UiPath (PATH) 13 Mar 242024 Q4 Earnings call transcript

Greetings, and welcome to the UiPath Fourth Quarter Fiscal Year 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kelsey Turcotte, senior Vice President of Investor Relations. Thank you, Kelsey.

You may begin.

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

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as today's to discussing will includes operational statements XXXX. about be We growth full fiscal our ability metrics grow efficiency fiscal platform financial forward-looking year non-GAAP and This call drive well guidance to first our our quarter and and afternoon's call. on as

results those on the statements. to statements due undue therefore, expressed factors, not these differ from and Actual forward-looking many reliance investors in should materially may place

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you, want to We a our exceeding Thanks extending close for guidance fiscal joining forces are which XXXX. demand dedication Thank I accomplished thank see both everyone. you team. of driving breadth Kelsey. wait line our platform by the everything do. and hard spirit and to success, us. success, the bottom can't by the work, on start driven strong focus reported depth in metrics, the year, team's we massive of together . what our is top across innovative behind for to our the afternoon, and I customer the at we core Good to a and and

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first bottom of XX%, operating drove quarter quarter basis non-GAAP points public our of was This over the This was XX%. year-over-year. to X,XXX record profitability a On margin a operating fourth year margin an line, also GAAP as fiscal company. increase non-GAAP

Bain success. the objectives. very joint their of either with us is pleased digital capital that XX% AI-driven team's AI-powered prioritizing energy longer AI organization's study, right initiatives prioritizing the of our solely asserted very cost The management am a for which and or deployment, I and focuses discipline up critical around on State executives Automation, future no also executives recent ongoing They're sets transformation. strategic transformation. are in In and UIPath important fulfilling automation C-level

the of strategic AI every in actionable, next We promise technology. I combination that to make enabler the foundation across our and organization. deliver Our believe evolution change And automation of for the business automation platform customers. the is is unlocking the value this AI

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the commercial they several program over expanded production part in their lines, automation corporate fourth communications XX,XXX investment HR business to quarter a And they and department. have processes. with automations thousand across robots X-figure of has As in deploy as across plan deal, mining bank, bank

solution like for Our toll platform organizations smaller and toll and both growth. compliance which drive large for leverage a automation efficient is innovative to trucking ones drives ROI fleets, solutions, management

their and complex they In grow automate test automation additional testing quarter, fourth prioritize QA documents and suite automation document for customers, for to to their and understanding pipeline. toll application the invested in more including business SIs, The AI-powered automation, our joint value customers. never been global value automation the like our power regional AI the go-to-market evident combined to SAP, it automation platform hub who with partners, has of to provides and understand partners of

with SAP geographies. and the generation and well, Our across momentum is pipeline pleased partnership we are progressing

with to see success closing including wholesale one retail a Switzerland's logo Disappointed continued new we quarter, combined of performance and of to both RPA the competitor's application to of the During invoice the with document are in the performance company-wide. a in UiPath. out of and largest monitoring deals, processing of process solutions, UiPath. expanding automate They also understanding goal these they to rolling are migrating companies,

EY, and on combines of based example UiPath Working EY. UiPath, all to Spencer ability across and test with our & applications. selected both power the Marks Another SAP great automate

a to customers finance within to quarter. lines to utilize efficiencies, the business team and automate There SAP spend. in leading encompassing hundreds a also RISE and our across X-year sponsorship, and goal are customer expanded NorthStar the platform program, assist communications with employee holistic to further They complexity customer to Using automation. organization. growth a since S/XHANA XXXX the UiPath to full Deloitte, C-level this plan automations Indosat, experience. a of revenue operational their to road improve their UiPath Indonesian approach crafted vendor with looking and drive migration the of provider reducing and Together processes help a build was Partners increased all map,

