materne Evercore. Kirk question. with next your from Our question

question This is the on strong for the congratulations for quarter. on and Kirk. taking Chirag Hi. Thanks

reception me the for platform. around question automation of the one Just

that continuing are cases deep how in core you weight more could call customers how base or say So deeper? to are you of the you. platform when you your within and carrying Thank to are today opportunity the use are customer largest of talking RPA all seeing out demand? end-to-end terms would specific customer areas we existing go maybe and adoption automation if more you pursue beyond any And overall

Yeah.

the the the terms obviously, that of opportunity positive with can team what platform business very see So, future we existing we feel signs to business the achieve of with customers we platform front in customer and significant in have and positive we about expand.

of Mellon, significant you a If It’s have see expanding in many, can York it with will space. sets we customers driver. big more look see platform that the you New opportunities at ATA and impact like the can -- Bank and to just full solution be a expansion, that many clear is test have

significant go we Logistics way Mining, believe and the driver it’s that broader Process now starting platform customer our Understanding Task an is for to Total that automation. to platform is impact So conversations the And it’s Mining Document our of with described we that in a have the with platform. the clear is pretty as clear Quality and

So or days, strategy, our how we it’s and pricing. how headed. laid tied doing about it are strong NorthStar confident but packages execute. where really really in our out of about we platform to Early packages How starting to feel our are we selection have we

that Daniel. I platform more it to process our market to us add from and would processes our like strategy, look is an of This growing allowed move manual if automation. Yeah. you perspective, end-to-end automating to existing [inaudible] to traditional from

platform spectrum the company that processes that people processes from job. manual has the part automation we to a daily to So of test entire of their micro business covers only as doing even large that are repetitive are

Bergin Please with And Cowen. from ahead. Bryan you. comes our next Thank question go

some the I new to I to sense deals? should you third you average new past. land give in size land some just approach, an how as about afternoon. some having are be comparing deals you. this any good of average on and land of size success but am know talked Good of how I size we to these Hi. curious hear the had go-to-market on of the It’s on us the think XX,XXX before, it’s about company initiatives the some cite quarter early new here that, early, Thank notable just XX,XXX Can thinking under the

Yeah.

on So up look numbers it we we the now. the see right as Bryan, land progress we see slightly size, at

Our we is focus, move expansion. just forward, as overall though,

we cetera. are of Customers expanding have good pipeline. elements our multiple about into expanding. platform a we is what number of are healthy feel excited that, the we are in So They of et terms ELAs, really

the both at further more our strategy see in of but progress of land outlined of levels tied as and C wanting we up, customers see the into we driving expansion Investor size platform So getting the slightly Day. in we terms that very to terms is

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Yeah.

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