UiPath (PATH) 15 Mar 232023 Q4 Earnings call transcript

Greetings. And welcome to the UiPath Fourth Quarter and Full Year Fiscal 2023 Financial Results 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]

is conference this note, being recorded. Please now your host, would Relations UiPath. like President to to over for conference the Kelsey Investor turn of I Turcotte, Vice Senior Kelsey, may begin. you

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

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

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

be We metrics call. today’s will discussing non-GAAP on

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

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

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

webcast highlight that is slides. accompanied would being I to by this like

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

the over like to I’d hand to Now Rob. call

on our Thank progress us. and strong strategic very ended made Kelsey, reflecting we AI-powered of year fourth our the quarter, everyone. joining Thank for Business the We strength good you with have and afternoon, Platform. you, the a initiatives Automation

UiPath and year, and placing partners future. our success the like us. work customers team our the throughout of their the thank is in trust our day foundation hard customer for I’d Ensuring their to every as well for as focus

ARR $X.X net $XX billion, at ended the ARR year of by new driven million.

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

was quarter Fourth year million. $XXX for fiscal $X.X revenue revenue the was Total billion.

full-year $XX the million, grew year year-over-year. of FX headwind fiscal revenue XX% Excluding

On our to margin as approximately We margin the non-GAAP bottomline, margin year X.X%, path record non-GAAP drove accelerates for operating operating XXX-basis-point expansion X%. of full-year our non-GAAP outlook of profitability the operating year to and to finish XXXX an fiscal strong a this fourth XXXX baseline serves quarter XX% year-over-year. believe the

driving leaves positioned efficiencies enhanced continue we market scale business. growth increased to expand well central cash while at increasing and is our and share our our to streamlining agility us restructuring, operating a manage focus, organization non-GAAP adjusted how Executing and flow margin in and the business free has leadership to Driving non-GAAP automation.

see a innovate changes return investment. enabling our meaningful organizations Platform and to quickly Automation Our grow, on operate, how customers

For program automation example, scale chain outlets. across deployment American more a XXX Mining fourth expanded Task North retail UiPath to software in adding quarter, robots their and warehouse than the their

our example coverage and in existing great this like new right creates This density that go-to-market footprint Wins sales customers. the the like model a come value-selling new motion our into sales are our tools where expands of how play. structure Northstar with is

customer’s UiPath journey. better part results around articulate the team digital Platform of strategic as and designed particularly transformation the is tangible to our help to a delivers, automation Automation focus establishing C-suite, driving Northstar the organizational firmly a

the also Northstar helps deals. team expand

more cohort closed X,XXX. quarter During of increased ARR in million, XXX. our over to ARR, deals more $XXX,XXX in million increasing to number or or of we $X with Customers $X record a fourth customers the with

for fourth intimacy and was team with on outcomes, trained where drive new customers, kick-off build increase a sell partners. sales the the build good full logos, new we backdrop our variety scale February a expansion to of The through tools quarter platform and

Looking XXXX, our models rolled to organization. the segmentation assigned enterprise and have and ahead corporate to ready been team is out the are accounts go, throughout

customers gleaned to We also sales leverage continue motion. vertical insights our from with a

business TD in For help improved bank to TD at now Securities, productivity, several a lines example, services, automation efficiencies. and is successful experiences, deliver deployment client of financial across at expanding following the

of structured And, in analyze level because of healthcare, over unstructured of process both data and Diagnostics to Quest selected our with competitors them millions data, documents. Document and other high processing accuracy document Understanding help

serve To have which as deployments to introduced common templates we support strategy use through customers our cases. Accelerators guide Solution for vertical

We additional offerings IT have available our in marketplace, Solution we and to on add verticals. with focused healthcare, plan Accelerators XX initial and finance,

save healthcare to medical expecting a XX,XXX into Solution the related company, of BilledRight, annually. billing systems, implementing and automate administrative operations processing is Accelerators hours over data to two

benefit from are and our a scale, the systems regionalized automation and This are in and instrumental but as as not global customers go-to-market well making our also Partners robust partners in build reach investments helping integrators, more program. changes which execute includes we resources. only expand

expand enterprise. of across from State to back incorporate their For program Carolina driven is North Document cases automation COVID and example, their EY helping use automations office the Understanding

the as opportunities. of and of we partners are And, for sources revenue our for our new while ecosystem these partners, process Investor distribution to at providing in deeper enablement focus higher allowing previewed to Day, our smaller sales our teams we customers, value of transitioning customers on

our quarter very have continue and which to Micro, internal Capgemini of Many the deliver Ingram of capabilities our leading their as client as programs automation programs market grow in their and expanded also they their such successful automation to own, partners base.