lines opportunities focusing Beyond automation to higher-value workers forming list this revolutionize businesses across scale various colleagues, a NorthStar through strategic to of UiPath automation in as top customer the they efficiencies. of on Indosat's tasks. Bank to quarter focus our a And equip with And result, the program look have empower on we a internal use, local partnership this GSI, improving in productivity across our collaboration, create to expanding accelerate operations, cost and presence they program TD business, driving Indonesia deployment and experience, are controls, expanded bank. the empowering go-to-market as supported we optimizing in to

its deepen and our value-driven Microsoft the collaboration automation expand to to leverages collaboration And cloud best-in-class for finally, experiences to Microsoft customers joint early-stage market see and automation the of UiPath This using solutions continue opportunities co-innovation customers tailored Deloitte. the partnership needs to recently customized industry kind which with UiPath with to to AI-powered build agility. brings with speed modernization Deloitte's we Smart Microsoft. enterprise announced first by between integration. by automation also accelerate move innovative its Finance companies, our Azure. We and for into packages built We and and Deloitte of growth companies require AI-infused

Marketplace. some have Microsoft notable we including on expansion quarter, joint an deal This wins,

in certifications program. cultivating of which in is making partners cloud on multinational we plans can We automation, strategic includes the well and to to investments partner in the a by of with a as fully side. XXXX, platform. UiPath realize our to our includes continue process enablement in the as our British plan while side customers updated desk work focused enable new expertise dedicated which the as align most with This our ecosystem to company, automation quality partners deal benefits approach migrating This growing trusted partner better

learn community. into developer partners February held DevCon XXXX ago, full by in hosted and market professionals, intelligence Suites. our productivity at the was months including processing AI-powered bring X,XXX to IDP bring evident customer also event team and AI-powered sessions, in from and the growth about the over business evolution They new RPA developers, we that Test like XX momentum the India features more than drove automation platform. Daniel or specialists we a XX to document products automation featuring breakout participate of The

key the link that products competition AI serving the and results. have role a from evolution, into as our connects platform's Our and us setting actionable automation in apart played growth

to platform has sector. onslaught also documents which every resonates Our us so forms, particularly enables and invoices and Almost process to public close organization an more well customers, strategic health in larger, [indiscernible] care why deals. understanding finance, insurance, with of is

top the the and engagement of a fourth our intelligent our testament to quarter, processing, platform. document XX XXX deals of In customer part included

been understanding processes, improvements projects. unique to more models identify pre-trained vital digital help customer core and and process million scale XXXX, XXXX. over to combines played transformation CareSource, journey. platform the transactions since rapidly document and understanding, streamline continuous X.X ] and their specialized XX a has our a Our they've efficiently AI than in virtualized in solutions able Leveraging At package process [ automation approach role customers document

initiative success to into and claims expanded understanding the Given and they across move document processing. departments finance their records plan date, processing to medical

to fourth powerful the with to communication a model, plan our as the testing LLMs, documents AI, in we of LLM, and IDP Test widen customers large they initially AI robust the proprietary growing open-source believe with IDP provides application is efficiency in a space. to communications unveil automation we [indiscernible] most UiPath market, to next emerged IDP and tool Summit interact change data. The we invest Test language external the At to our quickly market, combination than specialized which disruptive with year-over-year the and access planning to which automation customers in combines quarter. leadership documents more what quality, stakeholders. XX% new Suite, testing becoming week, and how AI our drives continue but on model combined a are for Suite our solution allows is business industry-leading not customers UiPath This only

in joint on example XXX% A is months study benefits, the significant from Suite XX% than just X-year fewer complex ROI A and their able and cases IT resulted test a great Fortune global recent customers to XXX customers our of running the Using incidents global significantly found enable to coverage delivers in to and payback operational only have their a in test XX%. IDC Test improving Digital million experienced, months, UiPath capabilities of landscape X,XXX X ROI end-to-end average, them Communications they annualized department, more our logistics $X have on Corporation. investment. This that keep to smoothly. In X automate XX% were

