UiPath(PATH) - 2025 Q2 - Quarterly Results

Revenue and ARR Performance - Revenue of $316 million, a 10$1.551 billion, a 19% year-over-year increase[1][2] - Net new ARR of $43 million[2] - Dollar-based net retention rate of 115$345 million to $350 million[5] - FY2025 revenue guidance updated to$1.420 billion to $1.425 billion[5] - FY2025 ARR guidance updated to$1.665 billion to $1.670 billion[5] - Total revenue for the three months ended July 31, 2024, was$316.253 million, with subscription services contributing $194.673 million[21] Cash Flow and Liquidity - Non-GAAP adjusted free cash flow of$49 million[2] - Cash, cash equivalents, and marketable securities totaling $1.7 billion as of July 31, 2024[2] - Cash and cash equivalents as of July 31, 2024, were$939.313 million, down from $1,061.678 million as of January 31, 2024[22] - Net cash provided by operating activities increased to$146.4 million in the six months ended July 31, 2024, from $111.6 million in the same period in 2023[23] - Cash, cash equivalents, and restricted cash decreased to$939.8 million as of July 31, 2024, from $1.06 billion at the beginning of the period[23] - Non-GAAP adjusted free cash flow for the six months ended July 31, 2024, was$149.8 million, compared to $119.3 million in the same period in 2023[27] Stock Repurchase and Financing Activities -$500 million expansion of stock repurchase program authorized[3] - Net cash used in financing activities was $260.9 million for the six months ended July 31, 2024, primarily due to repurchases of Class A common stock[23] - Purchases of marketable securities were$697.8 million for the six months ended July 31, 2024, compared to $709.2 million in the same period in 2023[23] Profitability and Margins - Gross profit for the six months ended July 31, 2024, was$532.720 million, compared to $484.244 million for the same period in 2023[21] - Net loss for the six months ended July 31, 2024, was$114.833 million, compared to $92.262 million for the same period in 2023[21] - GAAP gross margin for the six months ended July 31, 2024, was 82$56.8 million, compared to $78.4 million in the same period in 2023[25] - GAAP operating loss for the six months ended July 31, 2024, was$(152.8) million, compared to $(124.0) million in the same period in 2023[25] - Non-GAAP net income for the six months ended July 31, 2024, was$97.0 million, compared to $112.8 million in the same period in 2023[26] - GAAP net loss for the six months ended July 31, 2024, was$(114.8) million, compared to $(92.3) million in the same period in 2023[26] - Non-GAAP operating margin for the six months ended July 31, 2024, was 9$0.17, compared to $0.20 in the same period in 2023[26] - GAAP net loss per share, basic and diluted, for the six months ended July 31, 2024, was$(0.20), compared to $(0.16) in the same period in 2023[26] Expenses and Costs - GAAP cost of subscription services for the six months ended July 31, 2024, was$80.3 million, up from $49.9 million in the same period in 2023[24] - Non-GAAP cost of subscription services for the six months ended July 31, 2024, was$69.0 million, up from $41.3 million in the same period in 2023[24] - Non-GAAP sales and marketing expenses for the six months ended July 31, 2024, were$290.2 million, compared to $253.6 million in the same period in 2023[25] - Stock-based compensation expense was$183.0 million for the six months ended July 31, 2024, slightly down from $187.1 million in the same period in 2023[23] Balance Sheet and Liabilities - Total current assets as of July 31, 2024, were$2,274.334 million, compared to $2,580.412 million as of January 31, 2024[22] - Deferred revenue as of July 31, 2024, was$462.509 million, down from $486.805 million as of January 31, 2024[22] - Total liabilities as of July 31, 2024, were$867.752 million, compared to $938.644 million as of January 31, 2024[22] - Accumulated deficit as of July 31, 2024, was$2,029.014 million, compared to $1,914.181 million as of January 31, 2024[22] Non-GAAP Financial Measures - Non-GAAP financial measures exclude stock-based compensation, amortization of acquired intangibles, employer payroll tax expense related to employee equity transactions, restructuring costs, and charitable donations of Class A common stock[18][19] - Dollar-based net retention rate is calculated by dividing the Current Period ARR by the Prior Period ARR, excluding ARR from new customers, and may fluctuate based on the customer cohort used for calculation[16]