we of automation of quickly which from fundamentally businesses to you our for tagline, new introduction not will And can the customers today, change communicates to earlier only this but power potential how of the move execution. brand Innovation. the finally, brand idea week, out transform The to positioning notice new included a our rolled Foundation This also

groundwork largest inspired exceptional release to-date, partners. how and customers platform for much in completing by next our outcomes delivering our launching am XXXX, of fiscal have for and the our phase I our growth accomplished we year

While positioned drive always to I work is we well UiPath the year more are to level next as to there we do, believe fiscal XXXX. enter

turn With Daniel. that, call Daniel? over I to will the

Good afternoon, like Rob’s echo to team, thanks everyone. and partners. I would to customers our

ongoing success. critical You are all to our

this day the our him move of leaving We on, thank best on ends afternoon’s transition has UiPath. through some to us color Weber, Before period announcing the remain Officer, will for quarter. we that everything he Chief X-K a wish is for like UiPath. Business with first around our Chris that I’d add last and April XXth, Chris done him

of leadership as Co-CEO function his Moving our forward, go-to-market responsibilities. part Rob day-to-day assume of will

record of built many Rob SAP track a has strong Google organizations and you growing over Cloud at at both where As XX scale. he know, sales of years sales of experience

spend time and time, team, the our At our where development which same passion research up my lies. is Co-CEO much structure me more freed with to has

market. We strengthen of have to will day-to-day talent our again continue excited a differentiator us in market leading leadership position competitive platform to major once assume team. am the really I for is the R&D our and that a

growth. even agility our to move This efficiency us good with UiPath and is which will and for allow streamlined more customer’s organizational structure for

a teams positioned are XXXX year. enter fiscal and am year to the with pleased how we strong forward I look As

have to the we recent am report a Wave: the business business Process The Turning was in RPA evolved as play things, Automation Platform. into placement a gratified leader we as other to Automation I Forrester refer that states that an pure highlights, by Among published Robotic what in report our February. from

It turning app to it have added API into also product, notes thereby such we intelligent as processing, process an Automation that document and integration our capabilities low-code development mining, Platform.

also are the product investments turn and that million report software-as-a-service in acknowledges year Forrester and both $XXX offerings. ended over re-architecting deployments in paying hybrid The cloud with cloud-native including off. to it fiscal ARR, our SaaS the We

A customer delivery a to automation Fiserv, incorporating excellence. continues of of and their deployed Suite, expand and to their Automation grow accelerate by Hub who Mining operational deployment Test great Process example is cloud

new application customers us, Test testing tools. released market in to automate which open application Suite new management it does in assets easier functionality solutions migrate and to helps ensure to allows Test UiPath it Suite but make lifecycle from legacy for testing Not only a provide and for faster. collaboration resiliency recently We to to tighter quality

organization great and launch after growth automation-as-a-service. is to finance, attract A Service entire which, their customer improve successfully automation operational engines talent, Suite new is example Swisscom, implementing in and enhance in BXB with service, Customer retain RPA efficiency and IT, their rolling across out and Test departments, HR

not from benefit AI new Our of us. in is for real-time customers in AI. advances The also role automation

has it platform. investment been of into significant AI in made and have years every for inception from part our infused We

with for build use example, capabilities and Mining, like Document we models we to Understanding For acquired Communications Re:infer. AI language large which

Re:infer quarter and we manual to customer enhance closed experience. ever to who plans client millions a the per reduce use churn to customer processing, of across customer interpret During emails sentiment it largest the with year deal

intelligently AI Coming of for Clipboard knowledge do later the language transfers AI year, roles. in day-to-day their structures Clipboard understanding AI this large By what can content, and shows models workers leveraging month. copy AI later data AI between on need documents, to innovations eliminating spreadsheets and our share apps, We at paste. this for repetitive other this and the and plan more summit

unlocked believe and when power with of can had AI. work application always business with is an have that Open and you our We system automation best platform every the ongoing relationship including open

code this to our write are will benefit GPT and robots allow low cases our where can software a release customers easily use we from development plan responses. are content users in to generate that connector to able that of to automations. tools Later There GPT utilize content quarter countless generate of preview

place is easier vision train AI more make use Our work and at arrive to anyone and their a to can productive. where

non-GAAP growth market scale, remain a shareholder ahead, on expansion and positive we Looking drives business flow. a cash focused building the opportunity value automation through generational massive adjusted at margin free meaningful and that presents