Autopilots accelerated We across of platform. the these the Autopilot generative expect of automations, newest to latest innovation, AI people for Both that be set and have mining the company it studio, participants experiences Autopilot, makes improvements. of history process discover introduction for in preview, returns public for and development automation for skills our leverage where with AI-powered Autopilot private to further of Communications AI preview in like our Autopilot to time for accelerate and specialized while largest process all build preview. Mining easier number in we are tests and Autopilot

financial verticalization our expansion. sales on and now customers is the industry it technology our investments plan of available where easier we the in out continue joint engineers opportunity help platform large our Marketplace, in on the customers insurance, customers Cloud our [indiscernible] the areas resources specialists, targeted investments capabilities, to to our for Cloud to in the automation process sector. get growth making biggest support initiatives public enterprise and business sales we on automation and like health for towards To Lastly, areas and scale care prospects most front, Google includes customers Google further infrastructure. services, deploy This see

America, we and been including This large in where other strategic in are approach in regions are deals, has early traction. we North driving instrumental seeing investing momentum

of driving excellent an a growth also job the creating mining strategic kind processes to understanding. focus team migrating and UiPath. intelligent sector industry in communication UiPath use their This an automation did will more Prism. U.K., identify in in working document our be They're is positioning for our displacement The which cases platform customer to XXX Blue the business. public team for deployment Our customer of while than resulted to a manage of also strategically competitive

we Student as and This Scottish additional core Public Pension and reach agencies renewal and to of include They're areas quarter, finance adoption and departments economy. government Scotland, expanding on automate Security Scottish rural Social to their that the doubled their agriculture Awards, Agency UiPath of HR. also continue

Defense these of services Defense, scaling in community Department for base are initiative work up and document an acquisition by UiPath and the they secure the AI addition, of our And and manner. understanding In The partner, cost Department U.S. reduce of the and Coast FedResults products, for UiPath agreement organizations federal in million. of particularly our discovery. U.S. vertical, and government enable a the agreement was X-year delivery products AI UiPath Guard. will to enterprise process to of DoD, process and UiPath products U.S. streamline adoption period to the awarded software accelerate put This federal and services the intelligence will significantly to safe $XX

years decades expertise Before to experience we personally I and to insights industry I'd technologies. Board Ashim, like emerging collaboration. of extensive welcome and Directors. executive will proven, strategic I Yang hand over experience June call is our to as the look fostering who well our as of to a technical am in in cloud from AI confident June forward of and many transformational and benefit brings

our to a and Ashim. demonstrating And year, businesses and strong go-to-market to innovation I'll strategic automation delivered with AI-powered the [indiscernible] look of our continued And business for transforming way investments momentum. we summary, as position revolutionizing operate. in us XXXX, that, over the I platform. hand our believe momentum We're well continued In we industries ecosystem

Please and good immaterial afternoon, non-GAAP XXXX and a exchange rates indicated, year-over-year. on otherwise be I quarter on will note foreign you, Rob, fourth an had growth rates and basis, Unless year results discussing year-over-year all that Thank full results. impact everyone. are

laser strong variable ARR profitable excellence is of year, team's billion, $XX XX% our execution will Turning to on driven close growth to totaled a increase continue be operational to to We the new a testament initiatives. $X.XXX focus had and million. and by and quarter. ARR the net the environment an a which of

and XX% customer automation with is base, the our over Our cloud-first year approach up ended year-over-year. driving ARR, driving -- across is million in we $XXX adoption cloud

selecting After quarter. our platform as they great successfully of migrate multiple operator preferred migration, a capabilities, expanded the leveraging their expanded communications global They specifically UiPath vendor plan fourth document the and of testing major the their cloud additional to drive the entertainment full understanding. hours AI saved. example quarter automation telecommunications process due and to Japanese company. automation is program million mining the products document like and A mining their cloud across to divisions and understanding, media platform specialized with goal during completing this breadth an A cloud by -- to X the