I that, Ashim. it to turn With will over

Unless growth that and basis be I discussing since our also on headwind Daniel, a year. Thank currency, results sell we price non-GAAP and continues rates year to FX local are all results. you, everyone. to in I a otherwise will over indicated be to note afternoon, want good and

year resonating we positioned a in value environment, particularly fiscal customers, execute. macroeconomic XXXX FX to automation expect and ongoing variability headwinds, while enter creates tangible is we with constrained The and

million. fourth of $XX ARR quarter, the ARR totaled million. $XXX to net increase net quarter ARR year XX%, new $X.X Full billion, fourth totaled driven Turning by new of an

Excluding fourth the FX headwind million. $XXX net quarter $XX totaled of million, new ARR

approximately For the million, total ARR FX XX%. headwind total ARR, $XX of excluding grew

the Maharashtra. and of like XX,XXX Farber Institute, Cancer including Bank We quarter customers, Daimler fourth Dana total with new The logos approximately ended Zoetis,

dollar our net based rate sanctions, dollar gross was FX and for based based the quarter retention XX% for be the our rate Normalizing net Dollar of of on, impact retention XXX%. continues Moving retention XXX%. to was best-in-class. excluding Russian

Revenue the revenue $XXX approximately million, XX%. million. headwind for Normalizing FX grew to of $XX grew

increase grew year, XX% revenue for FX year approximately fiscal XX%. $X.X full headwind of of we the For billion, the $XX reported year-over-year. year-over-year million, fiscal full an of Normalizing revenue

million. the Remaining of grew for $XXX FX XX%. RPO million, performance increased Normalizing $XX to RPO million. obligations headwind Current increased to approximately $XXX.X

Fourth the margin scale we in reflecting was investments as and quarter ongoing XX% total support business. gross cloud infrastructure

Software gross was XX%. margin

operating expenses the quarter employees. year total were We Fourth million. with $XXX.X ended X,XXX

$XX loss $XXX GAAP was million, of million expense. of including included million GAAP Full million operating loss compensation. operating compensation of year stock-based $XX stock-based $XXX

X% was operating $XX operating margin XX%. Full in quarter fourth margin. million resulting $XX million, was a income non-GAAP a year Non-GAAP of or record operating operating income

As positive higher on and our discretionary our a the combined cost reflect allocation focus Rob initiatives. resource with continued said, management prioritizes efforts return impact that of restructuring results

year, flow cash million non-GAAP was Fourth free $XXX line full quarter in adjusted stated cash with was flow fiscal for our and free adjusted non-GAAP neutral, the objective.

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

let to guidance. turn me Now,

Day For has maintained the XXXX late have to increase as fiscal dollar included committed weakened at September. year growth we we since the rates and topline Investor a nominal

move repositioning builds macroeconomic in America environment that the as the improve, not the we sales assuming also year. throughout momentum are force and weakness including does We North

non-GAAP our long-term And, cash margin, plus path X%. adjusted fiscal XX% we free now we accelerated of operating year to XXXX and as operating margin meaningfully expect non-GAAP margin flow X.X% have finally, non-GAAP of

million; billion share of For of basic be billion; to million $XXX expect fiscal expect ARR quarter the first count $X shares. be operating in and we $X.XXX million; range non-GAAP income the $XXX to in to $X.XXX first the range we to approximately million XXX approximately revenue XXXX, quarter

to revenue $X.XXX $X.XXX For approximately billion; in $X.XXX the billion; $X.XXX to the the XXXX, be $XXX we ARR to range fiscal of full million. expect billion in range income non-GAAP year of billion operating

management XXXX close, you philosophy. modeling I and Starting modeling fiscal points our Before points. to with with leave want I

foreign expect in continue exchange the quarter. year-over-year We the to headwind first

new to approximately half First ARR net million. be $XXX

be to $XXX million. First half revenue approximately

reflect new net fiscal ARR as half Second and XXXX. year similar revenue to seasonality

margin Non-GAAP non-GAAP non-GAAP quarter. non-GAAP positive year adjusted operating expect adjusted of in Please which flow as approximately into approximately to normal to follow to to And income note, year and XXXX. Full quarters reflect fiscal be patterns seasonality year cash gross XXXX fourth $XXX flow fiscal be XXXX for million. ramp free free the XX%. we cash all similar seasonal fiscal

As to XXXX operating compensation of expenses at to a XXX-basis-point which sales in creates fiscal year relative year reminder, we fiscal headwind started beginning a amortizing XXXX. XXXX the non-GAAP margin

to we for XXXX. be X% X% expect we actively stock-based the are of compensation Finally, year-over-year which lower dilution, year range in fiscal to managing to

continue calibrate for to the need reducing anticipate compensation overall we competitive ahead, to dilution. while Looking packages

we plus, given In opportunity. the strength our model to business XX we our believe power of team, of the Platform, and which our to market of committed global market-leading of the financial are Automation the the size can we managing Rule closing, achieve our

now will turn questions. to for over Operator, the Operator. I that, call poll please With the