XX,XXX Workday, Global acquiring a Solutions like quarter Guys, Allegis, Coca-Cola propensity a to with Tesco, Beverages customers, We logos ended to Florida, the including strategy testament and new Five our with of enterprise invest. customers

attrition customers, or while an XXX. continues with The more overall the Customers business. grew million customer majority in in or represent ARR with ARR smaller to vast to more to customers be aggregate, $X of which $XXX,XXX XXXX, increased XX% portion of in in immaterial

to ARR, customers expand Our And also in continuing largest year customers on XXXX, more are fiscal or platform. $X grew our during million XX%. with

dollar-based driven of their and of the class, time net At has accounting, quick automation business quarter Expansions XXX%. be departments. and globally our and are was Moving across their double by of HR rate ROI automation. gross to the in applicability fourth retention XX% on, the to broad continues dollar-based retention operations Fujitsu, IT our best revolutionized as

depending as customers. million, an vary ServiceNow we With of license including C-level XX% from they from on remember benefited Salesforce, and increase grew deliveries rates ASC under year and automating good demand are had revenue linearity into UiPath renewals. growth in that mission-critical the digital as quarter incorporating to XXX, timing quarter calendar our strong year-over-year. Please a such close company-wide sponsorships, enterprise Fourth systems revenue quarter-to-quarter We SAP. the $XXX project, and transformation their of platform

revenue year basis, continues revenue XX-month the growth aligned. be Total our trailing an ARR and was a on fiscal $X.X revenue billion, XXXX year-over-year. to at increase for XX% Looking of

Strategic $XXX,XXX As customers performance XX% our ARR of accounted by our quarter, also investments revenue. drove platform $X XX% growth fourth customers up approximately while end to accounted increased of of XX%. $X.XX of customers in which or our of with for obligations, made billion, total the ARR revenue, for million of remaining with in more

$XXX million, XX%. to RPO up Current increased

was quarter Fourth expenses. overall gross control to driven by and efficiencies. cost Turning margin XX%,

expenses GAAP was leverage the first the quarter we management ended total of operating as a fourth with million delivering employees. gross the commitment operating XX%. expense. to In quarter, compensation discipline. quarter million. profitability our our stock-based expense This public achieved million, business company, included of $XX $XX income of We and Software $XXX and were X,XXX margin Fourth year our highlighting operating in

over Full $XXX operating year our and Full year non-GAAP was the our XX%, and $XXX fourth the to $XXX year-over-year both operating margin margin of seasonality. was year. operational year. laid XX%, operating plan GAAP compensation. the million. resulting team's million, in the a disciplined year free beginning for stock-based fourth testament non-GAAP million, non-GAAP income $XXX with loss execution I'm a reflecting the adjusted quarter X,XXX quarter full increased well million quarter including cash operating basis fourth operating Full ahead we points non-GAAP was of flow pleased really to income rigor and of generation Non-GAAP at out of

Fourth quarter was free for cash non-GAAP $XXX million. And free non-GAAP fiscal adjusted adjusted full flow million. year, cash the $XXX was flow

of we January from $X.X $XX.XX an Under additional of debt. repurchased an cash X, program, XX, XX, XXXX Since of buyback marketable our $XX.XX price and XX, XXX,XXX common XXXX. $XXX we XX, As X.X average a plan, stock shares at under in average and an securities XXXX. at million through March of January billion November our price repurchased XXbX-X through we no Class equivalents million cash, shares A January had

Now turning some to start guidance. with to I'm color. going

for guidance Starting ARR, current the top year expectations. full revenue operating on above We and income are line. initiating non-GAAP

with seasonal the matured weighted growing grown has the of other with second our half and billion in to the of which has first. fourth being U.S. and is stronger quarter, This year companies $X software reflection As renewal into a past pattern is a the than the federal our portfolio, vertical. business consistent consistent our industry

As XXXX. approximately be ARR to revenue revenue as ARR and to fiscal second first year seasonality $XXX reflect approximately similar new expect net a new be we to first million million, half net half result, and $XXX half

of this expectations, On and earlier, significantly mentioned the the the out at margin non-GAAP team beginning fiscal we really I for operating bottom line, this year, of our outperformed which proud we laid as achievement. I'm