[Operator state Instructions] Lenschow question first Raimo Our question. Please you. Barclays. comes from Thank with your

Hey. doing flow there business? it evolvement how the around was I one follow-up. own Congrats. with finish. do was for or partnering you very of either in and of had of see last in your like playing you. weeks, question ChatGPT, like, news news then and Can us remind the the the advancement And a -- are how Thank with yourself strong my cetera. terms guys other you few the please, AI Thank et have a you. we That And AI lot you items

This is Raimo. Hey, Daniel.

Yeah.

progress think start to as the the development is a And we earnings I a AI are we Well, technology know, solid around you actually five of unusual sign. in have excited a the I for that little bit about great arm happening call, very on our that’s past it’s talking but AI am and on years. users heavy really field. research and

most basically a comes way, of platform it have the screens. because this generative to We the in will be in world AI application vision this generative best the And kind -- when advance computer in best AI, new understand with think, to tool. the favor, I it’s creator

platform. to you case, in And drive our the It’s the you to out in the same access is when faster So accelerate not of tool democratize going the why while AI our this creating have help going adoption using the to automations. can best are feel if tool adoption. time, there you

they to a is AI to that tool and and platform. think our AI I between -- this great combination capable the the fulfilling generative of So across combination platform comments, it’s that are with continue import infuse infuse

is tool basically going that cater to and this allow to upcoming from all the users, our like source, AI transfer document transfer any application. would be will models I to any every to to everyone business information -- large GPT-X to of language in emphasize Clipboard use and a

fields few in Google, that dozens Imagine step. going terms are there. AI And one of own many is using tremendously transform It’s a productivity. of to everything GPT-X, huge models, save in our combined combination a Amazon, we of converted

the for prospects of am adopting So technologies. bullish I the extremely again, -- I with generative AI am UiPath

Thank that to you. get you for Okay. Perfect. Thank from you. and great Daniel

and a sales The as is driven more to was meet disruptions? congrats go this leaving, project continue kind understood, Where as Chris’ me more or how on of the we you will his do efficient e-commerce Rob, to kind question and of or Chris expect journey that you are we you for other do to like, Thank have think better like, any with mid-market. way role into the far again. from

a the Raimo, and Chris, very and that thank we Daniel, transformation. He’s it. on organization we go-to-market with very put beginning our to first, myself question. you. from efforts team. job Remember, are all into Great aligned for Look, way both you the are with plan done Yeah. the the we with on Chris our want well thank great

there’s say the minimum positive about progress to we really will we the going would to feel execution. from about made up and future. the I the be to good where disruption for really The team continue So We Investor is field. have make we and Day update

we even to can we get we reporting team actually customer to will reporting leadership feel me, deliver are them base. even with more Plus, a value execute significantly to faster, closer customers our and like strong and

known is here directly Yeah. leading great his go-to-market to as Rob Raimo, Rob for he everyone have the actually and is his responsibilities, this day-to-day would in opportunity having of leader planet. best add to the -- part Rob us. on Having that, I a of it’s to like one go-to-market that news

I think think and of accelerate really now, right even to the right I our and efficiency company, are company this to growth poised we continue to more the this size we streamline is profile.

comes next and question. Morgan you. Thank question our Stanley. your Keith state Please Weiss from with

here? are Dion and sort few out Thank how looks for color I you curious, the up I mid-March entering you. to it provide are is have any How environment weeks you shaping since is what Great. can we on of there? on really executing was Keith. ask already there mean the seeing This guide. Is now. demand you a and your quarter I into want QX so year the healthy on

continuation particularly the we the QX. continuing we see it accounted thanks the guide, in of pressure foreign actually for And in for foreign Dion, much the We our the in October. have QX question. So, exchange, -- saw exchange environment very way

the look When continued environment, at same the with our assume and are we including North variability execution in Rob pleased pressures America our as talked progress Daniel about. on just -- the the we macro of positioning pipeline, well. having our sale that of macroeconomic also But the

we a an there. extra account that’s the And little there buffer environment for have given actual overall, conservatism of extra buffer or in to

has the philosophy been same. our So

-- us guided have We the little of still what’s in variability with while macroeconomic environment. the for to front in accounting for a buffer

to than the previous the one rate, less way last question it’s then but net down from slightly more retention quarter, hear. come great on the And in obviously, magnitude was is, That’s it obviously, maybe quarters.

frame customers, net of rate the about what levels we can with a customers there how you and stabilize? go-forward any way large retention where we any sort you among think basis, should seeing are your that So on could particularly see are

Yeah.

me start turn Let I it will and to over Rob.

So XX%. Again, foreign you actually when number, at exchange that reported retention on net normalize foreign dollar has rate for exchange of pressure is XXX%.

value that the great customers XXX, in driven we highest million-dollar-plus incremental -- highest continues the propensity Global And momentum. deals, invest to of had record number our Fortune propensity a ARR think Rob? we see to automation our have by which or and I with in to especially XXXX, the be is

is a I customer the time And I base. and Europe Asia really within would is in significant resonating the in lot I and customer our customers, at discussion, positioned and with this add, resonating in innovation that feel environment, you discussions with about a would good for platform January, are is our I where foundation of around brand tell spent the just level sea customers, product

you. Thank Excellent.

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

the on the to Kirk. question Hey. This year. is taking for strong on for and Thanks congratulations finish Ved Chirag the

on customers any at there Going or prior are to platform the early that in of newer here? customer differences expansion are adopters versa, note Meaning cohorts. you are and trends the question, vice the noticing compared different growing you growth slower perhaps when off might any

relatively is -- -- cohorts up land have around move the we our Chirag, see expand general size their Remember use XX kind from and that around similar, customer of Kirk. and journey pretty a sorry, curve customers similarly of is $XX,XXX very cases there well. actually Our behaved

in that’s confidence deals more million-plus customers, and you ability the have see where the moves about and as seven-digit $X to scale they older culture direction. the their the that kind -- internally move automation of Our

platform to help continues Our also that.

continued parts every our the we adds I think customers value with that broadening maturation the Re:infer in -- more is do process task platform helping interested mining, the of platform, stage. at acquisition, mining, our and so see of more addition more

that, you are results big seeing if the Yeah. talk And would Communications with growth they we we I to and as has add Document Suite good but look Product those products. about really Re:infer a customers products, Mining, Test just expand at into impact. had Understanding

environment stack -- continue now, larger fits also consolidation. I say from a I would process, And to operating innovate nicely existing what find to environment. into, are are platform the an in just call, customers our And many right customers in figure ways of that, into that the as we

all platform. So good is this for our

I sneak could just more Got it. And maybe one in if here.

you talk driving that stronger Ashim, your within than to and expansion are business the guide… the leverage can expected operating factors margin

Yeah.

you give ahead? in that looking confident …

with team from think finding Like and understands ways while be from leverage I the job efficient. operating managing has I execution. done value that employee an starts UiPath and to more to customers topline, our every delivering expenses -- think the incredible goes

think our in we to and proud -- streamline environments. XXXX organization execute XXXX ability is really I the in are fiscal tough What in about

we have think that. I done

terms have to about -- show as organization. as of in We Daniel talked the that streamlining continue we

speaks magic leverage that is margin the cost. growth kind of you result and think, the to strong. -- see just is Operating really look When you in our that’s formula I at Board, fourth why consistent a the and Across manage numbers quarter, you operating on that. it from is stay natural you actually your

And we flow do to cash a and just from we be year I both supported working see of strong our every those this look we a in at also those that’s by to you it have flow noted guidance from make at think also of standpoint I free simultaneously. that want generation look cash both positive and muscles items. that note, quarter

your question. question Matthew next with RBC. our from Thank Please you. state comes And Hedberg

the and outside of give Great. look both of I sort you the a sense opportunities of to and results. in Thanks U.S., expand and taking terms congrats like on wanted EMEA the opportunity? Yeah. just questions for land APJ, broader us could in for my the

Yeah.

We of are are with very office the Daniel with Digital team their in and had we East, UAE. up Middle where very Transformation are his myself, the pleased excellency, sales opened kick the our we we off. by Actually, in pleased. And Head

We are are team. where we very pleased with we talent the in have going, the

We are I with of see, the to also and significant starting go our into wanting solution. as in around larger on, the platform earlier companies all actually expand areas mentioned to with discussions UiPath from an RPA other

also have significant constraints Denmark automation, finding Sweden, employee empowerment, We in have benefits in and want are seen enough the and terms because markets strangely having where are significant space. seen to resources resources finding they in interest drive that like of attended in we we actually companies

team So nicely. is along I coming our would European say, very

We opportunity are in about optimistic the cautiously that space.