We have combined over of high disciplined with cadence, when value deliver and gross which considerable a strong expect our shareholder model operating business margins economies scale, increasing with we time. to

Our in platform meaningful are front AI, commitments our well technology to go-to-market and as strategic We take we large opportunity IDP UiPath. is to don't we generative AI action. customers tremendous to is to continue capture making resources highly differentiated to and growing enable customers use them and there just make We of plan believe to like and market. a us, as investments in help this allow

profitability background, as deliver With to least fiscal year-over-year. our at this the goal XXX year of plan driving expansion basis of XXXX margin operating non-GAAP we growth with points in and

which the the variable. Turning environment macroeconomic specifics of assumes our to guide, continues to be

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

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

I modeling you points. want a I leave close, with few Before to

we seasonal of our our XXXX also to operating approximately offerings. gross reflect free approximately year flow assuming line And to non-GAAP year FX and seasonality Fiscal be year-over-year. scale to neutral to full metrics. expect normal top platform Non-GAAP be million, follow we're cloud patterns. income non-GAAP $XXX to We net adjusted cash as XX% margins similar

for are us XXXX, Thank you approximately committed fiscal look to of to we joining with compensation, we during managing year-over-year. forward and be year stock-based dilution today, quarter. for the Lastly, X% many expect to speaking you and the we

I operator. the now turn to that, over the With will call

please the with questions in a to room Daniel reminder, answer poll us for well. Operator, is questions. As as

question Evercore line [Operator from the Instructions] comes Kurt with Materne Our first of ISI.

just wondering, on their was of strategy, of or their thinking referenced need strategy AI sort you study do I -- experimentation of automation to about Rob, wait on there's and vice when kind based lot curious the mapped to AI get Gen out automation customers of with Obviously, earlier, how going on a folks people versa. AI right the are your they I could up there if all. of with add I wondering because little a you what good. cadence some wondering, But bit. more color think making kind was that bigger tripped bets I quarter now. on terms some just looks this means get you just is what think I'm in

the from discussions discussions hubs in the I've and and Thanks, is Officer really we calling us today. you like Europe, to we're my and just Head In using expand from Kirk. immediate Yes, and my see AI infused come Gen AI what into we've feel how -- our that benefits Europe. Chief Gen in the doing -- they automation back AI now of work AI they AI conversations get solution into

of automation we set more and executives today. the broader see expanding C-level So companies in to more

with add in positioned And practical cases and think use that more what AI AI and very on. that space in looking And to for. looking much what infused having not early automation customers value tailwind to we our real we're we're significant that getting terms We're a showing adds And was the we're We're them. I with discussions and it in platform product are faster. deliver that the today. of actually

follow-up If a just ask quick I Ashim. for could

about quarter. you guidance, doesn't that? quarter. have address drove this curious do just Just but pretty I Ashim, ARR to this of go-forward jump that? what in to Can much the just I it sort then And know a managed the obviously, you with business ARR, drove big but obviously licenses what realized that

number us a quarter did is license in then typically we deliveries. was it various I mean mix heavier a mean of for general. significant fourth have I a quarter of Yes. And things.

volume Some good of deals, the of obviously well. quarter but prior from deals, current that was as was very

comes question with of Jake the next Roberge line Our from William Blair.

AI that strong raise office be infusion base, the the and office there with, cases it profile is specific are when or Congrats new or of results. you maybe front whether on combination resonating automation across helping platform. curious, But really that, platform? back broader any use any of of Clearly, use helping the look is automation down the and cases vertical for that's break doors the AI I'm you

Yes, are care space. say, would and I we insurance processing our document we're clearly in feel space, that health intelligent what in a doing with advanced we pretty that

the And We in more history having we of looking And mentioned companies preview also customers in that a that some the It's applicability, Test preview testing at just we are our a look on relevant Autopilot. customers. up in largest autopilot it. at to than becoming I UiPath earlier, have cases, as space. X,XXX taking and well little as earlier see, mentioned Suite in that broader automation more then

the value in So all those adding more aspects, of it's to platform.