Hawksley on at Lee Asia-Pacific In Board on Lee Day. now, is what we three the said some months. market, according to we probably, have Investor Board adjustments is about made

India, leadership new some leadership in a got new have We in Asia. Southeast

And in are Asia-Pacific we I very we North the say, Europe pretty the as work take have in that well done beginning that, execute cautiously but well. at America, that and can optimistic and of would in we

financial can then, vertical? services for of you Thank diversified it. a to That’s tech exposure And guys and us for sense But a users. you. rough Ashim, both helpful. give sort of Got base super have the you you,

on us. Yeah. the strong is banking vertical financial vertical I for mean a

historically, about basis, don’t -- health they a are of figures, given have but financials We those our we disclose some them quarterly care. segments, of and one we largest talked have on

of are institutions, it. like, banks lot to Just large exposure, bit, the little qualify like, our when kind evaluated major there. the of customers major like, the JPMorgan, of out have look a A are it’s we we some in at that

are feel good of with about And where now. that, we so, our there right position we really

add at that. just I is that financial efficiencies services, through we value sets and We huge Document the amount would having services. see financial the to in in With in services think value document financial and you of a in tremendous had insurance Understanding benefits and mean, we opportunity solution to I of achieve proposal in look straight like insurance processing results. Northstar the healthcare have I our a drive difference the can our healthcare. because when having

you. Thank

Our TD next Cowen. state your Please question comes from Bryan question. Bergin with

Hi, to guys. wanted margin follow-up on Good afternoon. Thank first. you. I

efficiency did planned you can most don’t XXXX here what value of and XX% XQ you if then that talk for fiscal out plus in the cost XQ? can strong So you you here, specifically, about benefits those maybe bridge benefited XXXX in just that areas to back in And leaning in from or are invest? initially you any areas recur that of the

Yeah.

I I always emphasize. will think the --

to we teams the like operating our and think have margin our the of did. allows focused revenue we in this front I numbers we starts with us which delivering deliver number topline. all have market in of that us

of I emphasize. had cost across Board frankly, specific areas, the -- I really want and productivity cost just terms the in Bryan, we to

I has engineering in marketing, contributed every team and product think and to G&A sales way. from to right the

is have some as recurring. sales we go in we always at There commissions -- those into timing some such things some have a that seen, what of with seasonality. everything terms Most realized, something that accruals, that we accounting of it quarter look associated types are of as elements that like that have

rationalizing terms are even a that and have basis about in finding we the points ended. XXX good expanding forward feel where of we higher why all are really streamlining year discretionary organizations, of the that’s organizations, go the in we off beat as costs. that we the of confident as we fourth from quarter seen and sustainable we see Those and things But efficiencies productivity

Daniel, there, Mining. product, on around products that appetite around discovery seen can Okay. you customer then client and think, I the a reference I have heard talk And you about Communications

the So the of past market? around in brought I and Mining you Process product Mining Task am that uptake saw you what compare to you curious would how versus when those

are become making part Mining. I’d pillar that, say a the all, last full-fledged Automation the first in of is an steady And of has discovery Process It clear Business we in very essential year, Platform. progress,

We our player a And cloud. the prospects great bullish on really are on Process Mining sizable have on we version market. being the released in

is more business one we transformer-based to the this Task configuring invest one better we what the by people shoulder are hopes and Mining. the the in have been achieve AI attempted. project have And We ever over even models Mining processes getting themselves. us of AI that To of watching trying how first reminder, of is doing the processes most Task quick a into company ambitious to basically give new the

Mining, it’s acquiring the platform transformers. Re:infer. It’s based our a Communication latest it’s large And to language model on by again, addition

especially have with of We and of on to traction, our the taking great -- some Communications especially our emails technology customers email. millions large classify banking that action customers, based use Mining our seen

shows again, an of So, the this integrated platform. power

You discover that point me, four operate. you then ultimately, becoming you automate, is this our on platform and great bet three again, successful years years, To a ago and it’s today. it’s

And you. Wells Turrin your Securities. Thank Please our Fargo Michael comes next state question. question with from

question. for Hey. the Much appreciated. taking Great. Thanks

we comes and just math have for lapping XX% have the been you improvement since topline. how place of of Can go-to-market there? just we from Day through set for progression growth talking year improvements some guiding the much the just growth level a of lot the changes the to to product about of the how In Investor full versus that have put terms experienced think up in the the can you Ashim, appreciate guide, been of maybe of there headwinds the you XX% some that are and you have on

Yeah.

XXXX. XX% finished in encountered significant So, as growth maybe at I we I we just fiscal FX XXXX headwind and think, revenue start, a year

level Michael. off, So that to helps

adjusted delivery in growth was So feel feel actually good good a that we -- we -- like for -- we a it XXXX.

said, for us XX% for in at we buffer about outlined. has when We additional of execution the That for being that guidance. the Day. guidance and our for we We look our then the macroeconomic or -- time we Rob put philosophy, and volatility foreign that accounted talked line repositioning the front see adjusted Investor accounted weakening we dollar within variability and an the at

in we with see feel continue guide -- our actually we what we good qualifications. front together, to guidance to all about of XXXX have that take you in when those and So us we

Yeah. of to think will in And specific modeling quickly. which very the your together tonight. We you points you step to -- I is a put as be lot script, Kelsey. gave this models helpful very I I want in

model post all us, this on tonight our help we So as think please will out to prepared FY XXXX of reach feel are to that finished you as soon and any questions, will information we put have to but if the together. remarks you free I your website

helpful. very That’s

or round quick on presented Day. out. follow-up second those the other in targets November, the a that targets strong the Day were margins. with are can into Investor that strong also but were there results Investor of a in line even help areas things similar The place and range with at understand the keep in are side on something state mean, or stand just you reduction? with was obviously, product the contemplating year second that the reinvestment margin expansion the you that reduction Just of are QX I expansion, the cost that the us if for targets are alongside Still contemplated went

Yeah.

we we major investments at workforce net-net, from look don’t year. have relatively overall, any think, I time, so year We look factored and see this we keeping stable. our I our think at at decreases into last actions or major this

streamline UiPath and in? areas are Now look to particularly, look the employee areas continue discretionary in to our that’s organization, to there for spend. every we invest Yes together, that efficiency why opportunities and for we of continues

of at it. looked we how have kind that’s So

I all would of in. actions been have our say baked

areas to of keep the in continue of execute front advantage the invest relatively and the similar. in take not to organization we see that us. of opportunity we will needed the feel the fun can market, to relatively to we size We But like

question. question Thank from you. comes with Please your JPMorgan. And Mark Murphy our next state

quarter. Hey, guys. Wu Murphy. on the [ph] the Thanks is for taking for question. Audi Congrats This Mark

that sales have post and and all call past nine and six vendors, you kind slowing guys been pick going have kind right the months the in trying on of lot of to for in to months, of of motion. really then on down we tools of a the kind customers UiPath to wanted focusing kind them Just heard and are both other

you made So some from sales? changes guys in success the are results we just the have to of your seeing those clearly

platform Investor going, like going well execution executed feel think, we and out the around Yeah. that we we packaging, products really, were we growth I mean, at have clearly around were what delivering I the that. we the around pricing, laid the and very Day, on where really to do organization, the segmentation of

connecting the on about is, -- environment were focus paying With are are the we we we level the and that actually dividends. focused of part the Audi continued to of and certain environment, have kind the that making their I C cautious were and hasn’t question, to approach, on part investments focused the budgeting think forecasting actually level we cycle environment cautiously and at that what right customers changed, are our the right on the that’s of driving if that’s

was also as area which platform, competitive launched see Understanding and I’d XX.XX we Document marketplace. are traction discovery us in to just the when we absolutely Re:infer the [ph], these product in be some the say with real and to But starting that the technology well, allowed

Platform customers from need an is our Platform you for customer’s speed Automation I would we with say Automation you we said are the are looking and in clearly Automation is move I very agility, what to space. an leader want like to aspect and the Automation if important and that every feel have journey, beginning.

for for And there, to should renewals, go watch through contract call Great. the of in XXXX? Thanks on trends any patents then answer any we ultimately, the as there. -- fiscal just, terms we

we are don’t feel any contract I in renewals. like don’t contract changes on renewals. we top significant of the We see see any,

think continue as focus are that have existing customers significant to for well. drive base Our we existing to the we customer -- a -- customers in key continue will and aspect we on well expansion. as expansion, customer upside We as

you. Instructions] [Operator you. Thank Thank

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

which seeing Wonderful. which you those to changes that big some new update Thank selling could you are you to wanted provide ask success. under into you. an to love color to solutions one of starting as to any which up approach. solution Thank we and you with, get more as would are more or you. verticals to I see Obviously, should solutions I are see go-to-market coming? selling the success if as

Document Good very of is around Yeah. Document earlier, clear, question. Understanding. Document it terms Understanding seeing customers crystal value in we, The clear it’s mentioned significant is can almost proposition Hi, I traction in are the Understanding, we value Brad. it receive.