see mining AI are would and actually Mining, platform to the to starting Task Mining process add specialized it that automation, I many of to And it together driving is Gen uncover is the a faster. with think discovery has process tied our to able I now AI Communication to where actually companies because benefit capabilities, that the piece many, and discussion

early X,XXX Okay. Helpful. And Autopilot. comment of was to adopters then the it on that great hear

seen that those adopting terms you've to been? the at have that of curious in anything now develop able adopters feedback Just And those then early you've automations which from early the are gotten Autopilot? customers after new what speed

can I Yes, this one. take

of the seeing an for for Autopilot. number that the are time. good. We rate using of early much acceptance people with of development automation are in retention really XX% are which seeing save It's quite is the them, we Autopilot on we instance, estimate to that the of good the they excess And to in how week a come in are proposing Developers, the of week quite

industry, and is part And the savings. implementation largest feel material of total our maintenance cost But there automation is of we in of ownership. the

adoption estimate the our also we platform. of a broad increase So really will that adoption

line Our next JPMorgan. the with Mark Murphy from question comes of

my congrats. And I'll add

you ERP end tailwind So Rob, momentum Could seeing pretty of a Suite. there's SAP Test with you on wondering if support Clearly, XXXX. you're deadline, cloud the can -- since comment that one, have SAP. this some you believe, coming have but grow you migrations. the in partnership into I tailwind that strong big And with I'm up for very the the

We are feel the both the we're partnership. factor I is another with feel together really SAP a like platform. large doing where the Marks positive what Swiss of with about predominant one, is Suite one. we cases, the dominant logos, Spencer, and with In is retailer new Test is the rest or

like has, future. us momentum, starting to the I combine that that. the want that announcement But the you many are SAP feel marketplace. and with And marketplace RISE mean, we companies S/XHANA date, see really said, the would not right? positive So also they Cloud play investments also in with they to in when also benefit now about I as which really, Marketplace, from together underestimate will the feel with end Google benefit investments an those automation many, we the and

a as Ashim. new in follow-up there And Okay. net the quick looking grew It QX. looks good. it got for I'm QX, almost but ARR, at still year-over-year it in

to I pretty think get -- align wondering that back net fiscal guiding think year, might to it new guiding was of see have sort I'm 'XX. to growth. to in grow you ingredients that what you're FY meaningful what this the You're similar

that do For be with we some up end instance, year, a if might good execution? in that you the do soft then cards think landing this scenario with

it if net at I I at the progress close great was at look company. is Mark, half down, to ARR, as half, was basically way it make last look you look this first year a and continue the neutral. we to new second the

you when quarter. now, at in first growing you are ARR look mentioned, right As we and new net our overall the midpoint, guidance at the

to execute. we think I continue

very guide also on that and And The map guide, this our strategy very if the of is lot clear. Our we a focus is strategy. executing optimism. have terms think are assumptions being proposition really our said, execute, our clear. just our of quarter are we and is there. to our to clear on continuing That execute continue And in value is product and road we I

next of Hedberg Matt Our from with line RBC. comes question the

I'm I really out said about was of I significant ARR should to noted for a What mix Ashim, it well. XX%, as reacceleration that down set could how wrote we I million. because believe too, right. be $XXX your like sort 'XX think that portion it Cloud if of in me fiscal you feels that you think curious,

Yes. Like customers, is to cloud. moving and our popular we really continue see offering the momentum flex customer to with

about every that very feel growth I we would overall -- continue the rates company that as momentum. say the on and trend of quarter. consider the the we'll the mix historically we've trends would So the numbers good we disclose seen and