Our that value payment we systems, is through processing straight see that. or have invoice significant you so high and significant when really customers or have systems claims payment in

Automation that actually Test There’s have E&Y we in testing we with they are an nobody value process used space. companies unique And with that’s Suite where seen solution significant. so Automation, and At very That’s practice that. seeing audit in like there. have Process connects the Mining then

discussion. significant agreements the I though, seeing becoming more as say, are the overall, to platform at enterprise look companies would are license more What in an is more we and start opportunity,

of Mining, their look make Understanding, We implement, much to would can and as Task I then our look can achieve it impact have say, implement. applications faster. to starting other a we say, a discussions more Process that, your in replace Document help are the solution having customers faster Automation are with an stack it consistent, platform, many to And top lot actually easier results accelerates at full on you well these more customers when Mining, of as

Thank you.

question Please your Tillman Securities. question. with comes Terry Next state Truist from

have going Ashim the as global Yeah. color I partners Officer are know first and I our well, customer engagement. on so can’t out your I will like help mean, the give half. question, about regional to myself. the Thanks. second be it one model so first-line partners? won’t important of a SIs or a kind really do half appreciate good you you boutiques Business Hopefully, all helpful. of but opportunity of But the would Chief whack lot But plate ISVs, in with lot over the go-to-market for of a kind and is, Understanding, plate. got you on role I then. the have kind seems these at or revenue. what of the on really Rob, I guess, products partner question got are now to you I your of you, Document to drive as end, very forward the these taking a like It’s terms and like I efforts it of together incremental really time some low

you. partner some working this what transformation on are you So go-to-market what or Thank doing side on? you guideposts are of are

question. Good Yeah.

there. I progress yesterday So I the with we think, E&Y. the of was significant over markets believe with -- partners five made we which I Automation, Automation, like I guess, -- is X,XXX think the the Worldwide E&Y, we world, I event around or customers touching, on six

arbitrage so When we how customers taking can with help labor inflationary deal aspects, are disruption that on. -- talking take about Automation and different economic are

like feel like partners with So significant progress are making we E&Y. I

incredible many big the that say opportunities starting fully Automation starting to play are in and of now with continue also to making as supportive, are we They play. Accenture, would through also be others with and see to I see are Europe we progress. a as Accenture well

in partner a nothing UiPath it the Automation saw When In look past, terms the different Automation of than go-to customers. to to different drive many solutions can sees business space. at as the faster And player help products, Automation. solve many you types results trying how they they there’s a and that in of space drive now

You can get can solutions. and it of it many often you top other on get

it’s So non-disruptive many in ways.

shortages or Europe, but solve terms those are dealing to of significant attended discussion with in growth different those of my those in labor how products, as they said, terms And started see automation markets. a I of in also constraints discussions healthcare in amount in of I not and discovery as well, have to in environment only levels the

you. Thank

Our Michael your next question. Turits from state question comes Please KeyBanc. with

for is This Billy Michael. on Hey.

about wanted thinking going year? Just Thank into you. how are ask you expansion new to next versus

Yeah.

it’s been ARR. of and think, we -- just I XX-XX I have continue net kind fairly. assume the which have the that for had, We have we same would our historically new to is the That’s assumption, split split

I a around There e-commerce would add earlier just that. question distribution. Yeah. was to and

actually space. investing opportunities actually are are partners. in distribution We they starting answered to bigger should more upside this, distribution our in that are markets see have and I partners

acquisition as about of positive well. the So we customers feel

remember, platform fits well, we model density as well. area into want as focus a highly products which expand customers said that, on that And new the always our growth we to the going were efficient to with and creating

you. Thank

question. state your Next question comes Needham. Please with from Scott Berg

am just Hi, those trends land sold in know to they them? going certainly changes if question the been I platform market any on congrats you in either ARR down is landing What’s ask I have quarter. you Thanks. I didn’t seen to little everyone. like will on guess a that I the for one Accelerators echo the those Solution strong while. how with able the maybe are the to versus of now or historically. have you relative terms without up how on

Yeah.

XX market. we are -- -- now I good So, I Solution the XX in and that, say, so, think would on Accelerators between Scott,

seeing We Accelerators. the uptake significant on sorry and on Solution seeing on are significant -- them are we uptake the in marketplace,

we out customers that the are them definitely it at which are are help Accelerators, and and the we opportunities accelerate driving don’t can use want agreements, Solution we earlier speed at charge them. continue very for license using drive how the that but customers benefiting to said as us, they working is bigger actually on. we to will speed I seeing we are We which They are them. enterprise As they bring

So certainly helping cycle value. and helping to are they faster get sales return the customers

the question-and-answer Thank ladies will of over I gentlemen, closing reached the end management to turn And the call remarks. have you. now and we session. for

you, want you Ashim everybody. forward of is of I thank look many weeks from your with couple and the Thank and everybody. next to spending appreciate to I This time over Robert time myself Yeah. really I and Daniel, Kelsey. just here.

All a Have disconnect. may parties Thank concludes conference. today’s day. you. great This