I about it. we think So feel very good

That's great on really to bps to this and margins thing, is hear. the And is the obviously, great hear the good year. XXX the progress other

it's go-forward it XQ I I but fiscal in do profitability just Thoughts was sort thoughts also GAAP could nice. seeing every mean think don't in a you really 'XX. think of GAAP profitability know [indiscernible], if on I profitable on on quarter, basis. GAAP

won't would look, say don't I to is I guide we obviously so X things. profitability, What GAAP there. comment

and you like we'll the overall terms out part information a what with terms fourth just components capital look cash of that equal like at in long-term allocation. appropriate that for at the is operating the as whether the now, right, year, said, discipline cost seasonal trend or that GAAP And the of overall in we more capital that have I in quarter. We line. achieving really and as of update need the door we're more be patterns, them us, And loss Really We'll progress we information pleased quarters. cutting even of is will give profitability different times have significantly can going focused on. that GAAP the margins. for We overall -- GAAP just good equity, that's in profitability is and whether

Keith with of Weiss Morgan line question next Stanley. Our from comes the

for the Rob, question Sanjit is had actually Weiss. on partners. This Singh Keith a I

think, how guys do source we partner in highlighting I of look a Broadly, 'XX? year partner for I of year Ernst the taking do partner where for terms it's contribution? mix? know does fiscal this influenced Young and revenue in been as terms of Deloitte But some And big where on deals mentioned, revenue, going or quarter. into to focus you this company. You in that that plan terms & you stand

and about, where and obviously, numbers, are feel really Yes. but programs I we like, Accenture mean PwC don't Deloitte. disclose, of there's strong we're that we those with EY, about Many talking those really with we program, feel and super exciting are those We using Deloitte and activity. repackaging [indiscernible] then finance solution. it on companies fast-growing it their combining automation going drive a solution, to smart focusing into vertical a

us in see We continue well, we'll partners also the as partners and -- more feel partner are to focused and channel driving partners. driving XX% by our both And our more extremely over connections, we're that the touched the are GSIs. on of deals future and important,

Ashim, means about Daniel of a total then follow-up eventually that soon it's math, of cloud to sort which question, you guys CASM of and that company. to the for sort maybe XXX, which cloud by ARR, And a north of are become going cross or majority Understood. is XX% relatively maybe

traction going drive As platform come steadily line just increasing? through online way that's of start cloud mix the evolving that coming have, how things the you from one to to the and by are sort some through does copilot that those initiatives and your where of you AI think that the AI you the gain here initiatives as cloud if with mix cloud Gen some essentially of think do we we're Or about the story? the Gen track to of traction,

Yes. the the I would have we that, a in our start all with offerings, new cloud-first and many offerings terms mentality of say of of cloud.

on trend the environment. means hybrid cloud remind of a scale, I have there. same that we is of So cloud to kind we that course, continue everybody, feel the want will that continue to as do mix optimistic we

that SaaS by from that shifting move not at up we that headwind would standpoint, I So as look area. a mix as impacted

we So of the cloud very overall. confident from direction about that feel perspective,

of the with TD comes from Cowen. Bryan Bergin next Our question line

traction attaching wins you traction have the clients of of pursuing signed So I understanding on mix I'm commentary where the point the that pipeline maybe deal in appreciate full see XQ if with further [indiscernible] you clients or test could that the platform the Any comment you document the may approach. share holistic you there? could more mix curious and at mentioned. you

our think those XXX sort had of mentioned platform deals. some the deals top attached Yes, of out I of to XX Bryan, I

showcases. of kind that So

tell I that our I think if will at a million, deals you $X you above look story there. think

million, -- story are tell had we Also, the also met of partners, think of I Saudi deals more and which that's institutions proof Saudi in I even government platform. as the $X around messaging the the we platform we And around are though, becomes than the those doubled more well. around insurance our discussions, above with We GSIs, the with companies officials. points where the In financial will where platform my Arabia, numerous the important. are of many was and Kingdom a

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that for taking joining last that, you and question. you We appreciate -- with really you, us. that's think thank I the the again everybody, Thank time,

This concludes today's teleconference.

disconnect may you participation. at You your your this lines for time. Thank